S
SmallBiz
Guest
I am a sole trader and have a company car which is leased thru Bank of Ireland.
My business is in financial difficulty and I can no longer afford to keep the company car.
I have tried to sell it, but haven't been successful and would now like to have the bank repossess it.
I would appreciate any advice anyone can give me as to how to best go about this.
I have already called the bank and indicated that I will no longer be able to pay for the vehicle. There is still 23k outstanding on the 5 year lease and the vehicle is worth approx. 22k. The person I spoke to told me that as it was a bad time to sell cars, they may value the vehicle at 18 or 19k and I would have to pay the 4 or 5k difference.
Can they just put any value on the vehicle or are there some guidelines they have to stick to? Is it best for me to have the car valued at the garage it came from and to approach them with that valuation?
I can't afford to pay 4 or 5k to the bank over and above what I have already paid over the last 2 years and the 8k deposit I paid.
Any advice is greatly appreciated.
My business is in financial difficulty and I can no longer afford to keep the company car.
I have tried to sell it, but haven't been successful and would now like to have the bank repossess it.
I would appreciate any advice anyone can give me as to how to best go about this.
I have already called the bank and indicated that I will no longer be able to pay for the vehicle. There is still 23k outstanding on the 5 year lease and the vehicle is worth approx. 22k. The person I spoke to told me that as it was a bad time to sell cars, they may value the vehicle at 18 or 19k and I would have to pay the 4 or 5k difference.
Can they just put any value on the vehicle or are there some guidelines they have to stick to? Is it best for me to have the car valued at the garage it came from and to approach them with that valuation?
I can't afford to pay 4 or 5k to the bank over and above what I have already paid over the last 2 years and the 8k deposit I paid.
Any advice is greatly appreciated.