car finance for a Tesla Y

Wonka_2

@Loftus_Versfeld what model is the car and what's the current market price taking into consideration mileage/market conditions etc ? - a 2022 Model Y can be anywhere between £30k & 60K

Loftus_Versfeld

Wonka_2 said:

@Loftus_Versfeld what model is the car and what's the current market price taking into consideration mileage/market conditions etc ? - a 2022 Model Y can be anywhere between £30k & 60K

Model Y December 2022. Webuyanycar / Motorway have it circa £33k.

Wonka_2

Loftus_Versfeld said:

Wonka_2 said:

@Loftus_Versfeld what model is the car and what's the current market price taking into consideration mileage/market conditions etc ? - a 2022 Model Y can be anywhere between £30k & 60K

Model Y December 2022. Webuyanycar / Motorway have it circa £33k.

I suspect there's only an 'ouch' I can add to that - I've made some bad decisions/lost money on some cars but that take things to a whole new level

I know that doesn't help but you seem to have hit the perfect storm of unregulated agreement, used prices dropping of a cliff and the need to exit the agreement early.

Is the deal transferrable to someone else or is the market so flooded with Model Y's that even if you could it would costs more than the settlement cost

Grumpy_chap

noh said:

There will be an early termination fee which could be as much as the interest you would have paid if you had kept paying for the complete term.

AIUI, front loaded interest is not permitted.
I understand the OP has an unregulated finance agreement, so the normal provisions of consumer finance do not apply, but even for an unregulated loan, I understand that front loaded interest is not permitted.
It seems to be rather a poor loophole to leave in the rules if an unregulated finance agreement is not permitted to apply front loaded interest but can have a penalty charge for early settlement equal to whatever the interest cost would be had the loan run full term.

Herzlos

Wonka_2 said:

Is the deal transferrable to someone else or is the market so flooded with Model Y's that even if you could it would costs more than the settlement cost

No-ones going to take on a £51k finance deal for a £33k car unfortunately, even at a much better rate.

The OP's best bet here is to try and refinance the loan for a better rate and pay it off faster. Whether that involves trading in the car for something else is immaterial.