Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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Getting shot of a car thats on finance without losing a fortune ?
Bored of my R after 6 months, owe about what its worth, and i've spent about £500 on mods.
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Corsa_Sport21
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Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
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If you owe about what its worth, then really, you are only losing the £500 you have chose to spend on it.
Best way would be to try and get top dollar for it, and possibly sell off aftermarket parts to recoup some more money.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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I take it if i sell the car i have to fully settle the finance ?
[Edited on 19-08-2012 by Archie]
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Corsa_Sport21
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Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
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I would think so. Still going to be something owed on it if you don't.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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So for example if i sold the car for £4k, i couldnt pay £3k off and keep the rest to buy another car, then just pay whats left as normal?
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Stuart H
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Registered: 17th Jul 09
Location: lanark , scotland
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Means your selling the car with outstanding finance though.
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AndyCorsaSport
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Registered: 12th Feb 06
Location: Horsforth, West Yorkshire
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No, the finance is on the car, so the usual way to sell a car on finance, is the person buying would bank transfer you £4k and you ring finance and pay off there and then, or they pay the £4k and you sign car over to them
Other wise they would buy car for £4k, you pay £3k and keep £1k, the £1k would still be outstanding ( all be it you say keep paying it) your average Joe Bloggs you sell the car to wont belive your going to keep paying it.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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What a fucking headache. 
Now i know why my old man told me finance was bollocks.
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Jon_C
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Registered: 7th Dec 05
Location: Suffolk
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Get a loan and settle the finance. Once you have a loan you can do whatever you want with the car
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AndyCorsaSport
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Registered: 12th Feb 06
Location: Horsforth, West Yorkshire
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quote:
Originally posted by Jon_C
Get a loan and settle the finance. Once you have a loan you can do whatever you want with the car
This.
Possibly get a better rate too.
This is the reason when i was 18 i got a loan for a car, and not finance, i knew id get bored, low and behold i had the car 3 months and sold it. would have been a PITA if it was finance.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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Doubt i'd get a loan if i already have finance though.
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ShEp
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Registered: 9th Aug 05
Location: Dingwall, Highland
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When a car is on finance it belong to the finance company till you finish paying it off.
So no you cant sell it, till the finance is paid
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John
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Registered: 30th Jun 03
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quote:
Originally posted by Archie
What a fucking headache.
Now i know why my old man told me finance was bollocks.
Finance isn't bollocks, not thinking about it at all before taking it out is a bit stupid.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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TBH John, it seemed logical at the time.
Had wanted a Type R for ages, wanted a good reliable car, ticks all the boxes.
But i work less than half a mile from home, and i havent renewed the insurance because its silly money now and seems pointless paying out a small fortune for something that does 20 miles a week as my social use has cut down to practically nothing
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
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I've sold a car on finance before. Didn't bother the buyer as long as I disclosed it and proved it was paid off before he left with the car.
Happens a lot nowadays TBH.
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John
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Registered: 30th Jun 03
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I've had finance on a few cars, I always get bored, I've managed to come out of it at worst even every time though. You just have to add the numbers up and make it work as best as you can.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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Aye, not like i cant afford it, just wasnt expecting such a shafting on insurance come renewal, was mid policy when i got it.
So i'll be paying almost what my finance payment is on insurance a month, for it to sit and do fuck all really.
Only took it over 24 months so not totally stitched up as i paid a pretty solid deposit.
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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Holy shit some of the advice in this thread is really, really bollocks.
Yes you can sell it, just advertise it for the price and when the man turns up, have him pay the finance off, make up the shortfall or keep the difference.
You've lost no more in depreciation than if the car wasn't on finance, but you've spent money on interest.
Also note - balance on the loan won't equal the fee to settle as when you settle you will no longer be accruing interest on the debt.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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I also get an interest rebate when i clear it off.
If i wa set on selling it i'd return it to nigh on standard as well.
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Corsa_Sport21
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Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
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quote:
Originally posted by Archie
Only took it over 24 months so not totally stitched up as i paid a pretty solid deposit.
Fook me, how much was it costing you all in?? Take it you were paying a pretty penny for it.
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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Length of the term is nothing to do with how stitched up you are.
If you got a good rate = no stitched up. If you got a bad rate = stitched up.
If you took it over 10 years - lower payments but you owe more mid term and you accrue more interest.
If you took it over 6 months - higher payments but you're more likely to be in equity and you accrue less interest.
No more a pretty penny than if you got it on buy now pay with money. That would be a monster monthly payment, once.
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Corsa_Sport21
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Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
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But if he only has what its worth, left to pay, and has paid 6 months payments, and a pretty solid deposit. That to me would work out to be a pretty penny. Can't imagine it being low monthly payments either with it being over 24 months.
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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I got it for £4k
£700 deposit, took the rest over 24 months, 2 month break before my 1st payment
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Archie
Organiser: Scotland
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Registered: 18th Dec 07
Location: South Ayrshire
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So to summarise i've paid £1100 to date.
£152 a month. Seemed good at the time, given that i've never had a car on tick before.
[Edited on 19-08-2012 by Archie]
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Corsa_Sport21
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Registered: 13th Apr 08
Location: Leven, Fife. Drives : 205 GTi
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You could probably actually come out on top in that case. Be in profit.
Bound to be worth around £3500 still??
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