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Need help please!!
Dear All,
I purchased a brand new renault clio in novermber 2008. There was a pretty much £0 depost payable and just finance to get for the full car purchase of about £11,000.
I have signed up to a 5 year finance agreement with Black Horse paying £191 a month.
I am slightly naive in the ins/outs but can this car be given back at any point during the 5 year period? Obviously it would still have to be in good condition, etc.
Would it also be possible to swap the car for another model without having to pay a cash lump sum, i.e. increase or decrease payment using what I have already paid on the car as a deposit for a different model within the same dealer?
If anyone in the know could help me out it would be much appreciated.
Kind regards
giggsy07
I purchased a brand new renault clio in novermber 2008. There was a pretty much £0 depost payable and just finance to get for the full car purchase of about £11,000.
I have signed up to a 5 year finance agreement with Black Horse paying £191 a month.
I am slightly naive in the ins/outs but can this car be given back at any point during the 5 year period? Obviously it would still have to be in good condition, etc.
Would it also be possible to swap the car for another model without having to pay a cash lump sum, i.e. increase or decrease payment using what I have already paid on the car as a deposit for a different model within the same dealer?
If anyone in the know could help me out it would be much appreciated.
Kind regards
giggsy07
0
Comments
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Now let me see no deposit and a car costing £11000.
60 payments of £191 equals £11460 so where are the finance company making their money?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
OP - I'm not sure this is the best forum. It is more of a finance question really.
Someone is bound to come along and advise at some point. Hopefully not a City supporter....
Genie
Master Technician0 -
it was a rough purchase price of 11k. probably more like 10k. it is the overall principal i was interested in - obviously the finance company are making money out of the interest payments on the loan.0
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Only £460 over five years according to your original post. £7.67 a month hardly seems worth their effort. What are the true figures?
£11000 for a Clio lmfao.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
You have no equity in the car so it can't be used as a deposit. Your best will be to go back to the garage you bought it from and see what kind of deal they can structure for you. But I think you coulde be in for a bit of a hit here.0
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Why do you want to get rid of it?0
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