Hi I part exchanged a car which was a market value of £4995 when I bought it on finance after just 9 months. The value of the car I wanted was higher and the way it worked was the new car manu paid me the settlement figure as a part exchange amount and that was paid off. We then started a new finance agreement for the new car. I don't know if it works when you want to buy a cheaper car than the car you are part exchanging.
They can keep the money you already paid.
The word part "ex-" typically means out of, from, or former.
yes
You should contact the finance company. Perhaps, you can make smaller payments and stretch out the loan or perhaps you can turn the car in and avoid them the trouble of repossessing the car in exchange for not having your credit ruined.
You still owe the finance company the balance owed.
It means that the dealer might accept your car as a part of payment but of course the dealer and you have to agree on a price for your car.
its very difficult to finance car with no credit if you have some bad credit then you have chance to get car finance.
my interuptation of part exchange to clear would be ....not up to the standard that the dealer would normally sell on his forecourt.
It should not take very long to finance a car, depending on the car's model, condition, etc and also the finance company you are financing the car from.
exchange interaction
My car was crashed and I lost my job. How do I return the finance car to the lender?
The bank/finance company. The dealer has already been paid for the vehicle