Car finance query (changing cars)

[forrestgrump]

Apologies if this has been covered.

I currently have a Panamera on HP (value circa £30k, outstanding finance roughly £19k). I’ve seen a car I’m interested in which is £35k, and I’m happy to trade in the Porsche for it. Let’s assume this is a cashless transaction from my end, I figure the dealer I part ex in with settles the finance on the Porsche, and new finance is arranged for the £35k vehicle. This will surely take a long time to be reflected on my credit report, and so for me personally it’s unlikely to be approved.

Can finance, currently with Santander, be transferred and amended? Or does it need to be settled in full and then rearranged, particularly as the dealer in question doesn’t work with Santander. Or something else?

[Sir_Dave]

Your new car finance will likely have "subject to settlement of existing finance " on it or similar.

Depending on the scenario, it will either be paid by the new vehicle funder and/or the dealer as part of the new transaction - hope that helps.

[forrestgrump]

But then that settlement will needed to be reflected on my credit report to finance the new vehicle, and I’m guessing this isn’t instant?

[The Rotrex Kid]

forrestgrump said:

But then that settlement will needed to be reflected on my credit report to finance the new vehicle, and I’m guessing this isn’t instant?

No, it won't

The finance is agreed on the new vehicle on the proviso that the existing finance is settled, this is a process carried out by the dealer, the onus is on them to provide a clearance letter on the old agreement.

[forrestgrump]

The Rotrex Kid said:

forrestgrump said:

But then that settlement will needed to be reflected on my credit report to finance the new vehicle, and I’m guessing this isn’t instant?

No, it won't

The finance is agreed on the new vehicle on the proviso that the existing finance is settled, this is a process carried out by the dealer, the onus is on them to provide a clearance letter on the old agreement.

Noice. Had hoped there would be something like this possible, although a potentially very costly thing indeed.