Part exchange - Cash?

[msandford]

Hi.

I am looking at financing a 10 month old Tiguan with a personal loan. Thinking ahead (third child?), we might want to change for a Touran or something similar. If I part exchange the Tiguan, and say it’s worth £15k and I have £13k loan outstanding, will a dealer give me £13k to pay off the loan and put the remaining £2k in to the new car? I know this is standard on PCP (although you wouldn’t been in equity!), I’m just wondering if it’s different if I have an unsecured loan.

Cheers.

[anonymous-user]

Theoretically I can't see why not - I can't imagine there's much difference to them on transferring cash to your bank account rather than transferring cash to a finance company.

How much is the 10 month old car? Just asking because there are huge discounts on new at the moment - e.g. 2.0 TDI 150 R LINE TECH at £28k from a broker, over £6k off list. £2k of that saving is subsidy for taking their PCP at 5.2% so not necessarily the greatest deal overall but with nearly new cars something new can often be in the same ballpark.

[msandford]

It’s here.

I haven’t looked at brokers before. Do you recommend one?

The main issue I’ve found is VW aren’t able to build any Tiguans (and others) due to WTLP compliance. Shocking that after 6 months they still haven’t sorted this. Haven been told a factory order 1.5 TSI DSG SEL is 26 weeks!

[HTP99]

msandford said:

It’s here.

I haven’t looked at brokers before. Do you recommend one?

The main issue I’ve found is VW aren’t able to build any Tiguans (and others) due to WTLP compliance. Shocking that after 6 months they still haven’t sorted this. Haven been told a factory order 1.5 TSI DSG SEL is 26 weeks!

There are big issues with the 1.5 TSi engine.

[msandford]

HTP99 said:

There are big issues with the 1.5 TSi engine.

I thought it mostly affected manuals?

[anonymous-user]

msandford said:

It’s here.

I haven’t looked at brokers before. Do you recommend one?

The main issue I’ve found is VW aren’t able to build any Tiguans (and others) due to WTLP compliance. Shocking that after 6 months they still haven’t sorted this. Haven been told a factory order 1.5 TSI DSG SEL is 26 weeks!

Ah, yeah, that's an issue.

I've not used them personally, but a friend has used Drive The Deal twice and really rates them.

They have the 2.0 TSI 190 4MOTION SEL 5DR DSG for £33k when you match the spec of the used car and take the dealer finance, or £35k if you don't take the dealer finance. If those extras aren't that important to you then you can get it for £29k with metallic paint. No idea on lead times though........

There's also CarWow, you may be able to get an even better price.

[msandford]

I have been told an SEL 1.5 TSI 150PS DSG is 24 weeks, and an SEL 2.0 TSI 190PS 4Motion DSG model is 21 weeks. Not purchased a factory order before but that’s way too long for us.

[HTP99]

msandford said:

HTP99 said:

There are big issues with the 1.5 TSi engine.

I thought it mostly affected manuals?

Auto as well apparently, we have a SEAT franchise and I have just asked.

[msandford]

Is the 2.0 TSI 180PS affected?

Edited by msandford on Wednesday 3rd April 12:08

[CAPP0]

If it's a standard personal loan (eg a bank loan) then why do you need to do anything when you change cars? You borrowed the money to buy a car and that's what you did and are still doing. The loan cash is transferred into your account and you pay cash for the car. The bank won't care what car you're driving as long as you're paying it off.

Or are you talking about some form of HP?

[msandford]

I’m thinking if I take a PCP deal in a few years, before I have payed off the loan, I will want to settle the outstanding debt with most of the part exchange value.