Finance Agreement Coming to an end on my Car...what to do next?

JadeB_2

I bought a Ford Fiesta Zetec 1.2 12 reg in Nov 2012, paid a £2k deposit and then pay around £130 monthly. I still have around 6k left to pay on my finance agreement and it's coming to an end this year.

I've called my dealership and they have asked me to come in to look at my car. I know they are likely to try and get me to upgrade and set me up on a new finance deal by offering to buy my car from me. I have no interest in getting a new Ford as I'm not keen on the new models.

I like my car and could buy it by getting a new loan out, but I'm interest in perhaps part-exchanging for an Audi A1 on a new finance deal.

Can you do this on a car which has outstanding finance and is it the wise thing to do? Also, would they accept my car as a deposit or do people usually have to pay extra on top? Or am I better off getting a loan and keeping my current car?

Clearly I am new to this so any 'car leasing for idiots' advice would be really appreciated!

Thanks all!

Foxy-Stoat_3

If you still have £6,000 to pay then its not your car to trade in at the moment. If your £6,000 is a balloon payment then I would see what your car is worth as a trade in on a new Audi. If they offer you less than £6,000 then just hand the car back, assuming no damage and start a new lease deal with Audi assuming you have enough cash deposit.

JadeB_2

Thanks! I think it is just one lump sum payment to be made.

So it might be worth taking it along to Audi and seeing what they'd do in terms of trading it in on a new Audi?

Spicy_McHaggis

Foxy-Stoat wrote: »

If you still have £6,000 to pay then its not your car to trade in at the moment. If your £6,000 is a balloon payment then I would see what your car is worth as a trade in on a new Audi. If they offer you less than £6,000 then just hand the car back, assuming no damage and start a new lease deal with Audi assuming you have enough cash deposit.

Before handing it back why not see what Audi will do?

Remember they will want you out of a Ford and into one of their cars.

JadeB_2

Thanks, that was what a friend of mine suggested. No harm in asking!

Spicy_McHaggis

Quick look on an Audi website shows you need a 3k deposit, so hopefully they'll find that in your car leaving you a little over £200 a month to pay.

But then is yor car worth 9k?