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gusmac

Post subject:

Posted: Mon Mar 16, 2009 3:23 pm

Joined: Tue Apr 24, 2007 6:31 pm
Posts: 12045
Location: Aberdeen

If I remember correctly you need to have paid back half of the purchase price (minus any trade in), as well as 100% of any extended warranties or insurances covered by the deal, plus all interest to date.

This isn't a nice get out clause put there by certain finance companies.
It's part of the consumer credit act and included in all HP deals.
Personal loans etc don't have this clause.

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wannabeeahack

Post subject:

Posted: Mon Mar 16, 2009 3:52 pm

Joined: Tue Apr 29, 2008 4:06 pm
Posts: 24407
Location: Twixt Heaven and Hell, but nearest Hell

well theres no mention of any loss by black horse finance regarding the van on my credit file.....

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gusmac

Post subject:

Posted: Mon Mar 16, 2009 4:11 pm

Joined: Tue Apr 24, 2007 6:31 pm
Posts: 12045
Location: Aberdeen

wannabeeahack wrote:

well theres no mention of any loss by black horse finance regarding the van on my credit file.....

There shouldn't be. You have kept to the terms of your agreement.

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wannabeeahack

Post subject:

Posted: Mon Mar 16, 2009 4:12 pm

Joined: Tue Apr 29, 2008 4:06 pm
Posts: 24407
Location: Twixt Heaven and Hell, but nearest Hell

id have taken 50 lashes just to get rid of the blasted heap

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grandad

Post subject:

Posted: Mon Mar 16, 2009 4:18 pm

Joined: Tue Apr 03, 2007 11:27 pm
Posts: 20130

wannabeeahack wrote:

id have taken 50 lashes just to get rid of the blasted heap

Be careful, someone from the Wirrel may volunteer to administer such punishment. :wink:

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wannabeeahack

Post subject:

Posted: Mon Mar 16, 2009 5:10 pm

Joined: Tue Apr 29, 2008 4:06 pm
Posts: 24407
Location: Twixt Heaven and Hell, but nearest Hell

grandad wrote:

wannabeeahack wrote:

id have taken 50 lashes just to get rid of the blasted heap

Be careful, someone from the Wirrel may volunteer to administer such punishment. :wink:

dont tell max moseley...

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cabby john

Post subject:

Posted: Mon Mar 16, 2009 5:19 pm

Joined: Fri Apr 21, 2006 1:20 am
Posts: 2948
Location: Over here!

Doom wrote:

It'll always be on record that the company lost money on you, anyone silly enough to think they can simply hand a pile of junk back owing 5k is mistaken, ok you won't get a baliff round over it, but sometime in the future when everyone else is paying 8% interest the best you will get is 15%+ offered.

Just see it if you had a punter who had a ride and the ride was 15 quid and he only had 6 quid on him, would you take him home again next week?

Make no mistake they do not and will not lose money on the deal as it will have been very well thought out. They will out that car through the trade and probably make a few extra "K" on it.

I cannot see that handing the car back is blighting your credit history - you have after all complied with the terms and conditions - what more could they ask for.

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grandad

Post subject:

Posted: Mon Mar 16, 2009 6:21 pm

Joined: Tue Apr 03, 2007 11:27 pm
Posts: 20130

After the sale of the vehicle if there is a surplus, they have to give it to you.

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cabby john

Post subject:

Posted: Mon Mar 16, 2009 7:07 pm

Joined: Fri Apr 21, 2006 1:20 am
Posts: 2948
Location: Over here!

grandad wrote:

After the sale of the vehicle if there is a surplus, they have to give it to you.

Now you are having a laugh - aren't you.

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gusmac

Post subject:

Posted: Mon Mar 16, 2009 9:34 pm

Joined: Tue Apr 24, 2007 6:31 pm
Posts: 12045
Location: Aberdeen

cabby john wrote:

grandad wrote:

After the sale of the vehicle if there is a surplus, they have to give it to you.

Now you are having a laugh - aren't you.

It's true, however they sell them off at trade auctions.
Unless you have paid considerably more than 50%, there is little chance of a surplus.

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grandad

Post subject:

Posted: Tue Mar 17, 2009 7:38 am

Joined: Tue Apr 03, 2007 11:27 pm
Posts: 20130

I returned my Suzuki van after paying, I think, 2 payments more than the 50% required. When the van was sold I received a cheque for £770 being the surplus after the finance was settled.

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cabby john

Post subject:

Posted: Tue Mar 17, 2009 1:15 pm

Joined: Fri Apr 21, 2006 1:20 am
Posts: 2948
Location: Over here!

grandad wrote:

I returned my Suzuki van after paying, I think, 2 payments more than the 50% required. When the van was sold I received a cheque for £770 being the surplus after the finance was settled.

Well well well, the benefit of this site shining through - you learn something all the time. But! what if they (the company) decide to do them up and resell at a large profit?

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grandad

Post subject:

Posted: Tue Mar 17, 2009 2:33 pm

Joined: Tue Apr 03, 2007 11:27 pm
Posts: 20130

cabby john wrote:

grandad wrote:

I returned my Suzuki van after paying, I think, 2 payments more than the 50% required. When the van was sold I received a cheque for £770 being the surplus after the finance was settled.

Well well well, the benefit of this site shining through - you learn something all the time. But! what if they (the company) decide to do them up and resell at a large profit?

They don't. They are a financil institution not a garage. The just put them straight through the auctions.

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cabby john

Post subject:

Posted: Tue Mar 17, 2009 2:55 pm

Joined: Fri Apr 21, 2006 1:20 am
Posts: 2948
Location: Over here!

grandad wrote:

cabby john wrote:

grandad wrote:

I returned my Suzuki van after paying, I think, 2 payments more than the 50% required. When the van was sold I received a cheque for £770 being the surplus after the finance was settled.

Well well well, the benefit of this site shining through - you learn something all the time. But! what if they (the company) decide to do them up and resell at a large profit?

They don't. They are a financil institution not a garage. The just put them straight through the auctions.

Tbh I was thinking Of LTi and Cabs Direct who have financial arms linked to the Company! whilst they operate independently they do belong to the same people - and I could not see them passing up an opportunity to make some more dosh, however I am prepared to bow to superior knowledge if that is the case.

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wannabeeahack

Post subject:

Posted: Tue Mar 17, 2009 5:28 pm

Joined: Tue Apr 29, 2008 4:06 pm
Posts: 24407
Location: Twixt Heaven and Hell, but nearest Hell

grandad wrote:

After the sale of the vehicle if there is a surplus, they have to give it to you.

it was a citroen.....

surplus?

bout as much chance as a RBS bank boss returning his pension...

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