Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Please note that it is not permitted to have referral links posted in your signature. Keep these links contained in the appropriate forum. Thank you.

https://www.boards.ie/discussion/2055940817/signature-rules
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Question re Car Loan and Insurance

  • 04-08-2011 3:27pm
    #1
    ifa665
    Closed Accounts Posts: 5 ✭


    Hi guys,

    I have a question - I wrote off my car a couple of weeks ago, I'm lucky that I was only mildly injured and things are just about settled with the insurance company. I have a loan for the car which is nearly paid off and I was wondering - can I continue to pay the loan and use the payment seperately myself to get another car?

    I'm new to both car accidents and boards so any help welcome!


Comments

  • #2
    sean1141
    Registered Users, Registered Users 2 Posts: 4,088 ✭✭✭sean1141


    is it a credit union/bank loan or finance??

    if its just a normal loan you can continue to pay it off and use the money from the insurance to buy a new car or whatever


  • #3
    ifa665
    Closed Accounts Posts: 5 ✭ifa665


    It's finance....so what happens with that?


  • #4
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    Is the car secured against the loan - i.e. are the details of the car on the finance agreement you signed?

    If so, you'll more than likely need to settle the loan before you buy a new car.


  • #5
    ifa665
    Closed Accounts Posts: 5 ✭ifa665


    Yes, the details of the car are on it.

    When you say settle it before I can buy another, do you mean before I could get more finance or just before I touch the payment?

    I intend to pay cash for a car privately, am going to avoid credit as much as possible with the way things are at the moment!


  • #6
    sean1141
    Registered Users, Registered Users 2 Posts: 4,088 ✭✭✭sean1141


    dose the finance company not own the car untill the last payment is made?? if so they would need to be payed. you could continue to pay off your finance every week/month and use your insurance money to buy a new car??


  • Advertisement
  • #7
    ifa665
    Closed Accounts Posts: 5 ✭ifa665


    That's exactly what I want to do, I want to continue making the payments to the finance company and buy a car separately, independent of that.

    I suppose my question is - is it possible to do that?!


  • #8
    MrDerp
    Registered Users, Registered Users 2 Posts: 992 ✭✭✭MrDerp


    ifa665 wrote: »
    That's exactly what I want to do, I want to continue making the payments to the finance company and buy a car separately, independent of that.

    I suppose my question is - is it possible to do that?!

    Seems unlikely fella. You're asking them to effectively continue with an unsecured loan instead of the secured one they have. I'd imagine this is explained in suitably opaque language somewhere in the small print of your HP agreement.


  • #9
    ifa665
    Closed Accounts Posts: 5 ✭ifa665


    That's what I was afraid of...


  • #10
    sean1141
    Registered Users, Registered Users 2 Posts: 4,088 ✭✭✭sean1141


    maybe get a loan from the credit union to clear the finance if its not that much, you could pay that off every week instead??


  • #11
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    If the finance company have a vested interest in the car then you still have to inform them that the car has been written off. If the loan is nearly paid off then get a settlement figure from them and pay it out of the money you got from the insurance company. Then go out and buy another car with the balance of what is left.

    Either way I'd rather settle the loan than try and be repaying for something I no longer have.


  • Advertisement
  • #12
    laughter189
    Closed Accounts Posts: 376 ✭✭laughter189


    even though you were only mildly injured , your compensation for injuries should nearly cover the o/s loan


Advertisement