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In the UK (England and Wales Law)…just to clarify.

10 Comments »

1. 

   What you did now?

   if you are late in payments they can go and get it.
   (is in the fine print.)

   you always can say "the check is in the mail"

   Comment by J.C. — April 30, 2011 @ 6:38 pm

2. 

   if you have paid a third (I think) of the amount owing (this amount is detailed onthe finance agreement) they CANNOT repossess the car without a court order.

   Comment by julieh88 — April 30, 2011 @ 6:38 pm

3. 

   read the small prints of your contract. their rights to do as they wish is usually hidden there!

   Comment by oracle — April 30, 2011 @ 6:38 pm

4. 

   If you default on loan payments the finance company can take bacj the car whenever they want, if you think about it , it’s really their car until it’s paid off, when you sign the agreement to pay each month you will have signed to say that they are allowed to do this.

   Comment by vera-ann — April 30, 2011 @ 6:38 pm

5. 

   In the UK the finance company can repossess a car if payments are in default without a Court Order only if the customer has paid less than 1/3rd of the total amount payable. If they have paid more than 1/3rd then the finance company need a Court Order.
   This only applies if the customer has taken HP and it is secured on the car. If they have a personal loan then the finance company have no title to the car and can’t repossess.

   Comment by RRM — April 30, 2011 @ 6:38 pm

6. 

   You don’t need a court order, defaulting on car payments results in reposession so the company are well within their rights to take back whats deemed theirs if payment has ceased.

   Comment by Shirl — April 30, 2011 @ 6:38 pm

7. 

   I think when you sign a contract to buy a car on finance there is a bit that if you fall behind with the payments in the 1st half of the agreement they can reposess at any time without a court order

   Comment by welcome.electrics — April 30, 2011 @ 6:38 pm

8. 

   Depends on the laws of your state. If I remember correctly, in Colorado they have a law that says the company that holds the lien against a vehicle (the financing company) can go out and repossess a vehicle if payment is over 90 days delinquent. I believe they have to send a letter when payment is 60 days delinquent warning the "owner" of the car that the car may be repossessed if action isn’t taken within 30 days.

   Comment by sarge927 — April 30, 2011 @ 6:38 pm

9. 

   just pay your debts and it will all go away ….

   Comment by ackers — April 30, 2011 @ 6:38 pm

10. 

    yes its legal

    Comment by dumplingmuffin — April 30, 2011 @ 6:38 pm

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