Greetings All!
Not so much a problem as hypothetical question
I currently have a car on PCP which has it's balloon payment due in March. The GFV of the car is circa £7100.
The dealer has valued the car at circa £8000, however I have seen examples of it going for closer to £11,000 privately (Autotrader etc).
Now I quite fancy a new (read: different) car, and I have saved a couple of grand up for a deposit of some variety; however I don't have the best credit rating and I'm worried that If I attempt to finance a used vehicle I will have my app declined.
The dealer has assured me that upon completing my initial PCP and "handing the car back" the Marque's own finance company would probably have no problems in re-financing the balloon payment on HP with no deposit so I can "keep the car" having built up a good rep over the past 3 years on PCP. However I'm not convinced a different company would be so understanding.
The interesting bit follows:
Is there a way to refinance my current car, then sell it privately and use the funds to purchase a different second-hand vehicle; all the while continuing to pay off the finance. I am not looking to deceive the company! If I could let them know that my vehicle has changed and change the "collateral" as it were to the new vehicle then all the better!
It would just be nice to be able to exploit the full value of my current vehicle and not lose £3000 to the dealer.
I eagerly await your replies or even your other solutions!
GM
Not so much a problem as hypothetical question
I currently have a car on PCP which has it's balloon payment due in March. The GFV of the car is circa £7100.
The dealer has valued the car at circa £8000, however I have seen examples of it going for closer to £11,000 privately (Autotrader etc).
Now I quite fancy a new (read: different) car, and I have saved a couple of grand up for a deposit of some variety; however I don't have the best credit rating and I'm worried that If I attempt to finance a used vehicle I will have my app declined.
The dealer has assured me that upon completing my initial PCP and "handing the car back" the Marque's own finance company would probably have no problems in re-financing the balloon payment on HP with no deposit so I can "keep the car" having built up a good rep over the past 3 years on PCP. However I'm not convinced a different company would be so understanding.
The interesting bit follows:
Is there a way to refinance my current car, then sell it privately and use the funds to purchase a different second-hand vehicle; all the while continuing to pay off the finance. I am not looking to deceive the company! If I could let them know that my vehicle has changed and change the "collateral" as it were to the new vehicle then all the better!
It would just be nice to be able to exploit the full value of my current vehicle and not lose £3000 to the dealer.
I eagerly await your replies or even your other solutions!
GM