Trade In Advice Needed

K

KH1

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I need some advice regarding a trade in.

We currently have taken over the installments of a vehicle privately. The current owner has given us permission to use the current vehicle we have as a trade in to secure a new vehicle however there is a shortfall between trade in value and settlement value of approximately 30k.

Is there anyone who could assist us in acquiring a new vehicle and possibly adding that shortfall of 30k to the new financing? The vehicle is still in the original owners name.

Please contact me if you are able to assist - the new vehicle we would like has already been sourced.
 
KH1 said:
I need some advice regarding a trade in.

We currently have taken over the installments of a vehicle privately. The current owner has given us permission to use the current vehicle we have as a trade in to secure a new vehicle however there is a shortfall between trade in value and settlement value of approximately 30k.

Is there anyone who could assist us in acquiring a new vehicle and possibly adding that shortfall of 30k to the new financing? The vehicle is still in the original owners name.

Please contact me if you are able to assist - the new vehicle we would like has already been sourced.
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Not going to be possible, the banks will not 'extend' the finances beyond the value of the new vehicle, so unless you're getting it for R30k below its value, then you will have to suck it up and keep paying..

Technically what you're doing is illegal anyway in terms of taking someone else finance over (as far as I'm aware)....
 
That makes no sense. Why pay for a vehicle (the one you want to trade in) that on paper is worth negative 30k? Unless I'm misunderstanding the OP?
 
I don't know if its late in the day, but I cannot understand why:

(a) you would be involved in a deal where you take all risk, for zero reward;
(b) anyone else wants to take risk for zero reward / security.

Meh.
 
Dealers can add a certain amount on top of the new cars price for "extras". They often do this to offer a better trade-in value. However, you cannot trade in a vehicle that is in someone else's name. No way.
 
furpile said:
Dealers can add a certain amount on top of the new cars price for "extras". They often do this to offer a better trade-in value. However, you cannot trade in a vehicle that is in someone else's name. No way.
Click to expand...

Correct.

Also known as stealing.
 
ToxicBunny said:
Not going to be possible, the banks will not 'extend' the finances beyond the value of the new vehicle, so unless you're getting it for R30k below its value, then you will have to suck it up and keep paying..

Technically what you're doing is illegal anyway in terms of taking someone else finance over (as far as I'm aware)....
Click to expand...

There is a loophole though. They are technically "Renting" the vehicle from the owner. Once the vehicle is paid in full he just transfers ownership to them.
 
The vehicle is owned by the Financing Bank. I am pretty sure that there is a clause in the HP agrement prohibiting the "hire" of the vehicle to anyone else for gain.

The OP's cheapest option is to return the vehicle to the "owner" and then buy his new car.
 
Billy said:
The vehicle is owned by the Financing Bank. I am pretty sure that there is a clause in the HP agrement prohibiting the "hire" of the vehicle to anyone else for gain.

The OP's cheapest option is to return the vehicle to the "owner" and then buy his new car.
Click to expand...

Nope, that is the loop hole people have been using for ages unfortunately.
 
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