What amount will the bank pay out if I buy a new car?

Laylaatrevor

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Aug 14, 2019
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I am very confused and absolutely exhausted. I am trying to get rid of my 2015 Geely GX2. It is a great first car, but since Geely is liquidated find parts, particularly the oil filter, is impossible.

The car is worth+/- R70 000, the outstanding finance is +/- R109 000 but the settlement amount is +/- R76 000.

I have been all over looking for someone to take in my car and sell me another second hand car, but no one is interested as they say the loan amount is too high.

Maybe I don't understand the process, but what I think happens is I trade in my car and buy Vehicle B. Vehicle B is going to be financed by (for example) Nedbank, my loan is with Standard Bank, so would the dealer not pay R76 000 to standard bank and then add that R6 000 to my next car loan as my vehicle is (theoretically) R70 000 ?
 
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Craig

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Whoever you trade it with will offer you an amount, if they are willing to trade this car in they'll take the settlement minus that amount and add it to your new car. I'd guess you'd have to buy an expensive vehicle to get rid of the geely. Just don't buy another chinese POS again.
 

signates

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The shortfall is not added to your new loan. You will need to settle this in cash.

They also might offer you even less for your car so the difference would be more than R6 000.
 

Craig

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The shortfall is not added to your new loan. You will need to settle this in cash.

They also might offer you even less for your car so the difference would be more than R6 000.
Not necessarily, with my sisters car they added the difference to the new car. Granted, the difference was small. On this car I suspect he will need a very large tub of Vaseline.
 

Laylaatrevor

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Whoever you trade it with will offer you an amount, if they are willing to trade this car in they'll take the settlement minus that amount and add it to your new car. I'd guess you'd have to buy an expensive vehicle to get rid of the geely. Just don't buy another chinese POS again.
I have had offers of about R60 000 on my car so R16 000 outstanding? is that a lot to add on top of another vehicle?
 

MightyQuin

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Why would any dealer take the Geely off your hands and then have to try and sell it again?

That is the real reason...they're just making other schit up so as not to tell that to your face.
 

Laylaatrevor

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The shortfall is not added to your new loan. You will need to settle this in cash.

They also might offer you even less for your car so the difference would be more than R6 000.
all the dealers talk about "loading" the difference onto the new car
 

Laylaatrevor

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Why would any dealer take the Geely off your hands and then have to try and sell it again?

That is the real reason...they're just making other schit up so as not to tell that to your face.
They sell the Geely to Voortrekker road dealers. They sell them fast.
 

MightyQuin

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They sell the Geely to Voortrekker road dealers. They sell them fast.
So why not sell the car yourself since it is in such demand. Then you should get way more than trade in value and your shortfall is sorted...
 

Craig

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I have had offers of about R60 000 on my car so R16 000 outstanding? is that a lot to add on top of another vehicle?
I suspect MightyQuin might actually be on the money. That is not an insurmountable amount of money to add to a new car, depending on how expensive the new car is, they might just not want to be stuck with the geely. Try selling it out of hand maybe? Or just hold onto it for another year or so and maybe when the settlement is lower you can more easily offload it.

Why would any dealer take the Geely off your hands and then have to try and sell it again?

That is the real reason...they're just making other schit up so as not to tell that to your face.
 

thechamp

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Is it not the ones that uses a clone of the Toyota engine? if it is Toyota parts like the oil filter could fit. Most of those earlier Chinese car parts are compatible with Toyota.
 

Laylaatrevor

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Post pics of yourself standing next to the car so we can determine the real value of the car.

Thanks
Not sure if this is a joke but, I work for a company that uses the transunion systems daily so I have all the latest values - trade, retail and market.
 

blowdart18

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I have had offers of about R60 000 on my car so R16 000 outstanding? is that a lot to add on top of another vehicle?
Unfortunately yes you will have to load this amount but if you buy a cheaper vehicle the likely hood that they will be able to assist becomes min.

You will probably have to buy a new car in the range of R180 000 - R200 000, but even then its an expensive way to get rid of the car because you just loading the capital portion and paying more interest in the long term.

I know people who owe upwards of a bar on a R400 000 car, the mind boggles.
 

blowdart18

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Not sure if this is a joke but, I work for a company that uses the transunion systems daily so I have all the latest values - trade, retail and market.
Means squat to be honest - your vehicle will be sold at the price the market is willing to pay and not the M&M values necessarily.
 

Laylaatrevor

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Is it not the ones that uses a clone of the Toyota engine? if it is Toyota parts like the oil filter could fit. Most of those earlier Chinese car parts are compatible with Toyota.

The problem is I have a "limited edition" 1.5 litre. The normal geely uses a 1.3 litre toyota yaris/corolla parts. My car uses actual Geely or "Royal Power" parts. I was 19 and never bought anything on credit before. I regret my decision but there is nothing I can do now...
 

thechamp

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The problem is I have a "limited edition" 1.5 litre. The normal geely uses a 1.3 litre toyota yaris/corolla parts. My car uses actual Geely or "Royal Power" parts. I was 19 and never bought anything on credit before. I regret my decision but there is nothing I can do now...
Post a picture of the engine, the 1.5l Geely used in many of their models was a Toyota engine.

So you have actually tried Toyota parts on it and they don't work? I do note the limited edition, very surprising that the Chinese would go through all the trouble.
 
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Matt91

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I feel your pain - made a similar mistake with a Fiat. There's a reason people all drive Toyotas.
 
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