Finance Shortfall on trade...

[h4tch3t]

So,

I'm guessing some of you, if not all had to deal with this problem at some point or other.

I'm currently looking to sell my car. There will be a serious shortfall looking at trade / private sale vs. what I still have to settle.

What can be done in order to get out of the deal?

It's not that I have to, but that I want to...:inlove:

I'm looking for sound financial advice if there are any good / creative ways of dealing with this sort of thing.

Previously I would have just loaded the next vehicle price with the shortfall, but I'm not keen on doing this as I would rather have extra cash to pay into my bond.

The era of responsible expenditure is upon us...

Regards

 

[Cole]

if you have not signed the financial acceptance documents then you can just tell the dealership sorry the deal doesn't work for you and you not going to proceed.

if you mean what can you do to get out of the deal you signed for the car you wanting to sell that you have the shortfall on, short of claiming you are broke and can not pay for the car which will ruin your credit rating there is nothing you can do.

 

[UpNcOmiNg!]

No I think he owns a car, he wants to get something new but his settlement amount exceeds the trade value on the car.

Look, some dealers are willing to settle the car for a trade, if they desperate enough to get new business they will do so.
What I can recommend is try and find out which dealer is battling with sales this month, then go and test drive, maybe just browse the floor until you are approached by a salesperson you comfortable dealing with. Test drive the car, then sit down and speak to them. They may be able to wangle a deal for you depending on the shortfall.
Don't refinance additional debt, it makes no sense to carry a shortfall that will not ever reap you any benefit.
Also look at 2nd hand and try non-BMW dealers, they often lower the price more willingly on traded cars.
Give it go, let us know

 

[Nick]

UpAndComing hit the nail on the head there!

 

[h4tch3t]

@ - UpNcOmiNg!

Solid advice, and yes, you are indeed correct. Thanks!

I'm looking to sell the current car, and looking to avoid the same situation with regards to loading.

I'll go check some BMW 2nd hands, see what they have.

Perhaps someone's willing to make a deal...

Laterz

 

[AshG108]

Well done Upncoming, definitely good advice bud...as for teh Suzuki driver :fencelook:

:rollsmile:

Bud, alot of BMW, Audi n even Merc drivers oh and not forgetting Renault and Alfa drivers get in this predicament....best is follow Upncoming's advice...i also want to trade now but have the same issue, as is with quite a few others that i know.

:thumbdo:

good luck bud, elt us know who is willing to do deals

 

[ASH]

If the car you own is a BMW, then keep an eye out for a dealer who is struggling for sales, some clues would be lots of used car stock on the floor, low walk-in rates, sales staff twiddling thumbs, smoking outside, playing on internet etc, as this dealer might just settle your car to generate a sale, that's if you buying. I'm not sure if BMW are still offering trade-in assistance on some of the new models, so if you are looking at buying a car, maybe enquire about it, as it will help to get out of the current car you have.

Financing a shortfall is a definite :nonono:

 

[cOlDFuSiOn]

BMW still offer R40k assistance on certain NEW models only. I heard from a friend there is shortfall cover (not the insurance top-up when car is written off but actual cover that pays the difference when you want to swap cars that are HP'd?)

 

[Neogenissis]

recently i purchased a honda Jazz for my Girlfriend, she had bought a Opel corsa lite in 2012 and we went to Fury Ford and mazda in fourways. they agreed to accept our corsa as trade in and settle it (44k outstanding) so no shortfall as the current trade value for the corsa was 33k .

so some dealers are willing to settle your vehical so as to turn some stock around.