Part Exchange/Hire Purchase
Discussion
Hi all,
Probably a silly question but this is not an avenue I've ventured into before so curious.
My current car is valued at roughly £14k give or take. It is on a HP agreement.
Early settlement just now £14,870.10. So a little bit negative equity.
Could I part exchange for a car with a price tag of £13k or so? And if so how would that work?
Probably a silly question but this is not an avenue I've ventured into before so curious.
My current car is valued at roughly £14k give or take. It is on a HP agreement.
Early settlement just now £14,870.10. So a little bit negative equity.
Could I part exchange for a car with a price tag of £13k or so? And if so how would that work?
StrawberryBurst said:
Hi all,
Probably a silly question but this is not an avenue I've ventured into before so curious.
My current car is valued at roughly £14k give or take. It is on a HP agreement.
Early settlement just now £14,870.10. So a little bit negative equity.
Could I part exchange for a car with a price tag of £13k or so? And if so how would that work?
Car's value is £14kProbably a silly question but this is not an avenue I've ventured into before so curious.
My current car is valued at roughly £14k give or take. It is on a HP agreement.
Early settlement just now £14,870.10. So a little bit negative equity.
Could I part exchange for a car with a price tag of £13k or so? And if so how would that work?
Outstanding finance is £14.8k
Net value of -£800
Potential new car is £13k
The finance isn't transferrable between the cars and so you will need to clear the finance in full, this can be done by paying the dealer the £800 and they clear the finance entirely with their part-exchange offer + your 'top up'.
The new £13k car would need to be financed separately - so via a personal loan, savings, PCP, HP etc.
StrawberryBurst said:
Hi all,
Probably a silly question but this is not an avenue I've ventured into before so curious.
My current car is valued at roughly £14k give or take. It is on a HP agreement.
Early settlement just now £14,870.10. So a little bit negative equity.
Could I part exchange for a car with a price tag of £13k or so? And if so how would that work?
its possible.Probably a silly question but this is not an avenue I've ventured into before so curious.
My current car is valued at roughly £14k give or take. It is on a HP agreement.
Early settlement just now £14,870.10. So a little bit negative equity.
Could I part exchange for a car with a price tag of £13k or so? And if so how would that work?
Depends what ther buyer offers you.
If you PX then the dealer buys the car from the you/finance company, if he offers less than settlement you'd still owe that money and would need to pay it of at that point. If its more than the settlement the price of the vehicle you're purchasing would essentially be reduced.
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