The Finance Quandry

Honest John Back Room » Motoring discussion
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Sun 1 Dec 2002 21:49
The Finance Quandry - iwantascooby
I'm new to the forum, so please forgive me if this is a topic thats been covered. I have recently moved to London, and thanks to Ken my car has been sitting relatively unused since July. Consequently, I'd like to get rid altogether, and maybe spend a couple of grand on a glorified shopping trolley. However (and for those who stuck around this is the point) I owe around £9300 onteh car, and would get according to Parkers around £6500 (don't ask) on a decent trade in. I could at a stretch pay off the balance, but I know i wont get that trade in price if I'm trading down.

Has anyone a solution, or isn't there one?
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Sun 1 Dec 2002 22:06
The Finance Quandry - Steve G
I would get a proper valuation first. Parkers are very inaccurate on some models.Try phoning a few dealers which sell your make and ask for a valuation (or even post the details here, model,miles e.t.c).
I would trade the car in for cash ,settle the finance then go and find a £2k car in the small ads from a private seller (loads of choice in this price bracket).
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Sun 1 Dec 2002 22:53
The Finance Quandry - Tom Shaw
You don't say what the car is or what you paid for it. If you bought on HP and you have paid off 50% of the purchase price then you can simply hand the car back to the finance company and walk away with your credit rating still intact. Sometimes the cheapest option, even if you have to hand over some extra cash to make up the 50%.
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Mon 2 Dec 2002 09:24
The Finance Quandry - iwantascooby
Thanks for the replies. Its a 2000 (W) Megane 1.6 Sport Alize Coupe, silver with about 35k on the clock. Hope the moderators dont think Im trying to sell it! I paid more for it used than you can buy them new for - one of my weak moments.

Tell me more about this 50% dealy - is it 50% of the original purchase price, or 50% of the finance amount (including interest)?
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Mon 2 Dec 2002 09:42
The Finance Quandry - TrevorP
You should get £7500 for it privately.
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Mon 2 Dec 2002 20:00
The Finance Quandry - Tom Shaw
I believe it is 50% of the total cost, incuding interest.
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