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car finance query
zxrlocost - 31/1/06 at 07:17 PM

My friend has a new corsa active 53 plate worth just under 5k

the pay off to get out of the pcp is £5.1k

he hasnt had it long enough to simply give it back

but doesnt want it anymore and wants to buy a £3k car instead also on finance

whats the best way around this as you cant really sell the car with finance remaining then pay of the finance ??? with the money from the vauxhall then get a fresh finance on the £3k car

ta chris


k33ts - 31/1/06 at 08:36 PM

the perpspective buyer could pay the settlement to the finance company although your mate would have to make up the difference so its all paid up



sell to dealer same thing hell have to pay the difference unless he down px's and adds the balance on hp

failing that burn it


muzchap - 31/1/06 at 09:28 PM

Burn it is also my suggestion.

That way he'll get just over trade and only have a little difference to make up to the finance company


Paul M - 31/1/06 at 11:02 PM

His best bet is to probably get a loan/pay the Corsa off then sell it privatley. I doubt he could get more than 4K in px for an active of that age, especially when it's got over 5k of finance on it and he only wants a 3K car.


stevebubs - 1/2/06 at 12:07 AM

quote:
Originally posted by Paul M
His best bet is to probably get a loan/pay the Corsa off then sell it privatley. I doubt he could get more than 4K in px for an active of that age, especially when it's got over 5k of finance on it and he only wants a 3K car.


That's not such a bad idea - if he has the difference available in his bank, get a bridging loan out to cover the difference and pay off the finance....he can then sell the motor and pay off the briding loan. You'll often find your local branch is more accomodating for this than the eggs etc of this world....