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hi all

I purchased a car thats was funded by the funding corporation the car was priced at £12.000 i had a hire purchase agreement for £22.000 i have been paying for this car for over a year i have paid £8.000 off of the £22.000 my house was recently burgled and along with all my household goods my car was stolen my insurance company has offerd me a payment for the car for £8.500 witch will be paid to the funding corp i have asked the funding corp how my car is going to be replaced they have told me that the money from the insurance company will be taken off what i owe them and that i will be liable for the outstanding money £5.500 i have asked if i can use the money from my insurance to purchase a new car and carry on paying my monthly payments they have told me they can not do that and that they want there money i have lost my £8.000 i have allready paid my car and i still owe them £5.500 can anyone HELP!!!!!!!!!!!!!!!!!!!!!!!

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funding corp is just the same as welcome

 

cant believe the did not flog you a gap warrinty

 

do you have a copy of the agreement

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i have the original copy of the aggreement i was sold gap insurance but the return to invioce gap so im only coverd for the price of the car witch is £12.000 so iv still lost a lot of money i carnt believe they wont replace the lost goods iv been told i should try and get them to lower the settlement price i just carnt see a way around this thanks for your replys

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please explain a bit more

 

gap insurance covers the settlement from the insurance company and the remaning balance on the agreement

 

confused

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please explain a bit more

 

gap insurance covers the settlement from the insurance company and the remaning balance on the agreement

 

confused

 

I'm confused as well - even if the GAP only covered the invoice price - if the HP was 22k and you've paid off 8k plus the 12k from the insurers that would be £20k when you take off the early payment rebate that would be over 22k...

If I've helped feel free to add to my reputation.

 

I am not a Practising Lawyer. My comments are my opinion only. You should not rely upon those comments and should always take your own professional advice from a practising Solicitor or Barrister

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hi i only found out about gap insurance a few days ago when i looked through all my paperwork they want £11.00 settlement my insurance have offerd £8.500 my rti gap should make up the rest of the money up to £12.000 so they should owe me £1.000 but i have allready paid them £8.000 i have only had the car 13 months so they want £7.000 for 13 months worth or hassle the gap is an rti return to invoice the other gap is finacial gap insurance

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There Is No Gap Financial Insurance

 

Gap Is Shortfall Insurance

 

Have A Car On Finance, Say Eight Grand

Car Gets Written Off Insurance Pays Six Grand

Two Grand Shortfall Paid By Gap To Finance Co

 

Do You Still Have The Gap Policy Agreements

 

Some One Has Been Telling You Porkies

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the policy i have is with motor care warranties ltd they offer an rti gap insurance and a financail gap insurance the rti gap will pay the shortfall between the amount i recieve from my insurance & the amount i paid for the car the financial gap covers the aggrement

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Ime Still Not Getting This

 

What Is The Financial Gap

In What Way Does It Cover Any Agreement Shortfall

 

Sorry

 

Never, Never Herd Of Financial Gap

 

Ime Starting To Think You Have Been Stitched Up

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