Trading my car in

jacs80

Does anyone know if I can trade my car into Arnold Clark (there will still be some finance owed) to get a joint car for me and my partner? I usually trade them in after 3 years and we were going to wait with this one until I had paid it off but the transmission is failing and would rather get rid than fix it.

Any help would be greatly appreciated.

J

forgotmyname

You can trade it in, But how much is owed compared to the cars value?

If you owe £5000 on the finance and they value the car you will be paying finanace on top of finance.

They will have to manipulate the figures to get you a new loan. But it wont be good for your pocket.

If the transmissions is failing then its going to be worth a lot less. Unless its a scrapper. Something they will just call the scrapman or bung it through the auction.

jacs80

What I usually do is trade it in then the remainder of the balance is added to the new car. Not got a prob with this as because it will be a joint car it will be half the payments for me each month.

Not actually sure what is wrong with it apart from its gettin more difficult by the day to change gear so maybe it's fixable?!

There is £4000 left on the finance so whatever we get we could take it off the £4000 but just wasn't sure if we could do this since the car is in my name and the new car will be in both our names?

JethroUK

jacs80 wrote: »

What I usually do is trade it in then the remainder of the balance is added to the new car. Not got a prob with this as because it will be a joint car it will be half the payments for me each month.

Not actually sure what is wrong with it apart from its gettin more difficult by the day to change gear so maybe it's fixable?!

There is £4000 left on the finance so whatever we get we could take it off the £4000 but just wasn't sure if we could do this since the car is in my name and the new car will be in both our names?

Presumably the old loan on your name only will be terminated with the credit from your old car - and the new car will be on a totally new loan, new terms, in both names with any profit on your old car going down against your new car

not sure how you planned it, but thats what needs happen to keep both your finances in clean and tidy

for your new car to be considered truly 'co-owned', your partner should really match your deposit - but thats for you guys to figure - but it can make it easier when you're trying to figure out who owns what

jacs80

Thank you so much for the info just didnt want to go to the garage if there was no way we could trade in my car as a 'deposit' for a new one.

forgotmyname

£4000 left on the finance but whats the car actually worth?

Ignore the dealers prices. Thats only their starting price where only silly people pay. You need to haggle them down.
Get a quote from the sites that offer to buy your car. Dont give them your details though. And work from there.