Car finance options

[Pig benis]

Hi folks

I am really unsure where I stand on this, here is the story:

Two months ago I got myself a really smart R56 Mini Cooper S which I really like and am not fussed if I have to keep it for longer, however I have a hankering for a Nissan 350Z.

My deposit into the car was £1k and the finance is for 3 years, so is it even possible to hand it back now?

Again, I am not bothered if I have to keep it for a while as I enjoy driving it and he sounds fairly fruity too.

Cheers folks

[northandy]

Pig benis said:

Hi folks

I am really unsure where I stand on this, here is the story:

Two months ago I got myself a really smart R56 Mini Cooper S which I really like and am not fussed if I have to keep it for longer, however I have a hankering for a Nissan 350Z.

My deposit into the car was £1k and the finance is for 3 years, so is it even possible to hand it back now?

Again, I am not bothered if I have to keep it for a while as I enjoy driving it and he sounds fairly fruity too.

Cheers folks

Not to the finance company without paying half the total value of the agreement.

I guess you may get lucky and be able to part exchange it (with them settling your finance), but I'd expect you will have lost at least £1k

[750turbo]

northandy said:

Pig benis said:

Hi folks

I am really unsure where I stand on this, here is the story:

Two months ago I got myself a really smart R56 Mini Cooper S which I really like and am not fussed if I have to keep it for longer, however I have a hankering for a Nissan 350Z.

My deposit into the car was £1k and the finance is for 3 years, so is it even possible to hand it back now?

Again, I am not bothered if I have to keep it for a while as I enjoy driving it and he sounds fairly fruity too.

Cheers folks

Not to the finance company without paying half the total value of the agreement.

I guess you may get lucky and be able to part exchange it (with them settling your finance), but I'd expect you will have lost at least £1k

1K?

And a whole shedload more!

[PGNTuscan]

750turbo said:

1K?

And a whole shedload more!

And then some more !!

[Northernchimp]

If the Mini was new, £3k negative equity, easy.

[oldnbold]

If you find a 350z that you like ask your finance co for a settlement figure on the Mini. Armed with this go talk to the dealer with the 350z.

As others have said having only put £1k deposit in you will undoubtably owe more on finance that the PX figure the dealer will offer, therefore you will be in negative equity. The dealer may still be able to sort out a finance deal for you on the new car, depends realy how much neg equity you have.

This is not a good way to trade cars from a financial view point and you will need to be pretty sure you are going to keep the 350z until the finance is paid off, if you do the above 2 or 3 times on the bounce you will end up in a very big pile of financial dodo. My brother in law did this and ended up in a £20k hole and no car.

[daemon]

Pig benis said:

Hi folks

I am really unsure where I stand on this, here is the story:

Two months ago I got myself a really smart R56 Mini Cooper S which I really like and am not fussed if I have to keep it for longer, however I have a hankering for a Nissan 350Z.

My deposit into the car was £1k and the finance is for 3 years, so is it even possible to hand it back now?

Again, I am not bothered if I have to keep it for a while as I enjoy driving it and he sounds fairly fruity too.

Cheers folks

At this point you're probably £4,000 down on the transaction, if you were to either inject the cash, or try and trade in and over finance the next car.

Its ludicrous to be thinking about another change at this point unless you've money to burn.

[northandy]

750turbo said:

1K?

And a whole shedload more!

I did say "at least"

[northandy]

Northernchimp said:

If the Mini was new, £3k negative equity, easy.

Looks like a 58 plate from previous posts

[Pig benis]

Thank you for the advice everyone.

As much as I would like a powerful RWD car instead I will hang onto my Mini for a year or two. I would love to get it remapped and do a few tweeks, but we shall see.

P.B