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So, my daughter managed to crash my wife's car yesterday and the car is going to be written off. 😬😬
The PCP ends in January and she intended to hand the car back. In light of the current situation viewing and test driving cars won't be possible till Dec at the earliest.
Can we take any insurance settlement now and settle the finance at a later date so we have some time to sort a car? Or because there is now no car, does the outstanding finance have to be settled immediately?
Insurer normally settles direct with finance company (ending the agreement), anything left after excess goes to you.
Hire something if you need a car immediately, else for used the more switched-on dealers will do video walkarounds etc so you can buy contact-free.
The finance co will have an interest shown on the HPI database. Ins Co will settle the finance and pass any surplus onto you.
Phone the finance company and explain it to them, they will have dealt with this lots of times. They will then explain what they need you to do or may even just deal with the insurance company direct. Just be aware you may not get enough from the insurers to pay off the finance so be prepared to argue that. It shouldn't be an issue as the PCP should reflect what the car is worth at handback but that figure may not tally with the insurer's valuation.
I don't understand the question.
Why does settling the finance now make it any harder to find a replacement car
Because I like to view, touch and drive a car, not buy on the basis of a car dealers video.
Car dealers have had to shut their showrooms under latest covid regs.
Still don't understand why that affects paying off the finance.
Surely the process is the same regardless - insurance pays off finance. You get remainder and go car shopping ?
Check to see if you have gap insurance. I got in bundle in with the service pack, paint guard stuff etc.
I would buy the cheapest run around with 12months mot for wife and daughter to use over winter (daughter can use it long term maybe) and sort out in the new year.
You get remainder and go car shopping ?
We can't go car shopping at the minute - not till car showrooms are able to open again in December. Not a chance I'm spending 16 to 20k on a car without driving it.
I would buy the cheapest run around with 12months mot for wife and daughter to use over winter (daughter can use it long term maybe) and sort out in the new year.
That's the galling part - my daughter shouldn't have been driving it! I was driving my daughters cheap Fiesta as I was taking it to the garage next door for a bit of work. The wife had my car.
Daughter only passed her test in the middle of October too! So fun awaits next year on insurance renewal. 😱
The wife left £160 in a cash machine on Monday as well.
Life's a barrel of laughs at the minute.
Have you considered joining the Foreign Legion?
So where does delaying the insurance paying off the finance stop you waiting till feb ?
There is no car there is no pcp to hand back/continue.
As above insurance pays finance off.
You get remainder
Hire/buy a banger for a few months then when you are allowed to go car shopping.
Still don't get why not paying off the finance till next year changes any of that.
God knows - not thinking straight at the minute. Just another pile of shit to add to the list.
And my wife's estranged elder sister decided yesterday she was contesting the will of her mother (who died in Oct last year). Her mother hadn't had anything to do with her for 12 years, hated her guts after she basically dumped her oldest kids on her and only left her a nominal amount in the will. She's now seen her mothers old house on the market and decided she wants a piece of it.
I had a car on PCP stolen about a month before it was due to be returned. The insurance company dealt directly with the PCP company, and settled with them. I am sure the car was worth more than the final settlement figure, but if there was any remainder I certainly didn't see it. This was easier to deal with than the privately owned car I had stolen at the same time, the insurance on that took ages to get the payment from.
Maybe it’s just me and trail rat but I don’t understand why you are asking this question either.
The straightforward answer as others have said is no, you can’t.
Digression: I did read money left in cash machines gets gobbled back in after a certain time. It might be worth contacting the bank.
Can we take any insurance settlement now and settle the finance at a later date so we have some time to sort a car?
Eh?
Insurance payout goes to finance company, any outstanding debt you pay it off or GAP insurance covers if you have it. Excess between payout and final sum would go to you.
This has to happen straight away as the car is not your daughters its the finance companies and they will want their dosh seeing as they now have no asset.
You getting another car has zero, zip, nada to do with this process.
Finance company will have a final figure written into your PCP contract that you either pay or hand back. Added on top of that will be the Months payment they are due. You know how much that is.
Speak to your insurers and negotiate a settlement. It is your insurance, not your finance companies. They have no right to settle the payment without your agreement to the amount. Ie if the settlement figure is £3000 and the car books at £5000 then you are due the balance. Be careful though, if its the other way around and the settlement is £5000 but the car is worth £3000 then you is in the poo
Sounds life is rough - it will get better!
As other have said Insurance to settle Finance. My suggestion still stands to buy a sight unseen run around for wife. Once house/will is all settled your wife will hopefully have a nice lump sum she can maybe buy something nice and chop in the run around.
Oh and don't insure daughter on your wifes new car when she gets one 😉
Hope daughter is ok. A crash tends to calm young drivers down (it did my three, although the youngest still drives here mini like its a go-cart).
Sounds life is rough – it will get better!
Hope so - everything we touch at the minute turns to shit. 🙂
My car died two months ago.
Bought a young horse in June - turns out to be wrong-un. Looked and rode lovely, turns out it's riddled with stomach ulcers and it bucks my daughter off every time she got on it.
We had it vetted, but this wouldn't show on up on that as you need endoscope exam to spot it. Seems like it was 'doped' when wife and daughter saw it - we have taken legal advice and we stand sod-all chance of getting anything back as it was a private sale. It's being treated now (under horse insurance thankfully) and hopefully the horse will come right and can be ridden after Christmas, otherwise it's 6k down the drain.
To everyone else - ignore my question. As I said, not thinking straight.
#middleclassproblems
@muffin-man if you don't want to buy I am pretty sure one manufacturer was doing some mid term rental stuff right now. Might have been Volvo?
You have a horse? No need for another car- let the daughter use that!
Do some research on the Volvo “rental” deal, think I read somewhere it has quite a few drawbacks, cost being one.
First I wondered why on earth your wife would be withdrawing so much cash in the current climate...
The wife left £160 in a cash machine on Monday as well.
And then you answered my question...you've got a horse! Like others have said, the cash machine bleeps it's head off for about 30 seconds before taking the cash back, when the machine is refilled this should be credited back to your account. You only need one honest person to stand there for a few moments (or take it out and into the bank...) My colleague was very pissed when I revealed I'd just handed £100 in, in hindsight I should have just waited for the machine to take it back.
Your horse vetting...did the vet take a blood sample, if so they keep it for a short period incase you suspect the horse is on undisclosed meds. Get good advice though, we've had a very tricky one that basically was completely unrideable (bolting, throwing you off or randomly panicking) but with time, effort and keeping it fit and strong, it's paid off and he's now competing and my wife has had to become a better rider! It got so bad we ended up buying a 2nd horse! Ulcers can be treated normally so just a pain in the backside.
If you have half decent insurance they should give you a courtesy car until the claim is settled.
Car dealers are kind of still open you can at least speak to them and work out finance costs etc, or even using things like carwow
If you really can’t cope with that approach just hire a car for 3 weeks, but do you need one anyhow because as per government guidelines you are not driving anywhere until December
as per government guidelines you are not driving anywhere until December
Please do quote where it specifically says in the gov.uk guidelines "don't drive anywhere".
It's clear you never own the car under PCP, unlike a HP agreement, so I always assumed that your insurable interest in the vehicle is limited to sorting out the finance and you get nothing if it's within the PCP terms?
Our lad certainly won't be insured on our cars when he passed his test, he can stick to his own
Thanks all. Wife has picked up a hire car this morning and she can keep that until we've accepted an offer.
What's really pissed me off is yet again we're buying a car in a hurry. It'd be nice to sit down with a dealer, peruse the options list at leisure, place an order and wait. But we always seem to go with 'what you got in the dealer network - can it be ready yesterday!?'. 🙂
Think we'll settle the finance and I'll buy a banger to run for a few months.
@spooky_b329 - cheers. Horse is being treated well through a specialist centre - vets bill is currently running at just over £4k but insurance is taking care of it.
We'll stick with the horse - even as a horse-hater myself - it's really nice. Looks like one of the classic rocking horses!
Is the horse on PCP as well? 🙃
Is the horse on PCP as well? 🙃
Wish it was! It's on one of the bottom-less pit deals where you burn £20s in the street! 🙂
The wife left £160 in a cash machine on Monday as well.
Digression: I did read money left in cash machines gets gobbled back in after a certain time. It might be worth contacting the bank.
The machine will give you 20-30 seconds to take the money before it take sit back in and it gets logged as untaken. The machine them puts that cash into the purge bin inside the machine and it gets logged the next time the machine is replenished. The money will not necessarily be re-credited to your account, it depends upon the age of the machine and the relationship between the machine owners and your bank. Do not assume that because the machine says eg Barclays on the front and that you bank with them that the money will be refunded automatically, the machine could be run by a separate company like Note Machine. What you need to do is contact your bank and raise the issue with them. Do not contact the machine owners or whoever's name is on it, they cannot help. This then starts a process where the logs are examined and the transactions and physical cash logs are tallied, if they match then you get your refund. It used to be fully automatic but the criminals figured out a way to let the machine think it had taken the cash back in but keep it in the feeder so they got re-credited and had the cash. Some machines also have CCTV looking at the keypad, hatches and you so they can also see that you did or did not take the money and whether someone else took it. It's highly regulated how it all works so you should be able to get the money back if there has been a genuine case of forgetting it and it being regurgitated.
Horses/cars/planes/boats... Stand under a cold shower and rip up £50's...🙄
