voluntary termination

[Tumsch]

i wrote to the finance company (Santander) in january using the debtline template, which they got before next payment was due. they then sent own form to be filled in which i had to complete and send back with registration document, i have done this. it has now been a few weeks and i have not heard from them. can they leave vehicle as long as the want? do i need to keep making payments? i am in arrears for 1 payment at the moment this became due after letter was sent do i need to pay this and can they place default on account and refuse vt now? any help appreciated thx

Edited February 16, 2010 by Tumsch

[crem]

Were you already beyond the 50% mark without needing to pay the last month's payment? If so, then the additional payment will be lost as you will not be refunded bakc down to the 50% level. The risk factor is that, technically, you are now in arrears on teh payments and they may record it as such.

 

I think you need to stop waiting for them to do something and pro-actively pursue them to conclude this. If that includes you having to pay this outstanding month's money, then you may have to do this to protect your credit history.

[Tumsch]

i am over the 50% mark only 11 months left circumstances mean just can not afford payments. first mot due in a week and i just can not afford extra costs.

[crem]

With such a short length of time left to pay you must be well beyond the 50% level. I presume there is a balloon payment still to be made in the final month, but even so, surely the car is worth far more than the remaining months payments plus the balloon figure?

 

If not, then I think I would pay the missing month and VT as you were. If the car is worth far more than the outstanding values, I would have thought a local garage would be willing to purchase it from you covering the early settlement figure and maybe giving you a small kick back off the deal too, but still leaving them a healthy "cheap" purchase into the bargain.