Can I downgrade car?

[bogartsqueen]

I currently owe finance on my 05 Ford Focus.
I am guessing I have about €12000 left to pay.
I like many others I can no longer afford to keep paying for this car and even if I could afford the payments it’s too costly to run every week.
I do need a car thou but I would be looking for a smaller cheaper car to get me from a to b.
Could I sell it even thou I have finance outstanding on it?
Would a garage do a trade? Say if they were willing to buy my car for €7000 and I wanted a car costing €4000. Would they give me the €3000 difference too?

Any information would be really appreciated here.
Cheers

 

[Leo]

You'll need to clear the finance as it will be tied to the car.

 

[Slim]

You will get screwed by any garage that agrees to 'buy' your car, especially that age. Best is to sell privately first and clear finance. If you were trading up you might get the garage to arrange new finance. Slim

 

[Brendan Burgess]

First of all, contact the finance company and they will extend the term of the loan and reduce the repayments for you.

The costs of buying and selling cars make trading down an unprofitable business.

 

[levelpar]

As far as I know, the car is not yours to sell. I think you got good advice from Brendan.

 

[bobalong]

You will get screwed by any garage that agrees to 'buy' your car, especially that age. Best is to sell privately first and clear finance.

I wish you luck with a private sale. If you think garages are having a hard time selling ... Private sales are next to impossible unless you sell at a real bargain basement price, even at that it will be hard.

I too would say the finance owns ish your car until full payment.

Bob

 

[Pique318]

I currently owe finance on my 05 Ford Focus.

Cheers

Is it HP finance ?
If so, and you've paid more than 50% of the money, you can hand the car back under the 'Half Rule' clause.

Clicky

Big thread on Boards.ie about it here