Exchange and Mart launches paymentswap.co.uk

Exchange and Mart has launched a new online ‘no fees’ service, that facilitates buyers trading in their vehicle mid finance contract.

The www.paymentswap.co.uk service covers the vehicle trade-in, the settlement of the existing finance agreement, and the provision of the replacement finance agreement, and the collection of the desired used car from the chosen retailer.

Payment Swap requires its finance-led buyers to enter 3 pieces of search information – existing monthly payment, the registration number for the part exchange and the customer’s postcode.  The service then displays a range of vehicles that can be purchased for the same as the customer is currently paying are revealed. 

Sal Ciullo, Commercial Director of Payment Swap explains, “It’s a bit like changing a mobile phone at the end of a contract, the actual price of the phone is irrelevant. It’s the package and the monthly payment that counts, and that’s how Payment Swap works.  The customer also has the choice of how many months they purchase over, and if they want to put a deposit down to reduce their payments further. Naturally, we summarise and display the entire deal before the customer proceeds.”

“Once the customer has decided which car to buy, they complete the entire transaction, end to end, online.  When they collect from the supplying dealer, the order will have been completed and all the paperwork signed digitally, leaving the exchanging of keys as the only thing left to do.”

Sal concluded, “Whilst some customers today already settle their finance early, most we interviewed said they weren’t aware this was an option, especially those in a PCP (Personal Contract Purchase) agreement. This means people are staying in their current car for longer than preferred and miss out on driving newer models. Now, through Payment Swap, and subject to status and the amount owed, customers are able to do their own deal without a sales person being involved, which means they can browse with no pressure in the knowledge that every car displayed is within their budget.”