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trade-in with finance outstanding

  • 14-11-2012 2:16pm
    #1
    mikehammer67
    Closed Accounts Posts: 699 ✭✭✭


    is it possible to trade in a van if the finance outstanding is greater than it's value
    i'd be looking at something same value or less
    i'll prob contact finance co.
    just wondering if it's a non-runner ?


Comments

  • #2
    martinn123
    Registered Users, Registered Users 2 Posts: 2,300 ✭✭✭martinn123


    mikehammer67 wrote: »
    is it possible to trade in a van if the finance outstanding is greater than it's value
    i'd be looking at something same value or less
    i'll prob contact finance co.
    just wondering if it's a non-runner ?

    If the van has Finance O/S irrespective of the value or the amount then the van still belongs to the Finance Co.

    No one will trade it in without the Finance being cleared as they will be unable to sell it on.


  • #3
    mikehammer67
    Closed Accounts Posts: 699 ✭✭✭mikehammer67


    martinn123 wrote: »

    If the van has Finance O/S irrespective of the value or the amount then the van still belongs to the Finance Co.

    No one will trade it in without the Finance being cleared as they will be unable to sell it on.
    thanks
    any time i've traded in previously with finance outstanding the main dealer and finance co arranged things and i just signed the paperwork
    i'm not too clear how that side of it works


  • #4
    martinn123
    Registered Users, Registered Users 2 Posts: 2,300 ✭✭✭martinn123


    mikehammer67 wrote: »
    thanks
    any time i've traded in previously with finance outstanding the main dealer and finance co arranged things and i just signed the paperwork
    i'm not too clear how that side of it works

    The dealer would have arranged to have the Finance cleared on the first van, from the New Loan secured on the second van.

    Only works if the first van is worth more than finance outstanding,

    you mentioned,
    is it possible to trade in a van if the finance outstanding is greater than it's value
    i'd be looking at something same value or less

    Thats like a negative equity Mortgage, and its taken 4 years to come up with nothing on that front, so don't expect any moves on van finance.;)


  • #5
    mikehammer67
    Closed Accounts Posts: 699 ✭✭✭mikehammer67


    martinn123 wrote: »

    The dealer would have arranged to have the Finance cleared on the first van, from the New Loan secured on the second van.

    Only works if the first van is worth more than finance outstanding,

    you mentioned,


    Thats like a negative equity Mortgage, and its taken 4 years to come up with nothing on that front, so don't expect any moves on van finance.;)
    seems i'm stuck with it so
    thanks


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