Bankrupt Vehicle Sales & Finance Ltd. Repossession Policy
It is not our intention that you fail with your loan, and we make this very clear at the start of the loan. We are hopefully assisting you to rebuild your credit history by paying well with us.
When we provide to you a loan / vehicle we ensure that the payments are affordable from your weekly budget. We provide avenues for you to talk to us about payment arrangements , but when these are blatantly ignored we are often left with no reasonable course of action other than to repossess your vehicle.
When your vehicle is provided to you it has a PPSR security which we have lodged on it. This is noted in the PPSR Security Register. This means that you are unable to give away, sell or destroy the vehicle. The vehicle’s clear title does not pass to you until the car is fully paid i.e. your loan is fully paid. At that time we will remove the security.
To confirm: We have a zero tolerance policy to avoidance and non contact. We expect to be notified of any movement in your address, change in your email and phone details, and of course any address where our vehicle may be housed / located. Likewise we expect to be informed of any change in your circumstances.
When you apply for a loan you are advised that we have strict credit control procedures. Two missed payments with no contact signal repossession procedures are commencing.
Likewise if we do a Moto Check and find that your vehicle has been onsold, or if the vehicle has no warrant or registration and doesn’t have insurance. We call this Security at Risk to the Finance Company and we will immediately seek possession of our vehicle.
These are the steps that we take:
1. Issue a Pre Repossession notice – you have 15 days to bring your account into order or you may choose to surrender your car. This is called Voluntary Reposession
2. If not actioned then we will issue a Repossession Notice
3. You will then have 15 days to redeem your vehicle by paying the total arrears on the reposession order
4. You are able to surrender (give your vehicle back) provided that you make a satisfactory arrangement with us
5. All Repossession Agents must be licensed and carry a Certificate of Approval
6. Our company policy is that we will not repossess your household items
7. Following repossession you will receive the appropriate documentation as required by Law (post repossession notice within 7 days)
Please be aware that there are serious consequences for the obstruction of a lawful repossession.