Welcome to the Australian Ford Forums forum.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and inserts advertising. By joining our free community you will have access to post topics, communicate privately with other members, respond to polls, upload content and access many other special features without post based advertising banners. Registration is simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact us.

Please Note: All new registrations go through a manual approval queue to keep spammers out. This is checked twice each day so there will be a delay before your registration is activated.

Go Back   Australian Ford Forums > General Topics > The Pub

The Pub For General Automotive Related Talk

Reply
 
Thread Tools Display Modes
Old 20-11-2013, 04:12 PM   #1
buddy92
FF.Com.Au Hardcore
 
Join Date: Jan 2012
Posts: 2,989
Default Trading in for a 4WD.

HI all, after some help/advice here.

I called up Capital Finance, but they didn't seem like they wanted to answer any questions I had.

I owe $19,460.60 on my car loan, I called them up and asked them what I could do, basically they said I had to pay out in full, and do it all again, Which I don't think I could since I have a mark on my credit history because of Optus ( Which was purposely done, yes I know it was dumb, long story )

Am I not in the position to just straight swap my FG with someone who has a 4WD or what?

Everytime I ask, I get the pay out in full then go from there stuff, not very helpful.

buddy92 is offline   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 04:18 PM   #2
AU1XLS
FF.Com.Au Hardcore
Donating Member3
 
AU1XLS's Avatar
 
Join Date: Dec 2004
Location: Hallam
Posts: 1,897
Default Re: Trading in for a 4WD.

If that is what they want to release their hold then really what other advice can we offer except to say you have to do what they want

Cheers
AU1XLS is offline   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 05:22 PM   #3
PG2
#neuteredlyfe
Donating Member2
 
PG2's Avatar
 
Join Date: Apr 2012
Posts: 10,683
Default Re: Trading in for a 4WD.

Buddy

Some finance companies/banks etc will look at just swapping over the loan to another vehicle as long as the other vehicle fits within their lending criteria - age, value etc...

However, some finance companies will make you re-apply for another loan. Yes, they will look at your current financial status and that will include your rogue Optus account. Sometimes if you have suitable reasons/circumstances surrounding the phone account they take this into consideration.

Another thing to keep in mind. You currently have a 2010 Ford Falcon XR6? No finance company will look at releasing the interest they have on this to swap over to a 10 year old 4x4 (just an example) or something of lesser value.
PG2 is online now   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 05:38 PM   #4
blackf6
R51 Pathy, 91 Jayco Swan
 
blackf6's Avatar
 
Join Date: Dec 2010
Location: Mackay, QLD
Posts: 3,635
Default Re: Trading in for a 4WD.

You can try and get a personal loan to pay out the vehicles finance. Or refinance on another vehicle. Bit of a crap shute though. Maybe just wait until you pay out the loan and then get a 4X4.
blackf6 is offline   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 06:12 PM   #5
ryeman
FF.Com.Au Hardcore
 
Join Date: Nov 2012
Location: Central Vic
Posts: 3,724
Default Re: Trading in for a 4WD.

From the finance companies point of view, it's their vehicle until you clear the loan and that's it realy.
__________________
Wherenoshockjocksfly

Facts or the twitterverse, your choice!

M3SR+ .......MG ZS EV
ryeman is offline   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 08:13 PM   #6
chookaradley
FF.Com.Au Hardcore
 
Join Date: Aug 2012
Posts: 658
Default Re: Trading in for a 4WD.

It's really that simple. The car is secured against the loan. You want another car? Payout the loan and you can do whatever you want. Always frustrating when you borrow money for a car, want a different car after 2 or 3 years, and then realise the payout is more than the car is actually worth. Kinda limits your options.
chookaradley is offline   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 08:20 PM   #7
ryeman
FF.Com.Au Hardcore
 
Join Date: Nov 2012
Location: Central Vic
Posts: 3,724
Default Re: Trading in for a 4WD.

In fact it suits the finance industry AND the dealerships to have you THINK its your car.....well it will be one day if all goes well, that's the hard truth.
__________________
Wherenoshockjocksfly

Facts or the twitterverse, your choice!

M3SR+ .......MG ZS EV
ryeman is offline   Reply With Quote Multi-Quote with this Post
Old 20-11-2013, 09:10 PM   #8
kempy311
BEN
 
kempy311's Avatar
 
Join Date: Jun 2011
Location: Perth WA
Posts: 4,875
Default Re: Trading in for a 4WD.

Why not sell the car first then sort out buying a 4wd.
__________________
My Thread. The new whip: 2014 FGX XR8 Auto in victory gold. Mods : BMC air filter, 1500cc injectors, Walbro 485, 58mm kpm snout, kpm intercooler, 35% front and 20% rear tint, pedders supercar coilovers, whiteline sway bars, Phillips HIDs, lenso d1r wheels.
331rwkw.
12.7 sec stock as a rock with a passenger.
Now with 620rwhp ready to run the 10

built zf, built tailshaft, corn juice all to come.

The old rig: 2008 FG XR8 Auto in dash green with a tonne of mods to make 311rwkw.
kempy311 is offline   Reply With Quote Multi-Quote with this Post
This user likes this post:
Old 21-11-2013, 06:57 AM   #9
xisled
FF.Com.Au Hardcore
 
Join Date: May 2010
Posts: 3,338
Default Re: Trading in for a 4WD.

I am not sure what you want them to say. It sounds like you have been told over and over what you need to do, yet you keep asking the same question and get upset when they give you the same answer.

Only option I can see is find the cash to pay the loan out and get the cash to buy another car.
xisled is offline   Reply With Quote Multi-Quote with this Post
Old 21-11-2013, 10:04 AM   #10
Danford2
Starter Motor
 
Join Date: Sep 2013
Posts: 19
Default Re: Trading in for a 4WD.

Go to a dealership and find the 4WD you want, trade in the Ford and roll over any loss into the new loan for the new 4WD. The finance guys at the dealership are sales people and will find a way to get you approved, as otherwise they dont get paid.
Danford2 is offline   Reply With Quote Multi-Quote with this Post
This user likes this post:
Old 21-11-2013, 10:30 AM   #11
mechanic
FF.Com.Au Hardcore
 
Join Date: Aug 2013
Location: Cairns FNQ
Posts: 602
Default Re: Trading in for a 4WD.

On a different tangent, do you want a 4WD or you need a 4WD?
If you need a 4wd for holidays etc, just hire one it's cheaper.
The worst feature of 4wd's is they're rubbish to drive around town and having an FG you'll really miss it.
Just my 2 cents worth after having 5 4wd's.
mechanic is offline   Reply With Quote Multi-Quote with this Post
2 users like this post:
Old 21-11-2013, 08:08 PM   #12
nstg8a
3..2..1..
 
nstg8a's Avatar
 
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by Danford2 View Post
Go to a dealership and find the 4WD you want, trade in the Ford and roll over any loss into the new loan for the new 4WD. The finance guys at the dealership are sales people and will find a way to get you approved, as otherwise they dont get paid.
Really really bad advice. But other than doing what your finance company has already told you its either

1- pay off the car then swap/trade whatever it
2- sell the car and pay it off, you will need the finance companies permission here...
3- trade it on another vehicle and roll over the finance.
Trouble with this is you end up basically paying off two vehicles at once, and you will get nowhere.

1 or 2 are your only real options. 3 is only really an option when your down to paying off your last few grand on your loan, not when it's still 20k.


Trust me, I've been there and made all the dumb financial decisions before.
__________________
Quote:
Originally Posted by pottery beige View Post
Happy mcgadget meal orphan mcboofhead
nstg8a is offline   Reply With Quote Multi-Quote with this Post
4 users like this post:
Old 21-11-2013, 10:11 PM   #13
Mr_Meaner
Impressive Member
 
Join Date: Mar 2012
Posts: 143
Default Re: Trading in for a 4WD.

You currently owe more on your car that it is worth. Taking into account depreciation and interest, that isn't going to change anytime soon.

Stop wasting your money on unnecessary mods for your car, and start paying more on your loan.
__________________
Current ride
2010 XR6 50th Anniversary. (They're the next XY GTHO Phase 3.)
Mr_Meaner is offline   Reply With Quote Multi-Quote with this Post
Old 22-11-2013, 10:36 AM   #14
Danford2
Starter Motor
 
Join Date: Sep 2013
Posts: 19
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by nstg8a View Post
Really really bad advice. But other than doing what your finance company has already told you its either

1- pay off the car then swap/trade whatever it
2- sell the car and pay it off, you will need the finance companies permission here...
3- trade it on another vehicle and roll over the finance.
Trouble with this is you end up basically paying off two vehicles at once, and you will get nowhere.

1 or 2 are your only real options. 3 is only really an option when your down to paying off your last few grand on your loan, not when it's still 20k.


Trust me, I've been there and made all the dumb financial decisions before.

Didn't say it is a good option, but it answers his question and gets him the 4WD
Danford2 is offline   Reply With Quote Multi-Quote with this Post
Old 22-11-2013, 10:38 AM   #15
Smoke Pursuit
FF.Com.Au Hardcore
 
Join Date: Dec 2004
Posts: 22,927
Valued Contributor: For members whose non technical contributions are worthy of recognition. - Issue reason: DASH/bfiipursuit has been alot of help over the years I have frequented this forum, lots of thoughtful and informed posts, very much a valued contributor. 
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by Mr_Meaner View Post
You currently owe more on your car that it is worth. Taking into account depreciation and interest, that isn't going to change anytime soon.

Stop wasting your money on unnecessary mods for your car, and start paying more on your loan.
Best advice given.

Pay it down to where you can get out of it. Going by what I know about your car its worth about 14 - 15 kay. That puts you in the red for 6 kay.
__________________
2022 RAM Laramie 5.7
2023.50 Ranger Wildtrak 3.0 V6 Premium Pack
2024 Everest Sport 3.0 V6 Touring Pack
2025 Mustang Darkhorse 6M Blue Ember + Appearance pack ETA April 25.
Smoke Pursuit is offline   Reply With Quote Multi-Quote with this Post
This user likes this post:
Old 23-11-2013, 12:04 AM   #16
buddy92
FF.Com.Au Hardcore
 
Join Date: Jan 2012
Posts: 2,989
Default Re: Trading in for a 4WD.

Damn, thanks for the advice guys.

Sucks kind of, a bloke was willing to swap a 09 Territory with 80,000kms on it, would of been perfect
buddy92 is offline   Reply With Quote Multi-Quote with this Post
Old 23-11-2013, 12:13 AM   #17
buddy92
FF.Com.Au Hardcore
 
Join Date: Jan 2012
Posts: 2,989
Default Re: Trading in for a 4WD.

I was offered, the territory, and 6k cash for my Falcon, wtf?
buddy92 is offline   Reply With Quote Multi-Quote with this Post
Old 23-11-2013, 12:24 AM   #18
MercurySilver
Isn't it obvious?
Donating Member1
 
MercurySilver's Avatar
 
Join Date: Nov 2009
Location: in a world of idiots
Posts: 5,383
Default Re: Trading in for a 4WD.

and you want a 4wd because??

just dont spend any more money on the car and hammer the loan
you're in the red and if you dont start paying extra off it soon the gap between the loan and the cars value will increase
__________________
08 Strike G6E T.
10 Ergo G6E
Sept 75 XB Falcon in mushroom beige, 3 on the tree 200cid for sale, offers in the teens
MercurySilver is offline   Reply With Quote Multi-Quote with this Post
Old 23-11-2013, 12:26 AM   #19
buddy92
FF.Com.Au Hardcore
 
Join Date: Jan 2012
Posts: 2,989
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by MercurySilver View Post
and you want a 4wd because??

just dont spend any more money on the car and hammer the loan
you're in the red and if you dont start paying extra off it soon the gap between the loan and the cars value will increase
Because the country and farms absolute rape my falcon.

I have been paying extra, normal payment is $102 a week, I'm paying $250 for the last 3 months or so.
buddy92 is offline   Reply With Quote Multi-Quote with this Post
This user likes this post:
Old 23-11-2013, 09:47 AM   #20
Franco Cozzo
Thailand Specials
 
Franco Cozzo's Avatar
 
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,694
Default Re: Trading in for a 4WD.

Save up $5000 in cash and get something like a 60 series land cruiser or GQ Patrol, keep the Falcon too, not worth having loans for cars.
Franco Cozzo is offline   Reply With Quote Multi-Quote with this Post
3 users like this post:
Old 23-11-2013, 09:52 AM   #21
duaned
FF.Com.Au Hardcore
 
duaned's Avatar
 
Join Date: Jan 2005
Location: Lake Macquarie, Newcastle NSW
Posts: 3,164
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by Mr_Meaner View Post
You currently owe more on your car that it is worth. Taking into account depreciation and interest, that isn't going to change anytime soon.

Stop wasting your money on unnecessary mods for your car, and start paying more on your loan.
This took the words right out of my mouth!
duaned is offline   Reply With Quote Multi-Quote with this Post
Old 23-11-2013, 10:47 AM   #22
mechanic
FF.Com.Au Hardcore
 
Join Date: Aug 2013
Location: Cairns FNQ
Posts: 602
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by Big Damo View Post
Save up $5000 in cash and get something like a 60 series land cruiser or GQ Patrol, keep the Falcon too, not worth having loans for cars.
I'll agree with that 100%, or hire one if you don't want to have one parked in the garage.
There's truckloads of cheap 4wds out there and a good 60 series or GQ will do anything the later models will do.
Mechanic friend of mine got himself a low mileage 60 with PTO winch and all for $10,000.
mechanic is offline   Reply With Quote Multi-Quote with this Post
Old 23-11-2013, 02:12 PM   #23
Franco Cozzo
Thailand Specials
 
Franco Cozzo's Avatar
 
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,694
Default Re: Trading in for a 4WD.

All my mates have 4x4s, one has a 1980s troop carrier with 600,000km on the clock which is his daily, and is used for off roading, another has a GQ patrol with 300,000km on it, and the odometer stopped so its probably got lots more.

Plus if you break it theres no real emotional attachment and everything is usually mechanical on those old 4x4s, no electronics to go wrong when you're stuck with water coming up to the doors.
Franco Cozzo is offline   Reply With Quote Multi-Quote with this Post
2 users like this post:
Old 25-11-2013, 09:30 AM   #24
Vesper Martini
FF.Com.Au Hardcore
 
Vesper Martini's Avatar
 
Join Date: Oct 2008
Location: Victoria
Posts: 7,854
Default Re: Trading in for a 4WD.

Quote:
Originally Posted by buddy92 View Post
Damn, thanks for the advice guys.

Sucks kind of, a bloke was willing to swap a 09 Territory with 80,000kms on it, would of been perfect
When you said 4WD, Territory wasnt what I was thinking...
perhaps put some higher profile tyres on your car to make it handle the country roads better, because it sounds like you will have to stick with it for a few more years unfortunately.
__________________
______________________________
2015 Territory Titanium RWD Diesel - SOLD
2016 BMW X5 xdrive 30D Msport
Seadoo Challenger 210SE 310HP
Vesper Martini is offline   Reply With Quote Multi-Quote with this Post
Old 25-11-2013, 05:31 PM   #25
calais
FF.Com.Au Hardcore
 
Join Date: Jan 2005
Posts: 786
Default Re: Trading in for a 4WD.

Every day for the last five years, I have had people in my workplace asking me about how they can afford that shiny new beast.

My honest answer, is that they cant. I know how much they get paid, and with their junior years (<25) they will always be better off just buying a cheaper car which they can afford outright without damaging their ability to service a worthwhile finance option on an appreciating asset rather than get financially raped for 7 years on a depreciating one like a flash vehicle.

I have had three repossessions occur since 2008 to people I have worked with, all since 2008, and to be honest.... the people concerned never understood how they couldn't just cut their losses and call off the debt sharks. The loan payout figures were all stratospheric compared to the value of the secured vehicle. It left each of them with nothing but a bad debt, no car, no asset and a busted credit rating for the next seven years of their lives. Not to mention the work related administrative sanctions relating to the uncontrolled debt.......

There is a sensible way to acquire and maintain luxuries such as vehicles, work hard and reap the benefits of a higher disposable income later in life. Not in your formative years which are best spent maintaining perhaps a more 'frugal' approach to such luxuries?
calais is offline   Reply With Quote Multi-Quote with this Post
4 users like this post:
Reply


Forum Jump


All times are GMT +11. The time now is 12:29 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Other than what is legally copyrighted by the respective owners, this site is copyright www.fordforums.com.au
Positive SSL