zxrlocost
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| posted on 31/1/06 at 07:17 PM |
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car finance query
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
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k33ts
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| posted on 31/1/06 at 08:36 PM |
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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
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muzchap
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| posted on 31/1/06 at 09:28 PM |
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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
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Paul M
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| posted on 31/1/06 at 11:02 PM |
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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.
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stevebubs
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| posted on 1/2/06 at 12:07 AM |
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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....
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