finance

**aledjones_lex** · 3rd October 2010, 17:16

wondering if anyone can help i got my car on finance last year. it cost me £11000 i now owe about £9000. i have just lost my job and can no longer afford the £40 a wek i was paying. the car is worth about £4000 if that. basically i dunno what to do if i dont pay will they take the car off me but even if they do that like i said there is a big difference with the amount its worth and the amount i owe. its also modified will that make a difference. can i offer them a smaller amount. i dunno what to do.

can anyone help

p.s i dont have gap insurance

**Deztroyer** · 3rd October 2010, 17:22

contact the finance company straight awaty and tell them you have lost your job - they may give you some period of grace whilst you can sort out what you need to do - the last thing you want is to fall behind on your repayments and have the car reposessed
also remember the finance company will want the car back as it was sold

**paul wingnut** · 3rd October 2010, 17:23

how long did you take the finance over m8 its in the small print that once you pay a certain amount you can hand it back to them without any penalty i think its something like if its a 3 year deal you can hand it back after about year and a half might be worth giving them a ring .how come its only worth 4 grand if you owe 9 sounds like you might of being stiched up at the start m8 .

**aledjones_lex** · 3rd October 2010, 17:26

i bought my vectra for 7999 and plus the finance from stoneacre put it to 11000 yeh i got stitched up

and i have it over 5 years and have owned it for nearly 2

**hoochydady** · 3rd October 2010, 17:32

id say off the top of my head your looking at about 5k-7k being paid before u can hand it back may be a little less phone them up explain the situ you are in they may try and get a lower intrest for u and it will lower the payment oh and it will be on the agrement how much u need to pay before u can hand it back

**Keithy** · 3rd October 2010, 17:35

I think if you have payed half the term they wont take the car from you. I maybe wrong.

Gap insurance is only for paying the shortfall of what is due on the car if it is written off and has nothing to do with PPI (payment protection insurance)

**aledjones_lex** · 3rd October 2010, 17:36

i havent paid nowhere near half

**Keithy** · 3rd October 2010, 17:41

your best bet is to call them. They should be able to help you. But beware they might offer you a lower payment at a longer term which means you'll end up paying something silly like 15k for your car

**m8internet** · 3rd October 2010, 17:54

Originally Posted by Keithy

I think if you have payed half the term they wont take the car from you

Once you have paid at least 50% then the finance company has to take the matter to court in order to repossess the car
If less than 50% has been paid then they can repossess the car at ANY time (although there must be "reasonable grounds" for doing so)

As above, phone the finance company NOW
The usual process is they will ascertain how likely you are to retain an income within the next three months
After three months the agreement will be terminated and the vehicle returned to them
However, if the car is valued at £4000 and the outstanding finance is £9000 then the finance company will pursue separately for the difference of £5000

**sshooie** · 3rd October 2010, 17:57

Originally Posted by m8internet

However, if the car is valued at £4000 and the outstanding finance is £9000 then the finance company will pursue separately for the difference of £5000

Yup, however you will be liable for the difference between owed and the price they sell it for, not it's worth, could be a massive difference. Speak to them straight away and good luck.