[sportdan]

Hi
I got a car through a garage under finance (Close Motor Finance) and am doing it over 3 years...

In a way I am kind of regretting this now as I wish I had gone through the main dealer route and went for something cherished or even new through finance.
The idea of say having a new car for 3 years then either taking it back for another one or paying the whole big lump off doesnt really bother me as I dont really see it as bad idea.
Yeah ok so you dont really own it but if your doing quite a fair few miles, and especially with options like TLC covering 3 years surely the cost of running the MINI in general would be pretty cheap?

Anyway basically if I saw a cherished car and wanted to put mine in for it then how would that work with my outstanding finance? Sorry its probably a really ignorant n00b question but would I need to settle the whole agreement in full first anf then trade it against it or is there another way that the outstanding balance can be cleared?

If you could give me some pointers that would be great!!

Thanks all

[picard]

they take any finance owing from your trade in figure

for example

trade in worth 10k
you owe 8k

you left 2k part ex

they should send cheque to pay off old finance

[sportdan]

Quote: Originally Posted by picard (original)

they take any finance owing from your trade in figure

for example

trade in worth 10k
you owe 8k

you left 2k part ex

they should send cheque to pay off old finance

Oh right I see I wasnt sure how it all worked and didnt think that the garage would touch you if you had outstanding finance on a vehicle.

Its a tempting thing to do. I like the idea of having full TLC and also a good warranty to cover things!

Whats the best MINI finance option? They do several dont they. Depends on your needs I suppose. A lot of people go for Select dont they? Or arnt you a fan of Finance?

Thanks

[dlpruk]

I got a quote from MINI Finance and another from my bank, which was much lower.

[ALD0]

MINI finance will cover the old finance off for you, hopefully you wont be in negative equity, i.e
Part X figure is lower than Settlement figure.
If you get a quote from MINI finance, also get a quote from other financial issuers, if the rate is lower/better deal, go back to MINI finance with this quote and if they have any sense they should match it!

Good luck!

[sportdan]

Quote: Originally Posted by ALD0 (original)

MINI finance will cover the old finance off for you, hopefully you wont be in negative equity, i.e
Part X figure is lower than Settlement figure.
If you get a quote from MINI finance, also get a quote from other financial issuers, if the rate is lower/better deal, go back to MINI finance with this quote and if they have any sense they should match it!

Good luck!

The settlement figure is around 3500 which i would have thought I would easily get as part ex.
I have a silver cooper bonnet stripes 51 plate. about 56k miles, chili pack, a/c, panoramic sunroof, ASC+T. Fairly tidy car!

[picard]

ive done it with over 10 cars now, once i traded in a fiesta and got £4000 i owed £5400 so £1400 was added onto new car then re financed

present mini have bank finance under 7% apr mini finance was more like 14% i think

basically if you want to change cars and monthly payment is liveable go for it

[picard]

Quote: Originally Posted by sportdan (original)

The settlement figure is around 3500 which i would have thought I would easily get as part ex.
I have a silver cooper bonnet stripes 51 plate. about 56k miles, chili pack, a/c, panoramic sunroof, ASC+T. Fairly tidy car!

should be easy say u get £5000 nice £1500 deposit get rest on mini or bank finance
no tax for a year servicing sorted 3 year warranty much newer car !!

[sportdan]

Quote: Originally Posted by picard (original)

should be easy say u get £5000 nice £1500 deposit get rest on mini or bank finance
no tax for a year servicing sorted 3 year warranty much newer car !!

Yeah it does sound all good!

With £1500 deposit and a new cooper over 35 months how much do you think I would be looking at a month? Obviously I suppose it depends on what kind of amount you wanna pay at the end and the spec of cooper u go for

At the moment I pay about £135 a month finance, I would be happy to pay more due to the face of it being a new car etc...

I got a letter from MINI saying that they were doing deals this month and for £999 deposit I could get any MINI hatch on finance for £168 per month!!!

[picard]

depends on future values they set, more then £135 id say

[sportdan]

Quote: Originally Posted by picard (original)

depends on future values they set, more then £135 id say

Yeah I would have though so.

Gonna try and speak to the dealer and see what they say. Give me a rough idea of whats what and compare the market

Cheers again

[Eric-RPS13-]

I'm using state farm bank when I purchase, I got a 5% rate. Wish it was that promotional 2.2% my brother got from Honda though.
Haven't figured out what month term I wanna do.