Finance

[Laddey]

Got a car on finance few months back.

Paid a chunk of it with cash but still leaves a good few grand to pay.

Going away tomorrow for a while, and where im going i cant take the car.

It's in my mums name. What should i do?

Can i take it back, settle the remaining balance (monthly installments) and thats that?

 

[Ch3tan]

What?

How long are you going away for, to where? Why can't yu just continue paying by monthly debits? You'll probably get a penalty charge for early repayment.

 

[Chilly]

Prison?

 

[Raven]

The feds finally caught up with you Laddey?

 

[Laddey]

Haha not prison no

 

[Chilly]

Haha not prison no

Well you could always just read the finance agreement you signed and acknowledged you understood when you got the car in the first place

 

[Laddey]

Unforseen circumstances. Out of my control

 

[Chilly]

Unforseen circumstances. Out of my control

Jail is prison, btw. Just to let you know.

 

[Laddey]

As i said....I'm not going to jail.

 

[Chilly]

As i said....I'm not going to jail.

Detention centre?

 

[Laddey]

yea thats the 1

 

[Moriath]

If its based on the car for security you need to pay off the loan before you can sell the car. If its just a bank loan you can do what you like with the car as long as you keep paying the loan off.

As they said it will be in the small print if you have to pay the loan off before you can sell it or not.

 

[Laddey]

Cant sell the car til its paid off. I can't pay for it if im not using it.

I dunno. I'll have to ring them see wag1

 

[DaGaffer]

You're knackered. I had a similar issue with a lease when I moved to Ireland, I was stuck paying for the car for the next two years. I gamed the system by taking the car in and out of Ireland every 60 days (and because I still have a UK address I could keep it insured) but it was a proper pain in the arse. But at least I could still drive it; I don't think they let you drive inside Wormwood Scrubs

If you have the money to pay it off (and I'm guessing there will be a "repayment penalty" - twats) then all you need to do is let the DVLA know its officially off road while you're "away", although I think there's been a change in the law about that recently (still have to pay something? Someone on here will know).

 

[Aoami]

where are you going reece?

 

[throdgrain]

The repayment penalty thing has changed now, its much less than it used to be for most finance agreements, early settlement might be a figure like 40 quid or suchlike. As has been said, if you bought the car on HP you can't sell it until it's paid for.

However, you havent said it's HP, you said "finance". Some companys still do personal loans for finance, have a check, if it's not HP you can sell it.

 

[soze]

You could try to get a loan from the bank to cover the repayment of the car. When the car is paid off flog it and use that cash to pay what you can off the Bank Loan.

 

[Gumbo]

Are you being locked up for fraud offences related to obtaining credit in your Mum's name?

 

[Rubric]

Usually there is a halfway point/amount of money where you can return the car and forget about it.

 

[Lamp]

did you egg the Prostitute Queen & are now being chased by her bloodthirsty harem of deranged diseased haridans?

 

[Laddey]

Haha good one.

I have a plan.

Cheers dudes

 

[Mey]

I want to know where hes going..

 

[MYstIC G]

Going away tomorrow for a while, and where im going i cant take the car.

Tell us!