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Changing cars during a HP agreement

  • 15-08-2019 03:07PM
    #1
    elguapo
    Registered Users, Registered Users 2 Posts: 188 ✭✭


    Hi All. Bought an Open Grandland X on Hire Purchase last year. Car is fine, repayments are fine, but we're now expecting twins, so we'll need something bigger. Does anyone have experience with changing cars during a HP agreement? Was it difficult to deal with finance company/dealers? Thanks.


Comments

  • #2
    MarkN
    Registered Users, Registered Users 2 Posts: 4,631 ✭✭✭MarkN


    No issue doing it. There’ll be a cost of change and you’ll either go with same lender or a new one. Either way, the balance on the car is cleared (settlement figure) and a new agreement can commence.

    Depending on if you put any money down or how much the car has depreciated, you may owe more than the car is worth. It isn’t a problem but you’ll more than likely have to put money to the settlement figure if that is the case.

    Ring whoever your finance is with and ask for a settlement figure anyway, that way it will give you an idea of where you might be.


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