Markus

This is scooby releated as it relates to be getting a scooby, so please bear with me.

OK, car I've seen at dealers is £14,995
My car is worth 10,000, plus I've got 4,300 outstanding finance.

Dealer completley ignored me when I said I could not go over the length of term for existing finance (12mnths) and was going on about X quid per month over 24mnths with a balloon payment at the end.

Anyway, does the following statement sound vaild or am I thick and missing something?

I sell them my car (10,000) leaving 4995 to be paid, They paid the finanace company 4300 (what I owe in finance) I have new finance aggreement with the dealer, and up the finance a bit to the 4995 (4300 + 695) This then equates to me having (in theory) paid the subaru dealer 14,995, which is the cost of the impreza.

So, am I stupid (probably!) or have I missed something completley obvious?

BTW - I've emailed the dealer the above theory thingy and they have not got back to me yet (grrr)

help!?

Oz

I think I must be thick! You wrote...

I sell them my car (10,000) leaving 4995 to be paid, They paid the finanace company 4300 (what I owe in finance) I have new finance aggreement with the dealer, and up the finance a bit to the 4995 (4300 + 695) This then equates to me having (in theory) paid the subaru dealer 14,995, which is the cost of the impreza


I saw it like this...you pay them 10k (with your car) but you still owe finance of 4.3k on this. They pay the finance and you still need 4.995k extra for the new car so your new finance should be 9.295k (4.3 + 4.995). It seems too much but you only really own 5.7k of your car. Or am I being thick?

I may have misunderstood what you were going on about so apologies if this is the case....

Markus

Oz:
That's why I posted the question, to find out if I'm being silly, which I probably am

looks like I'll be getting a £10,000 WRX then!

Andrew Dixon

No, this is wrong! You haven't accounted for the fact that the dealer has paid for your finance AND your car! Look at it this way split into two separate transactions ...

You sell your current car to the dealer, and they give you £10,000.

You still owe £4300 on the finance deal for your old car, which you pay out of the money that the dealer gave you.

This leaves you with £5700.

I hope you agree with this so far ...

You want to buy the Scooby (worth £14995) from the dealer. You have £5700, so you take out a finance deal for the remaining £9295, and Robert's your father's brother, the Scooby is yours!

Finance the £9295 over 12 months at around 10% and you'll be looking at about £820 per month! Ouch!

Right, time for someone to correct me!

Andrew

Markus

Andrew Dixon:
Cheers! I see the light (hurumph!)

Doh!!!! is all I can say. I must seem like a complete idiot!

Thanks to all of you. Now I see why the dealer was on about finance terms of 24 months, that would possibly halve the repayments, which is kind the X ppm figure he'd given.

Oh well, back to the import market then!

once again, thanks!

JamesH-2

Markus

Whats your annual mileage going to be?

If its low, go for a PCP with a brand new UK car!

New Car @ c.22000 (DGM 5dr) with a deposit of your car (5700 [max 6400 30%]). Minimum future value of 13200 (based on 10k per annum & 2 years).

You pay for repayment of loan of around 3000 + interest on 13,200. For me it worked out as approx 190 per month. Don't bung on xtras like aircon, cos it mullahs the repayments as they're not taken into account in future value. Again, if you're expecting to do 25+k miles a year, then this would probably not be for you.

Bargain I reckon

Markus

JamesH-2:
Would go this way if I could, but I can't. For personal reasons that I don't wish to go into, I cannot do anything which means that a loan/finanace/PCP/whatever goes beyond Feb/March 2001.

It's a simple as that. That's why I cannot do the 24 month thing.

As I said, there are reasons why I'm in this situation, nothing nasty I assure you, but it's just the way it is, wish it was not, but there you go.

This explains why I'm looking into imports as my 10 thou will get me a decent(ish) WRX, servicing should be OK as there's someone local.

lpro

markus, use the below link couple of impreza's there, I don't know what they are like, but they seem to be cheap. Found through search engine