Nissan Juke 1.6 Acenta Auto 2014 60k - Car Finance Car Shop HP positive equity

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Sun 10 Apr 2022 13:44
Nissan Juke 1.6 Acenta Auto 2014 60k - Car Finance Car Shop HP positive equity - Ru44

Hi, I'm after some advice about finance as I'm trying to help out a friend. Car shop phoned my friend and told her that her car is in positive equity. The car has 2,000 left outstanding on it and their valuation is 5,000 although looking on autotrader I've seen these jukes on forecourts for 8,500 same age, same mileage. They said she could either use the equity to get another car or have it as cashback? When they say cashback how does that work, it does sound straight forward I know, but I wondered what it really means? And what the process of it all is?

Thanks in advance.....

Edited by Ru44 on 10/04/2022 at 13:45

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Sun 10 Apr 2022 13:54
Nissan Juke 1.6 Acenta Auto 2014 60k - Car Finance Car Shop HP positive equity - _

At a simple guess,

They have a buyer for her car and mmight hope to sell her a more expensive car using the £3000 as a deposit, and Car shop and others are not the cheapest options for finance deals, so they'll win 4 times. Profit on the sale of your car, profit on the one you buy, and hefty comissions on 2 lots of finance.

If she like her car, and it is reliable, stick with it and be debt free asap.

She knows the car she has, and nothing about the condition of anything they might try to sell her.

Remember car traders "trade" to make a profit.

The BIG " but" is is it worth the future risk of sticking with that autobox...

Edited by _ORB_ on 10/04/2022 at 13:56

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Sun 10 Apr 2022 15:18
Nissan Juke 1.6 Acenta Auto 2014 60k - Car Finance Car Shop HP positive equity - badbusdriver

If she like her car, and it is reliable, stick with it and be debt free asap.

Wouldn't a Juke auto of that age have Nissan's (in)famous CVT made of cheese?.

As you say, the customer is always going to be the loser (to some degree or other) in schemes like this, being lured into a fancier and more expensive car. But personally, I'd be reluctant to keep that car.

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