i had a car with welcome finance in march 2003 the original price of the loan was 4600 and after insurance policies which i was litterally forced to have and apr charges the total was over 12000.i paid 5500 before losing my job and have not paid anything since they failed to repposes it and now it has been past over to lewis debt collecters.my question is do i actually legally own the car as i have paid over the amount off the original loan price and if iwanted to sell it could i any help please.
2007-04-12 02:19:18 · 9 answers · asked by shmily 1 in Business & Finance ➔ Credit
Well your best bet is to renegotiate with the debt company. You have paid 5500 so far this is greater than the value of the car. I suggest that you use the citizens advice bureau to help with negotiating ( free service )
Try and sell it and any HPI check will show problems.
2007-04-13 02:06:11 · answer #1 · answered by brian t 5 · 0⤊ 0⤋
Wow, did you get taken! And no, unless the loan has been paid off IN FULL, not just the original cost of the car paid, you don't legally own the car so you can sell it - you agreed to the other charges, in writing I'm sure, so you're responsible for those also before you're off the hook. I'm sure the finance company has a lein on the title, so you can't sell it without paying it off. And the car's probably not worth anywhere near the balance that you owe, so they don't want to repossess it if they have a chance of actually getting a large portion of their money from you.
Good luck.
2007-04-12 02:55:34 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The short answer is you are stuffed....you never own a car until the Hire Purchase is paid off. You don't own it so you can't sell it....a HPI check will show it is still subject to Finance. If you have a job now either try and agree a settlement or try and get a more favourable loan and pay off what you owe and put it down to experience...Best of luck
2007-04-12 04:32:06 · answer #3 · answered by Knownow't 7 · 0⤊ 0⤋
I work for a company similar to welcome and I can assure you the person you spoke to said their rates START from 19.9% honestly you will be faced with between 40-50% not sure about their fees, but they have more collections staff than sales staff these days so if you take it and miss a payment expect to be harrassed morning, noon and night. The finance market is horrendous these days, no company will give you a good deal at the moment, if you can borrow off of a friend or family member you will save a small fortune!
2016-04-01 10:56:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You only own the vehicle when the last payment is made.
If you have insurance that covers you if you are not working then it should be making your payments for you. But if the account has been turned over to collections? It sounds like you do not have this insurance.
If you attempt to sell the car, you will have to produce a lien release. The only way you are going to be able to get that is to actually pay the vehicle off.
2007-04-12 02:30:40 · answer #5 · answered by ? 7 · 0⤊ 0⤋
I strongly advise you to get around to the citizens advice bureau, they should be able to advise.
Yes ended up on TV for their poor business practices. Citizens advice may be able to find some holes in the contract you signed.
Do yourself a favour dont sign devils contracts like this! The car was probably worth about £3,800 and you agreed to pay over £12,000 for it! Didnt something tell you " I am being robbed here"
2007-04-13 05:57:55 · answer #6 · answered by esmerelda v 5 · 0⤊ 0⤋
you could not sell it because it is still under the h/p contract, but you could get in touch with Lewis d/c and come to an agreed payment that you can afford, or they have the right to send the bailiffs to you and they can take your car and any thing else you own to make up the difference of what you owe them
2007-04-12 02:29:18 · answer #7 · answered by angie 5 · 0⤊ 0⤋
I ve had dodgy dealings with this company too. First of all if you took out all the insurances like you said you should have one to cover loss of work. Also if you talk to welcome ( from past experience) they will try to sort any problems out that you have. Also i think you have to pay over half the full amount before the car is more yours than it is theres
2007-04-12 02:25:39 · answer #8 · answered by ANGELA R 2 · 0⤊ 1⤋
You own the car if you have paid the complete price of the car and have your HP (hypothetication) "deleted" through the financiers, and registration office (RTO - Road Transport Office)
2007-04-12 02:33:50 · answer #9 · answered by Sam 7 · 0⤊ 1⤋
He who holds the title has the car. Watch out for the repo. man.
2007-04-12 02:35:27 · answer #10 · answered by Tom 4 · 0⤊ 0⤋