glen
Hi-Def Wizard
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One of the managers I work with is selling his wifes Type-R. Not sure how old it is, older than yours. Webuyanycar.com offered £14,600 for it.
How much do you owe on the finance agreement?
I've finally done it - Now I've got to wait for it!
- Thread starter TypeRiter
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One of the managers I work with is selling his wifes Type-R. Not sure how old it is, older than yours. Webuyanycar.com offered £14,600 for it.
How much do you owe on the finance agreement?
Like I said I can give it back to Honda after 3 years (Which equates to about £13,400 paid including installments for 3 years and the deposit of £6k I put down) then I would have the following options:
- Give the car back and walk away
- Pay off the lump sum outstanding about £5k
- Re-finance the remaining £5k and pay that off in installments
- Or hand the car back in, and use the value of the car against a new car for 3 years or an agreement to that extent.
Sorry if I'm coming across obtuse, it's the first time I've found myself in this situation, as I'd normally just buy a car out-right within my means.
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It may be worth speaking with the finance company and see what the terms are for settling the finance early and asking for a settlement figure. Based upon the settlement figure you have a few choices
Other option is that if they are paying that much for an FN2 bite their hand off and get yours sold. Depreciation is heavy on FN2s, If they are paying that for a vehicle more than 12 months old take the money and run
All this IMHO of course, there will be other options and only your financial situation can decide what is best for you
- pay it off and then sell the car.
- Sell your car privately with HP outstanding and ensure you have the sufficient funds to pay off HP within 48 hours (you'll have to be clear and upfront and agree this with the buyer).
- Find an EP3 at a garage and do a deal based upon the settlement figure and the value of the EP3. If the figures are workable the garage can pay off the outstanding finance for you, you'll get a new car and some money back (depending upon vehicle values this may or may not be a good financial decision).
- Wait until you have had the car for 18 months and do a voluntary termination with the finance company, many people do this but it will effect your credit file.
Other option is that if they are paying that much for an FN2 bite their hand off and get yours sold. Depreciation is heavy on FN2s, If they are paying that for a vehicle more than 12 months old take the money and run
All this IMHO of course, there will be other options and only your financial situation can decide what is best for you
It may be worth speaking with the finance company and see what the terms are for settling the finance early and asking for a settlement figure. Based upon the settlement figure you have a few choicesOther option is that if they are paying that much for an FN2 bite their hand off and get yours sold. Depreciation is heavy on FN2s, If they are paying that for a vehicle more than 12 months old take the money and run
- pay it off and then sell the car.
- Sell your car privately with HP outstanding and ensure you have the sufficient funds to pay off HP within 48 hours (you'll have to be clear and upfront and agree this with the buyer).
- Find an EP3 at a garage and do a deal based upon the settlement figure and the value of the EP3. If the figures are workable the garage can pay off the outstanding finance for you, you'll get a new car and some money back (depending upon vehicle values this may or may not be a good financial decision).
- Wait until you have had the car for 18 months and do a voluntary termination with the finance company, many people do this but it will effect your credit file.
All this IMHO of course, there will be other options and only your financial situation can decide what is best for you
If I sell mine to them (webuyanycar) - I'm assuming that I will have to use alot of that to make up what I owe on the car right?
Like I have paid £7k meaning I owe about £11k (to buy the car outright?)
Of that £14k they could pay me, I'm assuming that I'd have to pay £11k to (the finance company) to settle the car? which leaves me about £3k returned for my initial payment of £7k?
Have I got this right?
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I believe you would first need to get a settlement figure from the finance company, then approach WBAC for a valuation. At the point you disclose the HP they will either walk away or start talking prices. If they take on the HP they will take your car and give you back an agreed amount (somewhere between the settlement figure and the valuation). In your example that would be £3k. They will then settle the finance themselves and resell the car for a higher price. You'll be left with £3k but no outstanding finance to pay.
Thank you for your kind advice man - much appreciated.
No probs, I hope it is of some use
You can even thank my post if you like
I did do (Thank button)... In line with forum rules, I thanked the post that had the most helpful info contained within it. (A page back, that listed all of the options available to me)
Thanks again - I think I will bide my time with the FN until she holds more value for me, and then with less to pay off and more of a return back for me, possibly consider something similar down the line. That in itself has it's own problems as my car will accrue miles (and lose value too) and EP3's will also accrue miles (but come down in value too) - Such issues lessen the chances of me finding a minter, which would be a concern for me as I'd be chopping in a minter for an older car.
Ideally I'd push through a deal today, If I was prepared to lose £££'s, but no one wants to take a financial hit.
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Do consider though that a £4k loss in mimimal on a new car. Your approx £3k return will go along way towards an EP3, leaving you to only find a small amount compared to the amount you will pay out should you continue the finance on the FN2.
Food for though (often difficult to get your head around though).
Depreciation will plateau at some point though so you could keep the car for a while, enjoy it (!) and then sell when you feel you have got more of your monies worth.
Good luck with the decision
Food for though (often difficult to get your head around though).
Depreciation will plateau at some point though so you could keep the car for a while, enjoy it (!) and then sell when you feel you have got more of your monies worth.
Good luck with the decision
Update:
I've spoken to the purse-string bearer, and I might just do it you know - might just.
I've found an EP that I like, fooking extortionate price though (but it's only got 16k miles on the clock alledgedly - and it's a 5.5MY)
Thinking seriously about giving my FN2 back and hoping that the money I have put into that (almost £7.5k - although I know I won't get that value back) can be used as deposit on the EP3. I'll probably only get back about 3-4k (Or at least I blimming well hope), and'll have to finance the rest off - but at least I'll be content with the 'Type-R'.
Bad move?
I've spoken to the purse-string bearer, and I might just do it you know - might just.
I've found an EP that I like, fooking extortionate price though (but it's only got 16k miles on the clock alledgedly - and it's a 5.5MY)
Thinking seriously about giving my FN2 back and hoping that the money I have put into that (almost £7.5k - although I know I won't get that value back) can be used as deposit on the EP3. I'll probably only get back about 3-4k (Or at least I blimming well hope), and'll have to finance the rest off - but at least I'll be content with the 'Type-R'.
Bad move?
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Think of it as correcting your original mistake.
Amen to that, the bearded one..
An expensive correction.. Dammit! Some mothers do 'ave 'em!
shadylee
xbox addict
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I was looking at buying a new fn2 with the same deal as you got,6k deposit then £200pcm and at the end of 3 yrs you have a guarenteed value on the car to either give it back to honda/finance company or pay the remaining off,me and the misus even went to test drive one and weigh up the options,
thumbs up! lol
only 2 things made me decide to keep my ep3,
for fn2----
cruise control
dual climate control
armrest in the middle
against fn2----
high driving position (im 6ft 2 and hate sitting too high)
rear end egg shape looks,just couldnt adapt to the way its shaped.
im in the middle of retro fitting cruise control to my ep3 atm,and i guess my arm will have to hover.........lol
good luck with the change bud,i guess what you want is what you want,and if your not happy then this is the correct choice.
thumbs up! lol
only 2 things made me decide to keep my ep3,
for fn2----
cruise control
dual climate control
armrest in the middle
against fn2----
high driving position (im 6ft 2 and hate sitting too high)
rear end egg shape looks,just couldnt adapt to the way its shaped.
im in the middle of retro fitting cruise control to my ep3 atm,and i guess my arm will have to hover.........lol
good luck with the change bud,i guess what you want is what you want,and if your not happy then this is the correct choice.
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Yeah it just doesn't feel like a proper 'R' to me - I like it, but everytime I see an EP3, I'm overcome with pangs of jealousy, although the driver is almost always drooling over my wheels
Still I want the EP3...I'm just going to get shafted, financially. But I think I will be overjoyed and content with an EP, because I have loved them for ages.
I hope the dealer I have spoken to about the EP I'm interested in - can help me out - because I'm already looking at Mugen Grille's for it.
:twisted:
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Can anyone kindly post up things I should consider when buying an EP3.
I have consulted the guide to buying thread - but it doesn't cover things like Miles/No. of Owners etc.
What would be a good example given that these are now the previous gen, in terms of mileage to price, no. of owners (As I'm finding many with 2 or more - is this worrying?)
What would be considered low mileage - I know what low-mileage examples are etc, but my idea of low-mileage is very rare to come across due to the age of the EP3 in general now. So what is low mileage? 20k? 30k? 40k? 50k? what? I intend to keep it for a while and do about 8k a year.
Thanks button for anyone kind enough to help
I have consulted the guide to buying thread - but it doesn't cover things like Miles/No. of Owners etc.
What would be a good example given that these are now the previous gen, in terms of mileage to price, no. of owners (As I'm finding many with 2 or more - is this worrying?)
What would be considered low mileage - I know what low-mileage examples are etc, but my idea of low-mileage is very rare to come across due to the age of the EP3 in general now. So what is low mileage? 20k? 30k? 40k? 50k? what? I intend to keep it for a while and do about 8k a year.
Thanks button for anyone kind enough to help
Essentially man, yeah - just don't feel content, and given the money I'm spending on it I'd rather be satisfied for the money.
Cheers, but for arguments sake is it possible to add any insight into what a decent example EP3 would be these days?
TIA
TR
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