possible to change my finance company to my bank

anto2009

hi all is it possible to change my finance company on my car to my bank

Gumbo

yes, you ring the finance company and ask them for a settlement figure. the settlement figures usually last for a week or two.
then you go to your bank, get a loan for the amount and pay the finance company with the bank loan.

note - may be actually harder to get the money from the bank considering the current climate and how ruthless the banks are at present to some people.

bazzachazza

What K said plus it will likely cost you money and interest rate might be worse than current deal. Do your figures first.

anto2009

thanks for the reply i have the settlement figure just really want to get rid of ge money the intrest would be lower with the bank

Whynop

I presume you read your loan agreement before you signed up to it?

You do realise that with GE, they make you pay the full whack (including the full interest that would be payable) PLUS an early termination fee?

If you ask to change your repayment plan/extend the term of the loan mid-way through, they'll take you to the cleaners. That's how sub-prime lending works: they'll tack on charges and give you an extortianate interest rate (which the sales guy will never tell you: you gotta work that out for yourself).

You're stuck with GE. If you have a sub-prime loan, you're better off sticking to the original agreement. There are no shortcuts.

Berty

Most banks will NOT take on the debt from another company.

Been there, tried that.

anto2009

early termination on the car is €11,000

Whynop wrote: »

I presume you read your loan agreement before you signed up to it?

You do realise that with GE, they make you pay the full whack (including the full interest that would be payable) PLUS an early termination fee?

If you ask to change your repayment plan/extend the term of the loan mid-way through, they'll take you to the cleaners. That's how sub-prime lending works: they'll tack on charges and give you an extortianate interest rate (which the sales guy will never tell you: you gotta work that out for yourself).

You're stuck with GE. If you have a sub-prime loan, you're better off sticking to the original agreement. There are no shortcuts.

Whynop

anto2009 wrote: »

thanks for the reply i have the settlement figure just really want to get rid of ge money the intrest would be lower with the bank

That settlement figure is the full amount repayable + the full interest + an early termination fee, right?

If so, how would getting another loan and paying more interest make any sense?

anto2009

Whynop wrote: »

That settlement figure is the full amount repayable + the full interest + an early termination fee, right?

If so, how would getting another loan and paying more interest make any sense?

thats the full settlement figure i would perfere my bank to own the car than ge

Whynop

anto2009 wrote: »

thats the full settlement figure

I think you should read the T&Cs.

What's the interest rate on that?

anto2009

Whynop wrote: »

I think you should read the T&Cs.

What's the interest rate on that?

9.5% i can pay the car off early without paying extra

bazzachazza

anto2009 wrote: »

thats the full settlement figure i would perfere my bank to own the car than ge

Why though? Your bank at the end of the day are the same as GE.

This is going to cost you a fortune. Your better off paying the loan off yourself quicker than changing loan provider. You will make less on any sale in the future. Your increasing the time before you can change your car again.

Whynop

anto2009 wrote: »

9.5% i can pay the car off early without paying extra

9.5% isn't too bad I guess.

How much do you reckon you'd save by switching banks?

anto2009

ok no worries thanks all

bazzachazza wrote: »

Why though? Your bank at the end of the day are the same as GE.

This is going to cost you a fortune. Your better off paying the loan off yourself quicker than changing loan provider. You will make less on any sale in the future. Your increasing the time before you can change your car again.