Sale or return insurance
Discussion
Ken_Code said:
It’s insured by me at the moment, and nothing in my policy excludes its current location.
As I wrote above, I’ll be confirming details with them, but wanted to ask for people’s input here too.
On the question of the reasons for using dale or return, one major one is not wanting to have to deal with potential buyers myself, and not wanting to allow anyone to have the address at which most of my cars stay.
Your policy may not say it excludes where it is but that’s not the same as saying it’s included. As I wrote above, I’ll be confirming details with them, but wanted to ask for people’s input here too.
On the question of the reasons for using dale or return, one major one is not wanting to have to deal with potential buyers myself, and not wanting to allow anyone to have the address at which most of my cars stay.
I would definitely check either way with them or the dealer.
Quite agree with your reasons for trying SOR btw.
Ken_Code said:
I’ve not given them the V5, or the second key, which hopefully does reduce slightly the chance of any shenanigans.
This thread is making me a bit nervous now though, so I’ll have a drive over this afternoon to have a look at it.
I might prefer just selling it to a Lotus dealer for a couple of thousand pounds less if I’m going to start losing sleep over it.
This dealer sold my R8 for me a few years ago, and everything was above board and worked as it should, but I’m definitely starting to wonder if I’m doing the right thing.
Selling it from home isn’t an option I’m comfortable with.
I’ve never found Lotus dealers that keen to buy outright but some will offer SOR which might be a good compromise for you ?This thread is making me a bit nervous now though, so I’ll have a drive over this afternoon to have a look at it.
I might prefer just selling it to a Lotus dealer for a couple of thousand pounds less if I’m going to start losing sleep over it.
This dealer sold my R8 for me a few years ago, and everything was above board and worked as it should, but I’m definitely starting to wonder if I’m doing the right thing.
Selling it from home isn’t an option I’m comfortable with.
I'd expect the dealer to have some cover for the cars they have in Stock.
This will be a sum they've agreed with their broker/insurer.
If it's split out as Stock then the definition within the Policy Wording should define that as including 'goods in trust' as well. e.g. your vehicle.
It may appear as 'own vehicles' and will cover everything they've got - sales stock, their own cars, wifes' cars etc etc. - which will make it a bit tricky to clarify that your vehicle is covered.
You want to see the Schedule, have them explain to you which line they think it's covered under, and ideally get a look at the Policy Wording as well to check how that line is defined.
This will be a sum they've agreed with their broker/insurer.
If it's split out as Stock then the definition within the Policy Wording should define that as including 'goods in trust' as well. e.g. your vehicle.
It may appear as 'own vehicles' and will cover everything they've got - sales stock, their own cars, wifes' cars etc etc. - which will make it a bit tricky to clarify that your vehicle is covered.
You want to see the Schedule, have them explain to you which line they think it's covered under, and ideally get a look at the Policy Wording as well to check how that line is defined.
alscar said:
I’ve never found Lotus dealers that keen to buy outright but some will offer SOR which might be a good compromise for you ?
I tried one who said it’s probably not worth my while with them, as they have loads already there.It’s definitely not been one of my better buys in terms of depreciation.
Ken_Code said:
It’s insured by me at the moment, and nothing in my policy excludes its current location.
As I wrote above, I’ll be confirming details with them, but wanted to ask for people’s input here too.
On the question of the reasons for using dale or return, one major one is not wanting to have to deal with potential buyers myself, and not wanting to allow anyone to have the address at which most of my cars stay.
It's not the location that's excluded.As I wrote above, I’ll be confirming details with them, but wanted to ask for people’s input here too.
On the question of the reasons for using dale or return, one major one is not wanting to have to deal with potential buyers myself, and not wanting to allow anyone to have the address at which most of my cars stay.
PistonBroker said:
I'd expect the dealer to have some cover for the cars they have in Stock.
This will be a sum they've agreed with their broker/insurer.
If it's split out as Stock then the definition within the Policy Wording should define that as including 'goods in trust' as well. e.g. your vehicle.
It may appear as 'own vehicles' and will cover everything they've got - sales stock, their own cars, wifes' cars etc etc. - which will make it a bit tricky to clarify that your vehicle is covered.
You want to see the Schedule, have them explain to you which line they think it's covered under, and ideally get a look at the Policy Wording as well to check how that line is defined.
Frankly it shouldn’t come to this - the insurance should be specified as being in place on the contract. This will be a sum they've agreed with their broker/insurer.
If it's split out as Stock then the definition within the Policy Wording should define that as including 'goods in trust' as well. e.g. your vehicle.
It may appear as 'own vehicles' and will cover everything they've got - sales stock, their own cars, wifes' cars etc etc. - which will make it a bit tricky to clarify that your vehicle is covered.
You want to see the Schedule, have them explain to you which line they think it's covered under, and ideally get a look at the Policy Wording as well to check how that line is defined.
Along with the commission / charge and anything else pertinent.
Signed by both.
If Ken needs to go through the Dealers policy as you say that by itself sends a red flag out.
I take it you did receive an actual contract though ?
Ken_Code said:
I tried one who said it’s probably not worth my while with them, as they have loads already there.
It’s definitely not been one of my better buys in terms of depreciation.
Maybe try another dealer - I used Silverstone who were more than happy to take my Exige on SOR and they too had no interest in buying it outright as they knew I would make less out of the deal. It’s definitely not been one of my better buys in terms of depreciation.
Ken_Code said:
I’ve not given them the V5, or the second key, which hopefully does reduce slightly the chance of any shenanigans.
What good does keeping the second key do...? If the dealer sells the car that you have instructed him to do the new owner has title passed and you would have no redress whatsoever against the buyer,so talking the car back with the spare key would be classed as theft by you...!CRA1G said:
What good does keeping the second key do...? If the dealer sells the car that you have instructed him to do the new owner has title passed and you would have no redress whatsoever against the buyer,so talking the car back with the spare key would be classed as theft by you...!
They don’t have the V5.The advantage of having the second key is that I can walk up to my car, get in, and drive it home.
If I have the V5, a key, and the car, haven’t agreed to sell it to someone and haven’t received any money I’m not overly concerned about someone finding me and convincing à court that it’s theirs.
Ken_Code said:
They don’t have the V5.
The advantage of having the second key is that I can walk up to my car, get in, and drive it home.
If I have the V5, a key, and the car, haven’t agreed to sell it to someone and haven’t received any money I’m not overly concerned about someone finding me and convincing à court that it’s theirs.
If they have paid the dealer then you should be concerned about that.The advantage of having the second key is that I can walk up to my car, get in, and drive it home.
If I have the V5, a key, and the car, haven’t agreed to sell it to someone and haven’t received any money I’m not overly concerned about someone finding me and convincing à court that it’s theirs.
TownIdiot said:
If they have paid the dealer then you should be concerned about that.
Not really. That’d be between the dealer and them. Perhaps they can get a court date in a year after paying their £7,000 filing fees and then convince a judge that the car should be theirs but that hardly seems likely.Ken_Code said:
Not really. That’d be between the dealer and them. Perhaps they can get a court date in a year after paying their £7,000 filing fees and then convince a judge that the car should be theirs but that hardly seems likely.
It's entirely likely - i'd say it's actually probable. Your recourse is against the dealer, not the person who purchased the vehicle from the dealer.I'll bow out now but you really should read up on this stuff.
Hi @ken_code, please can you send me some details of the car? https://www.pistonheads.com/members/email.asp?reci...
Thanks!
Thanks!
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