Plan ending - balloon payment, damage

halesowenmum

Hi.

I've got a few questions about a personal car plan that's coming to an end in April?

I so wish I had the approx £4k that's required for the final balloon payment but sadly circumstances have not allowed. I can probably scrape together about £1,400 with a fair wind with the idea of moving the remaining balance to a loan??

When I bought it I estimated mileage based on the typical miles I did each month at the time but it's just so happened that in the end I've probably done almost 50% less than my estimate.

My question is, because of this, might the final balloon payment be reduced??

Then, today, I returned to my car in the multi storey car park I park in, to find a post-it note from a woman who's dented the driver's side wheel arch slightly (god knows how, they're pretty generous spaces with additional broad painted distances painted between each space so not sure how she managed it). So I think I'm on about £200 excess with my insurer. I've got the service, MOT, possibly new brakes/tyres due in the latter part of March (I've set aside £600 to cover all of that thank goodness) but with an insurance excess I'm not sure what decision to make: 1. Go through insurance and pay the excess 2. See if she'll do it off the back of a quote 3. leave it and take the hit on the valuation by the finance company. I think the car's worth about £4,000 if I look it up on webuyanycar. Thoughts? I only looked briefly and now it's pitch black outside but it looks like just a small dent and a bit of a scrape and wondered whether a dent removal might be the way to go on the arch as an alternative?

All thoughts welcome, thank you for reading.

jk0

Lady/ her insurer should pay the whole invoice shouldn't they?

debtdebt

If the woman who hit your car left a note, claim directly from her insurers. You won't pay an excess then.

Nearlyold

If a third party has damaged your car and the fault is theirs, all the repair costs should be covered by their insurer. The excess with your insurer only applies if your insurer is paying for the damage.

The final balloon payment is not affected by how many miles you may or may not have done, its simply the balance left to pay on the finance agreement. (The value of the car may be greater than it would otherwise have been but this would only come into play if you were part exchanging the car or selling it.)

halesowenmum

Ok thanks all. I did think that was the case re the balloon payment tbh but wanted to know for sure - just in case really!! I'm on a good salary now in a permanent role so hoping switching to a personal loan should be simple (tell me if I'm making an idiotic assumtption there).

Thank you - I'll make sure to claim from hers - so do I call them myself, and then call mine or do I not need to call mine at all???

jk0

halesowenmum wrote: »

Thank you - I'll make sure to claim from hers - so do I call them myself, and then call mine or do I not need to call mine at all???

Just get a quote, tell the woman, and she might just pay out of her own pocket to keep her no claims bonus.

halesowenmum

Okey doke.