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  • FIRST POST
    • Jon.arnold.uk
    • By Jon.arnold.uk 17th Feb 18, 7:53 AM
    • 8Posts
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    Jon.arnold.uk
    My cars been written off
    • #1
    • 17th Feb 18, 7:53 AM
    My cars been written off 17th Feb 18 at 7:53 AM
    Hello everyone. I was in a non fault accident on Monday and although it hasnít been officially inspected and written off yet Iím not expecting to get the car back due to the amount of damage. My problem is I have it on finance which is fine. I have return to invoice gap cover so should get back around £500. My problem is Iím worried I wonít get finance at the moment as will my current finance and a personal loan with my bank hinder me and I got a first time mortgage that started in December? I have decent credit but I know thereís only so much you can borrow. Any advice would be greatly appreciated thanks.
Page 1
    • Jonesya
    • By Jonesya 17th Feb 18, 8:14 AM
    • 1,538 Posts
    • 945 Thanks
    Jonesya
    • #2
    • 17th Feb 18, 8:14 AM
    • #2
    • 17th Feb 18, 8:14 AM
    Could you not get a cheaper, used car to tide you over for a couple of years while you pay down your debts?
    • Jon.arnold.uk
    • By Jon.arnold.uk 17th Feb 18, 8:23 AM
    • 8 Posts
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    Jon.arnold.uk
    • #3
    • 17th Feb 18, 8:23 AM
    • #3
    • 17th Feb 18, 8:23 AM
    My car was used anyway but if I have to I will get a cheap run around. My car wasnít that expensive in the first place and you get what you pay for. I want something reliable that wonít give me any issues due to the distance I travel which isnít that far and the route I take that you wouldnít want to break down on.
    • Hoof Hearted
    • By Hoof Hearted 17th Feb 18, 8:34 AM
    • 2,148 Posts
    • 2,136 Thanks
    Hoof Hearted
    • #4
    • 17th Feb 18, 8:34 AM
    • #4
    • 17th Feb 18, 8:34 AM
    I think there are some incredible used car bargains around, especially if you go for a decent make but an unpopular model and aren't fussed about image.
    Je suis sabot...
    • Jon.arnold.uk
    • By Jon.arnold.uk 17th Feb 18, 8:43 AM
    • 8 Posts
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    Jon.arnold.uk
    • #5
    • 17th Feb 18, 8:43 AM
    • #5
    • 17th Feb 18, 8:43 AM
    Iím not bothered about image but Iíd like a certain car and depends what people class as expensive. I know I can afford it but itís whether lenders will agree. My question is will lenders lend to me after my write off and will my current finance end as it will get paid in full by insurance and will I be able to go and get a new used car that was similar to what I had. In fact for what I want will be around £40-£50 a month cheaper
    • AdrianC
    • By AdrianC 17th Feb 18, 9:40 AM
    • 19,586 Posts
    • 18,138 Thanks
    AdrianC
    • #6
    • 17th Feb 18, 9:40 AM
    • #6
    • 17th Feb 18, 9:40 AM
    I know I can afford it but it!!!8217;s whether lenders will agree.
    Originally posted by Jon.arnold.uk
    If nobody will lend you the money, then you can't afford it.

    My question is will lenders lend to me after my write off
    The write-off will not itself affect your lendability. They will base it on your current financial situation. Given that that is not the same as it was, the decision may not be the same. Your perception of affordability may not tie to the lender's.

    and will my current finance end
    Almost certainly, yes.

    You bought that car with finance secured on that car. That car no longer exists, and the insurance are settling the finance. That finance package is ended.

    To buy another car, you need to take out a new finance package, secured on that car.
    • Jon.arnold.uk
    • By Jon.arnold.uk 17th Feb 18, 12:09 PM
    • 8 Posts
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    Jon.arnold.uk
    • #7
    • 17th Feb 18, 12:09 PM
    • #7
    • 17th Feb 18, 12:09 PM
    If my car that was written off was £253 per month then a new car at no more than £210 is affordable whether they lend or not. Iím just curious whether itís wise to apply for finance once mines been paid out and the current finance is paid off will I have to wait until I buy a new one on hp or will I be able to basically buy a new car the following weekend as I need a car what ever happens
    • Tarambor
    • By Tarambor 17th Feb 18, 5:40 PM
    • 3,938 Posts
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    Tarambor
    • #8
    • 17th Feb 18, 5:40 PM
    • #8
    • 17th Feb 18, 5:40 PM
    Any current finance will affect an affordability test on any new application, only problem is it usually takes a few weeks for your credit file to get updated so you may find if you try to get more finance or a PCP etc that you may have some problems.

    If you don't travel far is it worth spending over £200 a month on finance plus all the other costs you incur just to have it sat there (Tax, insurance, servicing etc)? If you're only doing a few miles a day it would actually be cheaper just to phone a mini-cab company and hire a car when you need to do long journeys. I reckon if you did the maths you'd scare yourself at how much it costs you per mile for the journeys you do.
    Last edited by Tarambor; 17-02-2018 at 5:45 PM.
    • Jon.arnold.uk
    • By Jon.arnold.uk 17th Feb 18, 6:08 PM
    • 8 Posts
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    Jon.arnold.uk
    • #9
    • 17th Feb 18, 6:08 PM
    • #9
    • 17th Feb 18, 6:08 PM
    Thanks. I do about 45 miles a day to work and back but itís also the route I take as buses and trains are a lot more hassle than itís worth that would add a lot more travel time. I do around 12k miles a year so still kinda need a decent car. Thanks for the info on future finance I may wait a couple of months and let my file get updated and risk a cheap run around in the mean time. Also I like my cars and you canít take your money to your grave can you.
    • silverwhistle
    • By silverwhistle 17th Feb 18, 11:20 PM
    • 2,195 Posts
    • 3,108 Thanks
    silverwhistle
    Also I like my cars and you canít take your money to your grave can you.
    Originally posted by Jon.arnold.uk
    As long as you understand that and are prepared to pay accordingly. I was thinking your £200 a month was a fair bit. The cost of my current car has worked out at £80 a month plus routine servicing and last week brought us back from the Alps fully laden with gear and rather a lot of wine and cheese after a 2 week skiing holiday.

    Our priorities are different but my 4 grand car has always done what I've needed it too, so you might find a cheap runaround would do the job for longer than you think whilst you save up!
    • missile
    • By missile 18th Feb 18, 3:49 AM
    • 9,822 Posts
    • 4,951 Thanks
    missile
    You will be able to claim cost of a hire car on 3rd parties insurance, until your car is repaired / receive settlement for your old car.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • Jon.arnold.uk
    • By Jon.arnold.uk 18th Feb 18, 10:03 AM
    • 8 Posts
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    Jon.arnold.uk
    I totally agree with you. I have decided to buy a very cheap car for cash and the money I was spending can go in my savings account until a have a good deposit for a new one if I want one. I donít trust anyone with second hand cars and thatís down to bad experiences but if itís not on finance I can afford the repairs so hope there arenít many. I assume in a few months when my current finance is paid and my credit is updated Iíll have no problems getting what I want in 6-12 months
    • Jon.arnold.uk
    • By Jon.arnold.uk 18th Feb 18, 10:05 AM
    • 8 Posts
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    Jon.arnold.uk
    Missile... 3rd party insurance has taken total liability and Iím claiming directly off their insurance not my own and have a hire car from them. Soon as I accept an offer for mine Iíll have to give the hire car back and thatís when Iím stuck for transport and need to be on the road ASAP so I can go to work
    • Rotor
    • By Rotor 18th Feb 18, 12:30 PM
    • 943 Posts
    • 1,057 Thanks
    Rotor
    Missile... 3rd party insurance has taken total liability and Iím claiming directly off their insurance not my own and have a hire car from them. Soon as I accept an offer for mine Iíll have to give the hire car back and thatís when Iím stuck for transport and need to be on the road ASAP so I can go to work
    Originally posted by Jon.arnold.uk
    We're in a similar situation to you in having our car written off. We claimed from 3rd party via our own insurers (Axa) We have received the full payout for the value of the car (inc. excess) and have been told by Axa that we can keep the hire car for up to 7 days from the day we got the money. Presumably that is the period they consider 'reasonable' to find another car and can be justified in court if necessary as mitigation of costs
    Soft Brexit - All the regulation, all the immigration, all the budget contribution but no influence , no vote and no veto. Madness
    • stator
    • By stator 18th Feb 18, 12:52 PM
    • 6,646 Posts
    • 4,494 Thanks
    stator
    If I have read your post correctly you are now a homeowner.
    Homeowners can usually borrow more money, because they have more to lose.
    Since I bought a house Credit Card companies have been trying to raise my credit limit massively. I could even buy a brand new car on a credit card (not that I would).
    They know you are less likely to default on your payments, because you might lose your house.

    There will be a maximum amount of credit they think you can have, but different companies will have different figures, you'll just have to apply for finance and see what they say.

    You might want to keep an eye on your credit report to make sure that it is updated to say that your current car finance is finished. If this takes too long then applying with your current car finance provided would be the safest option as they will know that the finance is finished and will discount it.
    Changing the world, one sarcastic comment at a time.
    • Jon.arnold.uk
    • By Jon.arnold.uk 18th Feb 18, 1:17 PM
    • 8 Posts
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    Jon.arnold.uk
    Thank you stator. You have pretty much answered the question I!!!8217;ve been asking. It!!!8217;s not about what car I have or how much I spend. Thats my business. I just wanted to know how it will affect me in the short term in getting a new car. Hopefully if I give it a few months my old finance will be settled and I can borrow again and if I!!!8217;m seen as being better for it being a homeowner as in I!!!8217;m more likely to keep up with payments as I won!!!8217;t want to lose my new house that I own then that!!!8217;s good then.
    • Kitchenstaff
    • By Kitchenstaff 11th Apr 18, 9:32 PM
    • 1 Posts
    • 0 Thanks
    Kitchenstaff
    Settling car finance throughtotal loss
    Hi I'm currently going through the same thing at the moment sort off .
    Someone pulled out from a buisness between houses into my drivers side resulting in my car being written off under a cat s (c) . Now Iv had a terrible time trying to get my car back by me paying for it . I have a BMW 1 series coupe 2009 93000 miles it's spotless has lots of extras from showroom where the guy added extras and he kept a folder of all history of everything .
    Iv only had my lovely car a year since November 2017 . I have a courtesy kuga 2018 SUV . Lovely car but you can't beat a BMW it's was what I worked hard each month for being on finance or not I worked hard to pay each month for it .
    Now my settlement figure is 6900 my valuation is 5370 :-( I can have the option of paying the shortfall over monthly payments at a reduced rate and that leaves me to find the money to buy my car back of the insurers at £1450!!! My theroy at the moment is do I do exactly that but my payments to the normal rate untill September where I'd be settled up and buy my car back to fix up and be finance free . Will cost about 8-1000 to put right . Or do I use that 1450 to pay settle my finance straight away with extra obviously and wait a while to try and get another finance deal ? As I said my insurance company don't seem to want to part with my car so I got my finance company involved and I won I can buy it back . Now I'm panicking which way do I go ?
    • AdrianC
    • By AdrianC 11th Apr 18, 10:40 PM
    • 19,586 Posts
    • 18,138 Thanks
    AdrianC
    resulting in my car being written off under a cat s (c) .
    Originally posted by Kitchenstaff
    Cat S and Cat C aren't the same thing. S is Structurally damaged. C is simply a financial thing, damage more than the car's value.

    On older cars, it's a significant difference, and exactly why they've changed C/D to S/N.



    I have a BMW 1 series coupe 2009 93000 miles it's spotless has lots of extras from showroom where the guy added extras and he kept a folder of all history of everything .
    Lovely, but at the end of the day it's a 9yo, damn-near-100k 1-series.


    Now my settlement figure is 6900 my valuation is 5370 :-(
    And that's what gap insurance is for.


    My theroy at the moment is do I do exactly that but my payments to the normal rate untill September where I'd be settled up and buy my car back to fix up and be finance free
    You'd need to talk to the lender about that. Their security on your loan has changed significantly.


    Will cost about 8-1000 to put right
    Seriously...? Bin it and buy another.


    As I said my insurance company don't seem to want to part with my car so I got my finance company involved and I won I can buy it back . Now I'm panicking which way do I go ?
    Unless you particularly want to break it for the parts, and you think that'll more than offset the salvage buy-back cost (and time, hassle, space - do not underestimate the space a dismantled car takes up), repairing it makes zero sense.
    • angrycrow
    • By angrycrow 12th Apr 18, 7:45 AM
    • 609 Posts
    • 434 Thanks
    angrycrow
    A cat s BMW 1 series written off with a value of over £5000 is not going to be repaired for £800 to £1000, well not properly or safely anyway.

    Let the car go and save yourself all the hassle. I have been there myself, negotiated a cash settlement to avoid a cat d on a car I wanted to keep that was borderline but mostly cosmetic. Did all the work except the paint myself using a mix of new and good used parts, bumper, front cross member, slam panel, lights, wings. Ended up looking better that when it left the factory but cost around 90% of the cars value and took up two full weekends sourcing and fitting parts. A year later it rewarded me by lunching its engine. That's Renault for you.
    • AdrianC
    • By AdrianC 12th Apr 18, 8:02 AM
    • 19,586 Posts
    • 18,138 Thanks
    AdrianC
    A cat s BMW 1 series written off with a value of over £5000 is not going to be repaired for £800 to £1000, well not properly or safely anyway.
    Originally posted by angrycrow
    I mentally read an extra 0 on the OP's figures...
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