Rejecting faulty car on PCP in negative equity

New2Upls

We are 18 mths into a 4 year PCP. We bought an electric vehicle from a well known manufacturer. All was fine. Within the last few months however we are experiencing serious not fit for purpose, safety issues. It's been in and out of the dealership - 5 times in 3 months with faulty door locking mechanism. Doors that won't lock / doors that randomly open when vehicle is in motion - very unsafe. It's had replacement locks. Various doors randomly affected. Each new handle is supposed to "re-set" in some way - but that doesn't seem to be happening.
We've had enough and took back in after we'd had it home less than a week from its last fix and the same thing happened to another door. It's being looked at / "fixed" again. With the service dept.
Customer service / branch (franchise) have both advised we formally reject the vehicle - but neither have told us what this means with PCP / finance company. We do not know where we stand. We're nervous to do that in case it snookers us.
At this point in, we're in significant negative equity - and not happy to pay out to exit contract.
Looking to walk away ideally - have a replacement if not. 
What are our options?

Ectophile

If you do formally reject the car, you need to tell the finance company.  Ask for the finance to be cancelled, and for a refund of any money you have paid so far.  As a finance company, they are jointly liable with the dealer that sold you the car.

born_again

It may make more sense to go to finance co under S75 as they are jointly liable.

DullGreyGuy

Ectophile said:

If you do formally reject the car, you need to tell the finance company.  Ask for the finance to be cancelled, and for a refund of any money you have paid so far.  As a finance company, they are jointly liable with the dealer that sold you the car.

Unfortunately you dont get a free car for 18 months... would be nice if you did.  Once the car is one month old you can be charged for any use you got out of it prior to you rejecting the goods irrespective if you rejected it under the CRA with the dealership or under S75/S75a with the finance company. 

Note that if it is S75a rather than S75 because of the transaction value then you are obliged to deal with the seller of the car first and can only switch to the finance company if you cannot get a reasonable resolution from the seller.