Buying a car by taking out a hire purchase agreement means that the vehicle in your possession is technically hired until payment for the car has been settled, at which time you become the true owner of the car.
If you fail to keep up with repayments on the car you may face it being repossessed by the lender.
Your car will only be at risk of repossession if you bought it with a hire purchase agreement, or with a secured loan. If you took out an unsecured loan to buy the car the car will not directly be at risk. However, failing to keep up with repayments on an unsecured loan can still result in you being taken to court and may adversely affect your credit rating.
Cars that have been repossessed can be cheaper than their retail value as finance and fleet companies need to control stock levels and will often need to shift stock fast.
Repossessed cars can usually be found on specialist Internet sites and at car auctions. As well as cars that have been repossessed, you may find some vehicles that have been seized by customs and excise, and cars which have been surrendered under leasing agreements.
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