Part exchanging is the process of trading in your existing car and using the equity or the monetary value of your existing car after valuation towards the purchase of a new car usually from a dealer. We explain what part exchange means and provide important information you need to know and whether it’s the correct choice when selling your car.
When part exchanging your car, you will send it to a dealership company in Accra, Tema like Shai Cars, where you will be offered an amount for your current car that would be deducted from the price of the vehicle you intend to buy, or used as a deposit if you are opting for a finance agreement. You can get a free car valuation with Shai Cars by completing some information on your car for estimating the trade-in-value of your car online.
Advantages of Part Exchanging.
Part exchanging is a more convenient way of selling a car than selling privately, where you need to spend time advertising the car, preparing it for resale, and making appointments to meet potential buyers. When part exchanging you can settle the sale agreement with a dealership and then, trade in your car for a new one. Finally, part exchanging could make the purchase of a new car more complex due to having two transactions involved and more documents are required to part exchange.
What Documents do you need to part exchange?
We Can Settle Any Car Finance
At Shai Cars we can assist you when you want to sell your existing car with outstanding finance.
How to Sell Your Financed Car
As you are selling a car with outstanding finance, you will need to bring an up-to-date settlement letter from your finance company which includes:
At your appointment, you will be greeted by a friendly Branch Manager from Shai Cars who will inspect your vehicle to ensure the details entered online are correct. Where our valuation is higher than the settlement amount, we will pay you the difference. If our valuation is lower than the settlement amount, you will need to pay the shortfall by Debit or Credit Card. Once the sale is confirmed, we will pay your finance company within 4 working days.
Can I sell a car with outstanding HP finance?
It is usual for individuals with good credit ratings and job security to purchase a vehicle using car loans or car finance from a bank or car finance company in Accra, Tema Ghana.
The lender is the legal owner of a car bought on Hire Purchase until all payments have been made. In order to sell the car, you will need to end the agreement early by getting a settlement quote. To get a settlement figure, you will need to contact the finance company to ask for one. You should receive a settlement figure within a few working days from the finance company, and will then have a set period to pay the amount stated. Once this figure has been paid, the vehicle can be sold.
If you have paid less than half of the total amount owed on your agreement, you could return the car to the finance company by paying the remaining installments needed to bring yourself up to half of the remaining value; this includes any interest and fees. This is known as ‘voluntary termination’. You can get more information about this from the sales team or manager dealing with your HP from Shai Cars on canceling your car finance early.