Damaged vehicle on finance
Discussion
Hey guys
Anyone know what happens if you crash a vehicle that you've got on one of the contract plans?
Assuming that you've had it professionally repaired could BMW reduce the assured future value when you hand it back after the contract ends given that it's been crash damaged?
This isn't refering to a vehicle I own its more of a speculative query...
Anyone know what happens if you crash a vehicle that you've got on one of the contract plans?
Assuming that you've had it professionally repaired could BMW reduce the assured future value when you hand it back after the contract ends given that it's been crash damaged?
This isn't refering to a vehicle I own its more of a speculative query...
It may well be specified in the contract agreement, subject to that, my take on it, having been there: if it's fixed using an approved repairer, properly, then a) they shouldn't really be able to tell, & b) the same rules would apply if they sold the car to you, which would be pretty much buyer beware! So, I don't reckon it's any of their business, & shouldn't affect the value; unless they specifically ask the question - in which case you answer honestly & that should be that.
(If you've heavily wrapped it around some street furniture, such that a blind mans labrador could tell it wasn't straight, my take may change!
) Hope your friend finds that helpful...
(If you've heavily wrapped it around some street furniture, such that a blind mans labrador could tell it wasn't straight, my take may change!
) Hope your friend finds that helpful...Edited by MarkwG on Monday 8th June 12:56
MarkwG said:
It may well be specified in the contract agreement, subject to that, my take on it, having been there: if it's fixed using an approved repairer, properly, then a) they shouldn't really be able to tell, & b) the same rules would apply if they sold the car to you, which would be pretty much buyer beware! So, I don't reckon it's any of their business, & shouldn't affect the value; unless they specifically ask the question - in which case you answer honestly & that should be that.
(If you've heavily wrapped it around some street furniture, such that a blind mans labrador could tell it wasn't straight, my take may change! ) Hope your friend finds that helpful...
You'd hope that if the damage were bad enough then the nice chaps at the insurance company would kindly give you a cheque to get pay off the contract allowing you to start all over again. (If you've heavily wrapped it around some street furniture, such that a blind mans labrador could tell it wasn't straight, my take may change!
) Hope your friend finds that helpful...Edited by MarkwG on Monday 8th June 12:56
Have to admit this is something I didn't think of when taking out mine...hopefully I wont have to find out.
rich_vw said:
You'd hope that if the damage were bad enough then the nice chaps at the insurance company would kindly give you a cheque to get pay off the contract allowing you to start all over again.
- they might - depends on the age of the car: IIRC if the car is 2/3rds value damaged in the first 12 mths they'll replace with new, however, I've known cases where the car's been repaired when realistically it shouldn't have been (meat in an Mway sandwich 
), because the owner didn't appreciate that point. Beyond 12 months gets tricky, as the w/o value may well not cover the cost of replacement, hence why you can now purchase "top up" insurance to make up the difference...Gassing Station | BMW General | Top of Page | What's New | My Stuff