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car finance

  • 15-12-2008 1:49am
    #1
    handsomecake
    Banned (with Prison Access) Posts: 2,783 ✭✭✭


    mods feel free to move this. i could not find an appropriate thread in motors.



    quick question. i have a car under finance. if i want to trade it in against another car in a garage,will the dealer transfer the finance on to the new car??

    ie my car is worth 20000.
    the new one is 25000. he takes my one and now im paying more a month under the new finance.

    or do i have to settle up with my bank for the existing car and then get new finance for the new one????? is finance transferable??


Comments

  • #2
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    I'll give you a tenner for it !


  • #3
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,125 Mod ✭✭✭✭AlmightyCushion


    Moved from after hours although it may be better off in a finance forum or something.


  • #4
    patrickc
    Registered Users, Registered Users 2 Posts: 7,972 ✭✭✭patrickc


    when ive changed cars before I've just topped up my motor loans with AIB, just check with your finance provider.


  • #5
    R.O.R
    Registered Users, Registered Users 2 Posts: 12,712 ✭✭✭✭R.O.R


    handsomecake wrote: »
    mods feel free to move this. i could not find an appropriate thread in motors.



    quick question. i have a car under finance. if i want to trade it in against another car in a garage,will the dealer transfer the finance on to the new car??

    ie my car is worth 20000.
    the new one is 25000. he takes my one and now im paying more a month under the new finance.

    or do i have to settle up with my bank for the existing car and then get new finance for the new one????? is finance transferable??

    The dealer will settle the finance agreement on your current car, and start a new one on the new car. If it's with the same provider it might go against the same account number - sort of like a top up.


  • #6
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    patrickc wrote: »
    when ive changed cars before I've just topped up my motor loans with AIB, just check with your finance provider.

    i've just the exact same thing last week.


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  • #7
    Táck
    Closed Accounts Posts: 1,744 ✭✭✭Táck


    handsomecake wrote: »
    mods feel free to move this. i could not find an appropriate thread in motors.



    quick question. i have a car under finance. if i want to trade it in against another car in a garage,will the dealer transfer the finance on to the new car??

    ie my car is worth 20000.
    the new one is 25000. he takes my one and now im paying more a month under the new finance.

    or do i have to settle up with my bank for the existing car and then get new finance for the new one????? is finance transferable??



    were you using 20k as an example or is your car worth this?

    forget about the mortgages, its negative equity on cars that is a big problem in this country


  • #8
    handsomecake
    Banned (with Prison Access) Posts: 2,783 ✭✭✭handsomecake


    Táck wrote: »
    were you using 20k as an example or is your car worth this?

    forget about the mortgages, its negative equity on cars that is a big problem in this country


    these are the official figures (rounded for ease)

    bought car for 25,000 in april. honda accord
    total finance owed including interest over 60 months is 30,000.


    i now want to change it for another car which costs 26,000.

    how the hell do i do it?


  • #9
    furtzy
    Closed Accounts Posts: 1,464 ✭✭✭furtzy


    handsomecake wrote: »
    these are the official figures (rounded for ease)

    bought car for 25,000 in april.
    total finance owed including interest over 60 months is 30,000.


    i now want to change it for another car which costs 26,000.

    how the hell do i do it?

    Have you got a settlement figure from your finance company? You pay the interest up front on car finance so you may get a nasty surprise on how much you owe on the car. Selling a car after 6 months is madness


  • #10
    hobochris
    Registered Users, Registered Users 2 Posts: 2,164 ✭✭✭hobochris


    handsomecake wrote: »
    these are the official figures (rounded for ease)

    bought car for 25,000 in april.
    total finance owed including interest over 60 months is 30,000.


    i now want to change it for another car which costs 26,000.

    how the hell do i do it?
    depending on the market value of the car, the dealer may do a straight swop. doubt it though, they'd be more inclined to try screw you over.


  • #11
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    If you owed less than the value of your car, the garage/bank would be able to get it sorted for you however since there is more outstanding than your car is worth, you may have to pay off the difference as in these times finance companies wont be giving out loans for more than the value of the car. This is what they would be doing if you dont clear off some of current one.


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  • #12
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    Contact your finance company. They should be able to transfer the outstanding finance to the new car.


  • #13
    Táck
    Closed Accounts Posts: 1,744 ✭✭✭Táck


    you need to get a salesman to give you the value of the car. not what he is giving you for it but what at what cost he is taking your car into stock. if this figure is lower then the figure you owe you are in negative equity and you should have to come up with the difference.

    i say should because some garages will over finance your car to include this figure. not good business imo


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