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My Girlfreiend is after a new car and wating sometihng more as a 1.2.
I'm a mechanic at this garage too.
She is on a PCP finance thing, she paid 1500 deposit, and has been paying monthly instalments for almost 2 years. and if she wanted the car at the end of the 3 years, she had a 2000 lump sum to pay.
Basicly,
The sales manager phonred the finance company to get a settlement fee, which was 4424, he value'd her car as a trade in at 4000 but was willing to make it upto 4424 so the clio wipes itself out.
But she was in today again, and she got quotes for her new car, on HP finance, but they are trying to add 2000 pounds ontop of the finance saying thats for the first cars final payment????
But sureley, they phoned for a settlement fee, it was 4424, this is surely the amount she ow's untill the car is hers, including the final payment. ???
Contact the finance company yourself and ask for a settlement figure. It should be posted to you as well as given over the phone - then there can be no argument about what is outstanding on the vehicle.
Take the letter in (when it arrives) and ask the Sales Manager to go back through the figures, and hopefully it will all get iron out.
Presumably although her car is being taken in "part exchange", as there is no equity in it, she's either giving a seperate (cash) deposit, or is taking the new car entirely on finance. If so, the figures should be quite easy to work through.
I part ex'd my last car and had outstanding finance on it, basically as jampot said, contact the finance people and they will give you your figure, what is the cost of the new car she is having as this could probably be where the extra £2000 has come from, so if the car is £6000 minus the trade in offer would leave £2000 owing on the new car...the first car's final payment?? as far as I am aware as a trade in if they have valued her car at £4000 this is what they will pay the current finance company to clear the finance so I would more than likely think the £2000 will be your new balance on the new car!! Just double check how much the new car is and you may find your answer!!
Trade in worries. From my own work!
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