Exchanging one finance car for another

[henry123]

Hi all,

I would like to change my existing car (which currently on finance with two years left) and purchase the new Isuzu Mu-x also on finance.

Has anyone done this before and if so how is it done. Will the Izuzu garage take my current car and sell it? If so what happens to the existing loan I have on it? Will this be paid back to the lender and I receive the rest of the cash which I could use for the down payment on the Isuzu?

Sorry, I am new to financing cars and need a bit of help.

Cheers,

Henry

[DJH77]

It's Simple, You go to various dealers and see who will give you the Best Trade in Price on your old car for the New Car. From there you decide who you will buy from and do your deal. They will pay out the finance on the old car and if there is any Residual you can have it in Cash or use it as part or full Deposit on the new one, depending on the amount. But a bit of Advice on your choice of Make. Buy a Pajero, Not the MUX. The Pajero Drives Better, Handles a lot better with a lot more ride Comfort as it has independant rear suspension not a Pick up Chassie. I recently did a few hundred K's in a MUX and to me there was no comparison to the Pajero and mine is 4 plus years old and done 160,000 K's. The MUX had a tendancy to skip around at the rear end on corners with a few bumps and in the wet this could be a tragerty. It was a bit like a 10 year old Toyota Sports Rider in it's handleing. Good Luck.

[henry123]

It's Simple, You go to various dealers and see who will give you the Best Trade in Price on your old car for the New Car. From there you decide who you will buy from and do your deal. They will pay out the finance on the old car and if there is any Residual you can have it in Cash or use it as part or full Deposit on the new one, depending on the amount. But a bit of Advice on your choice of Make. Buy a Pajero, Not the MUX. The Pajero Drives Better, Handles a lot better with a lot more ride Comfort as it has independant rear suspension not a Pick up Chassie. I recently did a few hundred K's in a MUX and to me there was no comparison to the Pajero and mine is 4 plus years old and done 160,000 K's. The MUX had a tendancy to skip around at the rear end on corners with a few bumps and in the wet this could be a tragerty. It was a bit like a 10 year old Toyota Sports Rider in it's handleing. Good Luck.

Thanks DJH77. Finally I've met someone on here with a bit of intelligence and who makes helpful posts. I will take your advice and test drive them all. I am also thinking of the Chevrolet.

Any thoughts on depreciation with cars in Thailand? I think my current car was bought for around 540,000 THB. I am not sure what the dealers will give me so I'll have to ask, however, what would you be looking for cash wise for part exchange if you paid the above? I think the next down payment will be roughly 196,000 THB but I doubt I will get that after they have paid off the current loan.

[Suradit69]

You may want to check with whoever gave you the loan for the first vehicle. Quite often there is a prepayment penalty with regards to interest on the loan, although they might be willing to roll over your existing loan into a new loan for the new vehicle more readily than just accepting payment for the current balance less the interest on the remaining two years.

You'll most likely have to deal with the lender before selling anyway since you don't actually own the car or have the right to sell it without the lender's involvement.

[thairay]

even the new MU rides like an old donkey..rent one for a day then look for a better vehicle..