Car Finance - Car Taken e_un48

#1
Hi all,



My wife and I had a car on finance. We had a few late payments over the last year or so and were owing two months when they sent someone to take the car back. We offered to pay three months in advance to get the car back (as we then had the money) but they would't accept this.



The finance company now want us to continue paying for a car we don't have. This will take a couple of years to pay.



Is there anything we can do ?

#3
If they've taken the car, chances are it will have been sold at auction.



If (say) they got £3,000 and you were expected to have continued to pay £5,000 (taking into account future payments, interest etc.) they will expect you to pay £2,000.

#5
It was Motonovo finance - we hadn't paid off more than half the value either.



Yes Gaz83, they are looking for around £2000 more - even though they have taken the car back :-(

#6



It was Motonovo finance - we hadn't paid off more than half the value either.



Yes Gaz83, they are looking for around £2000 more - even though they have taken the car back :-(
Originally posted by e_un48


Yeah, that's what happens.



Best to get in contact with them and try to come up with some kind of payment arrangement.

#7



Who is the finance company, what type of finance is it, how long has the finance been in force, how much was the total payment amount and how much had you paid ?
Originally posted by molerat


These are very important questions, the answers could determine if the finance co have acted illegally and what options you or the creditor have for redress. Also do you live in England, Wales, Scotland or NI. Where was the car parked when they took it and did you give them consent to take it ?

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