How to calculate loss if change car now?

[Beng2]

  On 2/13/2009 at 12:40 PM, Mcmanaman said:

hi all

anyone can help me.. how to calculate how much i need to top up ?

Intend to sell my 1 yr suzuki swift- 10 yrs loan ? eg. if need to top up 15k i must pay bank in full amount? no instalment or what?

Thanks.

First, you read your HP agreement whether you need to pay back any cashback money or whether you can terminate your agreement (sell car) within this period. Some agreement says that you need to drive for one year, 3 yrs, etc. If the car is sold within the stipulated period, you will need to either cough up the cashback money in full or pro-rated.

 

Next, check if your HP agreement gives you the formula to calculate outstanding loan amount. If not, give them a call to see how much the amount is. Let's say the outstanding amount is $40k (depends on how much loan you signed up for).

If you sell your car for $25k, you will need to top up $15k just to get rid of the car.

 

Other bros, pls feel free to correct me if I'm wrong.

 

[Teriyaki]

think twice...

[Junjie]

Go onemotoring deregister yr ride, log down your paper value. Call up your bank tell them want to redeem full loan, what's the figure? call up dealer, ask for current car trade in price (likely to be super low)....that will tell u how much cold hard cash u need to top up....

[Application9999]

try use this excel..just a guide

Copy_of_691.xlsFetching info...

[Dh15]

my dear friend....ur car is only 1 year old and on top of that u took a 10 years loan. 2 words for u, DEEP SH*T. This scenario is the same as when my family got our first car. I'm glad it is all over for me. My advice is keep on driving your car.

[Watwheels]

  On 2/14/2009 at 2:34 PM, Junjie said:

Go onemotoring deregister yr ride, log down your paper value. Call up your bank tell them want to redeem full loan, what's the figure? call up dealer, ask for current car trade in price (likely to be super low)....that will tell u how much cold hard cash u need to top up....

 

If TS bother to read up and find out dan he won't be asking this question here.

[Phang79]

With near to no body value, the top up must be at least $20k for 10 year loan

[Davidklt]

dont change..lose big time..

 

why wanna change just becos the car price is low? but u incur an even bigger loss.

 

You are only digging a bigger hole for yourself esp with that 10 yr loan. You pay very little amt off the principal.

[Speedsun]

Where is TS?

[Babyt]

regarding full redeem, i have called dbs and they will calculate the amt for u to date (the day u r paying the full amt)....then u can either pay by cheque (indicate behind HP number and 'full redeem') or direct account deduction at any dbs/posb counter....

 

im going to do that tomorrow for my civic...hehe

 

 

[Enduro25]

just continue driving the car...for a 10yrs loan car and wanna change now as wat other bro had say prepared to top up at least 20k..not worth it..just bear it..hehe

[Mzrmazda3]

  On 2/13/2009 at 12:40 PM, Mcmanaman said:

hi all

 

anyone can help me.. how to calculate how much i need to top up ?

 

Intend to sell my 1 yr suzuki swift- 10 yrs loan ? eg. if need to top up 15k i must pay bank in full amount? no instalment or what?

 

Thanks.

 

Bro, you will need to top up the outstanding due to the bank in cold hard cash

 

No installment or whatsoever, unless you go use your readycredit/cash from credit card companies.

 

To calculate how much you need to pay for your outstanding due, jus call the bank to check your outstanding amount, call up a few car dealers for the price of your ride now and then minus off

 

For 10 years loan with minimum/no downpayment, i can tell you that your pocket sure burn big time

 

I have a friend whom had jus traded in his 4 years Lancer (On 10 year loan with minimum/no downpayment) for a 2L Camry and need to top up dunno how much cash for it To me is either he is damn loaded or he is Maybe he tio 4D/Toto big big ....

Edited February 15, 2009 by Mzrmazda3

[Mcmanaman]

hi everyone thank for the advise and comments..i think i will cont. with my current ride first.

 

Edited February 15, 2009 by Mcmanaman

[Jl1500k]

  On 2/15/2009 at 7:36 AM, Mcmanaman said:

hi everyone thank for the advise and comments..i think i will cont. with my current ride first.

 

Yalor just continue to drive first. Now only good time for first time car buyer to buy. But next time try not to go for 10 yrs loan becos break even very far always...