Removing remaining finance

UselessMeatball

Hey all, I'm new to the forum so forgive me if this has been answered.

I bought a motorbike in January this year (2013). The bike was £3500 but I part ex'd my old one at £2000 so I've got £1500 to pay (as of January) but I'm looking at buying a new one which is worth £2799. How would I go about paying off my remaining payments?

If I've worked it out right I've got £1,044 remaining because I'm paying £57 a month and it's been 8 month. Could I just give it back to the showroom? I think I would lose a lot if I did that though or could I sell it to the garage I'm wanting the new bike from?

Very confusing I know.

Thanks in advance,

UselessMeatball.

[Deleted User]

I think you'll have a lot more than that to pay, unless it was 0% interest?

Tixy

Unless the deal was interest free (very unlikely) then you will have more than £1044 outstanding. As the £57 a month is for interest as well as repaying the loan.

Sensible first thing would be to ask your existing finance provider for a settlement figure (how much you would need to pay now to pay the debt off).

Then ask the garage where you are thinking of purchasing a new bike from how much they would give you in part exchange. Hopefully that will be more than the outstanding finance.
If you do the deal with them they will purchase your bike and settle the existing finance and if there is any amount left over put it towards a deposit on the new bike.