Advise On Changing A Car With Outstanding Finance?

[GWilso]

After 8 months of owning a 220D with all the problems and failures I've had..... I'd like to change and I'm looking at going back to the car I loved and miss so much yes The IS200

The problem I have is that I still have around 10.500K finance outstanding on the 220 I reckon its worth now around 12/13k does anyone know how it would work if i was to change to a cheaper car I'm not in a position to pay the finance and sell the car privately. If I do trade the car in for a old IS around 9/10K will they just transfer the existing finance? at a great loss to me I'm sure

I'm not really sure how this all works and even more unsure of the options available

does anyone have a better understanding of how it would work or what I could do?

Much Appreciated

[carlsson20]

After 8 months of owning a 220D with all the problems and failures I've had..... I'd like to change and I'm looking at going back to the car I loved and miss so much yes The IS200

The problem I have is that I still have around 10.500K finance outstanding on the 220 I reckon its worth now around 12/13k does anyone know how it would work if i was to change to a cheaper car I'm not in a position to pay the finance and sell the car privately. If I do trade the car in for a old IS around 9/10K will they just transfer the existing finance? at a great loss to me I'm sure

I'm not really sure how this all works and even more unsure of the options available

does anyone have a better understanding of how it would work or what I could do?

Much Appreciated

Is the loan a personal loan or a car loan?

if its a personal loan just sell it and bite the bullet, if the finance is secured on the car you have to clear the loan as it belongs to the finance company until the loan is cleared.

thats my understanding of the system anyway

[carlsson20]

After 8 months of owning a 220D with all the problems and failures I've had..... I'd like to change and I'm looking at going back to the car I loved and miss so much yes The IS200

The problem I have is that I still have around 10.500K finance outstanding on the 220 I reckon its worth now around 12/13k does anyone know how it would work if i was to change to a cheaper car I'm not in a position to pay the finance and sell the car privately. If I do trade the car in for a old IS around 9/10K will they just transfer the existing finance? at a great loss to me I'm sure

I'm not really sure how this all works and even more unsure of the options available

does anyone have a better understanding of how it would work or what I could do?

Much Appreciated

Is the loan a personal loan or a car loan?

if its a personal loan just sell it and bite the bullet, if the finance is secured on the car you have to clear the loan as it belongs to the finance company until the loan is cleared.

thats my understanding of the system anyway

On another note don't get caught out like I did once,

I had a C32 AMG Mercedes that I was struggling to keep up with the servicing costs, it had 20k outstanding finance on it, I saw a GS 300 at the local garage and we did a deal, I got £21k for my Mercedes.

I called Mercedes Finance they told me to give the C32 to the garage and they would send the balance outstanding to them, the garage gave me the 1k balance, I organised the money for the GS job done.

Six days late the police called around to my house the car had been clocked at 110 mph in a 30 limit, I sorted that out, then 6 weeks later I got a letter from Mercedes to tell me I had missed a payment, I call them to tell them I had sold the car and they promptly told me it hadn't been paid for by the garage and I was liable even though they told me to do it, to cut a long story short it took the garage nearly 5 months to pay for the car even though they had sold it within 5 days, it wrecked my credit history and took me months to sort out.

the garage if anyones interested RIX'S MOTORS WARRINGTON God Bless em

[coolrides]

i think a lot of car dealers should be able to add you ouy=tstanding balance into a new agreement for another car just means you will be paying a lot for the new car. but they usually clear the finance for you and take out a new loan for the total amount

[WylieCoyote]

It's usually pretty easy although you often hear of people who have nighmare stories like Carlsson20. You just take your car to part ex, they ask what outstanding finance you have on it and they deduct that from your part ex figure and they'll pay the finance company off. It's not ideal as it gives the dealer another way to shaft you but it's possible - just remember to keep every single document you get as it's not unheard of for the garage to delay payment and a nasty letter or bailiffs ending up on your doorstep. That's got to say something for the IS200 the fact that you're going from the 220D back to it. Hope it all goes well.

[GWilso]

Thanks for the responses guys,

Some real horror stories there ouch.... I will be Changing to another Lexus (IS200) bought from a Lexus dealer and my current finance is with Lexus I'm just wondering how willing they would be to trade my current more expensive car for a cheaper IS200 a'm i likely to get any difference back or am I going to lumbered with my existing deal for the next 2 and half yrs?