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  • FIRST POST
    • afcafc
    • By afcafc 1st Jan 18, 10:51 AM
    • 17Posts
    • 1Thanks
    afcafc
    Car finance help
    • #1
    • 1st Jan 18, 10:51 AM
    Car finance help 1st Jan 18 at 10:51 AM
    Hi guys

    I want to lower my finance outgoings but need some advice.
    I have an Audi atm with three years left to pay at £200 per month- settlement figure is £6800. This is a 2008 plate.

    I'm looking to just get a car for 1-2k or even less but the problem is that I'm in negative equity. As my car is only worth £4345. I have to wait a year to VT but is there anything else I can do? Thanks
Page 1
    • Tarambor
    • By Tarambor 1st Jan 18, 12:23 PM
    • 1,950 Posts
    • 1,388 Thanks
    Tarambor
    • #2
    • 1st Jan 18, 12:23 PM
    • #2
    • 1st Jan 18, 12:23 PM
    Nothing other than find a dealership to sell the car to and pay the difference between what they'll pay and the settlement figure. Learn the lesson from all of this and vow not to repeat it.
    • afcafc
    • By afcafc 1st Jan 18, 2:06 PM
    • 17 Posts
    • 1 Thanks
    afcafc
    • #3
    • 1st Jan 18, 2:06 PM
    • #3
    • 1st Jan 18, 2:06 PM
    Ok so the only way is to add negative equity on top then I guess
    • camelot1971
    • By camelot1971 1st Jan 18, 3:34 PM
    • 603 Posts
    • 951 Thanks
    camelot1971
    • #4
    • 1st Jan 18, 3:34 PM
    • #4
    • 1st Jan 18, 3:34 PM
    How is adding £2500 to a new loan going to save you anything? That's £200 a month just there if you can VT in 12 months time so why bother?
    • rjwr
    • By rjwr 1st Jan 18, 4:44 PM
    • 325 Posts
    • 206 Thanks
    rjwr
    • #5
    • 1st Jan 18, 4:44 PM
    • #5
    • 1st Jan 18, 4:44 PM
    How is adding £2500 to a new loan going to save you anything? That's £200 a month just there if you can VT in 12 months time so why bother?
    Originally posted by camelot1971

    It's not 100% about saving money, more getting rid of a monthly liability. I have recently done this and never felt better.

    I won't be getting PCP or HP again.
    Pay the difference and never look back
    But never spend money you don't have to buy things you don't want to impress people you don't like.
    .
    Originally posted by kidmugsy
    • afcafc
    • By afcafc 1st Jan 18, 4:57 PM
    • 17 Posts
    • 1 Thanks
    afcafc
    • #6
    • 1st Jan 18, 4:57 PM
    • #6
    • 1st Jan 18, 4:57 PM
    thas the position I'm in either keep it and Vt then get another vehicle or get rid and add the equity in which will lower my monthly payments
    • afcafc
    • By afcafc 1st Jan 18, 5:00 PM
    • 17 Posts
    • 1 Thanks
    afcafc
    • #7
    • 1st Jan 18, 5:00 PM
    • #7
    • 1st Jan 18, 5:00 PM
    I am in the exact same position as you mate. What car did you end up buying in the end?
    Cheers for the advice
    • stridernje
    • By stridernje 8th Jan 18, 5:04 PM
    • 10 Posts
    • 0 Thanks
    stridernje
    • #8
    • 8th Jan 18, 5:04 PM
    • #8
    • 8th Jan 18, 5:04 PM
    Hi, have you settled this yet?
    Also be sure to know when you can exactly VT your contract. Car salesmen will tell you its halfway through which makes you believe its 2 years into a 4 year contract. But by halfway the documents read half the value of the money loaned to you and that includes the final payment and credit costs so its more like 3 years into a 4 year contract.
    Unfortunately whilst you have negative equity there is very little you can do unless you go to a dealer and start the whole process again factoring in the negative equity and ultimately buying a much cheaper car. But if it meant lowering your payments I dont know if they would want to help you as it means you will be taking money away from them.
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