I got a used car back in November last year. I got a Skoda Octavia 1.9 TDI, 07 plate, with 59 thousand miles on it. I am now not liking it, as i would like to drive a Volkswagen Passat, which i recently test drived from a friend and i just love the handling of the car, the looks, the comfortable feeling in driving it. I currently have 4 years 4 months to go on the finance package. The current car, has 79 thousand miles on it, and with a few little things would be in the same condition i got it in, other than the miles being a little bit more. Would i be able to swap the vehicle and extend the finance package? Or would i have to pay a lump sum for the difference, or something. Has anybody done it, or know anything that could help me be pointed in the right direction, or would i have to stay with the car and forget about the Passat and get it out of my head.
You will be able to change the terms of your credit agreement if you discuss what you want with the company involved. If you're buying the Passat from a friend though then I assume he/she won't want the Skoda in part exchange, so you'll need to sell it privately. Try and separate the loan from the cars in your mind, the finance company aren't generally interested in the vehicles, they just want their money repaid over the agreed term.
I'm not wanting to buy it from the friend who has one. I was more aiming for would i be able to hand the skoda over, and get a passat but with me having 4 years left would they let me do it?
Of course. As I said the finance company are only interested in finance. So if you p/ex your Skoda for a Passat that costs (for instance) £2,000 more you'll need to contact them and give them the details. Assuming you're credit worthy enough they would normally just send out new finance papers for you to sign for the new loan. My sister does this all the time because she changes her car every 6 months, but I never borrow money to buy cars so have no experience of the finer details.
Thanks Stret, i will probalies phone them and try to arrange something. Also to sort insurance out for the current car, and new car if it goes through.
I think that has to be your starting point, they'll want to know what you're buying as of course it is your collateral, but I wouldn't expect them to give you any problems.
