New car sales

Discodave1987

I have a query please if anyone else has had a similar experience.

I brought a new car and part exchanged my old vehicle at a Skoda main dealership.

On my order form all the agreed figures are stated and I’ve signed this. This includes the part exchange value and the remaining settlement figure on the existing pcp agreement.

the delivery period was around 2 months so I have since paid a further two payments on the existing agreement and therefore the settlement figure has reduced which is what I expected to happen.

Skoda for the finance agreement have now reduced the part exchange value buy these two payments stating that they only ever agreed the equity and not the part exchange value.

The part exchange value is stated on the order form and the settlement figure was always going to change they sell cars they must know this.

Am I going mad surely this can’t be right?

Any input would be appreciated, if Ive got it wrong the fair enough I’ll have to take it on the chin but the order form doesn’t state anywhere about equity just a settlement figure and a part exchange value. I understand these two numbers determine the equity but reducing are part exchange value and not the settlement figure seems very underhand.

thanks

Dave

jimjames

Surely if you've paid off 2 more amounts the car is worth more not less?

flashg67

Anything in the small print that says they can do this? I had it years ago, but it was a 6 month + lead time so it was reasonable that my trade in had lost some value

Frozen_up_north

Talk to the sales person, saying you are not happy with the figures and be prepared to cancel the order.

To be fair to the dealer, the value of your car in 2 months time maybe less than their offer if it has some additional damage, eg scuffed alloys, so their offer is not fixed in stone… equally the sales person will have based the offer on the likely value in 2 months.

Baldytyke88

Frozen_up_north said:

Talk to the sales person, saying you are not happy with the figures and be prepared to cancel the order.

To be fair to the dealer, the value of your car in 2 months time maybe less than their offer if it has some additional damage, eg scuffed alloys, so their offer is not fixed in stone… equally the sales person will have based the offer on the likely value in 2 months.

Of course, the value of the car will increase with inflation, but you would expect the numbers stated in the contract to be valid for a set length of time.

You would not expect a revaluation after 2 months, but it might be acceptable after 12 months.

Car_54

Baldytyke88 said:

Frozen_up_north said:

Talk to the sales person, saying you are not happy with the figures and be prepared to cancel the order.

To be fair to the dealer, the value of your car in 2 months time maybe less than their offer if it has some additional damage, eg scuffed alloys, so their offer is not fixed in stone… equally the sales person will have based the offer on the likely value in 2 months.

Of course, the value of the car will increase with inflation, but you would expect the numbers stated in the contract to be valid for a set length of time.

I've no doubt it was.

The OP hasn't told us what the quote/order/contract says. flashg67 asked that question two days ago.

MX5huggy

 Baldytyke88 said:

Frozen_up_north said:

Talk to the sales person, saying you are not happy with the figures and be prepared to cancel the order.

To be fair to the dealer, the value of your car in 2 months time maybe less than their offer if it has some additional damage, eg scuffed alloys, so their offer is not fixed in stone… equally the sales person will have based the offer on the likely value in 2 months.

Of course, the value of the car will increase with inflation, but you would expect the numbers stated in the contract to be valid for a set length of time.

You would not expect a revaluation after 2 months, but it might be acceptable after 12 months.

The value of the car is not going to increase with inflation, every day every mile it covers the value drops. 

For me this would be about the value of the deal offered today. 

Discodave1987

Hi All,

thank you for the comments and apologies I’ve not been back in a few days forgive me but to address the points raised,

The fabrication time for the car was 15 weeks and the dealership forecast the part exchange value for 15 weeks time which they made £500 less. I know this as they quoted me £500 more part exchange value for a car they had in stock.

The car was given back in the same condition it was valued in. If anything it did less miles in the 15 weeks to make the new car.

I have complained to the dealership  who brush it off and have now gone though Skoda who just repeated what the dealership say about equity. I’ve read everything over and over and nowhere does it talk about equity. It’s agrees the part exchange value and the settlement figure.

I feel like what I’m saying is right, does anything change your opinions with the extra info provided?

I think I’m going to have to take it up with the motor ombudsman or similar now.

thank you all for reading and responding, I feel a little bit less like I’m going mad now

Arunmor

What is the we buy any car price?  You might not like the price but it will give an indication.  Sell it privately?

Frozen_up_north

“The fabrication time for the car was 15 weeks and the dealership forecast the part exchange value for 15 weeks time which they made £500 less. I know this as they quoted me £500 more part exchange value for a car they had in stock.”

DiscoDave… you are not comparing like with like. Dealers often “shuffle” the figures. It is quite possible the dealer was able to offer a better deal to shift a car they had in stock.

m0bov

Your the customer, if they are not honouring the deal, vote with your money and go elsewhere. 2 months is nothing, lead times normally 4-8 months. I agree, it's a stock car and they are trying to squeeze more money.


Never heard of equity!