Car Rejection with Negative equity

dld2s

My mrs had a car on lease, she worked in ASDA at the time and used the ASDA car park, it ended up with loads of door ding dents on the doors on both sides, it went in to get repaired and re-sprayed before handing back, it came out immaculate, you would have thought it just came off the production line, so a decent job can be done, it's just finding the decent workshop is the problem I suppose?

DrEskimo

jdm95 wrote: »

Thanks for the reply,So the price of the car was £23k i got £2k deposit contributuin meaning the cost of the car was £21k, then add my £2k negative equity onto the deal and the invoice for the finance was £23k no mention of negative equity just them selling me a car for £23k, they will have to pay the finance company that full amount back and from there on im unsure what will happen.

The reason i went for the deal is because it was an employee scheme whereby you get access to management cars and you pay the price the dealers would get them for so for example the car i got the cheapest equivilent to my spec is around £26k from the dealership i collected it from.

Yea, but IIRC they have a separate section on their system when drawing up the finance agreement which stipulates the P/X and any associated negative equity. As such, the cost of the car could be outlined as £21k, and the £2k is negative equity. Therefore refunding the cost of the car would be £21k, not the full £23k. I do sympathise with your position though. You only sold it to them at £2k negative equity on the agreement that the car they sold you would be discounted, so am intrigued at how they handle this.

Have you checked other online brokers to see what sort of price you can get the car new? Perhaps check these site (if it has the car) and see what sort of discounts are achievable.

https://www.coast2coastcars.co.uk
https://www.carwow.co.uk

I wouldn't recommend PCP in general, but certainly not used car PCP's, as the rates are usually much higher.