Terminating the PCP on my Citigo

[jonowhitey]

Hi

 

I've terminated the PCP on my Citigo Black Edition (what a great little car!) a month early as I've put a deposit down on a new set of wheels. I asked Skoda finance if the car could be collected ASAP as I'm hopefully picking up the new car by the end of this week / early next week. They've told me that the Citigo must remain insured, taxed and MOT'd up to the point where British Car Auctions collect it. I understand the need for the vehicle to be taxed and MOT'd but the insurance is the pain as I want to move this over to the new car.

 

What I need to know is;

 

Why must the vehicle remain insured? Is it purely incase anything happens to it whilst I'm waiting for collection? Surely the auction house is insured for taking the vehicle away?

 

Whats the turn around time for British Car Auctions to collect the car? The Skoda finance people said I can pester them to speed up the process if needs be but I'm just curious what other peoples experiences are.

 

Thanks

Jon

[Rooted]

While you are the registered keeper you need to be sure the car is insured even if the wheels are not on the road, but say the transporter took it off the vehicle and sat it on the road, you show as the keeper.

 

Then until it is back in the owners safe keeping you are responsible for loss or damage or theft of the vehicle, so be careful over having insurance.

There is a recent & similar post to yours in the Legal & Insurance section of Briskoda if you look, 

talk to your insurer about Temp cover on both vehicles.

[Rustynuts]

What if BCA turn up to collect the car and someone has stolen it? You'll be responsible for the car until it's collected and under their insurance cover.

[jonowhitey]

Thanks Awayoffski, found the topic. Much appreciated.

[Auric Goldfinger]

I would have thought that once BCA lift the car, BCA are now responsible for the car. The driver will check it over with you and you both sign to agree on the condition of the car. If it falls off there truck it's there fault not yours.

[Rooted]

If you stop being the Registered Keeper at the point you sign and they take it away then you just go online and let the DVLA know you are no longer the Keeper.

Yes they are responsible for the insuring it during it being in their keeping, or what ever contractor they use, but until you are sure it is offski you are the one that needs to take care and be aware of the risks.

[leunger]

i think it's all depending of their schedule as if they have any pick-up on route or in your area. In my case, BCA was quick when i handed my old car back, they called be 2-3 working days after i terminated my contract with the finance company and they pick up the car the following week as they were picking up a few cars that week around my area.

[fenderstrat]

It took about 10 days for mine.  The collection took almost an hour as he gave it a very detailed inspection on my drive and recorded everything to computer.

I terminated about three weeks early so that I could get a new Citigo before the Tax threshold changed in April.  However, despite the dealer telling me it wouldn't affect my credit rating it did.  Not massively but there has been a record placed on it and it has affected my score detrimentally.  Something to be aware of...

[SurreyJohn]

The insurance can be a pain, depends on your insurance company, mine were happy to include the new car as a temporary overlap for a token fee, providing the extra car stayed parked on my drive.

 

Sometimes cheaper to start a new policy and cancel the first (get an online quote for the new car as a new customer with your existing insurer, print the quote but don't take it up), then call the changes department of your insurance company.   See what they offer you then let them know the rate you got (new rates are sometimes lower, and will match it if you ask, don't ask and they charge you more).  

 

Oddly when I changed from a Fabia 1.2 to a Yeti 1.2 my premium went down, even though list price of the Yeti was 40% higher, just depends on how they classify it.

 

The car tax only becomes a problem near month end as only get refunds in whole months.   Remember to cancel it before a new month starts

 

 

[Citigouk]

11 hours ago, fenderstrat said:

 However, despite the dealer telling me it wouldn't affect my credit rating it did.  Not massively but there has been a record placed on it and it has affected my score detrimentally.  Something to be aware of...

Any new credit search will reduce your credit rating, but you will notice after 2-3 months it will revert as you will have credit history of the new agreement with payment profiling