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Edwin Miles. Underwriting Manager

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Can I trade my Vauxhall Astra in on Finance?

Hi, I have a Vauxhall Astra on finance which I currently owe £8000 on and pay £250 a month.

I believe the car to now be worth £3500, is it possible to trade the car in to get a smaller car on finance with lower monthly payments? Kind regards

Posted by Chris on


Hi Chris. Just to confirm, the car is worth £3500 and you owe £8000? If so, you are in quite a large amount of negative equity, and you would need to find these funds yourself if you wanted to settle your finance in this way. The other option, which is probably much more feasible, is to hand your car back (VT your agreement).

This is only possible if you are over 50% of the way through the loan term and all payments have been made on time. If this isn't possible you may well be lumbered with the Astra for a long time as we wouldn't be able to finance £4500 worth of negative equity. Please keep me posted.

If you do manage to VT your agreement and wish to apply for finance with us, you can do so by applying here. If approved, we provide a no obligation quote and you can buy a car from any reputable dealership. Kind Regards, Edwin

Posted by on

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Hi Edwin, Thank you for your rapid response, I have checked and I still owe £6,686.80 from a total of £13,935.40 so I have paid back just over 50%. The Astra is worth about £3500/£4000 according to online figures. The finance company is Cygnet finance and we have always paid the monthly repayments back on time. Do you think it is possible then for me to trade the car in to get another smaller car on finance with lower repayments? If so, could you advise on how to go about this? Kind regards, Chris

Posted by Chris on


Hi Chris, i take it you got your car from Approved car finance initially. I am aware of Cygnet finance but i'm not to sure of their full T&C's.
As you are over 50% of the way through your agreement, you should be able to hand the car back (Voluntarily Terminate the agreement). This means the agreement will be cancelled and will leave you free to get a car from any local dealer (we could supply the finance). We would struggle to find a lender willing to cover the £2000 negative equity, so this may well be the only option. Good luck and let me know how you get on. Kind Regards, Edwin

Posted by on


Hi there, my current job pays me £30,000 and my girlfriends job is paying her £16,000. We're looking to make a joint application to Vauxhall for an Astra worth £9,500. I have some credit cards in my name that are maxed but currently being paid. Our income has grown significantly over the past 3 months as my other half gained a full time job. I have been declined for car finance in the past and have had to go through family to finance a car. I last applied for finance when I was 20. I am now 21. The car we have has been getting paid for out of my bank and is financed through Santander. We are going to be doing a joint application possibly on Friday. What're the chances of us getting accepted although I have previously been declined a year ago and have a considerable amount of debt standing in my name? Thanks

Posted by Matthew D on


Hi Matthew, thank you for your question.
You seem to have a good financial understanding and making a joint application does seem like a good choice. You have a good joint income which will help obtain the amount you need. The only potential stumbling block I can see is your level of debt. Some lenders don't like lending to people who are currently maxed out with other cards/loans etc. That being said, this isn't too much of an issue for some lenders, so we may be able to help.
Try with Vauxhall but if you get declined by them, feel free to make an application with us. We work with a large panel of lenders and can offer some great rates and terms.
I hope this helps and, either way, good luck :) Edwin

Posted by on


My girlfriend just decided she wanted a car one day so she went to Vauxhall and got a Corsa on finance for 5 years, £218 a month excluding insurance.

A week later she realised she can not afford it and now that's effecting other financial areas. Can she not just take the car back and just lose the money she already gave them instead of still trying to pay off the car?

Posted by Anton on


Hi Anton, thank you for using the Q&A.

Unfortunately the car finance agreement will need to be settled. You can't just hand the car back i'm afraid. Have you spoken to the dealer? They may be able to offer a solution in which they could take the car back off your girlfriend, settle the finance and get you into a cheaper car. If you ask your finance provider for a settlement figure, you can work out whether selling the car would clear the finance or not.

If you do manage to clear the finance and want to take out finance on a smaller car, please apply here and we'll see what we can do for you. Have a good weekend. Edwin

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Posted by Anna Hooper on

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