Negative Equity Deals

[ArnisKleins]

Hi all,

Basically I want to change my car for something cheaper (currently have C63). I have quite a chunk that I can put in but still think I'll need to carry some neg eq.

Which dealerships do negative equity deals?

Cheers

[anonymous-user]

Generally it’s easy to hide negative equity in the deal when going to a more expensive car as the value of asset is enough to secure the debt. If you’re in NE on an expensive car and are getting something cheaper it is likely to be trickier.

Are you sure you really need to get out of the C63 that badly? It might end up costing you more to jump ship at this point if you’re heavily in NE. You may have other options around voluntarily terminating outstanding finance, depends how far you are in to the finance deal.

[ArnisKleins]

Hi,

Cheers for the reply, to be honest it is something I want to get rid of, I'm currently paying quite a bit, more than some people for their houses (I know, stupid)

The reason I want to get out is to cut my monthly costs, as I want to clear my debts and it will aid for me to save for the business I want to open much quicker.

To be fair, I'm not that much upside down on it (open to interpretation), from what I've been offered on straight sale deals I am in neg eq about 3k.

[derek.j]

Sell the car private pay the 3k out of you own pocket and buy a run around

[ArnisKleins]

derek.j said:

Sell the car private pay the 3k out of you own pocket and buy a run around

Can I actually sell it privately seeing as there is an active finance on it?

I haven't seen people buy cars for that much privately, don't they tend to go for dealerships?

Sorry for the questions, just didn't think that would be a possibility.

[mk2driver]

You can sell privately - it’s more awkward but can be done

Best route is that the buyer pays finance company direct but as you’re in negative equity then the easiest way is they pay you and you pay the finance off in the same time ie as soon as money lands in your account you call the finance company while the buyer is still there

This is the same as what the trade would be doing anyway but it does need a buyer who understands hats happening

It could be that the difference between a private sale and the trade sale means you don’t have any negative equity - in this case the buyer can pay the finance company directly if they want more reassurance

[rs4al]

Have a look at the WBAC price, then have a look on Autotrader for C63’s, note which specialist dealers sell them.

Then phone round the dealers offering your car, there’s not much stock out there so you never know, you might get offered a price which is acceptable to you.

I got £1k more than Merc where going to give me for my 340i from a specialist dealer, it had finance on it and it wasn’t an issue.

[PenelopaPitstop]

In past, there was 3-4K price difference between trade in price and retail price on C63. Depends on age and value of course.

[ben5575]

Try www.motorway.co.uk

I've banged on about them on the previous thread, so won't again here. Choose the premium service. You don't pay anything for it.

You take some photos of your car, they put on an internal auction to main/specialised dealers (e.g. they do exactly what the poster above helpfully suggested for you so you don't have to). Once the auction closes you can either choose to accept the price or walk away so it's no risk.

I used them and got 20% over WBAC/trade. Something like a C63 would do very well there I think.

If you still have NE at the hammer price, you can pay the dealer the difference direct. Dealer sends a driver out to pick up the car.

[ZX10R NIN]

You'll get close to breaking even (depending on spec/condition) selling privately it'll be easier to sell if you clear the finance, but you'll find a buyer.