I Fancy A Corolla Ts:)

[skyliner34]

Hi guys,

My local toyota dealer has a second hand P2 Corolla TS. And I kinda want it . The trouble is my P2 Yaris TS is on finance. It's got 2 years left. Brought from the same dealer the Corolla is.

Is is still possible to trade in the yari and get the Corolla?

[Yaris SR Kid]

yeah of course but you will be paying two off!!

[skyliner34]

So if I'm right, for example. If the Yari is worth 6000 and I've got 2000 left to pay. The 4K will go and pay for the Rolla, and I'll have to pay the difference in the Rollas price compared to 4K + the remaining 2K.

So if the Rolla goes for 7K, I'll have to pay 3000 + 2000 = £5000

Does that sound right?

[Woody27]

Best bet is to ask at toyota? Also doesn't the finance it is on reflect its cost new but not the cost now? If this is so then you will get less than £4k toward the corolla i would imagine as it is worth less to them now?

[skyliner34]

Yeah your probably right. 4K was just a number I pulled from the air. I shall pop in on Monday lunchtime to have a word. Funny thing is, the car is in better condition now that it was before it left the garage! :)

[armoredfist2002]

when you take the car back you'll get so much back, so you'll have to pay the remainder and the price of the corolla.

Don't forget you'll get less part ex than selling private.

[skyliner34]

So if I wanted I could ask for the remainder and the price of the corolla on HP, is that right?

[Red Yaris 54]

That sounds like an expensive way of buying a car

[skyliner34]

What does the old term buying a car on the "never never" mean?

[Red Yaris 54]

What does the old term buying a car on the "never never" mean?

You "Never-Never" pay for it (or own it) completely

[skyliner34]

So thats the same kind of thing I'm talking about above?

[Red Yaris 54]

This may help explain:

http://www.adviceguide.org.uk/index/life/debt/credit.htm

There are lots of links to follow which explain all you need

[skyliner34]

Thanks. Thats clears it all up. It's what everyone on here have said really. I will owe the remaining amount on the first car and the difference on the new car

[finallyanameicanuse]

Depends whether the yaris was on a personal loan or HP as well - as if its on HP, the loan is secured against the car and should be paid off when you sell it (Kinda like when you sell a house you should pay off the mortgage....). Also check whether theres any early repayment penalites.

[seveer unaek]

Its easiest to sell the yaris and pay off the finance, then re-finance for the corolla. If the garage supplied the finance, then they will do this for you. Should be cheaper as interest rates can fluctuate.

[skyliner34]

Just an update. I paid off the Yaris, and brought a Corolla TS o finance with the 5K as deposit from the Yaris. Check my other thread for pics :)