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Car Finace??
Posted: Thu Aug 16, 2007 2:09 pm
by chrisash32
Hi guys,
Just a quick one, i have the polo on finance at the moment and its the first time i have done that with a car.
I need a bigger car now and the polo is going to have to go!
How does this work with the finance? can i sell the car privately? or do i have to get my new one though trade so they can sort the finance out?
Cheers
Chris
Posted: Thu Aug 16, 2007 4:57 pm
by Redline
Obvious answer, but read the small print. It should be set out in the Terms & Conditions of your finance agreement.
Is it a finance agreement with a VW dealership?
Posted: Thu Aug 16, 2007 6:50 pm
by mk4 glx 1.6
Ask the lender for a settlement figure, to give you an idea of the figure you need to pay at that moment in time to end the finance agreement early.
When you have sold the car, ask for an updated settlement figure. Fingers crossed the revenue received will cover the settlement figure. Don't stop your finance payments until you have sold the car though, as it will obviously reduce your settlement figure, and also give you a bad credit rating.
Posted: Thu Aug 16, 2007 7:07 pm
by DanDiesel
yup basically, get a settlement figure from the finance company, then what the garage offers you for the car as a p/x, then that will go towards paying the remainder of the finance on the polo.
if there is any left over then that can be used as a deposit on a new car!
you can sell the car privately, you'll probably get more money for it that way and then you must pay your finance off immediately!
Posted: Fri Aug 17, 2007 9:53 am
by chrisash32
Thanks guys,
yeh its on VW Dealer Finance at 2.2%
The only thing that has been stopping me is if i would loose my private plate, as some places are stupid about transferring them!
VW were really good and did it all for me, they would also do the same if i got from them again.
I wanted a T4 van, but VW used now only do the T5 so i will have to shop around a bit.
Thanks
Chris
Posted: Fri Aug 17, 2007 9:57 am
by dino
chrisash32 wrote:Thanks guys,
yeh its on VW Dealer Finance at 2.2%
The only thing that has been stopping me is if i would loose my private plate, as some places are stupid about transferring them!
VW were really good and did it all for me, they would also do the same if i got from them again.
I wanted a T4 van, but VW used now only do the T5 so i will have to shop around a bit.
Thanks
Chris
Get your plate put on retention and stick a normal plate on.