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WBAC Values

Discussion in 'Motors' started by Gibbo, 25 May 2021.

  1. Simon

    Capodecina

    Joined: 21 Oct 2002

    Posts: 24,524

    Location: Berks / Moscow

    But what about a daily vs a runabout
     
  2. wingman

    Soldato

    Joined: 27 Dec 2011

    Posts: 5,391

    Fox loves his daily runaround.
     
  3. Ahleckz

    Capodecina

    Joined: 7 Nov 2009

    Posts: 18,741

    Location: Glasgow

    They are wrong then. Twice I’ve insured cars (a Corsa and a Golf GTD) that weren’t mine and I had no financial interest in. They were fully owned by private individuals who weren’t using them and I needed a car for a period.

    I insured them as the main driver but not the registered keeper or the legal owner. It wasn’t a problem.
     
  4. [TW]Fox

    Man of Honour

    Joined: 17 Oct 2002

    Posts: 158,304

    Daily: Noun. See also: runabout
     
  5. Diagro

    Sgarrista

    Joined: 3 Jun 2012

    Posts: 9,913

    Well actually, you did have a financial interest in them. As if you crashed them, you would be liable to pay out. Hence having a financial interest not to crash them. :p
     
  6. dLockers

    Sgarrista

    Joined: 21 Jan 2010

    Posts: 9,079

    My wife's car is the runaround I use infrequently. Maybe I'll sell it to WBAC and then see if a dealership will 'loan' me a 'runaround' for a fixed 'monthly fee' on the basis they 'guarantee me a buy back price'
     
  7. Chris1712

    Sgarrista

    Joined: 29 Jul 2004

    Posts: 9,527

    Location: Somerset

    Well, just sold the 4C to Cazoo! Been thinking of a change recently and they offered me a good price, super super simple process and instant money in the bank.
    Really sad to see it go but sometimes you have to know when you’ve experienced everything you can with the car. 10 track days, 12,000 road miles and an epic Wales trip I have loved every minute. It’s also been a great gateway car, got me into Supercar circles and shows and I’ve genuinely made some great friends from it.
     
  8. tangey

    Gangster

    Joined: 30 Mar 2010

    Posts: 197

    Yes you can. Why couldn't you?[/QUOTE]
    I tried the same several years ago, and was told as per my earlier statement. To be honest, I didn't proceed any further and resolved the issue in a different way, as when the guy said it to me, it did appear logical.

    I've tried 3 online quotes this evening, and each one has an "assumptions we have made" section, with each of them assuming I am the registered keeper and the owner. Clearly from you experience you can insure an assest you have no financial interest in, but it looks from the limited snapshot I've tried, that the standard online quotes assume you're the owner and keeper, phoning might well resolve the issue.
     
    Last edited: 17 Nov 2021
  9. Ahleckz

    Capodecina

    Joined: 7 Nov 2009

    Posts: 18,741

    Location: Glasgow

    You know you can change those assumptions…
    Literally on the first page, after you enter the car details on confused.com…

    [​IMG]
     
  10. Greebo

    Caporegime

    Joined: 20 Jan 2005

    Posts: 42,095

    Location: Co Durham

    Cars on pcp and hire purchase arent owned by you either but you can insure them.
     
  11. chanjy

    Soldato

    Joined: 14 Dec 2003

    Posts: 5,041

    I think that's not right. They are owned by you in the same way a house with a mortgage is owned by you.
     
  12. Greebo

    Caporegime

    Joined: 20 Jan 2005

    Posts: 42,095

    Location: Co Durham

    Doesn't the clause which states that the goods belong to the finance company until you have made all your repayments disprove that? Of if you default on the repayments, they come and legally collect the car without having to go through the courts to do so on the basis that they own it?

    Or the fact on the hire purchase agreement the final payment has an "option to purchase" fee and its only then ownership transfers to you?

    https://www.moneysavingexpert.com/loans/hire-purchase/#:~:text=The finance company owns the,final 'option to purchase' fee&text=It should be mentioned in,how much the fee is.
     
    Last edited: 18 Nov 2021
  13. chanjy

    Soldato

    Joined: 14 Dec 2003

    Posts: 5,041

    Damn, I didn't know that... seems you may be right based on a quick skim of the internet :eek:
     
  14. jpaul

    Capodecina

    Joined: 1 Mar 2010

    Posts: 16,088

    You're on the deeds of the house, but owners not specified on a uk registration doc - you're registered keeper ?
     
  15. GinG

    Sgarrista

    Joined: 22 Jul 2006

    Posts: 7,641

    Doesn't matter who owns the car or has any financial interest. You would be the registered keeper...therefore can insure?
     
  16. b0rn2sk8

    Sgarrista

    Joined: 9 Mar 2003

    Posts: 9,791

    Hasn’t it already been explained that you can get insurance on any car you don’t own or have an interest in?

    Not all insurers will insure that circumstance but there are plenty in the market that will, it normally just costs more as in their view it is more risky.

    You can get insurance for pretty much anything if your wallet is big enough.
     
  17. tangey

    Gangster

    Joined: 30 Mar 2010

    Posts: 197

    So just to follow up, Over 7 weeks after I sold it to Cazoo, they finally listed it for sale. £53650 (I sold it for £49450). So around 8.5% markup. The pictures show they've repaired the minor kerb damage to the front two wheels, and also they replaced the passenger mirror housing that had a scratch on it. It was parked for quite a while at a company that has repair contracts for major leasing companies. Allowing £300 for the work, that's just under 8% mark-up. They actually listed it last night for £2K less, so someone musta decided it was on there too cheap. I'm surprised that they omitted listing some of the major extras.

    Anyhow, Cazoo is offering £44575 if you want to sell the car to them, WBAC is offering £43400. WBAC was previously around £2K or so less than Cazoo. Even allowing for the fact that the cazoo computer might realise it has a "very similar" car on its books, it looks like the offer prices (at least for this make/model) have softened £4-5K since I sold it.

    Whilst I await for the KIA EV6, I have the use of a 2020 petrol sportage with 5K on the clock, no downpayment, no contract, just calling up each month to pay them £320, or otherwise leave the car. £320 was more than I had originally considered, but at the time I was thinking about something several years old. whereas this is a pretty fresh car. V5c and tax in my name. I guess the £320 a month insulates them from the monthly depreciating value of the car with a bit of profit. Found an online insurance quote for a good price that only referenced having to be the registered keeper (not the owner) as an assumption, so happy to go with that.

    So far, things have worked out roughly as envisaged.
     
  18. Firestar_3x

    Caporegime

    Joined: 11 Mar 2005

    Posts: 30,708

    Location: Leafy Cheshire

    Fingers crossed for a drop in price come late 2022 / 2023, want a T8 XC90 and prices atm are absurd.
     
  19. Martynt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 18,073

    Location: Higher Walton

    I'm curious. Especially for those of you where cars have increased by large amounts. What would happen in the case of a write off and insurance?

    Usually the value only goes one way, so putting a value at the upper end is safe. However if your car has appreciated £10k. Would you be capped at the declared value?
     
  20. MissChief

    Capodecina

    Joined: 17 Jul 2010

    Posts: 21,681

    Insurance is there to put you back into a position of no material or financial loss. If they don’t do that I’d be looking an an Ombusman complaint. Book values mean nothing at the moment.