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Discussion Starter #1
Hi, I need to get insurance tomorrow as I collect my new car at the weekend, who do you recommend, or just go through comparison site. Also I have the reg but it's not recognised on the sites. Also, on a PCP, is the owner the finance company or the garage? thanks
 

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The car belongs to FCA ,or whatever credit company is providing the credit, until/if the balance is paid at term+ 1 month. Until then you have to make up any shortfall between what the insurance pays and what you owe in theory. This is why you are recommended GAP insurance. Also because there's commission to be made but you can buy it elsewhere at a potentially lower price.
 

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Discussion Starter #3
The car belongs to FCA ,or whatever credit company is providing the credit, until/if the balance is paid at term+ 1 month. Until then you have to make up any shortfall between what the insurance pays and what you owe in theory. This is why you are recommended GAP insurance. Also because there's commission to be made but you can buy it elsewhere at a potentially lower price.
Thanks cue, a bit odd though, I just emailed the dealership, they said I am both owner and reg keeper. ??
 

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You are the owner for the purposes of the registration. Also the responsibility for its value but the whole basis of the pcp is that you never own the car until the last 40% (for example) is paid as I understand it. It's to do with cancellation rights of HP probably.
 

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Discussion Starter #5
You are the owner for the purposes of the registration. Also the responsibility for its value but the whole basis of the pcp is that you never own the car until the last 40% (for example) is paid as I understand it. It's to do with cancellation rights of HP probably.
Ok, I understand I think, I did make clear to the dealership I was getting insurance and asked who owns the car, he said for insurance purposes I am the owner and keeper, does this sound correct to you cue?
 

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Yes, that's it. You're the driver and responsible owner! You can't get tax on a car without insurance.
They also want to know you're not using the car for laundering money....
 

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Discussion Starter #7
Yes, that's it. You're the driver and responsible owner! You can't get tax on a car without insurance.
They also want to know you're not using the car for laundering money....
The salesman did look at me funny when I asked how much cash can I put down, lol
 

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That's because there's a limit to what you can put down on a pcp; it cannot exceed the projected depreciation ,for example..
Once you've paid half on HP you can just walk away, and they don't want you to do that on a pcp either!
 

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Discussion Starter #9 (Edited)
That's because there's a limit to what you can put down on a pcp; it cannot exceed the projected depreciation ,for example..
Once you've paid half on HP you can just walk away, and they don't want you to do that on a pcp either!
The max deposit was already agreed earlier(7250), I asked how much cash can I use and he said they have been conned in the past with dodgy notes!!

So only 2 grand in notes.
 

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I would avoid any deposit on PCP unless you have GAP insurance which protects it any down payment.
And if you are giving it back at the end of the term any deposit is a crazy idea I think.
 

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Discussion Starter #11
I would avoid any deposit on PCP unless you have GAP insurance which protects it any down payment.
And if you are giving it back at the end of the term any deposit is a crazy idea I think.
Can I take out gap after getting the car?

I intend to keep the car or sell it privately, to me it was a cheaper option compared with HP.
 

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Can I take out gap after getting the car?



I intend to keep the car or sell it privately, to me it was a cheaper option compared with HP.


Yes you can up to 180 days after, through the one I used. I wasn't offered GAP by the dealer but my wife's old Pug, basic GAP was £300 just to pay finance difference against the the value at the time of write off (no deposit cover)

Whereas I paid £186 for £10000 difference cover with vehicle replacement, their top product at the time.
 

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You are the register keeper.

When i bought this Abarth on a PCP, I didn't buy the dealer GAP, they wanted nearly £400!

I went on line through ALA and got replacement + deal for £145 for three years, its transferable too. It was a very painless process. It pays the finanaceoff and gets you another car.

If you're buying on a PCP, I'd recommend GAP, otherwise you could be in negative equity if something happens because the insurance only pay market value, rather than what it costs for a new one, they're never the same

ALA were recommended by Honest John.
 

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Most insurance policies will replace the car with new if written off in the first year though. For me I felt I was likely to only be exposed to a shortfall in months 12-18 so I didn't take gap insurance. That was with 2k part ex plus about 5k discounts though. Otherwise it would be quite easy to be in negative equity for the whole term.
 

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With PCP you declare yourself as the registered keeper but NOT the owner. I made the same mistake but rectified it before any problems thankfully.
 

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The car belongs to FCA ,or whatever credit company is providing the credit, until/if the balance is paid at term+ 1 month. Until then you have to make up any shortfall between what the insurance pays and what you owe in theory. This is why you are recommended GAP insurance. Also because there's commission to be made but you can buy it elsewhere at a potentially lower price.
As I suggested , as keeper, you're responsible for the property of the credit provider and you need to insure yourself. It's worth checking if your insurance gives new replacement for the first year anyway!
It's a bit like buying a leasehold flat as opposed to a freehold house.
 

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Discussion Starter #20
As I suggested , as keeper, you're responsible for the property of the credit provider and you need to insure yourself. It's worth checking if your insurance gives new replacement for the first year anyway!
It's a bit like buying a leasehold flat as opposed to a freehold house.
The dealership have confirmed I am the owner on a PCP. It’s a Personal Contract Hire (PCH) where the finance company are the registered keeper.
 
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