what is liability of changing car without telling finance company about it?

Nameloc

Hi,
Let me get this clear from the outset.
1. I will speak to finance company about this but I want to know if anyone has been in this situation before
2. I am not trying to scam the finance company, I just want to know my options before I call them. if its illegal, then i wont be doing it!

So I was in a car accident a few weeks ago and the car was classed as a Cat C write off. I had finance on the car but have only had the car less than a year.

I checked and the payout is covering 95% of the cost of the car and I do have gap insurance.

However, to get another car, it will need financing, and for that, i need to find 15% (which I dont have right now)

The insurance company have stated they are electronically sending me the money in the next couple of days.

My question is, has anyone been in a situation where they used the payout to buy another car and then transferred liability of the loan (and kept paying it) to the new car (should it be a similar price, make, model etc)

Or is this completely illegal and I should just send the money straight to the finance?

Johnny Sausage

Hi Op,

you may get a better response in the motors forum, theres some very knowlegeable posters over there

punisher5112

Try a few garages that deal finance and put it to them if you're buying new or whatever off a dealer.