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Thread: Car finance query....

  1. #1
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    Default Car finance query....

    For anyone who works in the car dealership industry. Thinking of getting a new car, but my cars sitting in negative finance. Outstanding loan is at £7600, would HOPE cars worth around 5700. Question is would it make any difference if i were going for a new car, to what the dealer would be willing to offer me for my car. ie would the dealer settle more of my loan because i'am buying brand new? I have £1000 i could put forward as a deposit, but i wont be telling them this. The most likely dealer i will us would be Arnold Shark.

    Thanks for any info.

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    Regular Member Chunklamb's Avatar
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    Vehicle : 330D (13) Tourer 258 Auto & Signum 1.9 CDTI (07) 150 Auto

    Trim : M Sport and Design

    Engine : Z19DTH

    Year : 2007

    Mileage : 38100

    Default

    Is the £7600 what you owe with the interest over the next X years? Have you asked what the balance would be to settle early?

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    Regular Member m8internet's Avatar
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    Firstly, get a settlement letter from the loan company and note the expiry date for that offer

    Make the sales person aware of how you purchased the previous car and provide the basic paperwork (proof), showing the date purchased and the date the loan was obtained
    Arnold Clark won't pay the loan directly, but they will issue a cheque payable to yourself for that amount and contract that it is only to be used to pay that loan off

    Assuming the car is valued for trade in at £5700 and the settlement is £6700 (I've lowered your original to deduct the interest over about 2 years), Arnold Clark will add £1000 to the finance due on the next car

    If the car you choose is £11000 and you pay a deposit of £200, the total amount due will then be £11800
    However, it depends on if the finance company will accept this
    Note this is seen as higher risk for them but they are earning more interest so usually accept it providing it is not an excessive amount (which £1000 is not, as I have overseen one with £8000 on it, but it is all about the ratio of old debt to new debt, and it must not be more than 40%)
    Equally Arnold Clark use two different finance companies so see what they offer
    Finally, look at the final TOTAL amount to pay (basically the higher figure) on the finance quote

    I usually reject the first one, they do some juggling and come back with one with about 10% less on the total amount to pay

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    Regular Member DAVIDD88's Avatar
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    Arnold Clark use 20 odd diffrent companies and what do u do for a living m8 internet because that's me over the space of a year seen you in about 20 diffrent jobs going by your posts

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    Regular Member DAVIDD88's Avatar
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    Just to let the op know also I bought a Mazda 3 in September didn't like it so traded it in for the zaffy in Jan there was a negative equatity off 1500 and i got the finance

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    Regular Member dannyjpuk's Avatar
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    In the past the company I'm gettin the car off DO send the cheque to the finance company to settle it rather than give it to you to do

    Gets the cheque stuff the car let's go on holiday with the money

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    Regular Member m8internet's Avatar
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    Quote Originally Posted by DAVIDD88 View Post
    what do u do for a living m8 internet because that's me over the space of a year seen you in about 20 diffrent jobs going by your posts
    That is correct, see other post which gives full details
    If it pays money, our company does it

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    think your daft trading in a car the you owe so much on pal , dealer will pull your pants down big time imo

  9. #9
    Regular Member m8internet's Avatar
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    Quote Originally Posted by bembo449 View Post
    dealer will pull your pants down big time imo
    It's Arnold Clark, they pull your pants down just for looking!

    Equally, they don't even try and promote VX items
    I've bought both of my own Vectras from their VX dealerships
    Each time they were advertised as non-VX items (anyone who visits Arnold Clark will know what I mean, as these have the blue oval prices, rather than the VX / Network Q prices)
    Furthermore, it takes a good bit of haggling to get such a car put through Network Q (or any other VX product), but they will do it eventually
    On the plus side, you can haggle better with the price and there is usually room (but they just incorporate that into the deal)
    I got them to drop £1000 off the window price, when they realised I wanted the VX Complete Protection Plan, almost instantly

    Their Motor Stores aren't so easy to haggle at, "The price you see is the price you pay"
    I got them to drop just £150 (as that produced a round number) on the window price, but even that took nearly an hour

  10. #10
    Regular Member chewy71's Avatar
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    Also....

    Check if your car has been purchased with a 'personal loan' or 'hp agreement'. I would imagine that it would be a personal loan due to the loophole of getting out of HP agreements... which is if you are over half way through the repayment terms, you can hand back the car to the finance company as full clearance of the balance even if you are in negative equity. Cars are rarely done on HP these days....

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