PCP Finance -

tommyedinburgh

Ryann. wrote: »

A) damage on vehicle
damage on vehicle that’s been repaired poorly without me knowing
C) salesman not being truthful

I’ve asked a few people that work there and they aren’t responding, maybe I should go to the garage and ask for them to print the order form for me there and then.

Assuming you work at a dealership, is it only the order form that will have this negative equity info on or will there be other documents?

My last complaint to VWFS(previous vehicle) a financial ombudsman went through the complaint and also stated, there’s no evidence of any negative equity too.

You have previously complained and it went to an Ombudsman?

Andyjflet

Seriously Ryan, you have signed up to a deal you are now not happy with, there is no complaint. After you have been through this before you still didnt read the documents ? SECCI, rights, order form etc ?
The negative equity would be on the settlement on the order form it will state that there is your old car, its PX price and the settlement, VWFS would never pay out until this is all contra settled.
There will also have to have been an invoice raised which VWFS would have needed before paying the dealer and them therefore releasing your new car.

Andyjflet

Ryann. wrote: »

Ah okay thanks for your help

My main sorta question was would I have any chance of complaining to dealership / finance company about being lied to about negative equity and the damage on the car that was there?

Was thinking of making a negative social media post with screenshot of their email stating that their “used” vehicles are expected to be damaged...

I'm confused, I thought you bought a new vehicle not a "used" vehicle ?

foxy-stoat

Put it down to not reading the credit agreement before signing it, not understanding how finance works and not inspecting the car before driving off in it.

Your 13 months in, the time to complain about the damage would of been before leaving the forecourt.

Ryann.

Nope, was “used”.

The start of this complaint was that the salesman told me a brand new car is not an option as I had to pay £1500 negative equity, now it seems to be that there’s no sign of negative equity - so why didn’t he allow me to get a brand new one and said only option is used car. Now I’m paying more for a used car than I would have been for a brand new...

Andyjflet

foxy-stoat wrote: »

Put it down to not reading the credit agreement before signing it, not understanding how finance works and not inspecting the car before driving off in it.

Your 13 months in, the time to complain about the damage would of been before leaving the forecourt.

Exactly this

Andyjflet

Ryann. wrote: »

Nope, was “used”.

The start of this complaint was that the salesman told me a brand new car is not an option as I had to pay £1500 negative equity, now it seems to be that there’s no sign of negative equity - so why didn’t he allow me to get a brand new one and said only option is used car. Now I’m paying more for a used car than I would have been for a brand new...

the basis of your complaint keeps changing here, we offer some dealer contribution on used car funding schemes which is supplied by VWFS, probably that. You really should have read through the agreement and order form, there is no issue here you have just been a bit niave on the whole finance and your understanding of it. You could have had a brand new car you just didnt have £1500

Sorry mate you need to take responsibility for your own actions going forward instead of trying to imply dealers have ripped you off, lied or witheld information.

DrEskimo

Agree with all of the above. This is THE reason I strongly advise people against rolling negative equity from one deal into the next. Not only are you paying yet more interest on money you already paid to borrow, you are increasing your borrowing on the car, thereby increasing the amount you borrow relative to the value of the asset the finance is secured against (the used car).

Without a large deposit, the used car will drop in value relative to what you paid merely by the fact you are adding another owner to it's list, adding mileage and looking at trade value vs. dealership market value. So right from the outset, unless you borrowed much less than you paid (I typically always advise people to put down at least 50% of the cars value to avoid negative equity for most of the duration of the finance deal), you will be in negative equity.

Add to that further borrowing by rolling in the negative equity from the previous car and you are just compounding on the issue. As you are finding, if you want to move on from your deal you are needing to settle the negative equity from the previous deal as well as the negative equity from your current deal.

Move away from looking at artificial monthly costs that have little bearing on the value and total cost of ownership and start looking at the actual costs involved in terms of depreciation, running costs and cost of finance. Inevitably this will lead you to making more rational purchases on lower cost used cars with low cost unsecured bank loans (ideally at <50% of the cars value). You will save money and reduce your exposure to financial risk massively. Unfortunately, it also means avoiding shiny new cars, even though the 'monthly cost' might be less.

tommyedinburgh

Maybe starting to go round in circles here. Put it down to experience and move on.

Ryann.

I just thought buying from main dealer saves you the risk of buying damaged vehicles when “used”, at least that’s why I thought you pay the extra money.

Thanks for everyone’s input