Just little infro...

donnacraig1984

Partner and I found out 3 weeks ago she is pregnant, Over the moon, Our first time. Could'nt find a section for my question. We have a car that is currently on finance but is of no use as to small, 2 seater. We have had the car just under a year now and the settlement figure is £13000, cars book price is £9000 how could we go around swapping the car for the same value but family friendly car. Dont want knew finance agreement only 3 years left to run.

Any info would be helpfull.

Thanks Craig

CLAPTON

what sort of finance do you have HP, personal loan etc?

donnacraig1984

its on HP.

standupguy

The difficulty you have is that the hp agreement must be settled if you are changing vehicle and you have £4k negative equity.

You could add the deposit you paid to the payments you have made and see how much it is short of the half hp price shown on your agreement - if it is less than £4k difference then you could vt the agreement if you pay the shortfall - that may be cheaper?

Alternatively you have to find a Motor Dealer/Finance company that will add the £4k negative equity to any new loan you take out - if your credit is good you may get a loan but not hp

immoral_angeluk

How far into your HP agreement are you?
Last time I has HP we were given the option of changing cars. If you went for a lesser value car and could change then you might be able to have no surplus?
Worth contacting the company and seeing what options they offer.
BTW congratulations!

donnacraig1984

Thanks.
Looked at my credit report. it sais on it that this is a loan and not HP. Does this mean that i'am the owner and do what i wish. also on the credit agreement it states its a fixed-sum loan agreement, i cant VT under 1974 act. is there anything i could do.

Thanks Craig

CLAPTON

it would seem to be a personal loan so there is nothing to stop you selling the car.. but do check the HPI site and see if anything is registered against the car.

I don't, of course, know your full circumstances etc but with a new baby on the way I'm surprised that you are considering using the 9k for a replacement car.. wouldn't it be better to pay 2-3k and keep the rest for the inevitable expenses and maybe incopme loss.

However

donnacraig1984

Got some money set aside for expenses and what not. Just done a hpi check, came back it has outstanding finance. Its with creation consumer finance. Whome i have a "fixed-sum loan agreement with"

Craig

CLAPTON

This is quite common which is why I suggested you checked.
You will have to contact then and ask them to remove the HPI marker as they have no legal claim on the car; you may have to be persuasive

Clive_Woody

donnacraig1984 wrote: »

Partner and I found out 3 weeks ago she is pregnant, Over the moon, Our first time. Could'nt find a section for my question. We have a car that is currently on finance but is of no use as to small, 2 seater. We have had the car just under a year now and the settlement figure is £13000, cars book price is £9000 how could we go around swapping the car for the same value but family friendly car. Dont want knew finance agreement only 3 years left to run.

Any info would be helpfull.

Thanks Craig

I don't want to sound negative or heartless, but maybe wait a bit longer until after scans have been done and everything is progressing well with the pregnancy before making any final decisions.

Miscarriages are sadly a relality, particularly in the early days so it may be prudent to wait a while longer before doing anything about cars.

Sorry to come across so negative, but do take your time, you have 9 months (well a bit less now) to sort things out and make decisions.

Congratulations

donnacraig1984

6 1/2 months