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Quote: Originally posted by Grampian91 on 30/8/2013

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They are not being ripped off if the buyer asked for it.

They may not have the funds to clear the old balance but need to change the van and willing to pay a higher figure.

Its not a good way of doing things. Possibly paying a lot more interest.

It happens with car finance all the time. Dealers will pay off your old finance by adding the figures to the new deal.

The finance company may not be happy about it, Giving £5000 worth of finance on a £4000 van.
But its the OP's parents that will be in the sticky stuff if the finance ask for the £1000 right away.

Its only a sharp practice if the buyers knew nothing about it. But they may have asked or it?

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"It is highly unlikely that any reputable finance company would allow a debt to be carried across"

As Grampian says, car dealers do it all the time, with reputable finance companies. 

Quote: Originally posted by blueexpo97 on 30/8/2013

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"It is highly unlikely that any reputable finance company would allow a debt to be carried across"

As Grampian says, car dealers do it all the time, with reputable finance companies. 

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Quote: Originally posted by trakker1 on 31/8/2013

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To be fair I have done this once on a car so I should have thought and asked really.
My parents only traded the van because they had nothing but trouble, water leaks. They got totally ripped off from the start, they paid £2,500 for the van and had it for about a year but had massive issues within that time. They made it out like they was giving 2k back for the van but really they was giving £500.

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Reputable finance companies will only advance a proportion of the Glass's Guide price for either the car or the caravan when HP is taken out. To get greater amounts they may go down the Personal Loan route and the limit applied is down to the underwriters and the credit worthiness of the borrower.

Lumping and bumping does happen in the trade but finance companies are aware !!

Quote: Originally posted by trakker1 on 01/9/2013

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What makes this even more strange is when my parents contacted black horse to find out the settlement figure the lady on the phone said it looks like they have been ripped off, my parents told her the dealer and the name of the salesman and the lady knew of this person and said he works for black horse???

My parents don't know about this thread and they have not said anything about it since but I'm wondering if its worth me ringing black horse with there consent.

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