I had a change of job recently which has resulted in me now wishing to dispose of my leased car.
I was reassured to know I had an Early Termination policy which covers the shortfall between the car's open market value and the outstanding finance - this cost me £17 per month.
However, when I called the finance company today, they said the insurance paperwork was in the post and I MAY be able to claim to have the car cleared of fianance and walk away.
The worrying word for me is MAY - I expected to cover this eventuality DEFINITELY.
I never received any early termination policy details either verbally or in writing.
I resigned from my previous job, wasn't dismissed or made redundant.
I cannot see any reason why this policy would not be paid out but now face an anxious wait.
Any thoughts?
2006-10-26 08:55:53 · 5 answers · asked by Stevie 1 in Cars & Transportation ➔ Buying & Selling
A can of petrol and a match. (you will also have the hottest BMW in the country for a few minutes)
2006-10-26 11:05:24 · answer #1 · answered by Walter D 3 · 0⤊ 0⤋
I've never heard of such a thing. What i believe you are speaking of is gap insurance, which is only in case of an accident or theft, fire etc.
When you enter into a lease, it is a contract that makes you responsible for a certain payment per month for a very specific time frame.
Expect to have to finish the lease, have someone take over the lease, or buy out the car. You will not be able to just walk away because you changed jobs.
2006-10-26 16:34:23 · answer #2 · answered by jay 7 · 0⤊ 0⤋
Most often that is payable only if the car is written off as a result of an accident or theft. At any rate, without a copy of the policy it's impossible to say. You should demand a copy immediately!
2006-10-26 16:25:48 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
listen these people are there to make money
2006-10-29 09:19:05 · answer #4 · answered by Steve f 2 · 0⤊ 0⤋
i would go to the citizens advice if i was you
2006-10-26 16:04:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋