Originally Posted by RSK
You're saying that if the car is written off FAC expect both the market value for the vehicle and the statuatory 40% of remaining monthly payments to end the contract. Sadly writing off one's car doesn't terminate the contract !
Thats what I mean, yes.
Obviously 'return to invoice' might cover you later on in the contract, when the market value is lower and you have only a few payments left,
But say for example you write it off early in the contract, you owe them virtually the full £25K or whatever and in my case plus about £7500 to cover the 40% of the remaining payments....
Same as I would owe them if I wanted to return the car early.
The gap insurance I have covers me up to £10K in the difference between pay out and settlement