ford finance credit @ 0%

jayjayuk

i bought a car back in march 2008.....

it was a new fiesta @ £150 per month for 60 months
the total was £9k

i have had the car almost 1yr so i have paid off £2k
so the finance outstanding is £7000

thing is id like a new fiesta @ the same deal
only thing is they'll only give me £5000 on part-x

so i need to find £2000

however the car would be sold for £6500 - £7000

how could i sell the car myself and pay off my finance????

i have had a zopa loan to consolodate my cards early in the year... never missed a payment

i have a nationwide gold card with a 3k limit
and a mbna card with £500 limit.....

any one know any tricks or advise???

(sorry wrong place)

Kavanne

What is wrong with your 10 month old fiesta?!!

On a more useful note..... Can you get more for the car if you sell it privately?

jayjayuk

i know, i dunno i just fancyd a new one....

sounds silly i know....

but the new model looks really nice.....

thats what im saying if i sell it private id get £6500 to £7000

but how can i do it if any one hpis it will come back with finance owing???

even though id pay happy if the buyer wrote a cheque out to ford and i paid the differnece.....

posted_2

You are just throwing money away, keep it at least 3 years, and save up for the next one. You wouldn't get 7k for an old model.

TFD_2

It's possible to sell a car privately with finance outstanding. Usually you'd be upfront with the purchaser, and get them to make payment direct to the finance company. A bit fiddlier, and may put off some buyers who like things to be simple.

I would be genuinely surprised if you would get £7K private for a car that cost £9K a year ago - with the Mk7 Fiesta just released, this will hammer prices on late Mk6's.

BoGoF

What should be remembered with Hire Purchase on a car is that legally the car is not yours to sell until the HP has been cleared and anybody that buys a car on with HPI outstanding needs their head examining.

TFD_2

BoGoF wrote: »

What should be remembered with Hire Purchase on a car is that legally the car is not yours to sell until the HP has been cleared and anybody that buys a car on with HPI outstanding needs their head examining.

See my comments above on how to get around this - it is particularly common on newer vehicles, often prestige cars to have to sell with finance remaining, as most cars costing a fair whack are generally purchased on finance, but often changed before the finance is settled.

NickX

Just to say that I have bought and sold loads of cars over the years and the values of second hand cars have fallen incredibly over the last 3 months.

Especially with your Fiesta being an old model, I honestly think you are looking at much more than £2k depreciation.

I have actually done something very similar in the past, but I would recommend going for a "nearly new" Mark 7 (perhaps a dealer demonstrator) that has taken a hit on depreciation to match the depreciation on your Mark 6.

Whatever you decide, Good Luck and Happy Motoring :beer:

jayjayuk

my only other thought would be to talk to my bank and get a tempoary high overdraft to pay the finance n sell the car.....

or obviously a friend of the family and get them to give me a cheque and me match the difference with another cheque and clear the finance that way....

or should i go back to ford and haggle????

ford offerd me £5000 without even looking at the car....

thing is the car is mint, never raced or rallyed
i was and clean it every week

Kavanne

jayjayuk wrote: »

i know, i dunno i just fancyd a new one....

sounds silly i know....

but the new model looks really nice.....

No point in trying to keep up with the Jones'..... Seriously, please think long and hard about this decision.

posted_2

I thought you wanted to get out of debt?

0% means you pay the full price, selling after a few months means you take the full impact of depreciation for a few thousand miles of driving.

Flick the commonsense switch on, and the must have the latest thing switch off.