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Thread: Car question.

  1. #1

    Car question.

    My car is in the process of being written off,just waiting to here from the insurance company with the final settlement amount.

    My question is about my finance agreement I've had the car for under a year and still have 4 years left to pay. I'm pretty sure the settlement won't be enough to end the finance agreement so what happens with the remaining balance?do I continue too pay my monthly payments or do I need to pay it off outright? If I have to pay it outright what happens if don't have the cash? Anyone been in this situation before ?any advice is grateful.


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  3. #2
    @hibs.net private member Golden Fleece's Avatar
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    First thing to do is check the finance agreement. You might be paying a protection against this sort of thing.
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  4. #3
    Quote Originally Posted by Golden Fleece View Post
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    First thing to do is check the finance agreement. You might be paying a protection against this sort of thing.
    I have read it. It wasn't very clear to be honest.

  5. #4
    Testimonial Due Just Jimmy's Avatar
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    Did you not take Gap insurance? That covers the gap between the value of the car by the insurance and the outstanding amount in finance owed.

    Ie car is worth 10k
    Finance is 12k
    So balance is 10k from insurance and 2k from gap insurance. Check you documents as the garages often sell it as part of your package.

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  6. #5
    Promising Youngster Alfiembra's Avatar
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    Don’t know the answer to your original question but I would advise not accepting the first offer from the insurance company. Challenge whatever figure they come up with and research all the various agencies that value cars, Parker’s, Honest John etc. and make sure that they are offering top dollar as a settlement. Assuming the damage to the vehicle is, in the insurers eyes, not financially viable to repair doesn’t mean it cannot be repaired. Unless you have seriously totalled it. There may be a route to get an alternative repairer and not their “preferred” repairers to fix the car at a less expensive cost.

  7. #6
    Quote Originally Posted by Just Jimmy View Post
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    Did you not take Gap insurance? That covers the gap between the value of the car by the insurance and the outstanding amount in finance owed.

    Ie car is worth 10k
    Finance is 12k
    So balance is 10k from insurance and 2k from gap insurance. Check you documents as the garages often sell it as part of your package.

    Sent from my SM-A520F using Tapatalk
    I don't have it,looking like a bad choice now.

  8. #7
    Quote Originally Posted by Alfiembra View Post
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    Don’t know the answer to your original question but I would advise not accepting the first offer from the insurance company. Challenge whatever figure they come up with and research all the various agencies that value cars, Parker’s, Honest John etc. and make sure that they are offering top dollar as a settlement. Assuming the damage to the vehicle is, in the insurers eyes, not financially viable to repair doesn’t mean it cannot be repaired. Unless you have seriously totalled it. There may be a route to get an alternative repairer and not their “preferred” repairers to fix the car at a less expensive cost.

    It could be repaired but I don't have the money to fix it just now.

  9. #8
    @hibs.net private member Hibbyradge's Avatar
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    Find a similar car for sale.

    Same age, spec, condition and mileage.

    Use the cost of thst to negotiate a settlement figure with the insurance company.

    It's hard for them to argue that it's not market value when it's on sale.
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  10. #9
    @hibs.net private member lord bunberry's Avatar
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    Take the money and use it to buy another car and just continue with your payments as normal.

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  11. #10
    Quote Originally Posted by lord bunberry View Post
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    Take the money and use it to buy another car and just continue with your payments as normal.
    I did consider that but the finance agreement is stating any money paid out by insurance must go straight to the finance.

  12. #11
    Quote Originally Posted by Hibbyradge View Post
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    Find a similar car for sale.

    Same age, spec, condition and mileage.

    Use the cost of thst to negotiate a settlement figure with the insurance company.

    It's hard for them to argue that it's not market value when it's on sale.

    Thanks I'll look into that.

  13. #12
    Testimonial Due Colr's Avatar
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    Quote Originally Posted by hibs#1 View Post
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    My car is in the process of being written off,just waiting to here from the insurance company with the final settlement amount.

    My question is about my finance agreement I've had the car for under a year and still have 4 years left to pay. I'm pretty sure the settlement won't be enough to end the finance agreement so what happens with the remaining balance?do I continue too pay my monthly payments or do I need to pay it off outright? If I have to pay it outright what happens if don't have the cash? Anyone been in this situation before ?any advice is grateful.
    When I bought my current car they offered insurance against such an event to I assume it is an issue.

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