I had an accident while renting a vehicle from a friend

onyxmontana

Jumblebumble wrote: »

The friend cannot expect to receive both the full £1500 and £70 a month for February as the OP no longer has use of the bike
However the friend may have lost what ever deposit he put down on the bike so the equitable solution is £1430

Yes, in my correspondence with him I've stated that should we not come to an agreement before the next rental payment is due i will pay the £70 without fail on a monthly basis on the 1st of each month and that any payment in the interim period is deducted from the total outstanding balance of £1200.

Mercdriver

Jumblebumble wrote: »

Do they if they receive a substantial increase on the car's value?
I would suggest that the lease companies usually receive less hence the market for gap insurance

That would depend how far through the lease contract they are. Irrespective any leftover money is pocketed by the lease company.

Shaun_of_the_Dead

I'm surprised the finance company agreed to.such an arrangement.

Mercdriver

onyxmontana wrote: »

Yes, in my correspondence with him I've stated that should we not come to an agreement before the next rental payment is due i will pay the £70 without fail on a monthly basis on the 1st of each month and that any payment in the interim period is deducted from the total outstanding balance of £1200.

What happens when the car's owner, the finance company finds out?

Mercdriver

Shaun_of_the_Dead wrote: »

I'm surprised the finance company agreed to.such an arrangement.

I assume a sarcastic inference here, Sarge. I'd say it is a surefire bet that the finance company is not aware.

onyxmontana

Shaun_of_the_Dead wrote: »

I'm surprised the finance company agreed to.such an arrangement.

To be clear, they haven't agreed to any of this and the vehicle was essentially sub-leased to me meaning the 'friend' has likely breached the terms of his contract with the finance company

Mercdriver

onyxmontana wrote: »

To be clear, they haven't agreed to any of this and the vehicle was essentially sub-leased to me meaning the 'friend' has likely breached the terms of his contract with the finance company

So you were riding it without the consent of the vehicle's owner...

This could get very messy indeed.

Jumblebumble

onyxmontana wrote: »

Yes, in my correspondence with him I've stated that should we not come to an agreement before the next rental payment is due i will pay the £70 without fail on a monthly basis on the 1st of each month and that any payment in the interim period is deducted from the total outstanding balance of £1200.

So your friend has probably put down a deposit
He has lost his Bike so the amortised value of that deposit for the rest of the term is gone
The insurers have compensated for this but you are going to keep it?
How nice of you

Mercdriver

I don't understand why your 'friend' doesn't want to get the settlement figure and settle it with the cash you have and then you guys come to some agreement about any excess.

I can't help feeling that there is more to this than what we are seeing...

Jumblebumble

Mercdriver wrote: »

So you were riding it without the consent of the vehicle's owner...

This could get very messy indeed.

I have a lease car
Are you seriously suggesting that I need to ask the lease company if my new girlfriend may drive it if I have insured her?