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PCP finance... is it possible to transfer it?
Hello, first time post on here, and I have a question about finance...
I got a Vauxhall Astra from Motorpoint a year ago on the 3 year Boomerang (PCP) scheme and to cut a long story short, I don't want it any more because it's a bit rubbish and not worth the fuel and insurance costs and would like to get a Ford Focus TDCI instead. I did consider doing a VT at 50% but it's a long term loss.
But, I was wondering... if I can part trade a car with a dealer that is of roughly equal value to the car I have now, would my finance company (Black Horse) be able to transfer the outstanding finance against the Ford, if I surrender my option of giving the car back and just pay the baloon payment at the end (the car will easily be worth more than the baloon payment, because I'm doing far less miles than I thought)?
I don't think I would be able to sell the car with outstanding finance on it but I would be happy to carry on paying it for another car.
I got a Vauxhall Astra from Motorpoint a year ago on the 3 year Boomerang (PCP) scheme and to cut a long story short, I don't want it any more because it's a bit rubbish and not worth the fuel and insurance costs and would like to get a Ford Focus TDCI instead. I did consider doing a VT at 50% but it's a long term loss.
But, I was wondering... if I can part trade a car with a dealer that is of roughly equal value to the car I have now, would my finance company (Black Horse) be able to transfer the outstanding finance against the Ford, if I surrender my option of giving the car back and just pay the baloon payment at the end (the car will easily be worth more than the baloon payment, because I'm doing far less miles than I thought)?
I don't think I would be able to sell the car with outstanding finance on it but I would be happy to carry on paying it for another car.
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