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PCP- write off, can I pay settlement?
Hi everyone,
I’m looking for some help urgently. I bought a new car on PCP just under 2 weeks ago. I am still within the 14 day cancellation period on the PCP.
I crashed the car at the weekend and it is a write off. I don’t know how much I will receieve from my insurance company yet. But, the finance company have said if I pay the settlement figure myself before the end of the 14 day period it will be a lot less than the figure payable after that time. If I wait for the insurance company to pay out and give it straight to the finance company , it may not cover the amount and I will have some left to pay. I’m thinking I can pay it off myself and then use the money from insurers to buy a new car.
My question is- if I pay the settlement now and effectively cancel the pcp agreement, will I then receive the write off payment form insurers rather than it could to to the finance company?
Thank you!
I’m looking for some help urgently. I bought a new car on PCP just under 2 weeks ago. I am still within the 14 day cancellation period on the PCP.
I crashed the car at the weekend and it is a write off. I don’t know how much I will receieve from my insurance company yet. But, the finance company have said if I pay the settlement figure myself before the end of the 14 day period it will be a lot less than the figure payable after that time. If I wait for the insurance company to pay out and give it straight to the finance company , it may not cover the amount and I will have some left to pay. I’m thinking I can pay it off myself and then use the money from insurers to buy a new car.
My question is- if I pay the settlement now and effectively cancel the pcp agreement, will I then receive the write off payment form insurers rather than it could to to the finance company?
Thank you!
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Comments
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Hi everyone,
I’m looking for some help urgently. I bought a new car on PCP just under 2 weeks ago. I am still within the 14 day cancellation period on the PCP.
I crashed the car at the weekend and it is a write off. I don’t know how much I will receieve from my insurance company yet. But, the finance company have said if I pay the settlement figure myself before the end of the 14 day period it will be a lot less than the figure payable after that time. If I wait for the insurance company to pay out and give it straight to the finance company , it may not cover the amount and I will have some left to pay. I’m thinking I can pay it off myself and then use the money from insurers to buy a new car.
My question is- if I pay the settlement now and effectively cancel the pcp agreement, will I then receive the write off payment form insurers rather than it could to to the finance company?
Thank you!
do you have gap insurance“People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are”
Rat Race0 -
No, sadly not. I feel so stupid now but I decided against it.0
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For a new car do your insurance replace it in the 1st year of purchase? If so you would not have benefited from GAP. As it is new your car should be easy to value.0
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If the car was bought new, and you’re the first owner, I would check your insurance policy as most will replace the car in the case of a write off in the first year.0
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The car isn’t new- it’s 2016 plate. I’m going to pay the settlement fee which cancels the PCP and then receive the amount back from insurance for a new car.0
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PCP never a good idea for a used car.0
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Wow. Thank you so much, very helpful....0
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