Originally Posted by cj romeo
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
Unless I've missed something in my RTI GAP agreement (through the same dealer as you
) then there's no risk - all I'll have is a replacement car for the duration of the contract and perhaps some discussion with FAC as to why the car I give back to them is not the car they gave me. This is always assuming that I want to continue with the contract.
In terms of insurance I'm with Privilege who will cover vehicles for which I'm not the registered keeper whereas Direct Line wouldn't
.
For those of you taking Contract Hire be aware of the extra charges that can build up. If you take the car abroad you need written authority which needs to be renewed annually, if you have a private plate you pay an admin fee for the transfer (both ways) and woe betide you if you fall victim to the congestion charge as Red Ken made it impossible for FAC to send the charge on to you - they pay it on your behalf (therefore accepting guilt) and send you the bill + £60 for their troubles
