Hi I bought a car from Arnold Clarks on hp. Was unable to complete payments as had to give up job to look after ill partner. The Finance company reposseced car back in good condition. They sold it below market value and sent me a bill for £1345. Why should I pay this? they have thier goods back and is not my fault what they sell it for. They have there goods back why should I admit Liability.
2006-11-25 08:36:55 · 6 answers · asked by naplusultra 4 in Business & Finance ➔ Credit
Because they sold it for below market value to eat some of their losses. You have to make up the difference. It's not their fault that you couldn't pay for the car that YOU bought, so why should they be stuck with the remainder of the bill?
2006-11-25 08:48:08 · answer #1 · answered by BudMan 2 · 1⤊ 0⤋
Since the bill is in pounds, I assume you are in the UK. I am in the US, but I believe the same answer applies. The loan contract you signed when you bought the car has a section about default. It includes a statement that in case of default, the car will be sold and you are responsible for the difference between the proceeds and the balance of the loan. You may also be liable for any costs associated with repossessing and selling the car. Remember, the loan is usually not from the car dealer. The bank that loaned you the money is only interested in being repaid. The car is of no value to them.
2006-11-25 12:49:09 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Because you defaulted on the payments
Your car on the forecourt has a value vastly higher than auction
The finance house only have a responsability to get the best price possible at auction as this is the only outlet they have.
Remember they don't have car fronts they have offices. They are money shops not car shops
You defaulted you pay, and that seems very fair to me
2006-11-25 09:14:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
they are going to take what you owe, upload the expenses of repossession to that, and sell it at public sale. If it happens to sell for extra effective than those expenses, they provide you a reimbursement of the form, inspite of the undeniable fact that it rather isn't any longer in all probability there'll be any extra. once you're that on the factor of gratifying the loan, do no longer flow into repossession.
2016-10-17 13:07:22 · answer #4 · answered by wishon 4 · 0⤊ 0⤋
see a soliciter
2006-11-25 17:04:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
YES.. THEY ALSO DO THAT..
EVEN IF THEY SOLD IT FOR MORE---THEY WOULD ALWAYS SAY THEY SOLD FOR LESS....
2006-11-25 08:49:37 · answer #6 · answered by cork 7 · 0⤊ 0⤋