Car write off help!

Kira000

Help! I had an accident this morning. Not sure yet, but it may well be a write off. TBH, i'm still a bit shaken and cant think clearly but hoping someone can offer some clarity on next steps and issues for me given the following info.

I have 9 months left to go of a 3 year Ford Options LP agreement on my fiesta 08 plate. Currently the car is well under the agreed mileage allowance- used about half what allowed. Car in excellent condition.

My insurers say for write offs they base on Glass's prices, and what it would cost buy a car of the same age/spec.

I've done a check with Ford, and the total required if i wanted to pay off the agreement is about £4400.

I've had a CAP valuation done, inc mileage and optional extras, which is around £7600.

If it is a write off, i would not want to buy it back.

I have checked on autotrader, and via glass's, and on Ford Direct, and there are NO cars of my age and similar spec for sale! Cars a year older are going for between £7700-£9500. The cars one plate after mine, are new model, and £9500+.

I am aware that if the insurers agree it is a write off, then Ford get paid off first, and i assume the rest goes to me. How can i ensure i get a decent price, and FORD dont just agree to something silly. And how can i demonstrate a reasonable price to my insurer if there are no similar cars to base it on, on current availability the CAP estimate would just about buy me an older version, which is not therefore equivalent.

Advice please!


Thanks in advance

K x

Hintza

Is this a Fiesta or a Ferrari?

Are you really paying £489 a month for a Fiesta?

chieffy72

Hintza wrote: »

Is this a Fiesta or a Ferrari?

Are you really paying £489 a month for a Fiesta?

It's on Options (PCP) so the £4400 includes the balloon payment as well.

You've done your research and you know what it's worth,your insurance company will try and get away with giving you as little as possible so it's up to you to fight it out with them but I reckon anything over £7000 is probably a fair offer.

Now,remember when you bought the car the salesperson mentioned something called GAP insurance.................
Don't forget to take it out next time!

Inactive

chieffy72 wrote: »

Now,remember when you bought the car the salesperson mentioned something called GAP insurance.................
Don't forget to take it out next time!

But not from the Car Salesperson.;)

Inactive

chieffy72 wrote: »

Ooohh,you're such a cynic!!

Realist, this is MSE after all..;):)

chieffy72

Inactive wrote: »

But not from the Car Salesperson.;)

Ooohh,you're such a cynic!!:D

Inactive

Not sure how that happened?:rotfl:

vaio

http://www.financial-ombudsman.org.u...luation.html#9

is worth a read and pretty much covers everything you need to know

Kira000

Thanks for the input. I HAD considered GAP (but not from the salesman!) and wavered for weeks about it. Lesson learned i guess!

Repairers

Can anyone advise what will happen to the settlement? Will they deal with Ford when coming to a figure, and pay them the entire amount and leave me to try and get the rest off Ford/use it as PX or will they go through me, and i pay off Ford? The repair shop just called, and confirmed write off was looking likely, and that mechanical failure is also likely. Given this, i'm not sure i want another Ford, so am reluctant to be in a position where Ford hold the residual value? :question:

Thx

Judas

Kira000 wrote: »

Thanks for the input. I HAD considered GAP (but not from the salesman!) and wavered for weeks about it. Lesson learned i guess!

Repairers

Can anyone advise what will happen to the settlement? Will they deal with Ford when coming to a figure, and pay them the entire amount and leave me to try and get the rest off Ford/use it as PX or will they go through me, and i pay off Ford? The repair shop just called, and confirmed write off was looking likely, and that mechanical failure is also likely. Given this, i'm not sure i want another Ford, so am reluctant to be in a position where Ford hold the residual value? :question:

Thx

What do you mean mechanical failure is likely?
As for the rest the insurers will make an offer at market value i.e what glass says. You will get the balance after settlement.

Its unlikely you will be able to convince them to give you more than Glass's just because you cant find one on Ford direct as it is a common fiesta afterall; not a ferrari.

Kira000

Judas wrote: »

What do you mean mechanical failure is likely?
As for the rest the insurers will make an offer at market value i.e what glass says. You will get the balance after settlement.

Its unlikely you will be able to convince them to give you more than Glass's just because you cant find one on Ford direct as it is a common fiesta afterall; not a ferrari.

Mechanical failure- there was a problem which caused the steering/handling to fail, causing the car to swerve and hit a parked car. When brand new (first week of delivery) the car had a sudden steering problem which then reoccured in first 2 weeks. which Ford then rectified. The mechanic has looked at the damage and believes some of it is inconsistent with the impact alone. I do not fancy having another ford where the steering fails.

When you say "You will get the balance after settlement", do you mean directly from the insurers or from Ford?

I'm aware that i dont have a Ferrari . And i didnt just check Ford Direct. There are NO cars of the same age and spec (engine size/extras) on autotrader or via parkers either, a few similar but with much higher mileage. Some similar spec and mileage but of a different age. Not nec expecting to ask for more than the guides, but i guess my cynical brain is looking at worst cases, if they try and offer an overly low price, is that i cant prove it is not reasonable, if there are no cars around to show what is out there.

k