handing back

[captain_clio]

got my 03 billabong over 3 year finance, with the 1st year including free insurance. whats the deal on either trading my car in and taking out another new one at the end of the year, or just handing it back and gettin one from elsewhere??

whats the procedure in either case? and has anyone done either?

cheers

 

[Tom]

?

 

[captain_clio]

ok, at the end of year 1, of the deal. i want to either, give my car back, and get another brand new clio, or, just give my car back, and get rid.

whats the case??

 

[GPRIM]

I TRADED IN MY 1.2 DYNAMIQUE AFTER A YEAR FOR A 172 AND DUE TO HAVING NEGATIVE EQUITY ON THE FINANCE THEY JUST ADDED TO THE FINANCE ON THE 172 AND CLEARED THE DYNAMIQUE FINANCE. THE ONLY PROBLEM IS THEY WILL GIVE YOU F##K ALL FOR TRADE IN. MY CAR HAD DONE 10000 MILES IN AYEAR AND THEY WOULD ONLY GIVE ME MAXIMUM OF 6K. FINANCE OUTSTANDING WAS STILL 7K. THEY ADDED THE 1K ONTO THE PRICE OF THE 172.

 

[captain_clio]

thats not bad. so i could trade in for a 1.6 dynamique, and they would just smack a grand or summat on top. niiice

 

[007]

I have never bought a new car but if its on Finance its usually unsellable as the finance is directly connected to the car. ie: the finance company actualy own your car until you have payed them off - and usually you cannot sell or trade it in with outstanding finance.

My girlfriend got a seperate loan and payed the finance off - but you cant tell the loan company as they wont give out a loan to pay off finance.

That may all have been pointless as im not sure what you want be there you go....

 

[Dust]

Depends on how much money is still owed on the car and how much the car is worth. If you put a larger deposit down, and pay a resonable monthly, you should be able to give it back and re-write your contract for another car, no worries. Infact you should theoretically get you deposit back for the next car or someink like that.

Why? You want a 172/Cup dont you!!?

 

[Dust]

Quote: Originally posted by 007 on 07 July 2003


I have never bought a new car but if its on Finance its usually unsellable as the finance is directly connected to the car. ie: the finance company actualy own your car until you have payed them off - and usually you cannot sell or trade it in with outstanding finance.

My girlfriend got a seperate loan and payed the finance off - but you cant tell the loan company as they wont give out a loan to pay off finance.

That may all have been pointless as im not sure what you want be there you go....

Renault will clear the finance for you, preventing this issue. Or so they say.

 

[captain_clio]

i do, but im only 18. will be 19 by the end my 1dt year of finance is up. ive got pass plus, and apparently will have 2 years NCB on renault insurance by then. however, i live in a war zone. a 1.6 will do for now

 

[captain_clio]

so - at the end of year 1. a swap for a 1.6 dynamique would be possible? this will be a lot faster than my 1.2 16v no? lol

 

[Tom]

yep quite a bit

 

[captain_clio]

all i gotta do is keep my miles below 12k, ideally below 10k

 

[billabong]

I was gonna do something like that for a new Cup at the end of my 1st year, but ive got to save for a deposit on a house so I cant My mileage will be above 15k by the end of the first year so I may as well keep mine for the three years and pay the 3k off at the end and give it to my girlfriend as I should have a company car by then!

Its not as cheap as you think tho, my finance for instance is £5800 on my 03 1.2 16v billabong. If after a year they gave me 6 k for my car, and ive paid around £1200 off the finance for the year that would only give me a deposit of £1400 on the new car (after clearing the old finance) meaning for a 1.6 dynamique I would have to take out finance of around £8.5k which adds nearly 3k onto the finance I already had. Its not really worth it, its probably better to keep the car for the three years, build up your NCB, get your wear and tear out of it then trade it in for something really nice.

 

[1.6 16v]

import 1.6 16v are about 8700 i think-loans can be had from around 7%apr

 

[billabong]

The Renault finance is only 7.4% APR. For a cup they do finance at around 2% (thats what it was on the Renault website)

 

[Jim172CUP]

sounds too good to be true, bet theres some small print in there....

 

[jon_r]

OK, Story.....(im 22)

Had a 1.4 16v alize (phase 2) on a Y plate. Bought it on Renault Finance. Kept it for a year and did 16k in it. Anyways a year came round and the free insurance ran out. New insurance was gonna be £1500. Oh dear i thought, however.......

Went back into Renault and found it was going to be cheaper if i was to swap to a phase 3 Dynamique DCi, because even though i ended up in negative equity( alize was traded at £1k less than the settlement figure) i didnt have to pay for insurance, cos the new one came with one years free!!!!! Therefore i sort of walked away with new car and £500.

18 months and 26k later ive found a friend that wants my Dynamique DCi, he is willing to pay nearly the settlement figure. So off i trotted down to Reno.

The Cup is due in September!