What happens to the proceeds when your vehicle is repossessed and sold to clear an outstanding loan?

Sometimes, circumstances arise causing financial problems, making it difficult for you to repay your loan balance. We understand that these things happen. That is why our dedicated team is always open to explore the available options if you ever find yourself in this situation. We encourage you to get in touch with us as soon as possible. Let’s sit and discuss a way forward.

At Platinum Credit, repossession of a vehicle is usually a last resort. We encourage clients to get in touch with us on 0709 900 000 when they begin to suspect that they may have difficulty repaying their logbook loans.

So, what happens to the proceeds when your vehicle is repossessed and sold to clear an outstanding loan? If a vehicle does have to be sold for Platinum Credit to repay an outstanding loan, the following are deducted from the proceeds:

  • Outstanding loan amount
  • Commission of sale
  • Storage charges

Any remaining balance will be returned to you the customer. Once your loan is fully repaid, a member of the Platinum Credit team will liaise with you to ensure that you receive the remaining balance.

What we recommend

  1. If you think you might have a problem making a repayment let us know as soon as possible. When we talk to you; we will be open and honest with you, treat you as an individual taking your circumstances into account, try to find a solution including allowing you find a buyer for your vehicle, make everything simple and straightforward, tell you what you need to know so you can make an informed decision and let you know who else can help you.
  2. Ensure you are fully aware of the terms and conditions of your loan agreement while signing the contract. If you are not sure what something means please ask a member of the team.
  3. Reach out to us on 0709 900 000 to let us know if and when you have financial problems prior to the due date and we will be glad to rework the existing payment plan, within the scope of our terms and conditions.
  4. Respond to our calls, e-mails, letters and text messages.
  5. The call centre line 0709 900 000 is always available. Feel free to call for clarifications or questions.