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insurance and car finance

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  • 04-11-2010 11:38am
    #1
    sandra1980
    Registered Users Posts: 11 ✭


    hi wonder if anyone has any advice
    i got a car 2 years ago on finance with bank of Scotland and there is 2 years left to pay on it BUT recently i was burgled and my car was taken now my insurance company say they will make the cheque out to ME and the bank of scotland but the B.O.S say they want full payment and they no longer do car finance, so i'd then end up with no car. what i want to know is: what if i don't pay B.O.S. what would happen and is there any other way around this I can't get finance anywhere else as I'm no longer working as i've just recently had a baby.


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    #2
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    sandra1980 wrote: »
    hi wonder if anyone has any advice
    i got a car 2 years ago on finance with bank of Scotland and there is 2 years left to pay on it BUT recently i was burgled and my car was taken now my insurance company say they will make the cheque out to ME and the bank of scotland but the B.O.S say they want full payment and they no longer do car finance, so i'd then end up with no car. what i want to know is: what if i don't pay B.O.S. what would happen and is there any other way around this I can't get finance anywhere else as I'm no longer working as i've just recently had a baby.

    What type of finace was this? Hire purchase? Personal loan?

    How does your insurance company know that Bank Of Scotland is your lender?


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    #3
    sandra1980
    Registered Users Posts: 11 ✭sandra1980


    well they checked the car and it came back that there was finance on the car.... so annoying


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    #4
    threebeards
    Registered Users Posts: 1,040 ✭✭✭threebeards


    It's standard procedure to be honest. Assuming it's not an unsecured personal loan, BOS are the legal owners of the asset until the last repayment is made and as such they are entitled to the proceeds of the insurance payment. It's an unfortunate situation you find yourself in but there isn't a whole lot you can do tbh.

    Depending on outstanding amount on the loan v the insurance payout you would be entitled to any balance over and above the settlement but the reverse is true if you owe more than the insurance cheque.


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