Expensive car, but living on food parcels....

[Mario149]

....sorry, this winds me up: http://www.bbc.co.uk/news/magazine-11427207

[rant]
They're clearly tooling around in a BMW worth say £20k, but apparently "can't sell it" to raise funds. Yeah, whatever. You can't sell it because because the car is probably worth £20k and you're asking £23k. There are people who are far needier than you, call We Buy Any Car and leave the charity stuff to people who are really up sh*t creek without a paddle.
[/rant]

[AndrewW-G]

Unless that car has outstanding finance upto or above its market value..................

[Mario149]

AndrewW-G said:

Unless that car has outstanding finance upto or above its market value..................

It was stated that no one wanted to buy it, not there was a problem with the finance though. Anyway, wouldn't it still be better to sell the car, have a lump sum even if less than the outstanding value on the car, and use that to pay the loan off every month thus freeing up cash for essentials?

[AndrewW-G]

Mario149 said:

AndrewW-G said:

Unless that car has outstanding finance upto or above its market value..................

It was stated that no one wanted to buy it, not there was a problem with the finance though. Anyway, wouldn't it still be better to sell the car, have a lump sum even if less than the outstanding value on the car, and use that to pay the loan off every month thus freeing up cash for essentials?

Would you buy a car with outstanding finance on it that the owner was unable to pay off in full at the point of sale?

[MX7]

Britain's "hidden hungry"?!!

So they have to actively look for them, and when they find them, they are driving about in a BMW?! I wish there was a charity for Britain's "hidden sober".

[Fabiao]

Something odd going on at the bottom of that page.

Racheal (surely that's incorrect spelling?) - with a brown baby and a white 'partner' who looks old enough to be her dad....

Carrer claimant, obviously.

[Mario149]

AndrewW-G said:

Mario149 said:

AndrewW-G said:

Unless that car has outstanding finance upto or above its market value..................

It was stated that no one wanted to buy it, not there was a problem with the finance though. Anyway, wouldn't it still be better to sell the car, have a lump sum even if less than the outstanding value on the car, and use that to pay the loan off every month thus freeing up cash for essentials?

Would you buy a car with outstanding finance on it that the owner was unable to pay off in full at the point of sale?

Hang on a sec, I've never had finance, so I'm happy to be corrected, but surely it is possible to sell the car but still owe the finance company money such that the next owner has no problems i.e. before you sell the car, you owe £20k on finance, but you sell the vehicle for £15k, and still have a £5k liability to the finance company that you must still pay in installments but is now nothing to do with the car?

If not, boy am I glad I've never had finance, talk about opening yourself up to being screwed if things go wrong

[Kermit power]

Mario149 said:

AndrewW-G said:

Mario149 said:

AndrewW-G said:

Unless that car has outstanding finance upto or above its market value..................

It was stated that no one wanted to buy it, not there was a problem with the finance though. Anyway, wouldn't it still be better to sell the car, have a lump sum even if less than the outstanding value on the car, and use that to pay the loan off every month thus freeing up cash for essentials?

Would you buy a car with outstanding finance on it that the owner was unable to pay off in full at the point of sale?

Hang on a sec, I've never had finance, so I'm happy to be corrected, but surely it is possible to sell the car but still owe the finance company money such that the next owner has no problems i.e. before you sell the car, you owe £20k on finance, but you sell the vehicle for £15k, and still have a £5k liability to the finance company that you must still pay in installments but is now nothing to do with the car?

If not, boy am I glad I've never had finance, talk about opening yourself up to being screwed if things go wrong

Why on earth would you think you can take out finance on a car and not have it secured on the car? Take out a loan if you want to do that.

[Liszt]

Mario149 said:

AndrewW-G said:

Mario149 said:

AndrewW-G said:

Unless that car has outstanding finance upto or above its market value..................

It was stated that no one wanted to buy it, not there was a problem with the finance though. Anyway, wouldn't it still be better to sell the car, have a lump sum even if less than the outstanding value on the car, and use that to pay the loan off every month thus freeing up cash for essentials?

Would you buy a car with outstanding finance on it that the owner was unable to pay off in full at the point of sale?

Hang on a sec, I've never had finance, so I'm happy to be corrected, but surely it is possible to sell the car but still owe the finance company money such that the next owner has no problems i.e. before you sell the car, you owe £20k on finance, but you sell the vehicle for £15k, and still have a £5k liability to the finance company that you must still pay in installments but is now nothing to do with the car?


If not, boy am I glad I've never had finance, talk about opening yourself up to being screwed if things go wrong

Sorry, but the loan is secured by the car. Until paid off the loan company own part of the car. If the seller stopped paying the loan company repo the car auction it and give the new owner the change. That is why you get an hpi check to see if there is any finance and make a condition of sale that it will be settled out of sale proceeds

Edited to fix formatting

Edited by Liszt on Friday 8th October 09:15

[Mario149]

Kermit power said:

Why on earth would you think you can take out finance on a car and not have it secured on the car? Take out a loan if you want to do that.

Point taken, but is there not some mechanism to "sell" it back to the finance company i.e. they repossess it and your liability to them drops to the difference between what you owed them and the market value of the car?

[AndrewW-G]

Mario149 said:

Kermit power said:

Why on earth would you think you can take out finance on a car and not have it secured on the car? Take out a loan if you want to do that.

Point taken, but is there not some mechanism to "sell" it back to the finance company i.e. they repossess it and your liability to them drops to the difference between what you owed them and the market value of the car?

Quicky example - Car is worth £20k, was purchased for £40k and £10k paid off, leaving a negative balance if liquidated of £10k.

There are a few options:

1) If there is a break clause in the contract, you may be able to simply hand the car back to the finance co. the examples I've seen have stipulated that 50% or more of the total amount has to be paid for this to happen (may even be 50% of the term)

2) Hand car back to finance co and await CCJ, finance co will sell the car on your behalf, expect it to go to auction or a car supermarket, like many other repo's it will be as simple and as quck a sale as possible, so full value may not be realised. End result is that you still owe the finance co. a st load of money and now have no transport!

3) Take out loan to pay finance co. off, you will still owe and have to pay the outstanding amount, just to a different finance institution.

4) Sell the car with outstanding finance, let’s face it chaps, this isn’t going to happen, you'd have to be monumentally stupid to knowingly buy a car that somebody is selling as they haven’t the means to keep up with the repayments, as it is more than likely that they will default and "your" car will be reposed and sold by the original finance company.

None of this is any good for anybody involved

Edited by AndrewW-G on Friday 8th October 09:17

[Ruttager]

Fabiao said:

Something odd going on at the bottom of that page.

Racheal (surely that's incorrect spelling?) - with a brown baby and a white 'partner' who looks old enough to be her dad....

Carrer claimant, obviously.

Those food parcels must be comming daily then?



She could do with skipping a few meals. Then again, anyone who almost cries when given an unexpected kitkat has issues.

[Mario149]

AndrewW-G said:

2) Hand car back to finance co and await CCJ, finance co will sell the car on your behalf, expect it to go to auction or a car supermarket, like many other repo's it will be as simple and as quck a sale as possible, so full value may not be realised. End result is that you still owe the finance co. a st load of money and now have no transport!

3) Take out loan to pay finance co. off, you will still owe and have to pay the outstanding amount, just to a different finance institution.

Edited by AndrewW-G on Friday 8th October 09:17

See that's what I was thinking of, either way, you would owe less so your monthly payments would be reduced giving you more money to spend on food, and freeing up a bit whatever income you have to buy a cheap car/mode of transport if you still desperately need one

[Kaelic]

Ruttager said:

Fabiao said:

Something odd going on at the bottom of that page.

Racheal (surely that's incorrect spelling?) - with a brown baby and a white 'partner' who looks old enough to be her dad....

Carrer claimant, obviously.

Those food parcels must be comming daily then?



She could do with skipping a few meals. Then again, anyone who almost cries when given an unexpected kitkat has issues.

But the sponging cow is saying she has been let down by the welfare state..... says it all.

[Mikeyboy]

Ruttager said:

Fabiao said:

Something odd going on at the bottom of that page.

Racheal (surely that's incorrect spelling?) - with a brown baby and a white 'partner' who looks old enough to be her dad....

Carrer claimant, obviously.

Those food parcels must be comming daily then?



She could do with skipping a few meals. Then again, anyone who almost cries when given an unexpected kitkat has issues.

erm off topic (which is annoying in its details agreed) but do you reckon this guy knows that that kid isn't his?

[Bob Fossil]

Mikeyboy said:

but do you reckon this guy knows that that kid isn't his?

Also my first thought on seeing that pic!

Back O/T, words cannot begin to describe how much I want to slap that woman and her husband for being so pathetic.

GET TO A TEMP AGENCY AND TAKE THE FIRST THING THAT IS OFFERED YOU PAIR OF DELUDED ttS.

[Digga]

Mikeyboy said:

Ruttager said:

Fabiao said:

Something odd going on at the bottom of that page.

Racheal (surely that's incorrect spelling?) - with a brown baby and a white 'partner' who looks old enough to be her dad....

Carrer claimant, obviously.

Those food parcels must be comming daily then?



She could do with skipping a few meals. Then again, anyone who almost cries when given an unexpected kitkat has issues.

erm off topic (which is annoying in its details agreed) but do you reckon this guy knows that that kid isn't his?

Dunno. He must have good eyesight to see anything through them galsses.

[poo at Paul's]

And here is me, big mortgage, drives a 115k mile V reg Rover 200 and cannot justify spending £3k on a "new motor" , and pays £1700 a month in stoppages from my salary, and pays his way for his family.


Who's the mug again?

[Ruttager]

She really should let him have some of the food as well. The poor bloke looks like he's about to waste away.

[thinfourth2]

Bob Fossil said:

Mikeyboy said:

but do you reckon this guy knows that that kid isn't his?

Also my first thought on seeing that pic!

Back O/T, words cannot begin to describe how much I want to slap that woman and her husband for being so pathetic.

GET TO A TEMP AGENCY AND TAKE THE FIRST THING THAT IS OFFERED YOU PAIR OF DELUDED ttS.

And be worse off