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Write Off and Options scheme
Can anyone advise as to what happens when a car on an options scheme is written off.
I have a 15 month old VW Polo. Although not yet confirmed but looks like a write off after a lorry hit me (while stationary) along with 2 other vehicles.
I put down £4K, have another 21 months of payments and have the option of a final £5K to keep the car or hand it back with if the car was in good nick and worth the guaranteed £5K.
The car only had 6,000 miles on the clock and am sure the pay-out will not be sufficient to replace like for like.
What is the procedure re. VW finance and guaranteeing cars future value to satisfy them. Would I be expected to come up with the shortfall to buy another 15month, 6,000 car to guarantee future value.
I have a 15 month old VW Polo. Although not yet confirmed but looks like a write off after a lorry hit me (while stationary) along with 2 other vehicles.
I put down £4K, have another 21 months of payments and have the option of a final £5K to keep the car or hand it back with if the car was in good nick and worth the guaranteed £5K.
The car only had 6,000 miles on the clock and am sure the pay-out will not be sufficient to replace like for like.
What is the procedure re. VW finance and guaranteeing cars future value to satisfy them. Would I be expected to come up with the shortfall to buy another 15month, 6,000 car to guarantee future value.
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Comments
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Yes your responsible for the shortfall unless you took out GAP insurance which will payout the difference between the insurance payout and what you owe or invoice value.Censorship Reigns Supreme in Troll City...0
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