Discussion
Someone no here recently with a claim from as a 3rd party was given an offer on their vehicle as a total loss, or a slightly lower offer towards the repair with an estimate for the repair being slightly more than the bigger payment.
If you have to claim on your own policy you would probably get a little less choice in the matter.
If you have to claim on your own policy you would probably get a little less choice in the matter.
Haven't we been here before? What does the finance matter? If you owe more than it's worth then you've got a negative asset.
What happens is that the other side pay the value to your finance company. You the find an identicl car, or as near as dammit, f which there will be plenty, despite the usual PH view that it's unique. you then reorganise the finance to suit. You end up with the same finance on a car worth just as much, so you're neither up nor down.
For example - all numbers are made up
Car worth £5000
Finance outstanding of £6000
Insurer pays £5000 to finace co
You still owe £1000
You find replacement car for £5000
Finance co, reorganise finance for same remaining time for £6000 for same monthly payment
You are where you were.
We had a simialr thread about a week ago that's still live That guy was complaining that it was a "nightmare" he's now looking at probably making a £500 profit. He seems fairly quiet about his "nightmare" now.
What happens is that the other side pay the value to your finance company. You the find an identicl car, or as near as dammit, f which there will be plenty, despite the usual PH view that it's unique. you then reorganise the finance to suit. You end up with the same finance on a car worth just as much, so you're neither up nor down.
For example - all numbers are made up
Car worth £5000
Finance outstanding of £6000
Insurer pays £5000 to finace co
You still owe £1000
You find replacement car for £5000
Finance co, reorganise finance for same remaining time for £6000 for same monthly payment
You are where you were.
We had a simialr thread about a week ago that's still live That guy was complaining that it was a "nightmare" he's now looking at probably making a £500 profit. He seems fairly quiet about his "nightmare" now.
TonyTony said:
Without the settlement fee I ow about £7100, not sure how much settlement fee's are?
There is a pretty much identical car for sale at a dealer for £10,000.
So I'm pretty much in the clear?
I'll find out more on Monday I think.
Probably, but it depends on the valuation. That will be the average of the trade guides retial price. Do not expect to get £10,000 as everyine knows you'd look to negotiate that down. Either way though you'll be OK as you definitely owe less than its worth. The settlemnt figure is likly to be considerably less than £7100 too, as the interest that you would'v paid from now to the end of the agreement won't be charged. Note that's a settlemet FIGURE, not FEE. There tend not to be settlement FEES any more.There is a pretty much identical car for sale at a dealer for £10,000.
So I'm pretty much in the clear?
I'll find out more on Monday I think.
oobster said:
Would a car valued at (roughly) 10K be a write-off though with some (admittedly not fully described) front end panel damage and needing a couple of dash airbags?
That's yet to be seen. Airbags can be terminal as it often signifies more comprehensive damage wi today's crumple zones. Not always the case but there's the aspect that this £10k car may be massively overpriced compared to the rest of the market. LoonR1 said:
Haven't we been here before? What does the finance matter? If you owe more than it's worth then you've got a negative asset.
What happens is that the other side pay the value to your finance company. You the find an identicl car, or as near as dammit, f which there will be plenty, despite the usual PH view that it's unique. you then reorganise the finance to suit. You end up with the same finance on a car worth just as much, so you're neither up nor down.
For example - all numbers are made up
Car worth £5000
Finance outstanding of £6000
Insurer pays £5000 to finace co
You still owe £1000
You find replacement car for £5000
Finance co, reorganise finance for same remaining time for £6000 for same monthly payment
You are where you were.
We had a simialr thread about a week ago that's still live That guy was complaining that it was a "nightmare" he's now looking at probably making a £500 profit. He seems fairly quiet about his "nightmare" now.
You absolute goon.What happens is that the other side pay the value to your finance company. You the find an identicl car, or as near as dammit, f which there will be plenty, despite the usual PH view that it's unique. you then reorganise the finance to suit. You end up with the same finance on a car worth just as much, so you're neither up nor down.
For example - all numbers are made up
Car worth £5000
Finance outstanding of £6000
Insurer pays £5000 to finace co
You still owe £1000
You find replacement car for £5000
Finance co, reorganise finance for same remaining time for £6000 for same monthly payment
You are where you were.
We had a simialr thread about a week ago that's still live That guy was complaining that it was a "nightmare" he's now looking at probably making a £500 profit. He seems fairly quiet about his "nightmare" now.
I'm fairly quiet about my "nightmare" now because I've reached somewhat of a conclusion. Their insurers have given me a figure, which settles my finance and then some. I have now applied for finance on a new car which has gone through and I'm just waiting for approval on the cars I've picked out.
Let me say, though, that at no point did my finance company say to me that I can find another vehicle and continue the finance deal. The only option is to settle it. Now this is either an oversight or it's just the way they do things.
And yes, it has been somewhat of a "nightmare". My car that I loved was snatched away from me, leaving me with no car and no large lump sum to replace it. I've basically been reduced to starting from scratch to get myself back on the road.
The help of most guys on this forum has been absolutely spot on and I've really appreciated it, but s
tty little comments like this are totally unnecessary. Did you think I wouldn't see it just because it's not in my thread??CasuallyDressed said:
You absolute goon.
I'm fairly quiet about my "nightmare" now because I've reached somewhat of a conclusion. Their insurers have given me a figure, which settles my finance and then some. I have now applied for finance on a new car which has gone through and I'm just waiting for approval on the cars I've picked out.
Let me say, though, that at no point did my finance company say to me that I can find another vehicle and continue the finance deal. The only option is to settle it. Now this is either an oversight or it's just the way they do things.
And yes, it has been somewhat of a "nightmare". My car that I loved was snatched away from me, leaving me with no car and no large lump sum to replace it. I've basically been reduced to starting from scratch to get myself back on the road.
The help of most guys on this forum has been absolutely spot on and I've really appreciated it, but stty little comments like this are totally unnecessary. Did you think I wouldn't see it just because it's not in my thread??
How am I a goon? You described it as a nightmare and are now likely to be at least £400 up from this. You're not sharing those emotions that had you describing it as a nightmare just 7 days earlier. I'm fairly quiet about my "nightmare" now because I've reached somewhat of a conclusion. Their insurers have given me a figure, which settles my finance and then some. I have now applied for finance on a new car which has gone through and I'm just waiting for approval on the cars I've picked out.
Let me say, though, that at no point did my finance company say to me that I can find another vehicle and continue the finance deal. The only option is to settle it. Now this is either an oversight or it's just the way they do things.
And yes, it has been somewhat of a "nightmare". My car that I loved was snatched away from me, leaving me with no car and no large lump sum to replace it. I've basically been reduced to starting from scratch to get myself back on the road.
The help of most guys on this forum has been absolutely spot on and I've really appreciated it, but s
tty little comments like this are totally unnecessary. Did you think I wouldn't see it just because it's not in my thread??Finance is easily sorted. You settle one off and start another over the same term, usually at the same or a better rate and the payment is the same or less.
Oh and as for calling me a "Goon" and the dig about "s
tty little comments", I suggest you grow up. I've given you nothing but correct steers all the way on your thread, your thanks hasn't been forthcoming as you prefer the fantasy answers that others give. CasuallyDressed said:
You absolute goon.
I'm fairly quiet about my "nightmare" now because I've reached somewhat of a conclusion. Their insurers have given me a figure, which settles my finance and then some. I have now applied for finance on a new car which has gone through and I'm just waiting for approval on the cars I've picked out.
Let me say, though, that at no point did my finance company say to me that I can find another vehicle and continue the finance deal. The only option is to settle it. Now this is either an oversight or it's just the way they do things.
And yes, it has been somewhat of a "nightmare". My car that I loved was snatched away from me, leaving me with no car and no large lump sum to replace it. I've basically been reduced to starting from scratch to get myself back on the road.
The help of most guys on this forum has been absolutely spot on and I've really appreciated it, but stty little comments like this are totally unnecessary. Did you think I wouldn't see it just because it's not in my thread??
I would'nt normally comment, but hat is an oddly critical response. Notice you did'nt take that attitude when PH were helping you. You may need help another time remember.I'm fairly quiet about my "nightmare" now because I've reached somewhat of a conclusion. Their insurers have given me a figure, which settles my finance and then some. I have now applied for finance on a new car which has gone through and I'm just waiting for approval on the cars I've picked out.
Let me say, though, that at no point did my finance company say to me that I can find another vehicle and continue the finance deal. The only option is to settle it. Now this is either an oversight or it's just the way they do things.
And yes, it has been somewhat of a "nightmare". My car that I loved was snatched away from me, leaving me with no car and no large lump sum to replace it. I've basically been reduced to starting from scratch to get myself back on the road.
The help of most guys on this forum has been absolutely spot on and I've really appreciated it, but s
tty little comments like this are totally unnecessary. Did you think I wouldn't see it just because it's not in my thread??LoonR1 said:
I doubt it very much. Far more cost effective to write it off. Where do you get the repair cost from?
The body shop rang me the other day and said they estimated repairs at £5k but said they had to check incase they needed some extra parts from Seat and the cost of them, if it wasn't much over they would repair it.Then the day after they rang me back and confirmed they are repairing it.
They didn't tell me what they are estimating the value of the car at but 10k is the very maximum franchised dealer price I have seen like I said above.
When he said the repair costs I thought he was going to tell me it was going to be written off also.
TonyTony said:
The body shop rang me the other day and said they estimated repairs at £5k but said they had to check incase they needed some extra parts from Seat and the cost of them, if it wasn't much over they would repair it.
Then the day after they rang me back and confirmed they are repairing it.
They didn't tell me what they are estimating the value of the car at but 10k is the very maximum franchised dealer price I have seen like I said above.
When he said the repair costs I thought he was going to tell me it was going to be written off also.
The bodyshop have said it's repairable?Then the day after they rang me back and confirmed they are repairing it.
They didn't tell me what they are estimating the value of the car at but 10k is the very maximum franchised dealer price I have seen like I said above.
When he said the repair costs I thought he was going to tell me it was going to be written off also.
Have the insurers said that as the decision lays with them.
ZOLLAR said:
The bodyshop have said it's repairable?
Have the insurers said that as the decision lays with them.
Its the insurance who put me in contact with them and told me they will be picking up and assessing/repairing the car.Have the insurers said that as the decision lays with them.
They have rung me twice and confirmed to me what they first said so I can only assume they are in contact with the insurance as well.
I'll give the insurance a ring on Monday anyway, but I've not heard a peep of them since the first call I made to report the accident.
With regards to airbags a lot depends on how the passenger airbag is fitted in the dash , if it's just a cassette type it's not too bad but a lot of VAG group require a new dash top ontop of airbag price .
Don't forget the seat belts will be replaced as well, pre tensioners fire as the airbags go off.
Airbags and associated stuff are the thing that will write stuff off , nice to have in a crash but in minor bumps can be very very costly.
Don't forget the seat belts will be replaced as well, pre tensioners fire as the airbags go off.
Airbags and associated stuff are the thing that will write stuff off , nice to have in a crash but in minor bumps can be very very costly.
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