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Need to change car with finance owed

  • 22-10-2008 10:00am
    #1
    _feedback_
    Registered Users, Registered Users 2 Posts: 4,274 ✭✭✭


    Hi all,

    Sorry for another one of these threads, but just looking for a bit of advise. I plan on talking to garage/finance company etc. but like a bit of a blind man where this stuff is concerned.

    I got my first car a couple of years ago, a peugeout 206 2004 1.1L , which now has 65,000 miles on it. I have checked todays price on the VRT calculator and it reckons about €8500.

    I got it through a finance company (GE Money) at the time to be paid back over 5 years.

    NOW! I have been forced in to a longer commute in work and need to change it over the next few weeks if i can. I would drive the small car in to the ground with the new commute, and looking to get a bigger car with diesel engine.

    I know it's not easy selling cars at the moment, but does the finance affect me? Will a garage trade with me and work out the finance? Do I need to go back to the same garage? Sorry, as I say, I'm a bit clueless.

    Thanks in advance for any help..


Comments

  • #2
    galwaytt
    Registered Users, Registered Users 2 Posts: 12,822 ✭✭✭✭galwaytt


    it's not a big deal, at all.

    If you're buying from a garage, and they're taking it in as a trade-in, they need to pay the finance co the balance owed (presuming it's less than the value of the car), and put the balance against the car you're buying from them. That needs to be in writing, btw............

    Ode To The Motorist

    “And my existence, while grotesque and incomprehensible to you, generates funds to the exchequer. You don't want to acknowledge that as truth because, deep down in places you don't talk about at the Green Party, you want me on that road, you need me on that road. We use words like freedom, enjoyment, sport and community. We use these words as the backbone of a life spent instilling those values in our families and loved ones. You use them as a punch line. I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the tax revenue and the very freedom to spend it that I provide, and then questions the manner in which I provide it. I would rather you just said "thank you" and went on your way. Otherwise I suggest you pick up a bus pass and get the ********* ********* off the road” 



  • #3
    cvisser
    Registered Users, Registered Users 2 Posts: 104 ✭✭cvisser


    Well the first thing is, You have to find out how much you owe on your Finance, Verses how much your car is worth. If you owe more than your car is worth you will have to come up with cash. A way around this is to put inflate the car price you are buying so you dont have to put in some Cash. I stronglr advise against this as you were just creating a snow ball afect and you will eventually have to come up with Cash.

    Below i have put a link to what your car is going for in a main Peugeot Garage. It is a bit away from your estimation of € 8,500.

    Sorry to tell you this but these are tough times and € 5,500 to € 6,500 is a Realistic RRP price.

    http://www.carzone.ie/used-cars/Peugeot/206/LX-1.1/985277/

    If you need any more help dont hesitate in contacting me.

    Kindest Regards.


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