My cars been written off

Jon.arnold.uk

I totally agree with you. I have decided to buy a very cheap car for cash and the money I was spending can go in my savings account until a have a good deposit for a new one if I want one. I don’t trust anyone with second hand cars and that’s down to bad experiences but if it’s not on finance I can afford the repairs so hope there aren’t many. I assume in a few months when my current finance is paid and my credit is updated I’ll have no problems getting what I want in 6-12 months

Jon.arnold.uk

Missile... 3rd party insurance has taken total liability and I’m claiming directly off their insurance not my own and have a hire car from them. Soon as I accept an offer for mine I’ll have to give the hire car back and that’s when I’m stuck for transport and need to be on the road ASAP so I can go to work

Rotor

Jon.arnold.uk wrote: »

Missile... 3rd party insurance has taken total liability and I’m claiming directly off their insurance not my own and have a hire car from them. Soon as I accept an offer for mine I’ll have to give the hire car back and that’s when I’m stuck for transport and need to be on the road ASAP so I can go to work

We're in a similar situation to you in having our car written off. We claimed from 3rd party via our own insurers (Axa) We have received the full payout for the value of the car (inc. excess) and have been told by Axa that we can keep the hire car for up to 7 days from the day we got the money. Presumably that is the period they consider 'reasonable' to find another car and can be justified in court if necessary as mitigation of costs

stator

If I have read your post correctly you are now a homeowner.
Homeowners can usually borrow more money, because they have more to lose.
Since I bought a house Credit Card companies have been trying to raise my credit limit massively. I could even buy a brand new car on a credit card (not that I would).
They know you are less likely to default on your payments, because you might lose your house.

There will be a maximum amount of credit they think you can have, but different companies will have different figures, you'll just have to apply for finance and see what they say.

You might want to keep an eye on your credit report to make sure that it is updated to say that your current car finance is finished. If this takes too long then applying with your current car finance provided would be the safest option as they will know that the finance is finished and will discount it.

Jon.arnold.uk

Thank you stator. You have pretty much answered the question I!!!8217;ve been asking. It!!!8217;s not about what car I have or how much I spend. Thats my business. I just wanted to know how it will affect me in the short term in getting a new car. Hopefully if I give it a few months my old finance will be settled and I can borrow again and if I!!!8217;m seen as being better for it being a homeowner as in I!!!8217;m more likely to keep up with payments as I won!!!8217;t want to lose my new house that I own then that!!!8217;s good then.

Kitchenstaff

Hi I'm currently going through the same thing at the moment sort off .
Someone pulled out from a buisness between houses into my drivers side resulting in my car being written off under a cat s (c) . Now Iv had a terrible time trying to get my car back by me paying for it . I have a BMW 1 series coupe 2009 93000 miles it's spotless has lots of extras from showroom where the guy added extras and he kept a folder of all history of everything .
Iv only had my lovely car a year since November 2017 . I have a courtesy kuga 2018 SUV . Lovely car but you can't beat a BMW it's was what I worked hard each month for being on finance or not I worked hard to pay each month for it .
Now my settlement figure is 6900 my valuation is 5370 :-( I can have the option of paying the shortfall over monthly payments at a reduced rate and that leaves me to find the money to buy my car back of the insurers at £1450!!! My theroy at the moment is do I do exactly that but my payments to the normal rate untill September where I'd be settled up and buy my car back to fix up and be finance free . Will cost about 8-1000 to put right . Or do I use that 1450 to pay settle my finance straight away with extra obviously and wait a while to try and get another finance deal ? As I said my insurance company don't seem to want to part with my car so I got my finance company involved and I won I can buy it back . Now I'm panicking which way do I go ?

AdrianC

Kitchenstaff wrote: »

resulting in my car being written off under a cat s (c) .

Cat S and Cat C aren't the same thing. S is Structurally damaged. C is simply a financial thing, damage more than the car's value.

On older cars, it's a significant difference, and exactly why they've changed C/D to S/N.

I have a BMW 1 series coupe 2009 93000 miles it's spotless has lots of extras from showroom where the guy added extras and he kept a folder of all history of everything .

Lovely, but at the end of the day it's a 9yo, damn-near-100k 1-series.

Now my settlement figure is 6900 my valuation is 5370 :-(

And that's what gap insurance is for.

My theroy at the moment is do I do exactly that but my payments to the normal rate untill September where I'd be settled up and buy my car back to fix up and be finance free

You'd need to talk to the lender about that. Their security on your loan has changed significantly.

Will cost about 8-1000 to put right

Seriously...? Bin it and buy another.

As I said my insurance company don't seem to want to part with my car so I got my finance company involved and I won I can buy it back . Now I'm panicking which way do I go ?

Unless you particularly want to break it for the parts, and you think that'll more than offset the salvage buy-back cost (and time, hassle, space - do not underestimate the space a dismantled car takes up), repairing it makes zero sense.

angrycrow

A cat s BMW 1 series written off with a value of over £5000 is not going to be repaired for £800 to £1000, well not properly or safely anyway.

Let the car go and save yourself all the hassle. I have been there myself, negotiated a cash settlement to avoid a cat d on a car I wanted to keep that was borderline but mostly cosmetic. Did all the work except the paint myself using a mix of new and good used parts, bumper, front cross member, slam panel, lights, wings. Ended up looking better that when it left the factory but cost around 90% of the cars value and took up two full weekends sourcing and fitting parts. A year later it rewarded me by lunching its engine. That's Renault for you.

AdrianC

angrycrow wrote: »

A cat s BMW 1 series written off with a value of over £5000 is not going to be repaired for £800 to £1000, well not properly or safely anyway.

I mentally read an extra 0 on the OP's figures...