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Hire to purchase query

  • 19-05-2019 12:08PM
    #1
    bilasy
    Registered Users, Registered Users 2 Posts: 169 ✭✭


    Hi, I’m one year into my 4 years hire to purchase agreement, if I want to swap to another BMW , can what are the steps needed?and is it doable?
    I’m not in a position to pay the the outstanding balance , any one with knowledge please share your ideas
    Thanks


Comments

  • #2
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to the Motors Buying & Selling forum. You should get good help there.

    dudara


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,849 ✭✭✭✭bazz26


    bilasy wrote: »
    Hi, I’m one year into my 4 years hire to purchase agreement, if I want to swap to another BMW , can what are the steps needed?and is it doable?
    I’m not in a position to pay the the outstanding balance , any one with knowledge please share your ideas
    Thanks

    If it's a standard HP finance then you need to get a settlement figure (what you owe now) from the bank. You can settle that figure by taking out a new HP loan which will include what you already owe plus the cost of trading up to the newer car. One thing to note is that if you are only 1 year into the existing finance deal then you might liable to penalties for exiting the existing finance early.


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