Quick Car Question

[TallTree01]

I wanna new car....

 

[Lunar Jetman]

I don't see why people ever take a care out on finance as you never own the car until it's fully paid for, the loan company does. As mentioned if there an accident and the car written off the finance company get what's owed on the car first and then you get what's left. At least with a personal loan you get 100% of the insurance money payout and you own the car from day one.

That's why you take out payment insurance as part of the deal....

 

[Welshweeks]

I don't see why people ever take a care out on finance as you never own the car until it's fully paid for, the loan company does. As mentioned if there an accident and the car written off the finance company get what's owed on the car first and then you get what's left. At least with a personal loan you get 100% of the insurance money payout and you own the car from day one.

That's why you take out payment insurance as part of the deal....

And then you end up paying even more for the car though?

 

[Zikofski]

dude was this a new car like with me, then the loan has nothing to do with the owners of the car is, at the end of the day its a loan, the loan is not with ford, but with a credit company ford use, all that credit company are concerned about is if they get there money back or not you can pay it of now that would be wise, but check there policy those stupid T&C to check if they mention anything about selling the car on,
 
ID theft could be the issue too. the loan company should not know if they car has been in an accident or not, it should not concern them as they are not insurance all they are is to provide the loan if the car gets written off then the insurance company deal with the cost depending on what insurance you have with my cover i will get a brand new car if i right mine off, but i still pay the loan so the loan company shouldn't care


getting a new car on finance whats the point, right in buying the car outright for it to then lose its value the minute you drive off, why not pay monthly save that money, and at the end of the 2 / 3 years you get a brand new car, keep paying the same monthly payments if your lucky the monthly payments reduce, and your old car when sold will be sold in profit so you can use that profit as a deposite for the new car workes a treat for me, i went from having a fiesta 1.6 zetec S, at £350 a month to having a focus 2L TDi with every package bolted on and it only costing me an extra £50 at £400 a month and i was able to pay off my insurance in one go with the extra cash i got to plus it gives u a good credit rating as the credit companies think you pay of a brand new car every 2 to 3 years finance as long as you can pay it best thing modern age has come across

 

[techen]

So I called them today, First time they told me was it was agaisnt the law to trade/sell my car while under the finance agreement. Oops...
 
The car is done for, Motorway police have been in touch with my finance company to inform them there's nothing left of the car. Am kinda gald I didn't keep it then.
 
They've said that it looks like the insurance company is going to pay what's left of the finance which means that am abit stuck as to what is going to happen to me?
 
Will the insurance company demand I pay the fee that's left? Will the guy that owned the car seek the money? Am very lost.

 

[Welshweeks]

 First time they told me was it was agaisnt the law to trade/sell my car while under the finance agreement. Oops...

 
Didn't you read the terms of agreement? 

 
No offence mate but you've only got yourself to blame!

 

[tribalbrit]

speak to the finance company and ask for a settlement figure on the out standing finance. Pay this off in full even if it means borrowing from elsewhere.
You have then completed the finance and do not owe any money to them for the car.
Then any accident is down to the present owner and not you or the finance company.
If they refuse to let you settle the out standing finance, ask them to confirm this in writing and tell them to make sure that they include the fact that you have offered to settle up.
 
Then forget about it and DON'T do it again!

 

[FishGuest5123]

This is an old post form 2013. Please start new post if you have a similar issue.

 

[stevehayes]

So if the tread is alive now, will it be ok to post a question here?

 

[JuiceBox52]

So if the tread is alive now, will it be ok to post a question here?

I would post a new thread, it will get more views

 

[Essjay]

Yes, please start a new thread. I've locked this one to new replies.