car finance agreement

JoshBee25

Always take GAP insurance it protects you, & there's another Like it.

arabellaB

I think Tixxy is correct here.

malkyh

zoominov wrote: »

Thanks for that , I rang up insurance company told them what happened , mechanics will contact me tomorrow to arrange a pick up of the car , the insurance company said i will have the final say if they scrap it , regardless if it's written off I will get it repaired , the left door doesn't open nor does the boot , the engine has gone it radiator smashed , alot of people saying it's a write-off I hope not , the value of the car is £5,230 - £6,709 , If the repair bill is more than that then it will be a write off

If the repair cost (including labour) is more than a certain percentage of the cars book value it'll be written off. Can't remember what the percentage is though. 60% perhaps.

Apples2

aarendavid wrote: »

I have waiting to share more matter..

If it's the grey type, you don't have any to share. Spam clicked

BJV

Ok so you did not have gap insurance. Hindsight is always a good thing but it is too late now.

The other members have already explained. ( Very well by the way) Even fully comp insurance is only ever legally obliged to settle the market value of the vehicle on the day it is written off. ( you can get new for old in the first 12 months but you would already have known this is if your own insurance company offered it ).

The most important thing you need to do now is to find out what type of finance you had. Was it linked to to car in any way? Or was it a form of bank loan.

Horrible situation but if it was linked to the car then the finance house is within their right to ask for full payment.

If it was not linked to the car then you could in theory just carry on paying for it.

In either case I would contact the finance company. They may allow you to re-finance?

Also check the valuation that your own insurance company is offering you. Don't forget that they are a business. So they will want to pay you as little as possible. If you are in any doubt get a second independent valuation. Ask them to justify where they get their offer from. It is normally Glass's guide retail. If it is ask them to send you a print out.

Haggle. It sounds a bit strange but a little bit of haggling can go a long way. In this situation when you don't have any form of gap insurance don't forget that every penny you can talk them up will be a penny less that you have to pay.

Good luck.

blacksta

I so much hate car financing systems, it is their to protect the seller and not the buyer. Can you imagine paying for a car you no longer own. On this same forum , you have threads saying GAP insurance should be avoided and it is a scam as it only pays out going rate. So what is the point. OP i feel for you, next time try and buy a car outright if you can afford it or buy a second and save yourself from all these uneccessay finance misery.

BugsyBrowne

blacksta wrote: »

I so much hate car financing systems, it is their to protect the seller and not the buyer. Can you imagine paying for a car you no longer own. On this same forum , you have threads saying GAP insurance should be avoided and it is a scam as it only pays out going rate. So what is the point. OP i feel for you, next time try and buy a car outright if you can afford it or buy a second and save yourself from all these uneccessay finance misery.

I think HP is a very good way to buy a car remember the percentage of financed cars getting wrote off is still very low.

BJV

star-fire wrote: »

I think HP is a very good way to buy a car remember the percentage of financed cars getting wrote off is still very low.

Totally agree Hp is a very good way to buy a car and you are protected in the eyes of the law with certain rights such as termination rights. Once you have paid 50 5 of the cost of the car you can simply hand it back. etc

Gap Insurance has never been a rip off in my mind. Some of the prices charged may be. Ok some of the prices being charged absolutely are but not the product itself.

rs65

zoominov wrote: »

the total cost of the agreement is £11k

What do you mean when you say total cost? Is that the current settlement figure?

zoominov

Hi all,
Thanks for the advice , The payment from the insurance company has gone to the finance company , and I paid the outstanding shortfall of £418.20p , I had to go into my overdraft , worked to hard to bring it down , I had no choice but now that is cleared I can start to clear my other debts , feel like i got a weight of my shoulder , I didn't want to go I had to pay it off before the 28th April , he has cancelled the direct debit , now I got £2400 left of my debt , will take a couple of months