Should I return the car to you? I can’t continue paying for a savings plan? This is a question asked by many savings plan adherents who decided to buy a 0 km and who, with the passage of time, found it difficult to continue paying the installments month after month.
To clarify this doubt we must start at the beginning. When a person enters a savings plan contract, he or she begins to form part of a group of adherents, who will allocate vehicles monthly, either by lottery or bidding.
If a member does not want to continue the contract, he or she can resign at any time. But that right You face a limitation if you have already awarded and removed the vehicle.
In the event that the saver has withdrawn from the unit and there are still installments in the plan, another parallel contract called vehicle item.
This means that the car is given as collateral for payment of the debt. And if you do not pay the monthly installments, you can foreclose and even auction off the vehicle.
The two possible options
For this reason, it is important avoid being considered in default (delay in payment) and that the penalties cause the debt to increase, making payment very difficult or almost impossible.
The suggestion is to pay month by month. If you are unable to do so, you may request some type of deferral in the fees from the plan administrator. This could facilitate payments immediately although it generates a greater number of installments to become due because the contracting periods are extended.
If the delay already exists and a debt was generated, there are two situations that can arise.
The first is that the adherent has delays of many months and this caused the administrator send the debt to a preliminary claim. In this situation they will begin with the intimations for the cancellation of the debt and if it is not paid they could move on to a judicial claim.
What must be taken into account is that with the beginning of a trial the vehicle could be hijacked and then auctioned off and cancel the debt to which legal costs and expenses will have to be added. Furthermore, if the proceeds from the auction are not enough, they could continue with claims for the balance of the debt that remains.
The second situation is to have the money to catch up on the installments. If this is the case, the suggestion is to make payments through bank transfers and/or deposits against the delivery of an invoice or proof of payment that indicates the amount and the concept that is being paid.
In conclusion and returning to the question at the beginning, the answer is that There is no possibility of returning the vehicle if it has already been awarded.. Many times you hear the phrase “I go and leave them at the door of the dealership” or “I will go through the plant and return them to you.”
These options are not viable because, as we know, there is a contract with the plan administrator and another guarantee contract with the collateral creditor. The latter, the pledge contract, is even incorporated in the Automotive Property Registry and Until the entire debt is paid, the certificate of discharge cannot be obtained. pledge to release the vehicle from debt.
For these reasons, it is best to seek advice to look for all the options that exist to achieve a debt negotiation and avoid reaching more complex and, above all, more expensive situations.
*It is made clear that the specific case must always be evaluated and this note does not imply advice on the specific situation but rather general guidelines.