Repossession process advice

Huw54

Member
Mixed Farmer
I'm in a very sticky place financially. I am trying to sell kit as I can't pay the finances, one big one due in 6 weeks that I can't pay. I just wondered if anyone on here could give any advice on what happens if the HP company repossess the tractor?

What do the finance company do with it, how do they sell it - it's worth around £50k but how much can I expect them to get for it?

By how much should I drop the price to try to move it before they come take it?

A dealer is trying to sell it for me atm but he says there are no buyers around - been a bad year for many.

Any other advice appreciated. Many thanks
 

daveydiesel1

Member
Livestock Farmer
Location
Co antrim
THe truthfull answer is you need to do anything and everything to either get the payment made or sell it on, if they repossess it itl go to a no reserve auction where itl make far less than its worth, youl be loaded with charges like collection fees,reposession fees, late payment charges etc etc, if the tractor doesnt make all that money they will then be back to lift whatever they need to make the shortfall.
I dont mean to sound scary but take it from me you CANNOT let them get to the length of repossesing it
 

milkloss

Member
Livestock Farmer
Location
East Sussex
The answer is probably to do your best to sell it yourself at pretty much whatever discount you need to in order to get it gone. I think Dave just got in above....... you might not see much, if any, return to yourself by the time they've deducted their charges.

Good luck.
 

Lincs Lass

Member
Location
north lincs
Any out standing finance left
THe truthfull answer is you need to do anything and everything to either get the payment made or sell it on, if they repossess it itl go to a no reserve auction where itl make far less than its worth, youl be loaded with charges like collection fees,reposession fees, late payment charges etc etc, if the tractor doesnt make all that money they will then be back to lift whatever they need to make the shortfall.
I dont mean to sound scary but take it from me you CANNOT let them get to the length of repossesing it
Watched many of the bailiffs programs ,.
Businesses that have got huge depts and every asset is taken and often sold for much less than the outstanding financial value .
Both companies and personal owners are left to pay back the difference.
Sometimes they are forced to sell their homes to cover to remaining amount.
Once they get their claws in , they don't let go
 

Mad For Muck

Member
Location
Midlands
Worth speaking to the finance company and/or the broker who set it up for you if you used one. Depending on who your with some can be very helpful & some can be a total nightmare.

When we had 2 lorry’s to sell there was some finance left on both, one finance company was very understanding when I said it’s parked up for sale therefore not out working anything you can do & they stopped payments for 3 months to allow me to sell it. The other finance company was a nightmare & their collections officer (who had a severe attitude problem & must have just found out the milkman had been banging his wife or something) kept threatening to come & repossess it when I said it was for sale even tho I was still paying the payments & only owed £10k left on a lorry worth £85k 🤷🏻‍♂️.

Obviously you want as much as you can for this machine as if you come out of it with some cash it’ll obviously help your situation overall but you could be better off just trying to get enough to pay off the finance & get a quicker sale by dropping it below what it’s actually worth if that makes sense.

Good luck!
 

Jhabc

Member
Any out standing finance left

Watched many of the bailiffs programs ,.
Businesses that have got huge depts and every asset is taken and often sold for much less than the outstanding financial value .
Both companies and personal owners are left to pay back the difference.
Sometimes they are forced to sell their homes to cover to remaining amount.
Once they get their claws in , they don't let go
Watching some half witted programme on channel 5 and regurgitating what you saw really isn’t helpful. The bloke needs help and not your excitable doom mongering.
 
I'm in a very sticky place financially. I am trying to sell kit as I can't pay the finances, one big one due in 6 weeks that I can't pay. I just wondered if anyone on here could give any advice on what happens if the HP company repossess the tractor?

What do the finance company do with it, how do they sell it - it's worth around £50k but how much can I expect them to get for it?

By how much should I drop the price to try to move it before they come take it?

A dealer is trying to sell it for me atm but he says there are no buyers around - been a bad year for many.

Any other advice appreciated. Many thanks
What tractor is it?
 

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