car reposession letter

siobh14

hi- just wondering can anybody give me some advice.Ive been away for the past month and arrived home to 2 letters from my bank re my car hire purchase. I have missed 2 payments and the 2nd letter I got said "termination of contract and return car"
As its the weekend I cannot get in touch with my bank until monday. is it possible for me to immediately pay my 2 months overdue payments and not have my car reposessed?? Very worrued am going to loose my car.
any advice would be great , thanks.

ytpe2r5bxkn0c1

Probably fine to pay what's owed. Don't panic or worry and talk to them on Monday.

siobh14

Thanks for that- got very worried when read the letter..have had my car for year and a half and really dont want to loose it. ! Owe 400€ for 2 missed payments so hopefully they will accept this payment monday and just give me a lecture. Hopefully!Have you had experience of this before?
tks

Thoie

Ring them and ask how much it is to clear it first - there could be a "late payment" or "admin fee" or something seeing as you missed two payments, so you might find you actually owe €420 or something. If you just pay €400 your account could then still show as owing, and the letters would keep coming.

I'm sure they'd probably prefer the money to your car

siobh14

thanjs for that- phew! hope you guys are right.Dont care if have to pay late payment- as long as I dont loose my car. Fingers crossed...have been sick with worry!

goz83

I wouldn't be at all concerned. Once they get their money, they will back off.

flutered

which would they prefer your dosh or the car.

siobh14

hope you guys are right...am jusr worried as they seemingly can reposess your car with hire purchase but you still have to pay them back half the cost of the car!....I just dont want to loose my car. Seemingly ut does happen to people:-(

Marcusm

siobh14 wrote: »

hope you guys are right...am jusr worried as they seemingly can reposess your car with hire purchase but you still have to pay them back half the cost of the car!....I just dont want to loose my car. Seemingly ut does happen to people:-(

It's hire purchase; that means it's the finance company's car until you make the final payment hence relatively simple termination provisions. That said, I suspect they'd be happier to receive the payments.

flutered

siobh14 wrote: »

hope you guys are right...am jusr worried as they seemingly can reposess your car with hire purchase but you still have to pay them back half the cost of the car!....I just dont want to loose my car. Seemingly ut does happen to people:-(

back in the day if one had 51% of the payments made, the repo man could not do his work, they had guys to call and harangue you, usually ex keystones or even ambulaance chasers, they used to verbaly maaul one the same as the folks that use the fone nowdays.

Marcusm

flutered wrote: »

back in the day if one had 51% of the payments made, the repo man could not do his work, they had guys to call and harangue you, usually ex keystones or even ambulaance chasers, they used to verbaly maaul one the same as the folks that use the fone nowdays.

Actually, you only need to have made 1/3 of the payments to impede repossession. Once you have reached the 1/3rd level they need to take a court case to effect repossession. The "one half rule" relates to the ability if the customer to hand the goods back and walk away from the balance of payments.

OP: how far along are you with the payments out of the total (including any deposit and final payments).

Oral Surgeon

siobh14 wrote: »

hope you guys are right...am jusr worried as they seemingly can reposess your car with hire purchase but you still have to pay them back half the cost of the car!....I just dont want to loose my car. Seemingly ut does happen to people:-(

LOSE

spaceHopper

Just don't park it where they can find it call then now and pay them on monday

Toots

Oral Surgeon, don't be a grammar nazi. If you've got nothing helpful to add, please don't bother posting.

Oral Surgeon

Toots* wrote: »

Oral Surgeon, don't be a grammar nazi. If you've got nothing helpful to add, please don't bother posting.

Sorry, thought that I was being helpful...

Renegade Mechanic

How did it go, OP?

Westernyelp

OP. you seem to be able to make the two payments easily and don't mind about late fees etc why did you not just pay when due?

chris85

Westernyelp wrote: »

OP. you seem to be able to make the two payments easily and don't mind about late fees etc why did you not just pay when due?

hope you keep up the payments on your high horse. very high up there to fall from

Westernyelp

chris85 wrote: »

hope you keep up the payments on your high horse. very high up there to fall from

Excuse me? I asked a genuine question. please keep your petty outrage to yourself Thanks

jameshayes

Westernyelp wrote: »

Excuse me? I asked a genuine question. please keep your petty outrage to yourself Thanks

I think he means, in a nice way - what business is it of yours to question why s/he did not make the payments.

Westernyelp

jameshayes wrote: »

I think he means, in a nice way - what business is it of yours to question why s/he did not make the payments.

I asked because it seems the OP has no issue with money, she was quite flippant regarding making the double payment plus any penalties. If we don't know the reasons then it is hard to give good advice. btw I reckon nothing on here is anyone else's business in the real world.