Car stolen insurance pay off and PCP

neuty

Cheers, it seems impossible that you could get a brand new Abarth 595 Tjet for £14500. We looked at other used cars and some were £15 or £16 plus.

Carl

neuty

Fabulous I will pm you

Bl4ckGryph0n

Car wow brings you into contact with many dealers. There are some really good discounts
Also when you look at auto trader the second hand prices for a 67 plate are a lot less than £14k which likely reflects that. As such the market value reflects that and those their offer as well.  

But as I said you haven’t specified the model other than 595. There are at least three different levels and options, but as you just mentioned 595 I assumed it is the excellent entry level. And of course the 695 but I discounted that one. So perhaps the insurance company has got the model wrong?

Oh and perhaps another point, what self declared assessment of value did your daughter put on the insurance? She wouldn’t be the first to underdeclare the value, perhaps that is being reflected.

Just some thoughts based on the limited information provided.

rousetafarian

As previously posted elsewhere my old insurance company didn’t or couldn’t distinguish between a 1.8l Audi A5 and my 3.0l supercharged 333bhp S5, they aren’t infallible.

nheather

But the final payment (I assume the balloon payment - pay it to keep or walk away) is at the end of the agreement after all the monthly payments and interest have been paid.  Santander will be looking for a total to cover all the monthly payments outstanding plus £9800.  They may waive some of the interest for early payment but that depends on the T&Cs.

Cheers,

Nigel

Bl4ckGryph0n

I’d suggest that Santander won’t be looking for anything from the Insurance company. The insurance company only looks at market value. Any shortfall is down to the person who took out the loan agreement. But granted an insurance company would have uncovered there is finance outstanding and would have requested a settlement figure as in finance situations they pay the liabilities direct.

nheather

Agreed - I wasn't suggesting that Santander would be seeking that from the insurance company.  To some extent they don't care what the insurance company pays out because they will receive the full outstanding amount regardless.  As you say they will expect the person that took out the loan to make up any shortfall.

So what the OP is experiencing is that the money goes direct to Santander and Santander won't waste any effort trying to get a better payout because it doesn't matter to them.

Cheers,

Nigel

un1eash

When it comes to PCP the most a finance company can charge you for settling early is one months interest.

neuty

All seems like its going down a similar route as you have all been suggesting. My daughter is hopefully getting some support on the valuation so she can possibly challenge the offer they have given.

Thanks All

neuty

There is no shortfall but the remainder left after settlement to Santander my daughter will not see.