Finance

[JohnsonAsco]

Hello guys,

I've got my Roc on finance from brand new with VW options can give it back in three years or buy it from them ECT, and just wondering in like a years time if i wanted to get a new car how it would work out? or am i stuck with it for three years now?? Or could i sell it or what? Thanksss.

[rm0rgan]

You can end the agreement at any time these days...If you want to change the car, as long as the value of the car covers the outstanding finance you can change whenever you like - increasingly, cars have become like mobile phones, just chop and change when you feel like it.

You might even have some equity in it to put into the next car - and on that point you're not restricted to just VW cars as I just chucked my car in at Nissan and they actually gave me a marginally better price than VW offered for it to win my business!

In terms of selling it, you can do this but some people will be put off if you have finance on it when they HPI check it although you can agree with them that they can watch you pay it off with their money

[JohnsonAsco]

Thanks mate, you know when you sold you're car to Nissan , was that on finance or bought outright ? So I could go to a merc garage and they would give me money for my scirocco?

[rm0rgan]

Hi - I had 4 months left before I had to pay my final balloon payment, so yes it was on VW finance.

Basically, ring VW Finance and ask for a settlement figure (this is effectively what is left to pay less any interest you wont accumulate - the garage offer you a price on your car that hopefully is more than what you owe - any equity can go into your new car. If they are buying the car from you then yes, they would need to give you the cash over and above the finance owed.