Plain-language answers to the technical words we sometimes have to use. Tap any card to read more.
If your vehicle is sold for less than what you owe, the difference is called a 'deficiency'. We will tell you the amount, how it was calculated, and your options for repaying it. Costs we add (storage, auction fees) must be reasonable and itemised.
Redemption means paying off the full balance to get the vehicle back after repossession. You have a window — the timing depends on where you live. We will send you a written notice that tells you the redemption amount and the deadline.
Reinstatement is different from redemption. It lets you bring the loan current — pay missed payments and fees — and continue the original contract. In California, you have at least 15 days after we send you a Notice of Intent to Sell. Other places may not allow this; check your contract.
We can only repossess if you've defaulted under the contract and the law of your country or state allows it. Anything in the vehicle that belongs to you is yours — we will inventory it and arrange for return at no charge. We are never allowed to use force or threat.
Yes. We have a hardship programme that combines a payment holiday, fee waivers and a reduced-payment period. Asking is not a black mark on your record. In the UK we will refer you to free debt-advice services like StepChange or Citizens Advice if that would help.
Restructuring means renegotiating your contract — for example, a longer term or a lower rate — so the monthly payment fits your situation. It usually needs a senior approval and may be reported to credit bureaus.
A write-off is an accounting decision: we close the account on our books because we don't expect to recover most of it. It does not mean you no longer owe the money — collection may continue, sometimes through a different agency. We will always tell you who is contacting you.