Body & Soul1 min ago
car finance
5 Answers
threats there going uplift car after offering 400 pound payment
Answers
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Yes, much more information is needed here.
How far behind is the finance? How long has it been outstanding for? What's the value of the car? How much has already been paid? What's the total amount now owing?
With some types of car financing, you simply take out an unsecured loan and own the car outright immediately. If that's the type of finance you've got then the car can't be repossessed.
However other types of finance either let you own the car outright but secure the loan against it, or else the 'title' to the car remains with the seller (or finance company) until all payments have been made. In which case it's quite likely that it can be repossessed.
Without much more detail we won't be able to help. (Even with more detail, I suspect that the finance company will have a perfect right to repossess the car. They'll then auction it and, if the money paid at auction doesn't match what was owed on it, you could still be left with a large debt).
How far behind is the finance? How long has it been outstanding for? What's the value of the car? How much has already been paid? What's the total amount now owing?
With some types of car financing, you simply take out an unsecured loan and own the car outright immediately. If that's the type of finance you've got then the car can't be repossessed.
However other types of finance either let you own the car outright but secure the loan against it, or else the 'title' to the car remains with the seller (or finance company) until all payments have been made. In which case it's quite likely that it can be repossessed.
Without much more detail we won't be able to help. (Even with more detail, I suspect that the finance company will have a perfect right to repossess the car. They'll then auction it and, if the money paid at auction doesn't match what was owed on it, you could still be left with a large debt).
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