Hi not sure if should be posted in this section but here goes,

Basicly I have an audi on finance with 4yrs to pay still, but could do with a diesel now what are my options with the remaining finance I know the finance company actually own the car till it's paid off, I dnt have the cash to pay it off in full so what options do I have if any if I wanted to trade or sell to buy a diesel,

Do I sell then pay remainder off but obv it isn't going sell for more than the settlement so I couldn't really do that could I?

Any suggestions? Or am I stuck with it for a few more yrs?

Anyone got experience in this?

Cheers nick

 

I dont believe you can sell the car as you dont own it. It will have outstanding HPI/Finance on it. My guess would be talk to the finance company and see what the options are and if you can transfer onto a different car?

 

One option would be go to your bank see if you can get a personal loan second option would be find a car you want at a garage and see if they can settle your current agreement and set up a new one with your new car it depends how much negative equity you have with your current agreement ring your finance company and ask for a settlement figure is but I'm guessing if you still have 4 years left than I imagine you have more left to pay than what the cars is worth

 

Yeah iv thought about taking loan out selling car and paying finance with the loan but was wondering if other way but I imagine what I owe is more than likely more than car is worth I'm not too bothered about keeping it as I like it just wanted cheaper running cost as doing more miles now that all

 

If I was you keep it another 12-18 months and see where you are financially and maybe look at it again

 

I think it depends upon the type of financial agreement there was.

If HP then you're correct, the car doesn't belong to the 'registered keeper' ie customer until the last instalment is paid (or settlement made).

However, it could have been a personal loan type of arrangement, in which case it is owned by the op and he can do what he likes with the car. He only has to keep up the payments of the loan to avoid the usual debt recovery issues etc.

Imo check what sort of agreement you have and if it is a HP type then follow ff08's sound advice, otherwise consider your options.

 

When I changed car mid term, the dealer for the new car just settled it for me and then set me up with a new agreement.

Personal loan definitely the way to go though, I saved a fortune for switching when I did.

 

If you've paid over half of the money, you can sell it providing you contact them.
Some companies will say pay up for you advertise and some will give you a date for it to be paid, but you will not sell it with finance when it he's HPI it, and the company will not remove it until it's been paid

 

I didn't realise a dealer would settle it then set up a new arrangement when buying another one but would imagine they would want it at least halfway through the term before they would entertain it.

I wasn't going try and sell car with finance owing as you can't do that but take loan and pay off then sell.

Thanks for all you help I think I'll keep it a bit longer and think again in 18months or so

 

My first agreement was only two months old when I had a change of heart!

Lost loads in depreciation, but no penalties to switching the finance.