Finance question

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Tiggstar1
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Finance question

Post by Tiggstar1 » Wed Sep 27, 2017 3:40 pm

My sister is getting a new car from bmw but her old car is still under finance from Blackhorse. This is where the issue lays.

She originally included the car in her finance deal, bmw have offered her £2500 for a £6k car. Bmw said they will clear the finance on it and that's it but she still has to leave a 1k deposit for her new one.

I told her not to include the car in the first place because I'll clear the monies owed. Bmw are now saying she can't take the px out of the finance agreement but she spoke to blackhorse and they said she can clear the finance n it not affect the new deal, the new finance is through Blackhorse too.

Who is right and who is wrong?

TIA
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

kylemacca01
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Re: Finance question

Post by kylemacca01 » Wed Sep 27, 2017 7:38 pm

What's the outstanding value on the current finance? If you are adding negative equity to the deal they would need to draw up a new deal.

Tiggstar1
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Re: Finance question

Post by Tiggstar1 » Wed Sep 27, 2017 11:21 pm

The current finance left on the car is £2500, so effectively they are just clearing the finance on it and my sister is leaving 1k deposit for her new car.

I would have thought that since they are effectively just clearing the finance it wouldn't matter if it got cleared before had since none of the money is being contributed towards the new car

Am I wrong?
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

kylemacca01
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Re: Finance question

Post by kylemacca01 » Thu Sep 28, 2017 9:53 am

Tiggstar1 wrote:
Wed Sep 27, 2017 11:21 pm
The current finance left on the car is £2500, so effectively they are just clearing the finance on it and my sister is leaving 1k deposit for her new car.

I would have thought that since they are effectively just clearing the finance it wouldn't matter if it got cleared before had since none of the money is being contributed towards the new car

Am I wrong?
If it's as simple as that then I would expect it not to be an issue. It's has a net 0 effect on the deal.

Sounds to me like the dealer knows he can make a few quid on that px and wants to make it sound like you have no other choice.

Are you planning on paying off the finance and then selling privately? Presumably you aren't going to px the car at all now?

If so I would tell the dealer you no longer want to px and if he can't make it work you will have to take your business elsewhere.

Tiggstar1
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Re: Finance question

Post by Tiggstar1 » Sat Sep 30, 2017 12:36 am

Thanks for the reply, it's all been sorted now although I don't think bmw were happy.

I think they were trying to make a few quid, I've cleared the finance on the car and will sell it on in a few weeks, there's no way I was letting them take it off her hands for 2.5k.
2013 F20, 120d M sport, glacier silver, few extras - Gone
2017 Seat Leon FR

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