car purchase - finance question

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dahlia187

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I bought a car 2 weeks ago.
It's not the right car for me, I had a romanticized idea of what this car would be like. Impractical for my needs. It's a 2024 model 4000kms. So a demo.

I put down 30 000 deposit it's a R200 000 vehicle. So the rest financed. I had planned to pay the vehicle off in full in June.

I want to find out if I go and trade this car in now - and get something different, value R240k to R280k, refinance, and In June I put 200k into the vehicle, the balance say 80k - do I only pay a monthly installment based on the balance 80k or is the installment on the Full amount 280k but until the 80k is paid?


I'm trying to figure out if I need to wait until June to get a different car or if I can do it now.
When I bought this car, the finance person told me I can settle it at any time - no fees or anything like that.
But I can only settle it in June.
 
I have posted this in the wrong place (sorry) will try to figure out how to delete.
 
I think you pay the original installment until the R80k is paid off.
 
I bought a car 2 weeks ago.
It's not the right car for me, I had a romanticized idea of what this car would be like. It is mpractical for my needs.
It's a 2024 model 4000kms. So a demo.

I put down R30 000 deposit it's a R200 000 vehicle. So the rest financed. I had planned to pay the vehicle off in full in June.

I want to find out if I go and trade this car in now - and get something different, value R240k to R280k, refinance, and In June I put 200k into the vehicle, the balance say 80k - do I only pay a monthly installment based on the balance 80k or is the installment on the Full amount 280k but until the 80k is paid?


I'm trying to figure out if I need to wait until June to get a different car or if I can do it now.
When I bought this car, the finance person told me I can settle it at any time - no fees or anything like that.
But I can only settle 200 of it in June.

Just want to find out if I need to wait until June - to pay off this car. Then go trade it in, for something a bit better.
Or if I could somehow swing trading it in now.
 
Well you going to loose a lot when you trade it in. They probably going to give you R170 000 or even less. So you will owe more
 
Jean Claude Vaaldamme said:
Well you going to loose a lot when you trade it in. They probably going to give you R170 000 or even less. So you will owe more
Click to expand...
I am hoping that it wont be too bad because the car price dropped from 269 000 to 249 000 to 199 000.
I am hoping that I can get a good deal when I trade it in because I do believe I bought it for a good price.
 
dahlia187 said:
do I only pay a monthly installment based on the balance 80k or is the installment on the Full amount 280k but until the 80k is paid?
Click to expand...
I'm sure both of these options are possible by arrangement with your finance house.

Out of curiousity, what car is it? There is a BMW-Suzuki war on this forum and I would like to weaponise your problems.
 
You can choose to reduce installment amount over the original term of the agreement or have the term reduced and installment amount remain the same..
 
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3WA said:
I'm sure both of these options are possible by arrangement with your finance house.

Out of curiousity, what car is it? There is a BMW-Suzuki war on this forum and I would like to weaponise your problems.
Click to expand...
It is a 2024 Fiat 500 automatic, with 4000kms on the clock. I doubt that will help you though.
 
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Does the dealer's terms and conditions have a clause where you can trade the car in if you aren't happy for the full price paid?
 
dahlia187 said:
I bought a car 2 weeks ago.
It's not the right car for me, I had a romanticized idea of what this car would be like. Impractical for my needs. It's a 2024 model 4000kms. So a demo.

I put down 30 000 deposit it's a R200 000 vehicle. So the rest financed. I had planned to pay the vehicle off in full in June.

I want to find out if I go and trade this car in now - and get something different, value R240k to R280k, refinance, and In June I put 200k into the vehicle, the balance say 80k - do I only pay a monthly installment based on the balance 80k or is the installment on the Full amount 280k but until the 80k is paid?


I'm trying to figure out if I need to wait until June to get a different car or if I can do it now.
When I bought this car, the finance person told me I can settle it at any time - no fees or anything like that.
But I can only settle it in June.
Click to expand...

You can settle at any time. You get a settlement quote from your finance company (a good one will have it via a button on their website after you log in).

Then you go to a dealer and tell them you want to trade this car in on another, what will they offer you.
Then you take the figure they offer, and subtract what you owe.
That amount is the shortfall, which will needed to be added on top of the value of the new car.
Then you need the dealer to apply for finance for that big amount and see if you qualify.

If you do, you sign they take the old car and settle it with the finance company and you drive away in the new one.
Difficult but can be done if the shortfall is not too big.


What car do you have currently, and what is the one you want to trade it in for?
 
NR7 said:
You can settle at any time. You get a settlement quote from your finance company (a good one will have it via a button on their website after you log in).

Then you go to a dealer and tell them you want to trade this car in on another, what will they offer you.
Then you take the figure they offer, and subtract what you owe.
That amount is the shortfall, which will needed to be added on top of the value of the new car.
Then you need the dealer to apply for finance for that big amount and see if you qualify.

If you do, you sign they take the old car and settle it with the finance company and you drive away in the new one.
Difficult but can be done if the shortfall is not too big.


What car do you have currently, and what is the one you want to trade it in for?
Click to expand...
Its a 2024 fiat 500 automatic with 4000kms. I want to get something like Hyundai venue or a Toyota urban cruiser.
 
A Fiat 500 is not a man's vehicle. Yes there are vehicles for men and vehicles for women.

And per the internet rule no.1: There are no women on the internet, it means you need to trade the car ASAP and get a vehicle made for men. This time please over compensate, and get the biggest double cab bakkie.

Please note, if you are gay, it must have a turbo, if it does not have a turbo, you will be shunned by the mybb gay turbo community also known as @epah.
 
You might want to get a settlement estimate. The amount due might be higher than what you think, it's not penalties, but the bank is "losing" money cause you are settling sooner.
 
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