Is this the only option for me?

Relentless81

Relentless81

Relentless81

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Joined
18 May 2010
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12,853
Basically I have a private loan with my Dad for my car, I owe him £2k of which the monthly payments were frozen when I got a mortgage on the understanding that

A; I can sell the car and give him his money back

B; The money goes against my flat instead IE the car is paid for

I don't think I want the money against the flat as I like the idea of selling the car, paying back my Dad and having a decent deposit to put toward a newer car with the change however that means a private sale which in turn means dealing with people who will see unloved examples and want to offer me similar money for my cared for 1 previous owner and full main dealer history with low mileage for the year example, in other words, I don't think I'll get what I want for it

Thats the point I am at and not really sure where to go from here, any thoughts?
 
Put it up for sale & hold out on your price, If it sells Sweet if not keep it.
 
Worst 'I have a Dad who lent me £2k' thread ever.

No actually sure what you are asking? Put it up for what you want + a bit to leave room for negotiating. Write a decent advert, give it a real nice clean and take some clear pictures.
 
Advertise it for £500 more to catch the hagglers, look in the usual places for a similar car and price accordingly?
 
Relentless81 said:
..
Thats the point I am at and not really sure where to go from here, any thoughts?
Click to expand...


You will get far more selling the car privately than you will from any other avenue. Just write a good advert, take lots of pictures, put it up for a realistic price and you'll be fine. Be prepared to haggle a bit though, it doesn't matter how good the car is. Very few sell at asking (unless it's something particularly rare/special) so don't put it up at (for talking sake) £5k if you really want £5k.

You'll still get a lot more than trade value against any run of the mill car by selling privately
 
It's a buyers market, you either want to sell it reasonably quickly or wait around for someone who appreciates the condition etc and risk prolonging the duration of the sale.
 
worst "ive just got a mortgage" thread evar

as for the car, what are you looking to replace it with? You mentioned deposit on a car, would the payments make life difficult with mortgage payments or are you better off keeping your money in your pocket in the meantime?
 
I don't understand about the gloating comments I've had a mortgage for a year and the loan for the car was 2 years ago if I was going to gloat I would have done by now not that I see any reason why anyone would? :/

Ok here is an example of the type of thing I was hoping for

Say I traded it in and a trader offered me £3k for it, is there such scenarios as getting £2k cash back and then the remainder as a deposit, I highly doubt it but you never know if its something I dealer might be willing to do
 
Relentless81 said:
I don't understand about the gloating comments I've had a mortgage for a year and the loan for the car was 2 years ago if I was going to gloat I would have done by now not that I see any reason why anyone would? :/
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Nothing personal against you, just something from another thread. Dont worry. :)
 
Relentless81 said:
I don't understand about the gloating comments I've had a mortgage for a year and the loan for the car was 2 years ago if I was going to gloat I would have done by now not that I see any reason why anyone would? :/

Ok here is an example of the type of thing I was hoping for

Say I traded it in and a trader offered me £3k for it, is there such scenarios as getting £2k cash back and then the remainder as a deposit, I highly doubt it but you never know if its something I dealer might be willing to do
Click to expand...

Not as such no - if you're trading the car in they'll use whatever trade price you agree as the deposit, not a part thereof. If you have cash in the bank that you were going to use as a deposit for something else though then that may work for you I guess

You will get less (substantially so) overall as a trade in though than selling the car privately (unless it's something exceptional, even then if you knew how to market the car you'd get more)
 
Relentless81 said:
Say I traded it in and a trader offered me £3k for it, is there such scenarios as getting £2k cash back and then the remainder as a deposit, I highly doubt it but you never know if its something I dealer might be willing to do
Click to expand...

under the right circumstances yes, the car I bought on Saturday I part exed my previous car which I owned outright, left half of that in as a deposit and took the other half out with them doing a bank transfer to me.

edit: by the way I am not saying that is sensible in your situation, just that it can be done
 
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Skidder said:
under the right circumstances yes, the car I bought on Saturday I part exed my previous car which I owned outright, left half of that in as a deposit and took the other half out with them doing a bank transfer to me.

edit: by the way I am not saying that is sensible in your situation, just that it can be done
Click to expand...

Was that with a main dealer?
 
Relentless81 said:
I don't understand about the gloating comments I've had a mortgage for a year and the loan for the car was 2 years ago if I was going to gloat I would have done by now not that I see any reason why anyone would? :/
Click to expand...

i was playing fella, its a forum, accept all of it as banter!

good luck with the car change though
 
Why don't you just start paying your Dad back? Swapping the 2k you owe him for 2k extra in finance on another car is going to leave you a lot worse off.
 
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