car finace

[markyd2403]

i have recently had car finance with welcome finance. i reached the half way point in the agreement and requested that welcome take back the car under the impression that i would have no further payments to make as i was no longer the owner of the vehicle. welcome agreed to take back the car without a problem. all that i was told at that point was that i would have to pay off any arrears if any. they collected the car on the 21st of september and that was the last i heard until now. i have just received a phone call saying that the car was sold at auction for �1500 and that has been taken off my outstanding balance which is now �2300 which i must pay of at �35 per month for the next ten years at 1% interest. if i had of known that this would happen i would have kept the car. are they right in what they say that i am still responsible for the outstanding amount even though i no longer own the car?

[bednobs]

what did your contract with them say?
Anyway, they pointed out to you you would have to still pay the arears, so you knew, so its not like you can say they sprung it on ya!

[BIG DAD]

Hi Markyd, i'm no expert but was in a similar situation with finance company, i had paid more that half of the total payments and there was a clause in the agreement that if this was the case then i could cancel the agreement and give the car back with no further costs or infringments on my credit raiting, i did this and have had no problems since, the car would of defenatly not sold for any where near the outstanding balance.
I would check your original contract and see if there is a section about this.
Also if i'm not mistaken my brother did this as well and had no problems.