Finance

[Blue84]

Hiya,

If you have a car on finance/hire purchase through Toyota do they let you exchange it for another car before the contract ends? Or are you stuck with just the one motor?

Cheers

Blue

[Fidgits]

Yep, you can trade it

Basically, you need to call the loan company (as Toyota wont do the HP, it will be an outside finace company) and get a 'settlement figure', then basically, the garage will take that off the trade in value off your car - and when you trade in, they will take the car and the debt..

[Scottish_SR]

Thinking about a change Blue84??

[jaxx]

its all to do with 'equity'

which is a horrible thing!

i did something similar on my YTS when i swapped it for the 1.0, you need to be 'equal' or in positive equity. but not negetive

negative = you owe more than the cars worth and will have to pay that difference and then start again and with you new car

equal = youve pretty much got it even and can just 'give' the car back and then start again

positive = you owe less than the cars worth, so you give it back, get you new car from scratch, AND the valued profit you have on your old car can be used to knock off the full price of your new car

[Blue84]

Thinking about a change Blue84??

Only upto a T-Spirit..just seeing how it'll work out at the mo, and after Jaxx's advice about equity I'm a tad worried!!!

[Scottish_SR]

Well you should just have a friendly wee chat with your Toyota dealer to see what they say!

[breezer]

thank <I thought I could get past the swearing filter - what a sad muppet I am eh?> someones decided to stay as a yaris :D

[Fidgits]

just call the finance company - ask them for a settlement figure

then talk to the Dealer, ask them for a trade in price..

as long as trade in price > settlement figure - your in positive equity, and generally, (for a 3 year loan), your only in negative equity for the first year...

[kimi]

thank <I thought I could get past the swearing filter - what a sad muppet I am eh?> someones decided to stay as a yaris :D

my yaris aint going anywhere either! was but got other plans

blue good luck with your new car if you have it

[T V O R]

Thinking about a change Blue84??

Only upto a T-Spirit..just seeing how it'll work out at the mo, and after Jaxx's advice about equity I'm a tad worried!!!

How long have you had your T3?

[Chappers]

Just finished paying mine off after 3yrs...then i look back and see how much i payed .. ah well, zero miles allways brings a smoile to my face :P

[Viper_7]

You should/will have protection against negative Equity when purchasing cars.

If after 'n' years, the car has depreciated by 'X' amount then you don't have to pay the final 'm' years.

This will all be in your financial agreement.

Vipes

[Blue84]

Thinking about a change Blue84??

Only upto a T-Spirit..just seeing how it'll work out at the mo, and after Jaxx's advice about equity I'm a tad worried!!!

How long have you had your T3?

6 months..I cant really afford to change at the mo anyway..I've got £750 to pay my Dad back for this laptop first..gotta get that out of the way!!

All this equity talk sounds like a nightmare to be honest, I think I'm gonna be in negative equity for a little while yet anyway!

Oh and Jaxx yeah I'm definately staying with a Yaris..it's fine for me, I can't fault it!!