Getting Rid of Car on Finance
Discussion
Looking for some advice on getting rid of a financed car.
I've only had it for 18 months, bought it second hand (15 plate) on PCP. It just isn't practical for what I need.
I'm looking to get rid of it and get something practical, a small'ish SUV/4x4 would be ideal.
The settlement figure is about £14,800 but I don't have that lying around spare. I went on to some of the car buyer sites (WBAC etc) and have been offered around £12,300 at best from them which would mean I would need to throw in £2,500, which I could do but I would rather not.
Has anyone here had a similar experience and managed to get around it - private sale, haggled a better trade in etc?
The motor I'm looking at has an OTR price of roughly £16,500, so not a huge amount more than my car is currently worth! And yes, I would still be financing it...
Appreciate any feedback or help!
I've only had it for 18 months, bought it second hand (15 plate) on PCP. It just isn't practical for what I need.
I'm looking to get rid of it and get something practical, a small'ish SUV/4x4 would be ideal.
The settlement figure is about £14,800 but I don't have that lying around spare. I went on to some of the car buyer sites (WBAC etc) and have been offered around £12,300 at best from them which would mean I would need to throw in £2,500, which I could do but I would rather not.
Has anyone here had a similar experience and managed to get around it - private sale, haggled a better trade in etc?
The motor I'm looking at has an OTR price of roughly £16,500, so not a huge amount more than my car is currently worth! And yes, I would still be financing it...
Appreciate any feedback or help!
IanCress said:
Have you spoken to the dealer you want to buy from? They may be able to offer you a px deal and roll the existing finance in to the new deal.
No I haven't actually, wasn't sure how that worked in terms of finance - would they add on the outstanding finance from the first car on to car 2?Yes, exactly. If you're in negative equity with your current vehicle then they will just add the extra £2500 on to the cost of the car you're purchasing, so you're financing £19k rather than £16.5k.
Speak to them. If it's a reasonable sized dealer then they will be used to doing this.
Speak to them. If it's a reasonable sized dealer then they will be used to doing this.
A mainstream lender will not offer a secured loan over book value, usually they'll peg it back particularly on a depreciating asset.
The best way to realise max value is sell privately, cover any shortfall if need be and start again.
The best way to realise max value is sell privately, cover any shortfall if need be and start again.
Edited by PositronicRay on Friday 2nd November 17:37
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