toyota finance termination notice

[CONFUSED45]

Hi

 

I have today received a letter dated 6th December 2010,sent to my old address hence the delay, which states as follow

quote

 

The statuory default Notice previously issued to you in connection with the above finance agreement remains unsatisfied.

 

Under the terms of the agreement your continuing failure to pay overdue monies is now regarded as repudiation by you of the agreement.

 

Therefore we now gice formal notice that your agreement is terminated and you must return the vehicle to us immediately. If you do not do so, instructions will be given for repossession of the vehicle and we may take legal action through the county court.

 

Please call immediately on ---------- to make arrangements for the return of our vehicle.

 

unquote

 

The agreement was taken out over 60months in may 2007, I placed a £500.00 deposit down have paid 39payments out of 60 and have missed two months payments.

 

Can they threaten to take the vehicle away, when I have paid over 36months

 

Would appreciate anybodies comments as I'm not sure how to approach this

[Surfer01]

Check carefully. Is this a loan agreement or a HP agreement? We took out what we thought was a HP agreement, but it turned out to be a loan agreement in which case you cannot VT the car. By the same token if it is a loan agreement and not secured on the car, you can keep or sell the car.

[buzby]

Depends entirely on the type of loan you have. You;ll newed to read it carefully to see what your rights are. The ability to hand back after 50% is paid has limited advantage, as you lose your investment, the only difference is they need to take you to court to reposess.

 

Also watch out for why they wrote to the wrong address, there is an obligation to advise them, and if you do not may be in breach of these terms. You've already missed the Default Notice, so it would be best to get into touch with them and discuss your options whilst you still can.

[Tingy]

I'm with Buzby on this one.

[CONFUSED45]

am I right in thinking that as I have paid over 36 months they will have to get a court order to repossess the car, but I could still sell the car and pay the debt off?

[Surfer01]

am I right in thinking that as I have paid over 36 months they will have to get a court order to repossess the car, but I could still sell the car and pay the debt off?

 

Can you please tell us what type of loan you have on the car? Is it a loan or an HP? Toyota started doing loans a few years ago to avoid their obligations under HP agreements which is why it is vital to determine the type of loan. Can you post up a copy of the agreement removing personal details?

[CONFUSED45]

Hi

 

I'll post up a copy trying to find it at the moment, but I seem to remember something about 36months on the agreement and repossession

 

regards

confused

[buzby]

You will need their permission to sell otherwise the HPI check will flag up a possible fraud.

[CONFUSED45]

Hi

 

Just found the default notice dated 16th November 2010 stating agreement type Hire Purchase date of agreement may 2007.

 

so I have paid 40 repayments out of 60 and missed 2months oct and nov2010

still looking for original agreement but maybe, the fact it is a Hire Purchase agreement will help you a bit.

 

confused

[buzby]

With HP, then you can repudiate the agreement and hand back the car. Alternatively, if you do not hand it back, they will need a Court Order to do so - but it is not unknown for them to be opportunists and take it anyway regardless. (As it would be up to you to fund the court action to get it back).

[Surfer01]

As mentioned, you can do a VT and walk away, but if you feel that you can get more for the car than the outstanding settlement balance, then it may be worth asking them for permission to sell the car privately to settle the debt. Mention that you will remain liable for all outstanding payments until paid in full if selling the car yourself. Be very careful how you phrase that as you don't want them to twist your words and later use it in a court action against you.

The HP document should state on it the amount that would need to be paid befroe you can VT it. Normally this is found towards the bottom of the document on the right hand side. May have changed a bit since we last did an HP with Toyota.

We were in a DMP and paying them just under £50 less than what we should have paid and they went for the jugular. Our arrears were about £700. That is when we found out we had a loan agreement and not a HP agreement. Makes me wonder why they are going for the jugular on relatively small amounts of arrears, i.e. less thana £1000.

[CONFUSED45]

its only 2 missed payments £331.00, don't understand myself why they are being so harsh as I have paid 40 payments out of 60 which is about 67% of the agreement.

[buzby]

Possibly because they make more money from defaulters than for those who pay on time. Any excuse is all they need.

[Surfer01]

Possibly because they make more money from defaulters than for those who pay on time. Any excuse is all they need.

I have to admit that they did not add any charges on when I defaulted and even knocked off about 12% off the settlement figure and cancelled all costs when I paid it up in full even though solicitors were involved. Very strange why they pursuing on small arrears.

[CONFUSED45]

hi

 

I have just got off the phone to toyota finance, trying to sort this out but the young lady was not very helpful and advised me the account had already been passed over to their outside collection agency and it was no longer anything todo with them. She gave me the telephone number of the collection agency, I have had no communication as yet, tried to give her my new address but wasn't interested. I have not telephone the collection agency yet.

 

Not sure what to now, help!

confused

[buzby]

WRITE to TF - telephone converstations are no use in a escalatingf dispute. State you are wishing to resolve the issue ASAP.

[nicolee2931]

Do as Buzby says and write to Toyota, explaining how you plan to catch up on these arrears, in my view they have acted a bit harsh. Send the letter recorded delivery and print a copy of the letter off and staple proof of postage and proof of signature (obtained from royal mail website) to it.

 

As you've paid over a third, where is the car normally parked? if its on your drive then great make sure it is always parked there as if its in the road and the repo agents turn up it will be gone there is every chance they may try it on without a court order in the hope you will just give them the car. You rights are you don't have to give them the car unless they have a court order and even then it won't be collected by a repo agent it will be a court bailiff.

 

A court bailiff is not your concern at the moment you are months away from that stage yet and before that happens you have the right to attend court and fight for the vehicle by requesting a time order or a suspended possession order. Your main problem as said before is from a repo agent trying his luck, if one calls tell them to go away as you are aware of your rights, go and get a court order.

 

But in the mean time try and resolve with Toyota in writing putting your offers across as this can be used as evidence that you have acted reasonably if it gets to court.

Edited December 16, 2010 by nicolee2931
Typo

[Surfer01]

If you dispute the account for some reason the collectiosn agency are obliged to return it to Toyota. I agree that Toyota CS and collections departments are very unhelpful when it comes to resolving such matters. When the collection agent arrived on our doorstep I simply told him to go away as i did nto wish to discuss the account with him. About two months later I got a letter from theri solicitors but in the meantime I continued to pay every month although not the full amount.

Have you obtained a settlement figure from Toyota as they can give you this over the phone and straight away. Is the car worth more than the outstanding settlement figure if it is sold on the open market?

[CONFUSED45]

Hi

 

the settlement figure on the default notice was £3108 cars worth about £3800 if sold privately and trade price is £3530.00, but I would have difficulty with this agreement still outstanding on it.

 

I will write to Toyota tonight explaining how I plan to catch up on the arrears.

regards

confused

[CONFUSED45]

Do as Buzby says and write to Toyota, explaining how you plan to catch up on these arrears, in my view they have acted a bit harsh. Send the letter recorded delivery and print a copy of the letter off and staple proof of postage and proof of signature (obtained from royal mail website) to it.

 

As you've paid over a third, where is the car normally parked? if its on your drive then great make sure it is always parked there as if its in the road and the repo agents turn up it will be gone there is every chance they may try it on without a court order in the hope you will just give them the car. You rights are you don't have to give them the car unless they have a court order and even then it won't be collected by a repo agent it will be a court bailiff.

 

A court bailiff is not your concern at the moment you are months away from that stage yet and before that happens you have the right to attend court and fight for the vehicle by requesting a time order or a suspended possession order. Your main problem as said before is from a repo agent trying his luck, if one calls tell them to go away as you are aware of your rights, go and get a court order.

 

But in the mean time try and resolve with Toyota in writing putting your offers across as this can be used as evidence that you have acted reasonably if it gets to court.

 

Hi

the car is parked on the drive, but no one is here during the day, so could they come onto the drive and take the vehicle while we are not here ?

[nicolee2931]

Hi

the car is parked on the drive, but no one is here during the day, so could they come onto the drive and take the vehicle while we are not here ?

 

Well they shouldn't do but its happened in the past, they can only remove from a public road or public land. I would be inclined to ask a friend if you can leave the car on their drive during the day away from home as so it isn't left on your drive unattended.

 

If your are unable to do this then I would advise recording the car on the drive with a cheap CCTV camera as then you could report any removal as theft to the police and take action against Toyota for the return of all monies paid under the agreement to date.

 

Its a lengthy thread but have a read of this its all relevant;

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?242261-Car-repossessd-off-private-property-with-no-default-or-termination-served-with-police-consent!-Please-help

[Surfer01]

Hi

 

the settlement figure on the default notice was £3108 cars worth about £3800 if sold privately and trade price is £3530.00, but I would have difficulty with this agreement still outstanding on it.

 

I will write to Toyota tonight explaining how I plan to catch up on the arrears.

regards

confused

With reference to our recent dealings with them, we found them to be very uncooperative when trying to negotiate payments. We wrote to them and they never answered any letters sent, except the SAR and that was nearly a month late, which actually helped us in the end. The staff in their collections department where you get routed to are very rude, so be prepared. Always back up any conversation with them in writing and send recorded mail where a signature is required. At least you can then demonstrate to a judge if it went to court that you had tried very hard to negotiate a payment plan with them.

String it out for as long as you can and if it gets really tight consider doing a VT as Toyota will look at the trade in price and not the private or trade price if you request theri permission to sell it. The question to ask yourself is if you did a VT, can you manage without the car or afford to buy a small cheap runabout? At least that way no more hassles from Toyota and you can sleep peacefully.

[sequenci]

consider doing a VT as Toyota will look at the trade in price and not the private or trade price if you request theri permission to sell it. The question to ask yourself is if you did a VT, can you manage without the car or afford to buy a small cheap runabout? At least that way no more hassles from Toyota and you can sleep peacefully.

 

Isn't it only possible to VT if the account has not defaulted? I think from the OP's case that this has happened?!?

[humbleman]

Isn't it only possible to VT if the account has not defaulted? I think from the OP's case that this has happened?!?

 

correct

[CONFUSED45]

Hi

 

They have defaulted me and terminated my account and passed me over to their agents, but they have to get a court order to repossess the car as I have already paid back 7k, the outstanding balance is 3k.

 

I have been made aware of their dirty tricks of trying without a court order the garage is getting cleared today and it will be locked away out of sight.

 

I have written to Toyota but don't hold up much hope.

 

confused