Advice please on car finance

stu-l

Hello all! This is my first post on here, so go easy on me please. My partner currently has a car she is 3 years through paying finance on (5 year term). I also have a car which i have decided to sell (more on that later). We are going down to one car due to me not doing many miles in mine these days, and generally being able to manage with one car now. Money saving ideas already you see :A.
Obviously we have outstanding finance on the one car, which happens to be the one we will be trading in against the replacement car we have found. My car will sell, however we will need to change the finance over from my partners, or have the dealer pay it off, or what is the best way to do this?? Then once my car sells it will pay a good lump from the remaining finance. Is this possible without incurring too many costs? I probably haven't explained that very clearly, so apologies for that. It may seem a complicated way to do things aswell, as in why don't i just wait and sell my car first etc... I appreciate that, however without taking another 7 pages to explain a very long story it is the way i need to do this. Any help with finance transfer/allowing dealer to pay remainder/good finance deals/charges incurred for paying a lump off finance when my car sells would be greatly recieved!


Thanks in advance: Stuart.

Apples2

Your partner has a car and is 3yrs into a 5yr agreement

You have a car without any finance owing on it (you own it outright).

You obviously have outstanding finance on one car (your partners)

You wish to go from two cars to one car and you have decided to sell yours.


Whats the problem?
Why do you need to change finance agreements?


You might not want to go one for 7 pages but you do need to say what the situation is because your post makes no sense at all.
This statement is the complete opposite of what you wrote previously

Obviously we have outstanding finance on the one car, which happens to be the one we will be trading in against the replacement car we have found

chalkie99

You are a 2 car household and want to become a a 1 car household.

You are going to get rid of both of your current cars and get a single replacement for which you will still need some finance.

Correct so far?

What sort of finance is on your partners car? Is it Hire Purchase or something else? It should state on the agreement.

Why can't you sell your car first and lob the money from that into the new deal? I am not sure why you think you need to sell yours after the new car is purchased as you are going down to one car only, right?

Sell your car and approach the dealer with cash towards the new purchase and get them to settle the finance on your partners car as part of the deal.

KingElvis

Why not just flog your car and go round in your partner's banger for the next two years....waste the cash you make on your tin can on a holiday or some wild nights out?

stu-l

I realise my post wasn't perhaps the clearest, and i apologise for that again. The reason being i had a lot of new stuff going round and round in my head about how this situation is best approched. Hence asking for a little help, when never having been in this position before. Therefore knowing little to nothing about the subject. Can't expect to be an expert straight away surely?
Chalkie 99, yes you were correct up to that point. I wasn't aware i could have the finance paid in that method (within the deal) and therefore not having to change finance agreements. Thanks for that, and as it turns out i am able to sort that in this deal. As for my own car selling before buying the new one. That's unlikely to happen, as the new car we have viewed is of limited availability and will disappear if not acted on soon. So i will need to take finance on that purchase now which i can sort. Which just leaves the question of what costs if any i will incur, by paying a lump off that agreement once my own car sells?

chanz4

"limited availability " all sales people tell you this, they work on first contact closure.

specksappeal

hi could anyone tell me if i can claim back mis sold vehicle replacement insurance which i took out when i got my car 4 or 6 years ago as i am in a dmp and have not got my car anymore

Apples2

specksappeal wrote: »

hi could anyone tell me if i can claim back mis sold vehicle replacement insurance which i took out when i got my car 4 or 6 years ago as i am in a dmp and have not got my car anymore

Better off starting your own thread rather than hijacking someone elses.

Do you think I might be able to claim back my old Insurance Premium from 4 or 6 years ago now I no longer have the car?

I never claimed on it so it must have been mis-sold. They sold me something I never used.

chalkie99

If you haven't got it any more claim for a replacement - Simples

stu-l

Hi chanz4, no trust me if there's one thing I know about it's cars!! This is limited availability, although thanks for the concern incase I had been a bit green. The only thing I don't know much about is the financial side of cars . In depth fault finding/diagnostics/any aspect of repair/models and variants of etc etc. yes. Ending one finance to starting a new and finding a good deal on the finance? No:(