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Author Question for you all, need someone to back me up.
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 00:17   View User's Profile U2U Member Reply With Quote
You finance a new clio 1.2 16v on free insurance at 18....

you write the car off 2 weeks later... please explain the process from now on.

Someone seems to think you still have to pay for the car.
DanielJ
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Registered: 21st Nov 01
Location: gwent, south wales
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18th Feb 03 at 00:20   View User's Profile U2U Member Reply With Quote
i wudnt
DaveC
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Registered: 29th Mar 02
Location: Buckinghamshire
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18th Feb 03 at 00:20   View User's Profile U2U Member Reply With Quote
yeah, you still have to pay the remainder of the finance, the inurance payout won't normally cover the total finance cost.... bad luck
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 00:21   View User's Profile U2U Member Reply With Quote
ok mate... maybe you wouldnt... but you dont friggin pay for a car you dont have.... there is a process in which your covered if that does happen
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 00:22   View User's Profile U2U Member Reply With Quote
grrr.... not the total... but you dontpay the freakin 7 grand left..... as with writing off any car you loose out !!!
myke
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Registered: 7th Feb 01
Location: High Wycombe, Buckinghamshire
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18th Feb 03 at 00:22   View User's Profile U2U Member Reply With Quote
if ure on free insurance and you write it off when its that new, don't they replace the car with a new one?
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 00:23   View User's Profile U2U Member Reply With Quote
im not really talking about a new car... im talking about new and 2nd hand cars on finance... you dont carry on paying without a car.
DaveC
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Registered: 29th Mar 02
Location: Buckinghamshire
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18th Feb 03 at 00:26   View User's Profile U2U Member Reply With Quote
in some cases you do, a mate of mine lost his licence after an accident, had his brand new car for about 1 month and wrote it off... that was a year ago and he is still paying back some of what he owed now, its bad but the way it goes sometimes
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 00:26   View User's Profile U2U Member Reply With Quote
yea.... my point to this is you get some form of the money back.

Someone seems to think you get FUCK all from ins and just generally end up paying for something you dont have for 2 years after, which is bollox, and if that was the case, finance would never be an option for anyone.
sxi16vjoe
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Registered: 16th Dec 02
Location: Kent
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18th Feb 03 at 00:27   View User's Profile U2U Member Reply With Quote
if u pat gap protection which is about £5 a month. it covers the difference if the insurance wont cough up the full value.

e.g. my old car was written off.
insurance offered 1k. i owed 1.8k.
gap protectin covered the 800 so i didnt hjave to payi it
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 00:28   View User's Profile U2U Member Reply With Quote
ok.. so we all agree you get a fair bit of money from ins to cover car? and NOT zero !
Phil Hall
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Registered: 28th Sep 01
Location: Belfast
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18th Feb 03 at 12:54   View User's Profile U2U Member Reply With Quote
I know they have cracked down on the free insurance offers but here's how it worked for my mate.
He write off his first SXI corsa B which I still maintain was an 8v (Ask Daimo, but thats another storey)
He then got a replacement Black SXI with a higher spec, elec windows, sunroof cd etc.
He wrote that off a few weeks later and got another replacement SXI, a red one this time, with same spec as the black only with heated seats this time. Guess what happened it? Yip, u guessed it, he wrote it off into a parked car.

Then he got another replacement SXI which is still alive but as he's lost his liscence his sister has it now.
When the finance deal came to an end and it was all paid off he was left with a 6 month old car with higher spec instead of a 3 yr old car with shit spec. Jammy bastard but he'll neva get ins in his name again unless he wins the lottery.
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 15:54   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by bigW

He write off his first SXI corsa B which I still maintain was an 8v (Ask Daimo, but thats another storey)


Leys not go there shall we
vibrio
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Registered: 28th Feb 01
Location: POAH
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18th Feb 03 at 16:16   View User's Profile U2U Member Reply With Quote
if you still owe money then the finace company takes the aount thats left off the insurance check. if you owe more than you get back from insurance then you still owe the finance company.
3CorsaMeal
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Registered: 11th Apr 02
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18th Feb 03 at 16:26   View User's Profile U2U Member Reply With Quote
i agree with that one.
the jug
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Registered: 2nd Oct 02
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18th Feb 03 at 16:31   View User's Profile U2U Member Reply With Quote
you would have to pay cost of car plus finance cost... unless.. there's a clause in your insurance which covers you to pay off remainder of finance... but very unlikely...!

hard life mate...

Tom
sxi16vjoe
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Registered: 16th Dec 02
Location: Kent
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18th Feb 03 at 16:32   View User's Profile U2U Member Reply With Quote
i had that clause!!!!! thank fcuk.
Redcorsa69
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Registered: 21st Sep 02
Location: Rotherham
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18th Feb 03 at 16:47   View User's Profile U2U Member Reply With Quote
yeah u have to pay it, my mate did it wth Saxo VTR a few years ago. We all decided to get bangers for 1st cars in case the inevitable happens. Not him, he goes and buys a brand new VTR stacks it 6 days later outside the pub trying to take an island about 70. Still paying now!!!
RichardSXi
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Registered: 28th Jul 02
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18th Feb 03 at 17:06   View User's Profile U2U Member Reply With Quote
BTW nothing has actually happened, im just trying to teach someone that financing a car isnt stupid and if you write it off recently after gaining it, your not totally screwed
Makarus
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Registered: 25th Jun 02
Location: Nottingham/Derbyshire Boarder.
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18th Feb 03 at 17:34   View User's Profile U2U Member Reply With Quote
Finance is fine, but the points you have raised here you need to take up with the insurance company you plan to go with and they will be able to advise you on what is the best course of action.

Its a hard question to answer because so many factors have to be taken into account.
wezjax
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Registered: 28th Mar 02
Location: mansfield,notts
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18th Feb 03 at 18:41   View User's Profile U2U Member Reply With Quote
depends what cover the free insurance offers surely??

i.e fully comp or tpft.
MarkM
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Registered: 11th Apr 01
Location: Liverpool
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18th Feb 03 at 18:50   View User's Profile U2U Member Reply With Quote
sxi16vjoe is right here with the GAP insurance clause.

for example: you finance a car for say £12k

2 months later you write car off

Insurance pay pay ou on market vakue for car which is say for arguments sake £9.5k

that leaves a GAP in price for what u borrowed and what u get back. this is where the amount your stuck with comes in £2.5k

You can cover yourself against this loss buy taking out the GAP insurance. Vauxhall are advertising this in my local dealer.
MarkM
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Registered: 11th Apr 01
Location: Liverpool
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18th Feb 03 at 18:56   View User's Profile U2U Member Reply With Quote
wezjax - Free insurance is always FC on cars, never heard of them being TPFT.
Ojc
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Registered: 14th Nov 00
Location: Reading: Drives : Clio 197
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18th Feb 03 at 19:23   View User's Profile U2U Member Reply With Quote
This is a very good thread, highlighted some gaps in the market for insurance finance etc etc

 
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