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New car - settling existing finance.

  • 28-07-2015 8:02pm
    #1
    azzeretti
    Registered Users, Registered Users 2 Posts: 1,477 ✭✭✭


    I just bought a new car and now a little worried about it went. I had a 2012 car to trade in against a new one. The finance settlement on the 2012 was 10K. There was a bit of equity there so the new finance total was agreed but with a different finance company. I have the new car now and the dealer said he would send the settlement cheque to the old finance company tomorrow to clear it down and the new agreement (with a different finance company) would then start. Just wondering what would happen if he didn't send that cheque? I would effectively have two finance agreements but one car. Is this normal practice for clearing finance agreements?


Comments

  • #2
    SJT1
    Registered Users, Registered Users 2 Posts: 84 ✭✭SJT1


    azzeretti wrote: »
    I just bought a new car and now a little worried about it went. I had a 2012 car to trade in against a new one. The finance settlement on the 2012 was 10K. There was a bit of equity there so the new finance total was agreed but with a different finance company. I have the new car now and the dealer said he would send the settlement cheque to the old finance company tomorrow to clear it down and the new agreement (with a different finance company) would then start. Just wondering what would happen if he didn't send that cheque? I would effectively have two finance agreements but one car. Is this normal practice for clearing finance agreements?

    Yes, normal practice. He's only going to clear the settlement on your trade in after you trade it in, not beforehand! If you are concerned just ring the bank your old finance agreement was on with in a few days to see if they received a cheque or not.


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