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Car dealers & finance

  • 26-09-2018 4:58pm
    #1
    sean_24
    Registered Users, Registered Users 2 Posts: 20 ✭


    I’m financing a new car and trading in a car I currently have on finance. The dealer is offering to give me the value of what’s left in cash to pay off the outstanding finance.

    Can anyone tell me if this is right?

    Sounds kind of suspicious to me, I thought they would pay the previous finance company.


Comments

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


    sean_24 wrote: »
    I’m financing a new car and trading in a car I currently have on finance. The dealer is offering to give me the value of what’s left in cash to pay off the outstanding finance.

    Can anyone tell me if this is right?

    Sounds kind of suspicious to me, I thought they would pay the previous finance company.

    If you are trading in a car with money still owed, the dealer should be giving you a figure re value of your car then taking any amount owing away from that leaving you with the remainder as deposit to go forward on new car with him clearing finance outstanding.
    To hand you cash to clear it yourself means he is taking a car into stock with finance owing and who knows, you might never clear that finance.
    I'd be wary of buying a car from someone who operates in that way.
    I'd imagine you misunderstood him though.


  • #3
    sean_24
    Registered Users, Registered Users 2 Posts: 20 ✭sean_24


    Yeah it was my understanding that the dealer takes care of that side of the deal.

    The amount I’m getting for the trade in is enough to cover the outstanding finance, and of course it’s the first thing I want to do.

    It’s not sitting quite right with me though, I’ve ran the new car through Cartell and it says it’s clear of outstanding finance. Are they 100% reliable?


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