# some advice needed..



## -Kev- (Oct 30, 2007)

need some advice guys. basically I've had my car for about eight months now and I love it but I really like the mk7 fiesta zetec-s. thing is, my current car is on finance (not the whole price as I traded my last car in so I'm paying about £4.5k over three years). question is, is it possible to 'swap' cars and carry over the outstanding finance? I've seen a few nice looking zetec-s on dagenham fords site for about £10k on 59 or 10 reg with next to no mileage on them. brand new ones are going for £14k and above..
thoughts guys? 

Kev


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## empsburna (Apr 5, 2006)

How much your car is worth now? what they will give you for a part exchange? What is the interest rate like? How much are you paying now?

Personally I wouldn't have a car on finance though! (For example I don't want to pay 16ish thousand pounds for a £10k car that once I finish paying for it might be worth £3k)


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## -Kev- (Oct 30, 2007)

only just started looking tbh so not been to the local dealer yet. I know where your coming from about having a car on finance but I like having a nice car and i think I work hard for it tbh. and buying a car that's a year or two old means a big saving over buying brand new (would never buy new)


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## tmagnet (Feb 27, 2009)

If you have finance through Ford you should be able to look on ford.co.uk and log in and get your settlement figure.
Basically if you change your car, the outstanding finance will be 'settled' and then you will start a new finance arangement hopefully using some positive equity from the old finance as a deposit for the new car


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## justina3 (Jan 11, 2008)

if anyone is going to give you a good figure on your car then ford will.


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## -Kev- (Oct 30, 2007)

thanks guys. might pop to the local dealer tomorrow to ask, worse they can say is no and i'll have to wait two years or so until my ST is paid off


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## Beau Technique (Jun 21, 2010)

If they offer you £4500 for instance but your outstanding finance is £5300 they will carry the excess over onto the new finance agreement sometimes but its a slow downward spiral when doing things this way Kev imo.


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## Stoner (Jun 25, 2010)

It depends on the agreement whether they will "transfer" it to the new car. Also take into account what interest rate the old agreement has vs the current rates. Settlement rules were changed a few years ago so that shouldn't affect you too badly.

If the finance is an HP or lease agreement (ie: secured on the car) and if you have paid over half the agreement, you can voluntarily terminate (VT) the agreement without further legal obligation or payments but you must hand the car back in "good" condition and road legal (MOT, tyres etc.)

VTs appear on your credit file but lenders are encouraged to ignore them when underwriting you for new loans however I am not sure I believe all lenders will ignore it.


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## justina3 (Jan 11, 2008)

come on guys some dont be so down on finiance we all have vices drinking smoking sex drugs and rock and roll ect some people like nice cars and are prepared to pay for them 
each to there own.


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