thats what haggling is for
Never tell the dealer your budget, because if they know you can easily afford a car then they will be less likely to bring the price down
General 1.4 16v Sporting to a . . . . . ? NEW CAR TIME
- Thread starter Obrooks
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General 1.4 16v Sporting to a . . . . . ? NEW CAR TIME
thats what haggling is for
Never tell the dealer your budget, because if they know you can easily afford a car then they will be less likely to bring the price down
OP
OP
cheers guys all this is helping quite a lot! im going to ring my finance company and bank today and get figures for the final sum owed and rates i can get on loans etc. fingers crossed!
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I'd be trying to get out of debt tbh not getting more!. Your lucky that at the moment your pretty much breaking even (your car is worth roughly what you owe).
OP
OP
yeah thats why im looking at getting out of it due to monthly costs etc. only sensible time when you are roughly breaking even. otherwise i wouldnt be considering it!
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But you wont pick up a decent replacement for much less than what you have now. If I were you Id stick to trying to pay off the loan you already have, rather than adding debt on top.
OP
OP
i have been given a very good offer actually that would make sense, just today
you may find you are better off with dealer finance than a loan through your bank at the moment...
OP
OP
yeah but the offer is a very cheap car! 1.9 sporting, 58 plate, 7,000 miles on clock, £8250
port3r1987
New member
how long have you had the car if its half the term of how long you took the finance over hand them the car back only if its half way through so 2.5 years if you took it over 5 years it doesnt affect your credit rating either and you can start a fresh
OP
OP
yeah i looked into that. but i need to bring monthly costs down ASAP, and i would have to wait another 7 or 8 months to be at the point of being able to hand it back. I would also get charged for being over my mileage etc. So in the time i would have to wait, having my monthly costs down means i can save more money each month, even though initially its going to cost more, its going to benefit me more in the long run doing this now, especially with the offer i just got on that mjet thats only done 7000 miles!
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Is it one of those plans where you lease the car for x-amount a month and you have a minimum guaranteed future value (MGFV) and restricted mileage? If so, that could complicate things a bit, as you haven't actually got a straight forward loan on the car. You are technically leasing it as a hire car it from the company and then have the option to buy it outright at the end. The reason they impose mileage restrictions is so it is easier for them to guarante the future value. There will be a penalty for each mile over the limit you are.
With a standard scheme, the car is still technically the loan company's, but you are paying off an amount each month, which then enables you to take full ownership of the vehicle at the end of the loan term. This standard variety of scheme does not usually have any mileage restrictions either.
If you do the former, I reckon you will almost certainly not get a cheaper amount to pay each month as they are designed to cut the monthly costs for people who want to change their car regularly anyway.
With a standard scheme, the car is still technically the loan company's, but you are paying off an amount each month, which then enables you to take full ownership of the vehicle at the end of the loan term. This standard variety of scheme does not usually have any mileage restrictions either.
If you do the former, I reckon you will almost certainly not get a cheaper amount to pay each month as they are designed to cut the monthly costs for people who want to change their car regularly anyway.
OP
OP
none of the above. its a private sale
OP
OP
ohhh haha sorry. its hire purchase, i can pay out of the agreement at any time. and being as im not far off breaking even with what i owe and how much i can sell the car for, i have checked with them and i can sell it privately and pay them whats owed. then for the new one im going to get a bank loan, so the monthly repayments are down to whatever i agree to with the bank
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You have been advised badly then. You cannot sell what's not yours. The car is technically the loan company's and therefore cannot be sold by you to another buyer. You could probably part exchange it, or trade it in. Any private buyer who even has half a brain will carry out a check on the car and find outstanding finance - which then means you'd be breaking the law by trying to sell it to them.
If you want to sell privately, you will need to pay off the amount owed first.
If you want to sell privately, you will need to pay off the amount owed first.
OP
OP
i was speaking to the finance company today and have done before in the past when enquiring about this. i know i am not legally the owner, but when you want to sell it privately you make them aware, they sort out their back office stuff, and you can do it. i have checked and double checked.
OP
OP
and even if that is the case. i wil get the bank loan, pay off the amount owed. sell it, then buy new one. if i can find a buyer i can advise them it has oustanding finance that i will pay off first, as long as they are a guaranteed buyer im all good. fiddly, but do-able.
sorry mate, but your wrong there. Most finance companies offering hire purchase will let you sell the car and pay off the remaining balance- it needs to be in a set amount of time though, possibly before the next payment is due or along those lines...
OP
OP
wel hopefully i wasnt misadvised by a call centre robot and thats correct, but ive been told more than once and they sounded pretty certain. so hopefully ittl all go that smoothly! im sure something will balls it up!
edit - glad somebody else has heard that is true and its not being misadvised!
edit - glad somebody else has heard that is true and its not being misadvised!
