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Double Car Payments

5 replies 442 views
mtsd1mtsd1 Forumite
11 posts
First Post
MoneySaving Newbie
A few weeks ago I had an accident and subsequently the car was a write off.  I have received a letter from the company the finance was through regarding an early settlement, with a sense of horror it occured to me that on purchasing another car I will be paying two sums for two cars.  Could someone clarify this for me please, as if so another car is not an option.  Many thanks.

Replies

  • zx81zx81 Forumite
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    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    Yes, you need to pay for any and all cars you buy.

    If you received any insurance payout, use that.
  • DrEskimoDrEskimo Forumite
    1.1K posts
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    The settlement will go towards paying down the finance. Depending on what your pay out was and what the settlement was, will determine whether you may have money towards buying another car, or whether you have a shortfall and need to pay more money to fully settle your existing finance. 
  • foxy-stoatfoxy-stoat Forumite
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    You will for the written off car until you clear the finance or until the insurers send them the money.  With a bid of luck you wont owe anything on the first loan so you can go ahead and buy a replacement car.
  • chanz4chanz4 Forumite
    10.3K posts
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
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    Take ALA on your next car
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • edited 12 March at 3:30PM
    mtsd1mtsd1 Forumite
    11 posts
    First Post
    MoneySaving Newbie
    edited 12 March at 3:30PM
    I did have GAP insurance and with ALA, thankfully.
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