does anybody know.......

[lawrence]

know where i stand with my cup, ive had it since april and bought it on renault selections finance, so in essence the car isnt really mine, i have 2 and a half years left on finance with optional final payment etc, was wondering if i could trade the car against another and bring the finance over on to another car (ie182) or if i could just hand it back and say i cant afford the repayments, bearing in mind ive only had it for 7 months any info would be helpful

 

[Final Maxim]

pretty sure you can trade it in for another car, but they give you a pretty crap trade in price and your diggin yourself into even more debt.

 

[mcoppen]

I did it. went from my 1.2 to a 1.6. They gave me a good price for my 1.2. On finance to. What happens is they work out how much youve paid off, how much the cars worth, then calculate the difference and add it onto the monthly payments of the car tyour trading it in for. So really isnt to bad mate. But i had the car for a year, if youve only had it from april you would have paid back bearly anything so going to be a big gap between the two. There are milage brakets to meet to. So if youve done less than a certain amount of miles boost the price of the car. Think there 4,000, 8,000 and 10,000. According to the renualt guy, who was dare i say it very helpful, the best way to do it is to keep it for 2 years, as depreciation is greatly reduced in the second year, so the gap between what you owe and value of car will drop much quicker than in the first year. Hope this helps mate.

 

[182_blue]

ring them and find out what your settlement figure is

 

[lawrence]

well i put down a grand deposit and have paid up to now 1800 quid, so in theory i should have 7-8k left to pay the car was registered dec03 has done 8500 since i had from new(ish) was pre-registered, so they would deduct what ive paid and carry over existing finance onto the new one, i will ring em up but was interested to see if anybody had done it before, what about just handing the car back is that an option? thanks for the pointers guys

 

[mcoppen]

If you had it back will have to pay the difference up front. Plus they wont give you as good a price for it as your not continuing your business with them. Well that was pretty much the milage and age of my car when i traded it in and lost about £1500 on it in depreciation. Not to bad. But pretty gutting.

 

[lawrence]

ok coz i dont wanna buy the car outright id rather do it through finance, experience through my dads car, so in order to give it back say they offered me 6k for it i would have pay them back 2k

 

[mcoppen]

Yeah exactly. So you pay back the difference between what the cars worth and what you have yet to pay. Is good because, as you say you can bail out at any point.

 

[lawrence]

not only that if you have a lemon car you have more of a chance to gettin your car sorted

 

[edde]

Ok how much did you pay? Assuming you paid £10k ie 1k deposit.

Also wht deal are you on the one where you give the car back after 3 yrs?

You will have to probably pay about £1k to just walk away from the car now finacne might be able to add this to your next 182 in one way or another ie you knock 1k of the list price and theyll finance the car at full price.