Returning car to finance company on a VT.

[51148]

Hi,

I wonder if someone could help me with my problem. I phoned the finance company today to ask their procedure for returning my car. They told me that Arnold Clark had taken out a personal loan on the car for me. The finance company said therefore I could not VT the car. When I was buying the car Arnold Clark told me it was a car loan that I had. What should I do now. I still have £5500.00 to pay on the car which I have been paying for 3 years and it is only valued at £2100.00.

 

Any help would be great-full.

[postggj]

What Does It Say At The Top Of The Agreement

 

Does It Say Credit Agreement Regulated By The Consumer Credit Act 1974

Or

Hire Purchess Regulated

 

Fixed Sum Loan Agreement

 

Etc

Etc

[51148]

What Does It Say At The Top Of The Agreement

 

Does It Say Credit Agreement Regulated By The Consumer Credit Act 1974

Or

Hire Purchess Regulated

 

Fixed Sum Loan Agreement

 

Etc

Etc

 

Hi,

Thank you for your reply. The document states,

 

Document type: MOTORLOAN.

 

Fixed-sum Loan Agreement Regulated by the Consumer Credit Act 1974.

[postggj]

Ok

 

Right I Need You To Post Up The Agreement

Deleate Personel Details Put Leave In The Figures

 

Google Photobucket And Use The Upload Link For Message Boards With Out Thumbnails Option To Post

[postggj]

51148

 

As Usual A Finance Co Talking Rollocks About Doing A Vt

Its On The Agreement Under Termination Rights

 

Might Markimark Would Like To Comment

 

What Do You Want To Do

[51148]

51148

 

As Usual A Finance Co Talking Rollocks About Doing A Vt

Its On The Agreement Under Termination Rights

 

Might Markimark Would Like To Comment

 

What Do You Want To Do

 

I would like to return the car but I have phoned the finance company twice and they categorically told me in no uncertain manner that I could not do it as they say it is a personal loan I have with them.

[postggj]

Ok

 

Lets Play There Game

 

If Its A Personel Loan, You Are Able To Sell The Vehicle As No Interest Willbe Registered With Hpi

 

Any Shortfall Will Then Go To The Finance Co

 

Ask The Finance Co For A Settlement Figure Valid For 28 Days

 

Lets See Them Put It In Writing Shall We

[postggj]

How Long Was The Loan Over

Was It 36 Months

6o Months

[51148]

How Long Was The Loan Over

Was It 36 Months

6o Months

 

Hi,

The loan was over 60 month. I asked them for a settlement figure and they came back with £5600. I have had the car for 3 years.They also said they would send me a form to fill out and they would sell the car at auction and the short fall would have to be paid by me. The car is only valued at £2000 to £2200. If they get £2200 for it I would still have to pay them £3400. Is there any way out of this nightmare.

[postggj]

Again

You Should Be Able To Sell The Car Yourself And The Garage Would Pay The Finance Co Direct

 

After You Have Paid Three Quarters Of The Agreement, They Request 3200 To End The Agreement

 

You Are At The Three Quarter Mark

Put Any Interest Rebate Etc, You Should Be Able To Walk Away From This

 

 

Send A Letter To Ge

Tell Them You Have Passed The Three Quarter Mark And Wish To Terminate The Agreement

Ask For A Settlement Figure Valid For 28 Days

 

Ask If You Can Sell The Vehicle Private And If They Object, What Are There Objections

 

Lets See What They Put In Writing

 

Send Recorded Delievery

[GhostDebt]

Surely the 50% limit on liability would apply in this instance for a voluntary termination? or is that only relevant for a hire purchase agreement?

[postggj]

High Ghost Debt

 

This Is A Fixed Term Loan Agreement

 

The 50% Vt Is For Hp Agreements

 

 

51148

 

In Your Letter Ask Them For A Breakdown On The Termination Figure

[GhostDebt]

Thanks for the clarification/confirmation postggj.

[51148]

Again

You Should Be Able To Sell The Car Yourself And The Garage Would Pay The Finance Co Direct

 

After You Have Paid Three Quarters Of The Agreement, They Request 3200 To End The Agreement

 

You Are At The Three Quarter Mark

Put Any Interest Rebate Etc, You Should Be Able To Walk Away From This

 

 

Send A Letter To Ge

Tell Them You Have Passed The Three Quarter Mark And Wish To Terminate The Agreement

Ask For A Settlement Figure Valid For 28 Days

 

 

Ask If You Can Sell The Vehicle Private And If They Object, What Are There Objections

 

Lets See What They Put In Writing

 

Send Recorded Delievery

 

Does this mean that I would still have to pay the £3200 out of my own pocket + the money the garage pay them.

[GhostDebt]

Hello Postggj.

 

Could you pop by my new thread below and give me your opinions

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/216360-capital-bank-car-problems.html#post2383348

 

Many thanks

[postggj]

as you are through most of the agreement forget about the 3200 settlement

it will be much lower

 

what will happen is you go into a car show room and ask how much they will buy the car off you

 

you agree a price and it gets sent to the finance co as settlement and anything left given to you

 

the sale of the car will cover whats left on any finance agreement and you make a clean break with a few quid in your pocket

[51148]

Hi postggj,

I called the finance company this morning. They said my balance was £5736.00. My settlement figure is £5181.82. Does this mean I have to pay them £5181.82 before I can walk away from this? Is there any other way out of this? As the car is only worth £2000.00 I am left short of £3181.00. They said they would send me the settlement figure out in the post.

[postggj]

what you need to do is get them to put the settlement figure in writing with a break down of hoew they reached the figure

 

forget the phone, means nothing

 

call them again

 

ask for a break down

[GhostDebt]

Evening all,

 

Sorry to hijack again, but got another thread which might be interesting.

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/218786-car-loan-agreement-valid.html

 

Any comments or opinions welcome.

 

Many thanks