Purchasing a new car with existing car on HP?

[Hbells]

I currently have have a 20071 series on HP with black horse - settlement figure £4,600 (2 years left on finance) Trade in value of £4,500
I want to upgrade/get a new car but don't want to be much worse off, I'm not sure how settling the HP works and purchasing another car on finance? Any advice?

Thanks

[oldnbold]

If you are buying your new car from a dealer and trading in the old one they will sort out paying off the finance owing on the old one.

[Mopar440]

You are only very slightly in negative equity, so it's not really a problem, and one that the dealership deals with every day.

The business manager is used to massaging the figures for very much larger discrepancies!

[phey708]

I would sell privately to get more money than trade in value otherwise you will be £100 negative equity. You can settle finance over phone during the sale of the car to the new owner.

[ZX10R NIN]

phey708 said:

I would sell privately to get more money than trade in value otherwise you will be £100 negative equity. You can settle finance over phone during the sale of the car to the new owner.

I agree with this sell it privately the person buying settles the outstanding finance & gives you the balance you both get an Email confirming the finance is cleared & your in a better position.

[r11co]

ZX10R NIN said:

I agree with this sell it privately the person buying settles the outstanding finance & gives you the balance you both get an Email confirming the finance is cleared & your in a better position.

Errr, no! You get paid by the person buying your old car and when their funds clear you then settle the finance. There are stories on here of people who have done what you suggest above only to discover later than the settlement payment has been clawed back due to fraud (paid on a stolen credit card).

[oldnbold]

r11co said:

ZX10R NIN said:

I agree with this sell it privately the person buying settles the outstanding finance & gives you the balance you both get an Email confirming the finance is cleared & your in a better position.

Errr, no! You get paid by the person buying your old car and when their funds clear you then settle the finance. There are stories on here of people who have done what you suggest above only to discover later than the settlement payment has been clawed back due to fraud (paid on a stolen credit card).

Well that works both ways.

Would you pay the seller in full for a car and then trust him to clear the finance on the car? If so you are much more trusting than me.