I ordered my VRS hatch on 4th August and I was given a guaranteed trade in price. I am still paying Finance on my current Mk2 however the equity in the vehicle is my deposit and the finance will be paid off on collection of the new car. My car is built and in port awaiting shipment so I'll hopefully get at the end of the month.

Obviously I've paid more off the finance than what was originally owed at the time of order. Does this mean my deposit should be higher and my monthly payments slightly less, or does the monthly deal stay the same?

Slightly confused as my dealer reckons the monthly payment would stay the same........but i can't see how.

If they garrenteed the price of your car based on the time the new one arrives then it won't change as they'll have factored in your payments.....

Ok, thanks for the reply.

My car is delayed so, I extended the finance agreement on my Mazda6.

 

The GFV of my Mazda (Santander finance) will drop between the time I get shot of it and the time I originally agreed to settle it.

 

My dealer has guaranteed the trade in value of the Mazda at £11500.

 

The difference between the settlement figure the dealer will pay Santander and my trade in value for the Mazda will INCREASE.

 

This means I get MORE cashback from my Mazda.

Edited 15 October, 201312 yr by dc5r666

_{I have this problem - I may be ordering a VRS TDi hatch next week, but chances are it won't be ready until at least March (let's not go there).}

 

_{Obviously, the current equity in my car will change come March, as will the value of the car....  Anyone had this problem?}

That's interesting as the monthly payment was based on what I currently owed on my mk2 at the time of order...........I think I may have to look into this further.

Its quite simple, get the px price guaranteed regardless of length of delivery, then your settlement they quote you on is applicable in the month you order the car, then say 3 months later your car arrives, the PX price is still the same, your settlement on your PX car will of gone down as you have made more payments which means more deposit into your car, so your monthly payments will go down, when I done it 18 months ago my payments went down by £40 per month, this is why its really important you get the PX price guaranteed, as it will save you money, its like extra discount :-)

 

Or if you are having cashback on your PX as its more than the 30% deposit allowed on a PCP then you get extra cash back.

 

What soem dealers will do is give you a PX price and you do a deal on that, then when you go to collect the car, they will adjust the PX price DOWN to keep the difference to go onto finance the same so the payments quoted at time of order the same they call this 'tracking'.  Its almost like they give you a PX price and then give you another one when you collect the car, for me the PX price given to you is the price they should stick to as they should factor in the length of delivery time into the PX price.