can a car on hp be swooped over to different car

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cool_kit

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Just a wee question. Currently have a car on hp can it be swooped legally ? And hp transfered to swopped car ?...as car at present not ideal for growing family....need an estate type
 

KevM

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Not swapped directly, but you can trade in with a dealer, they'll settle your agreement & carry your equity to a new agreement
 

Boabybooster

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Don't think hp is swappable, you'd have to trade in and dealer pay off existing finance and then take out another hp agreement. Or sell yours privately and pay off finance yourself then start again.
 

Pumesta

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Not swapped directly, but you can trade in with a dealer, they'll settle your agreement & carry your equity to a new agreement

Thats assuming you have any equity, depending on how long the OP has had the car and how long the finance was over, he might owe more than the car is worth. This is highly possible if he is only a year or two into a four or five year agreement
 

ChrisR

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As said above you can trade the car in and start a new finance agreement. If you have equity in the car you can use this as a deposit, if you owe more than the car is worth you can add it onto your new finance deal or pay off the difference yourself.
 

NickR

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If you're half way through your agreement and/or have paid 50% of the total amount you can usually hand the car back to the finance company without a penalty, have a look at the small print on your finance agreement. I have done this in the past and went and bought another car on hp a few days later. Have a look at moneysavingexpert forums, there's threads on there about it.
 

PeteM

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I have nothing constructive to add other than....
image.jpg
 

Chris_702

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You cannot swap a finance agreement from one car to another. The only ways around it are;
- to sell privately and pay off the remaining money owed on the agreement.
- trade it in at a dealer to have the finance cleared and start fresh (if you are in negative equity, the difference can be added on to your new finance agreement - some dealers may not do this for you however).
- if you are half way through an agreement or paid at least half of your agreement total, carry out a VT (voluntary termination); hand the car back to the finance company with no penalty)
 

KevM

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Thats assuming you have any equity, depending on how long the OP has had the car and how long the finance was over, he might owe more than the car is worth. This is highly possible if he is only a year or two into a four or five year agreement

Equity can be positive or negative - So unless his car is worth EXACTLY what his settlement figure is, he will need to carry his equity (+ or -) to the new agreement
 

mmc01

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Technically you can't sell it privately either. You can't sell something you don't own. Pay the agreement in full then sell.
 

Chris_702

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Technically you can't sell it privately either. You can't sell something you don't own. Pay the agreement in full then sell.

Most people won't have X amount of thousand sitting about; therefore need to sell the car first to raise the cash. I sold my brothers Golf with finance on it, explained to the guy that it would be cleared the following day and that he could check with the finance company. Job done. Both were happy.
 

KevM

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Its in your agreement that you must not sell or give the goods away, but yeah, loads do it. As a buyer, Id be wanting to pay the settlement to the finance company directly or you could get caught by the clinkers
 
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