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[05omegav6]

Basically I have three agreements in my name, 3 Vectras, 2 on HP and one as a straight loan. The two on HP are past their 50% stage.

The firm I work for/at pay me each month for all three agreements. I make no profit from this.

They, in turn rent those cars out for enough to have cleared the finance. Trouble is they are always late making the payments, bouncing the standing order, which costs me money and time trying to sort it.

Had enough now. If I send the 2 HP cars back to the finance firm then I put 3 drivers, who thought they were buying the cars( they pay the insurance tax and maintainance costs)out of work potentially.  The third car could go on Egay if needs must to cover the balance on that.

Two things really.
1. If I do send the cars back, then it will cause no end of greif all round.
2. Legally, can I send the cars back? All the agreements are in my name, as are the Log books, I also have the spare keys for all three cars. There is nothing in writing either.
Suggestion/guidance required 

[Kevin Wood]

Can you transfer the HP agreements to the company? If so, give them notice that they either take over the agreements or you cash them in. If you neither use the cars yourself nor run the company why should you put up with the ballache?

[05omegav6]

Tried that before, finance company not interested.

Had enough of making excuses for them. Being bent over by so called friends and enough is enough. Told to jump in minibus because no company drivers out, tried to refuse and got told ' sorry mate got no choice' replied that firm out of favours so would not drive bus again, ever. Not been given a job for last two hours

If no money forthcoming in morning for julys instalments, next call is likely to be to the finance people, followed by the council to inform him that at least 2 licensed cars are being 'sold'. They would then have until the finance company collect the cars to settle the balance.
If they want to keeps the cars, that is...
Firm was set up by myself and a couple that worked at another firm. I stopped any operating involvement a couple of years ago. This will be the end of my involvement, sadly, but fed up with being walked all over   

[Lazydocker]

Read the small print. Normally, once 50% has been paid you can hand car back and walk away

Alternatively, could the drivers not make the car payments directly to you?

[05omegav6]

50% rule works for two of them I could ask the drivers, but they've alteady paid the firm enough to clear all the agreements

Feel sorry for the drivers tbh they were led to believe that they were buying the cars by the boss when they first started, turns out they are paying until told to stop    I was annoyed by that as I thought it was out of order.

I think that I really would be better of out of the whole sorry mess

[martin42]

You will also find that the rest of finance will have to be settled even if you give cars back,best thing now would be to sell cars privately and then pay finance off,or start charging for each late installment but get it in writing,some people take the piss...

[Kendo1690]

I done it a few years ago,at the time you had to have payed 2/3rds of the agreement and as long as the car was in good order you could give it back with no more finance to pay,as they were in receipt of the car that then settled the outstanding finance,it was with black horse, hope this helps...

[05omegav6]

Thanks guys

2 of the cars are past the 50% so can go back fair and square, nothing more to pay

1 has 6 months left and is probably worth enough to wipe its nose, just...

[Kevin Wood]

Feel sorry for the drivers tbh they were led to believe that they were buying the cars by the boss when they first started, turns out they are paying until told to stop    I was annoyed by that as I thought it was out of order.

Well, that's between them and the company. If the company has been paid for the cars, and effectively sold them without legally owning them, then the drivers need to pursue the company.

I think that I really would be better of out of the whole sorry mess

It does sound like it.

[05omegav6]

Hopefully sorted for now... been assured of payment by the end of today and looking like 1 agreement being settled in August...

Spoke to the finance company to clarify a couple of points and found the settlement figures to be  alot less than thought, which may encourage early repayment of all the agreements

Have made my feelings quite clear, and reminded them that the cars are well over their respective halfway points, with all that that implies.   

Didn't/still don't want a massive row about the situation, as I've invested the last 3 years into the firm, and it would be a tragedy to throw that away and I have long term plans afoot which will see me move onto other things and places which I would rather do amicably.

Oh, I did finally get some more work this morning, the controller seemed to think that Teddy was aimed at him when I ejected him from the pram ejit...

[Kevin Wood]

Taxi called to retrieve teddy.

[05omegav6]