car finance

[lindas]

if you have payed 2years of a 4 years contrat can the car finance company take the car back if you stop paying

[chazza]

Yes of course otherwise people would only pay for 2 years

[Oneeyedvic]

If the vehicle is on Hire Purchase, then they require court action to take the vehicle back if you have paid more than 1/3 of the total amount that is due under the agreement.

You would have to have been issued with a termination letter as well as documents telling you about the legal action. They would have to go to court and prove their debt (the agreement) and unless you can show that you have paid etc then the court would probably find in their favour and they could then repossess the car.

If you have not paid a 1/3 of the amount due, then they can justtake the vehicle without going to court first.

The amount of time is irrelevant

[meglet]

If, however, you have paid more than 50% of the total finance value then you have the legal right to hand the car back to the finance company and walk away with nothing further to pay and no final payment to settle. Car finance companies don't like to advertise this but you are entitled to do it - I've done it twice. Check the contract and it will state somewhere the figure that you will need to have paid before the right to hand it back kicks in.