Car Rejection with Negative equity

jdm95

Just after a bit of advice.

So i got an approved used car 3 weeks ago. 12 months old 10k miles.
Heavily discounted through an employee scheme .now i had negative equity on my previous car I had bought from new of £2k, the dealer I went to decided to roll this into the price of the new car on the basis of getting such good discount it would effectively cancel out this negative equity.
However the car I purchased on first inspection looked great but after having it for a few days I noticed the entire car had been resprayed and quite poorly done. I contacted the manufacturer about this and they agreed with me that the car was not up to the correct standard and that I could have it repaired. I stated I wanted a replacement as I didn't want a 12 month old car that had 3 paint jobs done to it.
they agreed and said they could only offer me a full refund not a replacement vehicle.

I have agreed to this full refund and the dealer has been told by the manufacturer to conduct this full refund They haven't been very vocal with me about this except they are dealing with the finance company.
My question is when I signed the deal the invoice price of the car included the negative equity rolled into the price so when the dealer returns all the money to the finance company, what is going to happen to the £2k of negative equity. I don't feel like I should be left in a worse position by having to pay that full amount due to the dealer and manufacturer breaking the terms of the agreement

[Deleted User]

Are you aggrieved because of the financial situation or the paint job situation ?


I'm surprised the manufacturer contacted the dealer about the quality of paintwork on a used car and surprised that your due diligence hadn't already picked this up before committing your hard earned money to it.


Regards the finances I expect you'll be at the mercy of the dealerships good nature.

warby68

If the car you bought truly was worth enough to cover the negative equity in your previous one, you may get lucky and end up straight with the car's value enough to cover the HP in full.

I guess it depends who was funding the original discount if it was 'real' and have they lost out too?

I suspect they're quiet on the subject because there is a bit of head scratching going on as to how to deal with it.

jdm95

Thanks for the reply.

The problem is that it’s a manufacture scheme and the dealership are just used for arranging the finance so you don’t get to see the car you just select it based upon spec online and they “assure you it’s in as new condition”.

My own fault for not seeing the issues and I won’t make that mistake again however they have agreed to the refund and it’s in motion I did request a replacement 3 or 4 times but that was rejected I just don’t know how the dealer are going to go about the negative equity

davidwood681

Do you feel like you shouldn't have to deal with your negative equity?

jdm95

Not at all I just feel like the figure of the negative equity is made up from them valuing my previous car with the intention of making a profit on which is fine except they broke the new agreement selling me a car not of suficient quality which they agreed. Now they are denying me a replacement and want to reverse the finance deal which in turn would leave me worse off than I was before I entered the agreement as I wouldn’t have my old car and I would owe

beckysheffield

Get the car repainted

jdm95

Would need to be the entire car again which I don't think is acceptable on a 12 month old £20k car not when I could have selected another car which probably wouldn't have been fully resprayed. im also concerned how bad the damage was to require such work

beckysheffield

What makes you think it had three repaints?

TadleyBaggie

beckysheffield wrote: »

What makes you think it had three repaints?

They said 3 paint jobs:

- the original one
- the one apparently done badly
- the one to correct the previous one

beckysheffield

What makes you think it didn!!!8217;t come out from the factory bad?