Dealerships could benefit from a new online app which allows motorists looking to change a car early to check the status of their current finance agreement.
The new Payment Swap ‘no fees’ online service is powered by Exchange and Mart, and aims to empower motorists to take advantage of a new car as soon as their exisiting deal tips into a positive equity situation.
Payment Swap’s commercial director, Sal Ciullo, said: “It’s difficult for motorists to know when a good time to change their vehicle is. Nobody wants to walk into a dealership and ask them to work out a deal on several cars, which is why Payment Swap is an easy option for motorists who want to shop online.
“Negative equity could be a worry for some owners, which means that their car has depreciated faster than they’ve been paying it off. This means they may have to put in an amount of money to reach ‘equity parity’ for the next car they want. Our negative equity checker is free and gives car owners the information they need at the click of a button.
“If the customer owes too much to change at the present time, by entering their email address, users will receive an automatic reminder from Payment Swap, when the time to change is right, so they can upgrade as soon as possible without the worry of negative equity.”