Advice regarding Close Motor Finance

[CJS89]

Hello all, I have had finance with Close Motor finance since January 2009, and it expires January 2013, however, if I sell the car, but carry on paying the installments, is this illegal? Either way, they will still get there money but I could do with selling the car as the fuel price/insurance is costing me a fortune. I have never missed a payment with them. Thanks.

[mfg]

It depends on what type of agreement you have.

 

If you have a conditional sale or conditional sale type agreement (by that I mean HP, Personal Contract Purchase and the like), you can't sell it without paying it off first as it's not technically your car.

 

If you have a fixed sum loan agreement, or credit agreement, then the car is yours and you can do what you want with it.

 

Check the terms of your agreement first before you do anything.

[CJS89]

Well, the car is in my name, so I'm guessing I have just a fixed loan agreement? I will check tonight. Thanks for info.

[mfg]

The car should be in your name regardless of the type of agreement you have. Best to check your documents and be sure what type it is.

[Stardust*]

Hi you cant sell the car and still make the payments it must be settled in full first some companies are harsh and if you sell without settling they may reposess car -it will be a hp or conditional sale by the sounds of it

[stamford12]

they are correct, i work for close and you cant sell the car without settling, anyway what idiot would buy a car and not hpi it to see if finance oweing????? didnt think so. you can sell and settle within 48 hours or get the buyer to settle it direct but you must be presnt with them and see there id and make sure the card is in the name as it could be fraud on a stolen car. if you sold the car and the person didnt hpi it then they would be classed as an innocent purchaser and would be allowed to keep the car but you would be asked foer the money to settle if not then you would be defaulted straight away and the deal sent to litigation, this would f*** your credit record up. any car on finance the v5 is kept in the purchases name, remeber this is a legal "keeper" doc and not legal owner, all docs have an invoice made paayble to the finance company and of course you ate paying the finance compant for it. you can part ex the car and if you have neg eq a deal can still be done. there are ways and we will help out

[cyril1982]

they are correct, i work for close and you cant sell the car without settling, anyway what idiot would buy a car and not hpi it to see if finance oweing????? didnt think so. you can sell and settle within 48 hours or get the buyer to settle it direct but you must be presnt with them and see there id and make sure the card is in the name as it could be fraud on a stolen car. if you sold the car and the person didnt hpi it then they would be classed as an innocent purchaser and would be allowed to keep the car but you would be asked foer the money to settle if not then you would be defaulted straight away and the deal sent to litigation, this would f*** your credit record up. any car on finance the v5 is kept in the purchases name, remeber this is a legal "keeper" doc and not legal owner, all docs have an invoice made paayble to the finance company and of course you ate paying the finance compant for it. you can part ex the car and if you have neg eq a deal can still be done. there are ways and we will help out

 

You Work for close? ohhh there is gonna be some sh1t hitting the fan at your gaff really soon mate sit back and watch the fireworks!!

 

its took me four years but ive gathered solid eviedence of document tampering, failure to act in accordance with the data protection act, forgery of documents, misrepresentation of fees, repo'ing a vehicle with over one third paid without a court order, forgery of insurance documents, proof that your firm lied to trading standards and the financiancil ombudsman service to avoid having to repay monies owed to me under the terms of the CCA 1974.

account notes showing employees openly stating that they want my vehicle and not my payment instructing other employees "do not attempt or chase payment, if misssed term and repo", despite all payments being up to date, and planning a repo on an up to date account for three months, with no contractual justification for repo'ing. recording a default with CRA's which does not comply with the data protection act or the ICO'S technical guidance to lenders...

 

i could go on, but lets just say, i very much doubt any of you goons will have seen a more comprehensive file of evidence to prove that you are abunch of theving little cowboys who are in no way fit to hold a consumer credit licence and at least three people, two managers, will have to loose their jobs on this one.....i cant wait!!

 

there are some people in this world who you just dont pick a fight with, because they dont give up, even when they loose a few battles, and they dont go away untill their opponent is defeated, your firm is about to learn that lesson....

[nervo1234]

I am also a Close Motor Finance, file held with the Leicester Branch! The branch manager who is a lady there is one of the most unhelpful and rude people I have dealt with in my entire life.

[hiro666]

Wow, I was considering using these guys (Close) to finance a car purchase but am thinking now, it's probably not a good idea!

 

Cheers CAG.