Car Finance - What are my options?

[.R2D2]

Purchased a brand new Ford last September and I want to get rid of it for a Audi

Now where do I stand with the finance, is it just a case of getting a loan to pay it off or do I have other options?

[dibblecorse]

The answer will be in your finance agreement, why not call the finance company ?

I suspect though that if you are less than 50% of the way through the agreement or owe more than 50% of the finance you'll need some lube.

[Nagra]

.R2D2 said:

Purchased a brand new Ford last September and I want to get rid of it for a Audi

Now where do I stand with the finance, is it just a case of getting a loan to pay it off or do I have other options?

Need more information bud.

How did you arrange the finance? Personal loan? Direct with the dealer? etc

[PumpkinSteve]

I have mine on 'Ford Options' and can VT it after paying half the sum of the total payable amount on the credit agreement.

[David87]

Finance? You are clearly too poor to be on PH. Get out.

In all seriousness, be prepared to fork out quite a lot for the change and keep in mind the Ford's probably a better drive than the Audi.

[.R2D2]

David87 said:

Finance? You are clearly too poor to be on PH. Get out.

In all seriousness, be prepared to fork out quite a lot for the change and keep in mind the Ford's probably a better drive than the Audi.

I am considerably richer, than yow!

Had an Audi before and I much prefer it over the Focus (its rattle free for one!)

[martin mrt]

First of all you will need to obtain a settlement figure from your existing finance company,

For example

Settlement £12000
Part ex value £10000
Outstanding balance £2000 (also referred to as -ve equity)

That outstanding balance (if you end up with one) is the tricky part, you may choose to pay it off and enter a fresh agreement on the Audi, carry it over into the Audi agreement, the choice is yours, but beware if you choose to do the latter and carry the -ve equity onto the Audi remember that you will be in -ve equity with the Audi for a considerable length of time.

I've been there and done it, and it's now why I never buy cars from a dealer forecourt, being upside down with finance on a car isn't a great place to be