Finance and Debt Management Plan

Humphris1805 · 18 August 2019 at 2:46PM

Hi all.

I know it's not recommended but I have been on a DMP for nearly 2 years. I already have a car on finance which is so expensive a month. I want to try and exchange for a cheaper car.

What are the chances of me passing finance in order to get a cheaper more affordable car?

Kentish_Dave · 18 August 2019 at 2:53PM

Why would you want to “pass finance”? Us the plan not to sell the car and use only the equity to get something much cheaper?

How much equity do you think that you have?

Terry_Towelling · 18 August 2019 at 9:33PM

If you take it back to a dealer to exchange it, they will only give you the trade value for the car - which will probably be significantly less than the amount you owe on it.

What sort of finance is it? Is it one where you pay monthly for a few years and then either hand back the car or pay a 'balloon' payment at the end if you want to keep it - or is it just a simple unsecured bank loan?

Have you spoken to the finance company to see how much you owe and to a dealer to see how much they will give you for it? Depending how long your finance has been running, you may get quite a shock at the gulf between the two figures.

EssexHebridean · 20 November 2019 at 2:17PM

OP please don't start multiple threads on the same subject! This is now being dealt with in another thread on this same board.

Finance and Debt Management Plan

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