HP shortfall help

Gavin1807

debtdebt wrote: »

Having had a quick look on Autotrader, I'd say £7500-£7750 would be a fear settlement figure.

Just what I thought.. might have to complain to the FCA

AdrianC

Gavin1807 wrote: »

Will the car then be returned to me?

No. Why on earth would it be?

You may be able to buy it off the insurer, though, for the salvage value.

debtdebt

Gavin1807 wrote: »

But if the insurance is paying (most of the finance off) shouldn't the car be mine? .. I'm not at fault.
and i'm sure they have to indemnify me?

I don't think you know what the word indemnify means.

Anyway, the car belongs to your finance company.

If the car gets written off, and the write-off value gets paid to the finance company, the third party's insurer then owns your car because they've paid the write-off value of the car to the finance company.

You won't own the car because the third party insurer have paid the write-off value.

AdrianC

debtdebt wrote: »

Having had a quick look on Autotrader, I'd say £7500-£7750 would be a fear settlement figure.

Agreed. There's plenty of 'em on there, some higher mileage, some lower, and the prices all point to that as being a fair point.

The one thing I wonder is whether it was properly declared on the policy as being that particular limited edition, since it definitely appears to add a premium.

foxy-stoat

AdrianC wrote: »

Agreed.The one thing I wonder is whether it was properly declared on the policy as being that particular limited edition, since it definitely appears to add a premium.

I would think so if the OP gave the insurance company the registration number.

Interesting to know how much over the market value the OP paid for it and how many monthly repayments there were.

Finance an over priced car for more than 2 years and your not going to make enough payments to keep up with the depreciation in the total loss event.

Gavin1807

foxy-stoat wrote: »

I would think so if the OP gave the insurance company the registration number.

Interesting to know how much over the market value the OP paid for it and how many monthly repayments there were.

Finance an over priced car for more than 2 years and your not going to make enough payments to keep up with the depreciation in the total loss event.

I had to use a sub prime lender due to adverse credit history

foxy-stoat

Gavin1807 wrote: »

I had to use a sub prime lender due to adverse credit history

That is where GAP insurance - "return to invoice" is a must - but you knew that already.

As for keeping the car and getting a total loss claim - if you claimed directly from the third party and get them to deduct the salvage that might of been an option, but not sure if that is acceptable to the lender as its their car until its paid for....only way would be a cash in lieu of repair.

Is it repairable or too far bent?

Gavin1807

foxy-stoat wrote: »

That is where GAP insurance - "return to invoice" is a must - but you knew that already.

As for keeping the car and getting a total loss claim - if you claimed directly from the third party and get them to deduct the salvage that might of been an option, but not sure if that is acceptable to the lender as its their car until its paid for....only way would be a cash in lieu of repair.

Is it repairable or too far bent?

Its just bolt on parts .. no chassis damage

AdrianC

Gavin1807 wrote: »

I had to use a sub prime lender due to adverse credit history

That does not tie together with ~£10k of flash Audi.

Gavin1807

AdrianC wrote: »

That does not tie together with ~£10k of flash Audi.

I know but it was the only choice I had due to a CCJ from a few years ago