Disclosing car accident to finance company?

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Fri 1 Apr 2022 19:28
Disclosing car accident to finance company? - m.amd
I read terms and conditions of a finance agreement and it says that in an event of a loss or accident I must inform them of that. Just out of curiosity, if you’re insured and the insurance takes care of it why do I need to tell them? I thought with hp there’s less obligation
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Fri 1 Apr 2022 19:40
Disclosing car accident to finance company? - _
I read terms and conditions of a finance agreement and it says that in an event of a loss or accident I must inform them of that. Just out of curiosity, if you’re insured and the insurance takes care of it why do I need to tell them? I thought with hp there’s less obligation

Ethically and morally you should tell them as it can impact on the value of the car in case of cessation of the contract.

Is the damage major or minor?

Have you actually had an "incident"?

or is this just a theoretical question, as I have seen on another forum.

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Fri 1 Apr 2022 21:01
Disclosing car accident to finance company? - m.amd
Theoretical. I haven’t even yet got my vehicle and no incident took place. However with my previous HP agreement I was hit and had to claim, they didn’t care as long as the vehicle was repaired. This agreement is different. I read the full contract and wondered why it varies …
And I wondered why, as after repair if the vehicle isn’t categorised as a loss/has no cat placed on it, I thought the value remains the same upon repair. I cross my fingers to never being in an accident again though

Edited by m.amd on 01/04/2022 at 21:02

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