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  • FIRST POST
    • kite99
    • By kite99 2nd Dec 19, 12:51 PM
    • 19Posts
    • 7Thanks
    kite99
    PCP finance
    • #1
    • 2nd Dec 19, 12:51 PM
    PCP finance 2nd Dec 19 at 12:51 PM
    Hi guys,

    Just wondering if anyone could advise.

    2 weeks ago i was in a 3 vehicle accident and unfortunately my car has been deemed a write off. I've been waiting for Admirals valuation to come through for quite some time and really struggling to get to work and around without a car - hire cars etc are not an option.

    I have secured a new deal with a VW but wanted to wait till the previous vehicle finance was cleared as the insurance settlement payout before applying to new finance.

    Whats the likelyhood of being accepted on the new PCP finance when i still have existing attached to my file? How long does it generally take to clear from file after payout - could be another 3 weeks till final valuation is back from Admiral's underwriters. Keen to not get a rejection and black mark on my credit file. Debt to salary ratio is not the best but i am a home owner and been in my occupation many many years.

    Thanks
    Last edited by kite99; 02-12-2019 at 12:54 PM.
Page 1
    • zx81
    • By zx81 2nd Dec 19, 12:55 PM
    • 24,837 Posts
    • 27,731 Thanks
    zx81
    • #2
    • 2nd Dec 19, 12:55 PM
    • #2
    • 2nd Dec 19, 12:55 PM
    It'll depend on affordability, which from what you say, will probably be a struggle.

    However, an application won't lead to any 'black marks', whether accepted or not. Just a search.
    Last edited by zx81; 02-12-2019 at 2:46 PM.
    • DrEskimo
    • By DrEskimo 2nd Dec 19, 2:16 PM
    • 879 Posts
    • 647 Thanks
    DrEskimo
    • #3
    • 2nd Dec 19, 2:16 PM
    • #3
    • 2nd Dec 19, 2:16 PM
    Do you have GAP insurance?

    If not, be aware that you may have a shortfall between what Admiral will payout for your car, and the amount you still owe on the finance.

    Do you know what your current settlement figure is on the written off car? Have you had any indication of what value Admiral will be offering?
    • kite99
    • By kite99 2nd Dec 19, 2:28 PM
    • 19 Posts
    • 7 Thanks
    kite99
    • #4
    • 2nd Dec 19, 2:28 PM
    • #4
    • 2nd Dec 19, 2:28 PM
    The car was nearly on the end of its term so the settlement figure and value from online valuations/like for like models is actually in my favour so there shouldn't be a shortfall, and if so minimal - luckily!
    • mrabz
    • By mrabz 2nd Dec 19, 2:55 PM
    • 3 Posts
    • 0 Thanks
    mrabz
    • #5
    • 2nd Dec 19, 2:55 PM
    • #5
    • 2nd Dec 19, 2:55 PM
    Just remember, you will be paid market price for the car, not what online valuations may state. GAP Insurance covers this.
    • DrEskimo
    • By DrEskimo 2nd Dec 19, 4:47 PM
    • 879 Posts
    • 647 Thanks
    DrEskimo
    • #6
    • 2nd Dec 19, 4:47 PM
    • #6
    • 2nd Dec 19, 4:47 PM
    The car was nearly on the end of its term so the settlement figure and value from online valuations/like for like models is actually in my favour so there shouldn't be a shortfall, and if so minimal - luckily!
    Originally posted by kite99
    Ah OK.

    As above, lets hope that Admirals valuation is similar to the online valuations you are getting. They should be higher, as it's the price to buy a similar car to the one directly before it was written off.

    GAP can be a good way to negate this risk (and vehicle replacement/return to invoice will also cover the depreciation as well). For the small price using online insurers, I feel the benefit really does outweigh the cost. In your current situation it would have been worth thousands, as you would be getting a brand new car if you had vehicle replacement, despite being towards the end of the agreement.
    • Andyjflet
    • By Andyjflet 4th Dec 19, 5:08 PM
    • 187 Posts
    • 179 Thanks
    Andyjflet
    • #7
    • 4th Dec 19, 5:08 PM
    • #7
    • 4th Dec 19, 5:08 PM
    I work in finance for VWFS, it will be down to affordability, some of my customer can fund two or three cars, some, VWFS want contra settle before they will pay out on the new one.
    Just get VW to run the proposal.
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