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car finance from carcraft

Home Forums Car finance car finance from carcraft

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This topic contains 2 replies, has 1 voice, and was last updated by Stuart Masson Stuart Masson 4 years, 4 months ago.

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  • #66445 Reply
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    tiffany

    Hi stuart,
    My husband has citroen c1 we got from carcraft in march 2014 we’ve paid regularly till now 1year and a few months into our 5yr contract. However we are expecting our 3rd child due nxt march and as the citroen can only take 2 car seats at the back. Apparently carcraft has gone into administratio. What are our options as we need a bigger car now by nxt march? Thanks

  • #66446 Reply
    Avatar
    Tiffany

    `Hi stuart,
    My husband has citroen c1 we got from carcraft in march 2014 we’ve paid regularly till now 1year and a few months into our 5yr contract. However we are expecting our 3rd child due nxt march and as the citroen can only take 2 car seats at the back. Apparently carcraft has gone into administratio. What are our options as we need a bigger car now by nxt march? Thanks.

    • #66451 Reply
      Stuart Masson
      Stuart Masson
      Keymaster

      Hi Tiffany,

      Carcraft’s closure shouldn’t affect you because the finance agreement would have been made through a 3rd party (eg – Santander, Black Horse, etc.).

      You can part-exchange your current car for a larger one at any dealership. As part of the process, the dealer will usually settle your current finance and you take out a new finance agreement (not necessarily with the same finance company) on your new car.
      For more information on doing this, read this article about settling your finance agreement early. The problem you are likely to have is that your settlement figure to the finance company is likely to be more than what your car is worth, so you will have to pay out the difference before you can even think about what you want to spend on your next car.

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