Car trade in - Fiat - Finance !!!!!!!

lamf68

The Mrs has had her poxy Fiat 500 for just over 2 years and come December the 3 years of the "Deal" is up, at that point we have the option of paying off the balance and keeping it, giving it back and saying farewell or giving it back and having a brand new one from them.

Here is the question...

Can I go to a different dealership, say Fords or Kia or Toyota and trade the Fiat in there? I've no idea how the agreement works with Fiat, im guessing I can only return there, the car is ludicrously under the mileage we agreed with them seeing as we estimated we'd do 4000 per year the car has only done 6000 with 9 months left to go, I assume this will be favourable when it comes to trading it in but I know fook all about cars.

any help would be really appreciated. I don't wanna speak to the fiat place before I have any info to back up my argument if I have one at all.

Moe_Zambeek

Do you own the car or does Fiat own it? What kind of deal was it, pcp / bp / other? What does the contract you signed say?

lamf68

I assume, and can only assume it is basically lease-hire, or words to that effect, we paid a deposit of only £500.00 plus I knew a fella who works for the council and they have a deal with Fiat which gives them a percentage off, so that was an additional £1500 off the new price, the only reason I stumped up the £500 was to bring the monthly payments down below £140.00....I still think this is an insane amount to pay for what is in essence a fucking lawn mower that doesn't cut the grass.

I know that doesn't help with your question sorry mate.

lustycourtier

I can't remember the finance company (my wife gets a new one every 2 years and is on here 4th 500 I think), but you can go others places I think.

sw67

Sounds like a standard pcp with balloon payment. You can trade it in at any garage at any time you like. You can also hand back after you have paid off 50% inc balloon payment. I have had a couple of pcp deals and have never went the full term. Most pcp deals should not be in negative equity in year 3

Forge

As you do not own the car you cannot trade it in, you could settle the final balloon and own it but before doing this I would carefully check the car is worth that much. Also you'll get a better deal if you have no p/x...I just snagged a 9 month old VW at half price from a main dealer so do shop around!

Axe_meister

You should be able to trade in at any dealer, you will get a new finance deal which in part will pay off the original finance deal.
But you may find they they won't offer quite so much for it, especially as you say it is way under average mileage.
Just go to your local Ford/Kia dealership with your paper work and ask them. Everybody wants your business at the end of the day.