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I bought a used car 18 months ago. I still owe about 0.00. It has been damaged and currently does not run. I am about 3 weeks late on payments. I and sending hardship letter stating I think I can be up to date by Mid November. If the Finance Co repossess my car then do owe the balance. How can they charge me for something I no longer have? I realize it will go against my credit score. But my credit is bad anyway. Now they are getting so nasty. Should just tell them come and get it flip them off and not pay another cent on the car?
the balance is actuallly 8,000
if i could afford legal advice I could afford to make payment
Posted in: Auction FAQ | | Comments (3)
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Yes , you have an agreement with these people. A Hire Purchase agreement which is a contract. You will be held to this contract. If you re-neg, you may have a black mark against your name.
Did you have insurance on the vehicle. You may have insurance as part of your H.P agreement. Go and check.
There are many things you can do yourself with out passing money to other people. You will have to pay them. Talk to them and come up with a good solution, that is a win win situation
Comment by peter — October 10, 2010 @ 4:13 am
Yes, you still owe the balance on the loan. If they repo, they sell it off for whatever it fetches, then the lender comes after you for the loan balance plus fees and interest. It’s current condition has nothing to do with what you owe.
Comment by Caveat Emptor — October 10, 2010 @ 4:13 am
You need to consult legal advice on this matter. It is not clear as to whether the $800.00 was part of the payment for the vehicle or a seperate debt.
Comment by Louise — October 10, 2010 @ 4:13 am