i ended up phoning the finance company and telling them i could no longer make the payments. they said they would come to reposses the car. now two years on they have not come to get it and the car is in my driveway. i have made no payments since and heard nothing from the finance company. am i still the legal owner of the car, and can i legally put it back on the road. i live in the uk and paid over 50 per cent of the finance before i ran into financial difficulties.
2006-09-29 05:47:10 · 11 answers · asked by johnboy 4 in Business & Finance ➔ Personal Finance
As you have not completed the payments you are not technically the owner of the car, and never were. You are most likely the registered keeper as far as the V5 goes, but thats about it.
so far as putting it back on the road I can see no reason why not
2006-09-29 05:56:39 · answer #1 · answered by Martin14th 4 · 0⤊ 0⤋
You are not the legal owner ( and you know it)
but it doesnt stop you putting it back on the road if you are the registered leeper.
If they do reposses it and you have paid out on road tax mot etc then hard luck I am afraid.
Best thing to do is call them up make them an offer if they are still around ( they wont want the hassle of getting it)
I would offer about 25% less than it is advertised for in the exchange and mart as that is the most they would get at auction and rack up costs for processing etc.
That way you get good title and eveyrbody is happy.
If they no longer exist then run the car until it dies then scrap it.
If you sell you are knowingly disposing of an asset that is not yours and could come back and bite you later.
2006-09-29 06:00:02 · answer #2 · answered by commentator 2 · 0⤊ 0⤋
I think that if you have paid more than 50%, which you say you have ,then the finance company can't repossess the car but they could take you to court for the rest of the money. It seems like they have forgotten so you could get a HPI check done on it and see whether it is officially listed as having outstanding hire purchase.If it shows that it has not then you can take it that you are the legal owner without any outstanding debts.
2006-09-29 05:57:57 · answer #3 · answered by little weed 6 · 0⤊ 0⤋
I'm not sure about the facts so these are just ideas.
Whenever you change your car you're completely free to part ex the car against the value of the new car, so as far as that goes you CAN dispose of the car; BUT in such deals, the garage puts the settlement figure on the invoice too. It seems you can dispose of the car provided you settle. In which case if the company comes back to demand one day, sell it, and settle up with them.
If it comes to it, if you plead poverty sometimes debt-collection agencies are open to negotiation too. They're more interested in cutting their losses than dragging it through a costly court case.
In the meantime as long as your name is on the V5 logbook (registered keeper), there is no reason whatsoever not to keep it on the road. If the finance company comes back, just remove the tax disc, and send it to DVLA for a refund of the unused months.
If you MOT it, and take the route of selling it yourself to settle then it just makes the car more sellable.
2006-09-29 15:28:17 · answer #4 · answered by Gordon S 3 · 0⤊ 0⤋
Be careful - check the smallprint on your finance agreement.
You haven't repaid the debt, so technically you still owe the money.
One thing you should try to do (as quietly as poss) is try to find out if the company still exists!
Sell the car without telling the buyer where you live, then if anything ever happens - you no longer own the car.
Bit dodgy though....
2006-09-29 05:59:00 · answer #5 · answered by Mr Glenn 5 · 0⤊ 0⤋
If you have paid over 50% they can't repossess the car but they can refer your debt to a debt collection firm who can insist payment and will try to work out a deal with you. If i were you i would get it hpi'd and see whos name the vehicle is in befor you go any further
2006-09-29 05:58:19 · answer #6 · answered by cuddlymummy 4 · 0⤊ 0⤋
became the automobile new whilst offered, if so then you definately are coated via the extra healthful for objective component of the trades descriptions act, touch the procuring and advertising standards and get your cash lower back for the 0.5 you have paid for, or maybe return the automobile for a alternative. If it became 2d hand whilst to procure it, you're thoroughly to blame for protecting the automobile. you may desire to examine the guaranty that to procure with the automobile to be certain what's and is not coated. do not take the storage's be conscious for it. under the circumstances you may desire to be extra desirable off taking it to a distinctive storage because of the fact the only to procure the automobile from is obviously shafting you. you additionally can evaluate contacting the community paper, to be certain if their customer affairs branch might have an interest in the tale, not something like somewhat undesirable exposure to cause them to see the mild.
2016-10-18 04:58:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Read the small print of the agreement, Worst case scenario is they charge loads of interest and pass the debt on to a collection agency.
2006-09-29 05:56:32 · answer #8 · answered by John S 4 · 0⤊ 0⤋
Sell it on ebay and run away with the cash
2006-09-29 05:50:09 · answer #9 · answered by A Stranger 2 · 0⤊ 0⤋
Schtum!
Sssshhhhhh.
Quiet!
Hushup!
If its been two years, you got a damn good deal on that car!
2006-09-29 05:53:37 · answer #10 · answered by PollyPocket 4 · 0⤊ 0⤋