GMAC Car Finance

Lilly2x96

Hello,

Hope you can help

I have a car finance with GMAC, I took it out at the beginning of September 2016 for 5 years and I'm wondering if I can transfer this finance onto a different car? If so, would I have to pay a penalty charge? I want to know before ringing up as I'd like to find out if it's even worth looking at any other cars? Has anyone used them before, are they alright to deal with?

wgl2014

How much do you owe and what's your car worth? What do you plan to spend on a new car and will this be from extending the loan?

motorguy

Lilly2x96 wrote: »

Hello,

Hope you can help

I have a car finance with GMAC, I took it out at the beginning of September 2016 for 5 years and I'm wondering if I can transfer this finance onto a different car? If so, would I have to pay a penalty charge? I want to know before ringing up as I'd like to find out if it's even worth looking at any other cars? Has anyone used them before, are they alright to deal with?

HP finance is not transferable. Its against the car.

You will be able to get a settlement figure from them - roughly a total of all the payments minus a little bit of discount (assuming its not a 0% deal which i know GMAC do / did) and you need to compare that to what the market value of the car is.

Chances are you owe an awful lot more than the car is worth.

What has changed so dramatically in a matter of months that you need to change your car so soon? Is it worth the huge loss you're going to take?

Lilly2x96

I'm not sure how much I owe exactly as I never received a login as such or anything I can keep track on my payments, I have four years left so im assuming I will be in "negative equity"? My car was worth around 7 grand initially and it did end up working out almost double when I took out the finance, I was very desperate and unfortunately I made the decision too quickly, now after a year I was hoping for something cheaper, and I suppose that's another question, if it's possible to "transfer" my finance to a different car will it be a longer loan / more expensive? Thank you for your reply!

Lilly2x96

Hi thanks for your reply, yes I definitely owe more than what the car is worth, the reason why I am looking to change my car is to reduce my payments

motorguy

Lilly2x96 wrote: »

I'm not sure how much I owe exactly as I never received a login as such or anything I can keep track on my payments, I have four years left so im assuming I will be in "negative equity"? My car was worth around 7 grand initially and it did end up working out almost double when I took out the finance, I was very desperate and unfortunately I made the decision too quickly, now after a year I was hoping for something cheaper, and I suppose that's another question, if it's possible to "transfer" my finance to a different car will it be a longer loan / more expensive? Thank you for your reply!

I can do a back of a fag packet calculation for you..

How much are your monthly payments?

Whats the car? Year, make, model, engine size, petrol / diesel, mileage?

You would be able to get a settlement figure just by phoning them.

Lilly2x96

My monthly payment is £180 for a Vauxhall Astra SRi 13 plate and it has around 36000 miles on it, it is also petrol. I might phone them to see what they can offer, might be a silly question but on their website they have Vauxhall and ssangyong logos at the bottom, does this mean if I was to be able to "transfer" my finance would I be able to get a different make?

motorguy

Lilly2x96 wrote: »

My monthly payment is £180 for a Vauxhall Astra SRi 13 plate and it has around 36000 miles on it, it is also petrol. I might phone them to see what they can offer, might be a silly question but on their website they have Vauxhall and ssangyong logos at the bottom, does this mean if I was to be able to "transfer" my finance would I be able to get a different make?

60 payments - 8 = 52.

52 * £180 = £9360.

Assuming its a 5 door, Arnold Clark have a white one on for £6,000

http://www.autotrader.co.uk/classified/advert/201706036084294?radius=1500&advertising-location=at_cars&make=VAUXHALL&model=ASTRA&onesearchad=Used&onesearchad=Nearly%20New&onesearchad=New&year-from=2013&fuel-type=Petrol&sort=price-asc&maximum-mileage=40000&postcode=bt622hb&body-type=Hatchback&aggregatedTrim=SRi&year-to=2013&transmission=Manual&page=1

Trade price is therefore probably £4,500-£5000 tops on your car.

Settlement figure is maybe £8,800 - £9,000 so you probably owe around £4,000 more than its worth.

No, you wont be able to transfer the finance to another car.

Lilly2x96

Thanks so much for helping me!

motorguy

Lilly2x96 wrote: »

Thanks so much for helping me!

Thats only back of a fag packet stuff.

If you ring GMAC and ask for a settlement figure they will give you an exact figure.

If you plug your car details in to https://www.webuyanycar.com you will get a rough trade price for your car.

But i'd say you're in a lot of negative equity....

Lilly2x96

Yeah I thought I was, I was expecting that, I was just seeing if I have any other options! But I think I will ring up at some point and see if they can do anything, I'm probably going to have to stick it out at least another two / three years anyway thanks for your help I appreciate it!