Im wanting to get a house soon, and am paying quite a lot for my car monthly....so the sensible option would be to get rid of it, and get a cheaper car!
Its on finance from the Ford dealership where I bought it. Ive had it a year, and have three years left on it. Can I go back and just ask them to take it back off me, and they dont give me any money, and I wont owe them? I know the car is worth a bit more than I owe on the finance, but im not bothered about getting anything from them, I just want to be left carless when I walk away, then will get a little loan for a new cheapo car. You think they will do that or not really??
Cheers
have you read the small print on your finance agreement to see if something like that is possible?
Jaimz :rock:
Yeah, but couldnt really see anything about it. Im away from home at the moment so cant double check it.
Its only 11months old as well.
if you take it back to where you bought it from, they should be able to sort it for you so they buy it back from you and pay off the finance all in one go.... plus you get any thats left over :)
... but dont tell them you dont want anything in your pocket for it... and haggle, or theyll screw you (its whats they get paid for) and end up asking you for money ! :o
Yeah, I might as well try to be honest! Didnt know if theyd want it back really though. And yeah, I should try haggling to be honest, as I could get a few hundred extra in my pocket!!
Better: see if you can consolidate the loan with a home loan.
You mean get a personal loan to pay off the HP?
Im not wanting really to get another loan really soon, as if im getting a mortgage it might go against me if you get me.
When I get a cheaper car, i will probably lend the coin off my parents and pay them back/get a loan after id got the mortgage.
what he means is get a morgage that coveres buying a house and paying off the car hpi :o
Quote from: knightywhat he means is get a morgage that coveres buying a house and paying off the car hpi :o
basically what i did, i bought my house for 85k, and got a 95k morgage so i could get rid of a few debts and get some nice furniture.
Oh right, yeah I see.
I could maybe do that. But I was going to get a bit more that the house was worth anyway to buy stuff.....like furniture, fridge etc, as I have nothing at the moment! :lol: Also, could do with a smaller engined car, as this one drinks petrol. Only get about 270 miles out of a tank, and if I get the house I will be travelling to work etc which I dont do at the mo!
Quote from: chrisdickothis one drinks petrol. Only get about 270 miles out of a tank,
WTF do you drive? a Tank?
LOL.
Na, id probably get better MPG in that. Its a Fiesta ST, but they dont get the best MPG in the world.
You can just give it back, but if your halfway through a monthly payment, they may ask for a fraction of your monthly amount, to cover the days where you crossover between payments.
If you want economy buy a C2 Diesel, wont find much more economical tbh and theyre good fun to drive :D
Jaimz :rock:
Quote from: EggtasticoQuote from: chrisdickothis one drinks petrol. Only get about 270 miles out of a tank,
WTF do you drive? a Tank?
I reckon I can only get 200 miles per tank :(
Im doing Sheffield to Basingstoke this weekend. Im going to refuel at Oxford just to be sure.
Cheers Jaimz, will look in to that!
Chuck Norris, why do you think this?? Not that your wrong or anything, as someone else has said it to me, but I didnt see that in my small print, but would need to double check again.
meh! i get 600miles to tank and my car isnt to far off a fez st.
i think if you get a C2 derv you would get really fed up with the lack of speed. 70bhp, 14+s to 60 :lol:
if you want a small cheap car look at the 1.3dci clios they have 100bhp and still do 65mpg.
Quote from: Clockd 0NeQuote from: EggtasticoQuote from: chrisdickothis one drinks petrol. Only get about 270 miles out of a tank,
WTF do you drive? a Tank?
I reckon I can only get 200 miles per tank :(
Im doing Sheffield to Basingstoke this weekend. Im going to refuel at Oxford just to be sure.
You must drive like a nutter :)
edit: My mates selling a black hardtop, dunno if youre interested but she dont want much for it.
Quote from: Clockd 0NeQuote from: EggtasticoQuote from: chrisdickothis one drinks petrol. Only get about 270 miles out of a tank,
WTF do you drive? a Tank?
I reckon I can only get 200 miles per tank :(
Im doing Sheffield to Basingstoke this weekend. Im going to refuel at Oxford just to be sure.
200 Miles!!!
F00k! I got 550 on my last tank & Ive been flooring it a fair bit. can get over 600 if I drive like an old c**t instead of just a c**t.
Im not too sure what Ill be getting really. Ill just be getting a cheaper car......still would probably want summat pretty fast!
My step bro spoke to one of the sales managers at a ford garage he knows, and he said theyd be able to give me Ã,£8700.....although I owe Ã,£8900. Thats not deffo that hed 100% buy it off me, but thats what hed give me. So I will ask about at a few other garages and see.
Ive noticed a lot of modern cars have sucky milage. The 1.6 Twinport Astras for instance where terrible for eating petrol up. The one i had for a few days did ~300 miles on a full tank. That was 50/50 motorway and town, the 2.0FSi Passat i had a couple of weeks later did more than that, IIRC i got about 450 miles.
Quote from: sdpQuote from: Clockd 0NeQuote from: EggtasticoQuote from: chrisdickothis one drinks petrol. Only get about 270 miles out of a tank,
WTF do you drive? a Tank?
I reckon I can only get 200 miles per tank :(
Im doing Sheffield to Basingstoke this weekend. Im going to refuel at Oxford just to be sure.
You must drive like a nutter :)
edit: My mates selling a black hardtop, dunno if youre interested but she dont want much for it.
Well Im still getting used to it, I probably am far too aggressive for want of a better word when accelerating as I was used to flooring the Clio, Im sure thats where the fuel is going.
Sheffield to Birmingham used nearing half a tank, thats sat doing 70-80 mph most of the way on the motorway, and its around 80 miles.
I think there and back used 3/4 tank including a short hop around in Brum, so 170 miles maybe?
I could be interested in the hard top, although do you think a black hardtop would look alright against silver? Heated screen right? You can PM me more about it if you know a price, etc.
I know I probably should get far more mileage from it. Its 170 miles to Basingstoke, so Ill see if I do use a tank. If I do thats pretty rank.
Sitting at 70-80mph shouldnt be too horrific, it might be braking down to 50 and then booting it back up to 80 thats the problem.
The biggest difference in mpg in my motor seems to come between about 65-70 and 80, that gap makes a real dent in the fuel.
iirc going twice as fast needs four times as much power ?
I can get 50mpg at 70mph
but get 18mpg at 120mph
:(
(mpg guage = win!)
350 miles out of a tank of juice in my calibra, average
this is all kinda mute tho as we all have different sized tanks.....I can get 600 out of mine...just cost me more to fill up in the end !
true, mines 60L
i never have a full tank so i havent got a clue
QuoteChuck Norris, why do you think this?? Not that your wrong or anything, as someone else has said it to me, but I didnt see that in my small print, but would need to double check again.
Because the only time I had anything like this with paying monthly was with my car insurance, and they asked for the part monthly payment + Ã,£100 legal fees for sending me a letter when I cancelled my policy halfway through the month. I think it applies if you pay in arrears.
Quote from: knightywhat he means is get a morgage that coveres buying a house and paying off the car hpi :o
thats crazy financial advice.
youre gonna be paying for a 10k car for 25 years.
if you must get rid of the car then the way to do it is to sell it private for as much as possible. then pay the remaining finance off.
you need to know that you wont get stung for all of the interest on the finance agreement, cos if you do, youre probably looking at paying back more than you loaned. this bit is very important.
Matt
Quote from: bytejunkieQuote from: knightywhat he means is get a morgage that coveres buying a house and paying off the car hpi :o
thats crazy financial advice.
youre gonna be paying for a 10k car for 25 years.
not really, it all depends on your morgage tbh... a lot of the time it can be a better option than paying the morgage and the car payments at the same time.... which when your buying your first house can be a big deal...
either way.... your better off getting something cheaper :)
Quote from: bytejunkieQuote from: knightywhat he means is get a morgage that coveres buying a house and paying off the car hpi :o
thats crazy financial advice.
youre gonna be paying for a 10k car for 25 years.
Not quite, you may be paying of both simultaneously but the interest rate for the car loan could be far less than if you continued to pay separate. In the end it could work out cheaper overall, especially if you were to pay the money you would have had to fork out for both loans into the mortgage. You might end up paid off a few years early and that could save you a lot.
By the time you need another car you should have gotten a raise anyway.
Quote from: Serious
the interest rate for the car loan could be far less than if you continued to pay separate.[/quote]
nah, not at all. absorb it into the mortgage and youve still got the outstanding amount at the mortgate rate for the duration of the mortgage.
a good mortgage right now is 5% ish. car finance, find me some around 6.9%... unless it was bought new (maybe as low as 0%) which we dont know. if it was, its a real easy decision.
however, 3 years of 7 % against 25 years of 5% which is subject to change... I know what Id go for.
and as knighty says. the best way is always the cheaper car. aint many cars increase in value the same rate as houses. and a fiests ST certainly wont.
Quote from: bytejunkiehowever, 3 years of 7 % against 25 years of 5% which is subject to change... I know what Id go for.
Pay the money into the mortgage, you have 3 years to pay off the car, but you just keep paying at the same rate. Now you have saved the 2% a year but are also paying off the mortgage quicker.
If you can get a zero% rate then all is good, otherwise go for the cheapest option. Some peeps wouldnt be able to pay for both their mortgage and the car over three years.
I have a feeling that the car thing is somewhat more complicated.
I too have a car on finance, have got 2.5 years to go and have been paying off for 1.5 years. Now the problem is if you give it back, then the car has depreciated and by jumping out the deal with the finance company means that you may well incur a get out cost as well as no doubt owing them money given the car is worth less (even though you have made payments) ... its like if you jump out of a mortgage before they want you to, normally a high cost to do so. Chances are you will give the car back and no doubt owe them money ... you need to decide if this is worthwhile. I hope this makes sense, but I have looked at this myself as both my wife and I have a car and want to be a 1 car family and it really did not work out in my interest to do so.
Now, I am not saying this is spot on, but I do remember it not being a good idea. Finance companies make it really hard for you to break out of their deals. The majority of those taking out finance will never be that bothered to really scrutinise the small print esp. at the point of buying a car.
Good luck though!
well at the moment ive been offered Ã,£8700 for it, and i owe Ã,£8900, so that isnt too bad to be honest. yeah, id have to pay Ã,£200, but to be honest its still going to be cheaper than to keep the car!
Quote from: chrisdickowell at the moment ive been offered Ã,£8700 for it, and i owe Ã,£8900, so that isnt too bad to be honest. yeah, id have to pay Ã,£200, but to be honest its still going to be cheaper than to keep the car!
Well done mate; thats a really great deal.
They wont deffo want my car though! He said thats what they would give me. But he didnt check his stock list, so will have to pop and see them when im home next.