HP Question...

seanavfc92

Quick breakdown; I've had my car since July on a 5 year HP agreement at £140pm. Purely hypothetical, but if I wanted to get a new car, what would happen to my finance agreement? Is it something that could be added to the end of my new agreement or would I have to pay off the outstanding balance?

forgotmyname

You maybe able to partex your car at a dealer for another one and the dealer will settle the finance and you take out a new deal.

So early in the deal your likely to be in a lot of negative equity though. Unless you put down a large deposit.

The car will have depreciated far more than what you paid in the past 4 or 5 months. Especially when you consider the dealer made a nice profit from it.

Foxy-Stoat_3

Read the contract, it will say about terminating the agreement and to what cost.

rotherham123

Foxy-Stoat wrote: »

Read the contract, it will say about terminating the agreement and to what cost.

you can only terminate at the halfway point, which is called a voluntary termination...

the previous poster is correct, you will have paid off hardly anything in 5 months and the difference between the px value and the settlement figure will create neg equity which is then added to the next car...

try and put up with it, dont chop and change, it will cost you 1000's