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Car finance and handing car back


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Hello,

I am seeking advice regarding a car I have currently on finance.

Due to my wife having her working hours reduced to part time we no longer are abe to afford repaying car finance.

We have wrote to company requesting giving car back which we have had for 2 years, and

they wrote to say that they can sell car for us or we are entitled to sell the car privately.

We have paid £7861 and half the finance agreement is £10000.

I am slightly confused what this means,

any advice welcome.

Thank You...

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if you paid more than 50%

you should be able to VT at not further cost

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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If Half the amount financed is £10,000 then you have to pay this amount before you can do a voluntary termination (hand the car back with no extra charges) as you have paid only £7861 you have a shortfall of £2139 to pay before you can take advantage of this.

It would be better for you if you sold the car privately for as much as you can get and have a deal over any shortfall if any. you need to make it up to the £10000 so they don't chase you for the full amount.

If they take the car to sell it for you they will just stick it in the auction to sell it and chase you for all the remaining money outstanding which would be the remainder of the £20000 that you borrowed in the first place.

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oh yea read the thread properly dx....

 

sri

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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If Half the amount financed is £10,000 then you have to pay this amount before you can do a voluntary termination

 

Actually, you're able to VT at any time - even if you've not paid up to the 50% point. You would, of course, still be liable for the difference between what you have paid and the 50% point - but you can sort that out once the car has been returned.

 

If the car is on a HP agreement it's very likely to be on the HPI register - which will make selling it privately a nightmare.

 

Do doublecheck the agreement to ensure that it's a hire purchase agreement. If it says fixed sum loan you're free to do what you like with the vehicle.

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