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Car Finance Question

  • 11-02-2010 3:14pm
    #1
    Karen23
    Registered Users, Registered Users 2 Posts: 1,871 ✭✭✭


    I'm just looking for a bit of information regarding car finance so apologies if I've posted in the wrong section.
    I have my car a year and it's the first time I've had a car on finance and I've been thinking of changing my car.
    Is it as easy as changing the finance from one car to another or do I have to sell the car and re pay the finance and start again from scratch with the new car.
    Thanks In Advance for any replies.


Comments

  • #2
    furtzy
    Closed Accounts Posts: 1,464 ✭✭✭furtzy


    Karen23 wrote: »
    I'm just looking for a bit of information regarding car finance so apologies if I've posted in the wrong section.
    I have my car a year and it's the first time I've had a car on finance and I've been thinking of changing my car.
    Is it as easy as changing the finance from one car to another or do I have to sell the car and re pay the finance and start again from scratch with the new car.
    Thanks In Advance for any replies.


    You can't transfer finance from one car to another. Ring the finance company and ask for a settlement figure i.e how much you owe. If you then sell the car the settlement figure will have to re-paid in full. The same applies when trading the car into a dealer. The dealer will issue a cheque to the finance company for the amount he is allowing you on the trade-in. If this covers the owed amount great if not you make up the difference either way the settlement figure has to be paid


  • #3
    Karen23
    Registered Users, Registered Users 2 Posts: 1,871 ✭✭✭Karen23


    Thanks a million Furtzy.


  • #4
    Yawns
    Banned (with Prison Access) Posts: 4,255 ✭✭✭Yawns


    The oh's mother used to change her car every January for about 7 years getting a new from the same dealer each year on finance. Never a prob for her, they did most of the paper work. This was an Opel dealer in Dublin.

    However the interest involved was staggering. I don't know why she even bothered tbh. The last one was Jan '07 and she was paying over €500 a month! I couldn't believe she was mad enough to swap it for the third let alone the 6th!!!


  • #5
    Karen23
    Registered Users, Registered Users 2 Posts: 1,871 ✭✭✭Karen23


    Yawns wrote: »
    she was paying over €500 a month! !!!


    Holy God :eek:


  • #6
    Yawns
    Banned (with Prison Access) Posts: 4,255 ✭✭✭Yawns


    Yeah after she kept asking us for money she was told to get rid of it by her husband. She was very silly about the whole act.

    They dealer took it back under the hp half rule thingy. A neighbour told her all about it so she went and dropped it off at the dealer and gave back the keys.


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  • #7
    patwicklow
    Registered Users, Registered Users 2 Posts: 1,937 ✭✭✭patwicklow


    Karen23 wrote: »
    Holy God :eek:

    wow 500 amonth thats alot to be honest if the car is in good order id stick with it as its just more expence in the long run i got my astra in 2005 on the long finger and last payment was made last month thank god i now own it
    but i get stuff in the post from the main dealer tempting me to upgrade to the all new 2210 astra but my car still perfect in everyway so why sould i go in to more dept. for the fat cats to get richer....


  • #8
    daisy100
    Registered Users, Registered Users 2 Posts: 64 ✭✭daisy100


    I have a similar query, i have a 04 car, prob only worth €2,500 - €3,000 but i owe €5000 in finance on it, i really want to change it as i have had a lot of problems with it in the last 2 years. my query is will i have difficullty refinancing when i still have an oustanding balance of 2 - 3 thousand ?


  • #9
    threebeards
    Registered Users, Registered Users 2 Posts: 1,040 ✭✭✭threebeards


    Yawns wrote: »
    However the interest involved was staggering. I don't know why she even bothered tbh. The last one was Jan '07 and she was paying over €500 a month! I couldn't believe she was mad enough to swap it for the third let alone the 6th!!!

    What you failed to point out is how much she borrowed and over how long. If she borrowed for example €20,000 over 4 years €500 pm wouldn't be bad. In order for anyone to determine how reasonable or otherwise the repayment is you would need to provide that information.


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