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Anyone Part Xchanged Down From A 250 To 200?


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Hi all

With uncertainty over how much longer my work contract will last, and other...issues, I'm looking at ways of cutting down costs pretty much anywhere I can...

As such I am "considering" part xchanging my is250 se-l mm down to a is200.

I upgraded my is200 to a is250 on a *sigh* hire purchase agreement..wishing I never went that option at the time, but o well.

Anyway, with the news that to return my lexus, id have to pay Lexus over 7k for the privelege of being able to give them back the keys (kinda funny lol),my only other option is to downgrade to a is200 or sumthin and at least pay a lot less per month than what im doing at the moment.

Having said that I can wait until Ive paid over 50% of the hire agreement, but that wont be coming for over a yr.

Now I orginally part x'ed my is200 (with 18" alloys and body kit) for 5k bout a yr ago , so any is200 i woudl get now, in my mind would be a downgrade of my original is200, and so I REALLY want to pay as little as possible for it.

Checking the approved used section, looking like i will be looking at cars in the 7.5k range...

Just wondered if anyone has been in a similar situation where theyve had to do this, and if so, is it worthwhile?

At the end of the day, I was going to go down to some dealers and see if it was a feasible option or not. i.e if they offered me figures which were "crap" Id just stay with the is250.

Regardless the decision to even THINK about doing this was not an easy one.

Curious as well, in that as my original lex was 5k, and if I get another is200 for 7.5k, would this mean a 2.5k loan? (hell if it was 2.5 k id pay that straight off...)

Somehow tho I get the feeling that my original 5k lexus may not even factor into things...

Can anyone advise here?

Cheeers

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Would it be possible to renegotiate your HP agreement to a longer term and reduce your payments. Would it be possible to borrow the money to get down to 50%. IMHO to change cars is usually a case of "you pay more". Even if you downgrade there may be more to pay in maintenace etc.

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I would think the overall savings won't be that much, as you will still have the finance balance to pay, insurance and fuel won't be that much of a saving unless you are doing a lot of miles, tax is the same. I would not think you would save anything in real terms over the 12 months before you can just hand it back for free.

Just my opinion but I have been is a similar situation and lost a couple of grand.

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Erm its a hire purchase, so I dont have the option to sell it.

Thanks Yeldarb; I was thinking that there was the possibility of "losing out"

I do have the car I want, with the options I want, & unless I was paying a lot less than I am right now, it wouldnt be worth it.

I may just go into a dealer anyway just out of interest.

Perhaps the best thing is to cut costs elsewhere.

Thanks all for your comments.

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i no its a hp my last one i had was the same,i was in a similar position and lexus financial gave me the option of selling the car and then paying them back,

also my current lexus in on a pcp which i have reached the 50% point and the car goes back in a few weeks, they told me i could sell the car and anything over the 50% of the balance owing i could keep.

give them a ring and i bet they say you could sell the car and pay them back, it may be a better option for you as you may get nearer to what you owe on the car.?

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Hi All

I was in a similar situation - my HP with lexus finance is coming to an end in July..I have clocked almost double the miles agreed and I was planning to terminate the contract early so I didnt have to repay the charges. I then started looking around and I have to say - no other car came close to the IS (toys). I had plans to downgrade to an IS 200....

With finance hard to come by, finance companies were asking for more deposit...so I phoned Lex finance services to see what my options were...and guess what?..they took me off from the Hire Purchase agreement and refinanced the car at a better deal; less monthly payment.....another 36 months, the car will be mine and no more HP.... .I am now free to sell, trade or do whatever I want with the car.....

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Nice one lexus79

Unfortunately I am too early into my hire purchase (just under 12 months) to do anything.

I went into a dealer to see if i could part x to an is200, was told id need to wait at least another 12 months, as I need to bring the settlement figure down :s

So Ive given up, lol, i dont have any choice.

I've learned my lesson tho, and in future I wont enter into any hps.

Thanks all for your advice.

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People also need to be aware that the 50% "hand it back" approach only works if you have a regulated agreement with a voluntary termination clause in it. IIRC, anything from April 2008 is regulated so it should have a clause but prior to April 2008 if your finance was over £25k you'll likely find you have an unregulated agreement and hence no VT clause.

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Somebody might correct me but my understanding was even a PCP with greater than £25k financed figure and prior to April 2008 could be unregulated and therefore have not VT clause. Therefore the only handback option you have is at the end of the term.

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Somebody might correct me but my understanding was even a PCP with greater than £25k financed figure and prior to April 2008 could be unregulated and therefore have not VT clause. Therefore the only handback option you have is at the end of the term.

Hi there - I financed for 25k, this was during June 2006 (3yrs) and I had the option of terminating it after 50% was paid, (which I did) the exact figure was stated on my pcp.

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Somebody might correct me but my understanding was even a PCP with greater than £25k financed figure and prior to April 2008 could be unregulated and therefore have not VT clause. Therefore the only handback option you have is at the end of the term.

Hi there - I financed for 25k, this was during June 2006 (3yrs) and I had the option of terminating it after 50% was paid, (which I did) the exact figure was stated on my pcp.

Lexus79 - was that 25k exactly or over 25k? And is your agreement regulated or unregulated?

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jus want to ask a question regarding finance.

ive got currently a is300 and have seen a is250 that i like @ lexus b'ham & wolverhampton.....if i do buy one off them it will be a p/x with my is300 and paying the rest of the balance via lexus finance option.

-My question is which finance option is the one to go for, for the customer that is, not the finance option the dealer wants to sell, so he'll get a huge fat cheque in his pocket!.

Thanks

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Hi all

With uncertainty over how much longer my work contract will last, and other...issues, I'm looking at ways of cutting down costs pretty much anywhere I can...

As such I am "considering" part xchanging my is250 se-l mm down to a is200.

I upgraded my is200 to a is250 on a *sigh* hire purchase agreement..wishing I never went that option at the time, but o well.

Anyway, with the news that to return my lexus, id have to pay Lexus over 7k for the privelege of being able to give them back the keys (kinda funny lol),my only other option is to downgrade to a is200 or sumthin and at least pay a lot less per month than what im doing at the moment.

Having said that I can wait until Ive paid over 50% of the hire agreement, but that wont be coming for over a yr.

Now I orginally part x'ed my is200 (with 18" alloys and body kit) for 5k bout a yr ago , so any is200 i woudl get now, in my mind would be a downgrade of my original is200, and so I REALLY want to pay as little as possible for it.

Checking the approved used section, looking like i will be looking at cars in the 7.5k range...

Just wondered if anyone has been in a similar situation where theyve had to do this, and if so, is it worthwhile?

At the end of the day, I was going to go down to some dealers and see if it was a feasible option or not. i.e if they offered me figures which were "crap" Id just stay with the is250.

Regardless the decision to even THINK about doing this was not an easy one.

Curious as well, in that as my original lex was 5k, and if I get another is200 for 7.5k, would this mean a 2.5k loan? (hell if it was 2.5 k id pay that straight off...)

Somehow tho I get the feeling that my original 5k lexus may not even factor into things...

Can anyone advise here?

Cheeers

I wish I still had my IS200 sport with the 18" alloys...no corrosion and no trouble

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