Alfa 4C written off (leased car help needed)
Discussion
Rick101 said:
Why the feck would you think you should be entitled to payments already made for the lease back?
Its a per month cost. You paid a set amount for the month and you had use of the car for that month.
You've already said anything they will refund anything after the incident back to you.
I don't understand the downer on lease companies. It seems to me they have done exactly what they should have done. OP is relieved of his previous financial obligations and now needs to go either lease another car or buy via another method.
If you are going to lease, id suggest reading the sticky. Lots of useful information available but to condense it. No more than 3x, and insure that initial with GAP.
Its a per month cost. You paid a set amount for the month and you had use of the car for that month.
You've already said anything they will refund anything after the incident back to you.
I don't understand the downer on lease companies. It seems to me they have done exactly what they should have done. OP is relieved of his previous financial obligations and now needs to go either lease another car or buy via another method.
If you are going to lease, id suggest reading the sticky. Lots of useful information available but to condense it. No more than 3x, and insure that initial with GAP.
Herbs said:
Yes but it is a grey area - technically insurance is there to restore you to the same position that you were in before the non-fault accident.
If he has lost his deposit so soon after paying it then he is going to be unable to restore himself to the same position he was in before which is a) unfair and b) not correct.
I imagine there will be a change in law for this soon as otherwise what would happen if you took out a 9+x contract and someone wrote it off/stole it 2 months later - it becomes very expensive and as soon as more than a handful of people get caught out, it will cause uproar.
The contact at Leasys also said this and has had some clients successfully reclaim some of their payments. Worth a try.If he has lost his deposit so soon after paying it then he is going to be unable to restore himself to the same position he was in before which is a) unfair and b) not correct.
I imagine there will be a change in law for this soon as otherwise what would happen if you took out a 9+x contract and someone wrote it off/stole it 2 months later - it becomes very expensive and as soon as more than a handful of people get caught out, it will cause uproar.
Edited by Herbs on Friday 12th January 09:18
MechMovement said:
The contact at Leasys also said this and has had some clients successfully reclaim some of their payments. Worth a try.
Its got to be worth a try, I don't think you would get anywhere with the monthlies because they are exactly as described - a monthly cost and up until the accident, you had full use of the car as per the contract.Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
Herbs said:
Its got to be worth a try, I don't think you would get anywhere with the monthlies because they are exactly as described - a monthly cost and up until the accident, you had full use of the car as per the contract.
Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
Pretty much what i was advised to do by Leasys. Will report back but we all know how long these things take!Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
MechMovement said:
Herbs said:
Its got to be worth a try, I don't think you would get anywhere with the monthlies because they are exactly as described - a monthly cost and up until the accident, you had full use of the car as per the contract.
Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
Pretty much what i was advised to do by Leasys. Will report back but we all know how long these things take!Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
MechMovement said:
Herbs said:
Its got to be worth a try, I don't think you would get anywhere with the monthlies because they are exactly as described - a monthly cost and up until the accident, you had full use of the car as per the contract.
Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
Pretty much what i was advised to do by Leasys. Will report back but we all know how long these things take!Any future monthlies should be null and void as far as you are concerned (whether they either cancelled by the lease company or paid for by insurance company).
The deposit though is a different matter and imo it's value should be spread over a percentage of the term - incase i would be arguing for a percentage back.
If they were really trying to work for you, theyd have you back in a 4C and claimed the settlement for doing that from the insurer
saaby93 said:
I could say they would say that wouldnt they
If they were really trying to work for you, theyd have you back in a 4C and claimed the settlement for doing that from the insurer
Also true but being 26 and having that size of claim (i know it was a non fault) was making insurance on the 4C.... quite expensive to say the least.If they were really trying to work for you, theyd have you back in a 4C and claimed the settlement for doing that from the insurer
Herbs said:
I imagine there will be a change in law for this soon as otherwise what would happen if you took out a 9+x contract and someone wrote it off/stole it 2 months later - it becomes very expensive and as soon as more than a handful of people get caught out, it will cause uproar.
Unfortunately it doesnt happen that often, but often enough for it to be noticable if you use googleThere have been threads on it here.
Some lease cos seem willing to sort it out amicably - i.e. get the customer back in another car and continue as if little had happened
Others take the money and tough to the customer. Sometimes though the customer may want out.
saaby93 said:
Herbs said:
I imagine there will be a change in law for this soon as otherwise what would happen if you took out a 9+x contract and someone wrote it off/stole it 2 months later - it becomes very expensive and as soon as more than a handful of people get caught out, it will cause uproar.
Unfortunately it doesnt happen that often, but often enough for it to be noticable if you use googleThere have been threads on it here.
Some lease cos seem willing to sort it out amicably - i.e. get the customer back in another car and continue as if little had happened
Others take the money and tough to the customer. Sometimes though the customer may want out.
No-one should be out of pocket by the actions of someone else (increased premiums excluded).
Ditto, been said before and ill say it again
IT IS NOT A DEPOSIT!
It is part if your overall payment. OP Chose to make a higher initial to get lower monthlies. His choice. I won't criticise it as it works better for some but you should be aware if the risks of paying more up front.
If someone else who had the sense (and credit) to do a 1x plus higher monthly had the car written off, would they be entitled to come on here demanding some of their high monthly was refunded? Of course not.
OP has agreed to that payment profile and should stand by it. If by some chance he manages to make a claim for uninsured losses, well done to him but i don't think its something he should be entitled to.
IT IS NOT A DEPOSIT!
It is part if your overall payment. OP Chose to make a higher initial to get lower monthlies. His choice. I won't criticise it as it works better for some but you should be aware if the risks of paying more up front.
If someone else who had the sense (and credit) to do a 1x plus higher monthly had the car written off, would they be entitled to come on here demanding some of their high monthly was refunded? Of course not.
OP has agreed to that payment profile and should stand by it. If by some chance he manages to make a claim for uninsured losses, well done to him but i don't think its something he should be entitled to.
RicksAlfas said:
It's not a deposit.
This is a common misconception with leasing. It's an initial payment.
If it was a deposit, at the end of the lease you would expect to get it back.
You don't. The money has gone the moment you take the car.
You are correct but in the OPs case It’s fairly irrelevant whether it’s called a deposit/down payment/initial payment/etc.This is a common misconception with leasing. It's an initial payment.
If it was a deposit, at the end of the lease you would expect to get it back.
You don't. The money has gone the moment you take the car.
Let me show you why I think so:
‘xyz’ pays an initial lease payment of lets say £10,000
On day one of ‘xyz’ taking delivery of said leased car some third party writes said car off and accepts liability.
‘xyz’ should not have to pay initial lease payment again to get him back into the same car or he is £10,000 out of pocket.
Simple answer if you have that risk. Insure it.
Yes you could make a claim afterwards like the OP is trying to do but personally id have taken the least hassle and least stressful route and insured the Initial.
OP could be driving round in a replacement car on a new deal or could be on here getting a load of jip and arguing with insurance companies.
Yes you could make a claim afterwards like the OP is trying to do but personally id have taken the least hassle and least stressful route and insured the Initial.
OP could be driving round in a replacement car on a new deal or could be on here getting a load of jip and arguing with insurance companies.
Rick101 said:
Simple answer if you have that risk. Insure it.
Yes you could make a claim afterwards like the OP is trying to do but personally id have taken the least hassle and least stressful route and insured the Initial.
OP could be driving round in a replacement car on a new deal or could be on here getting a load of jip and arguing with insurance companies.
Yes i agree with you but we are talking specifically about a non-fault issue and insurance restoring you into the position you were in pre-accident. Yes you could make a claim afterwards like the OP is trying to do but personally id have taken the least hassle and least stressful route and insured the Initial.
OP could be driving round in a replacement car on a new deal or could be on here getting a load of jip and arguing with insurance companies.
Regardless of whether he took out GAP or not, shouldn't come into it as that is what the 3rd party insurance is for.
Herbs said:
Rick101 said:
Simple answer if you have that risk. Insure it.
Yes you could make a claim afterwards like the OP is trying to do but personally id have taken the least hassle and least stressful route and insured the Initial.
OP could be driving round in a replacement car on a new deal or could be on here getting a load of jip and arguing with insurance companies.
Yes i agree with you but we are talking specifically about a non-fault issue and insurance restoring you into the position you were in pre-accident. Yes you could make a claim afterwards like the OP is trying to do but personally id have taken the least hassle and least stressful route and insured the Initial.
OP could be driving round in a replacement car on a new deal or could be on here getting a load of jip and arguing with insurance companies.
Regardless of whether he took out GAP or not, shouldn't come into it as that is what the 3rd party insurance is for.
To get you back in the position you were you should have a copy of the car on the drive
The cost of doing that will be what you ( or the lease co - the owner) claim from the insurer
However some are much happier there not being another car as a replacement, so long as theyve 'sorted' the finances
RicksAlfas said:
It's not a deposit.
It really annoys me when PCP schemes use the term 'deposit' as its just an up front rental like you say.VW Finance said:
Deposit
Pay your deposit, which can be made up of part-exchange or cash and can be as little as the value of one repayment
From: http://www.volkswagen.co.uk/car-finance/pcp-soluti...Pay your deposit, which can be made up of part-exchange or cash and can be as little as the value of one repayment
Whats that you say Mr Salesperson, its a deposit? So I get it back when I return the car at the end? What do you mean no?
Herbs said:
I understand but perhaps its just me but I never thought I would get it back if I ever took a lease out though.
Thats true - youre not expecting to get the up front payement itself back - otherwise you might get customers crashing their cars just to terminate the leaseWhat you want is the same ( or equivalent) car back on the drive, which is what you were expecting for the 2 or 3 year term
With a third party claim it shouldnt be an issue ( unless your insurer acts as a blocker)
With an at fault claim it might be more tricky as insurances tend to be cancelled etc on claim and there are excesses, so it will be a higher cost to you but not insurmountable
If this is the point you feel you want to discontinue the lease then all sorts of factors some into play so as long as the insurers paid the lease co it can be treated as all square
Edited by saaby93 on Friday 12th January 13:09
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