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Rejecting vehicle & p/x negative equity

Home Forums Car finance Rejecting vehicle & p/x negative equity

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This topic contains 0 replies, has 1 voice, and was last updated by Avatar Leighton Porter 1 month ago.

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    Leighton Porter

    Hi, can someone please tell me how rejection of vehicle and negative equity from p/x works?

    So I part exchanged my BMW for an Audi in January. The problem was the BMW was worth £3200 less than I owed. So the negative equity was added to the new finance agreement on the Audi.

    I have had problems throughout with vehicle and bad customer service etc, I escalated to finance company who have been reviewing the case for the past month and after speaking to them last week, they stated that if they were to agree with the rejection, the negative equity from BMW would have to be paid. Is this correct? My finance agreement does not mention part x or anything, it states cash price for goods (which adds up to the amount of new car + negative equity) then it just adds the interest payable over the term.

    Also, under the section: TERMINATION
    It states the amount payable to terminate contract is half, and the half amount is the half the total finance amount.

    Breakdown
    Old car £3199.44 negative equity
    New car £15000
    Total finance £18,199.44

    Finance agreement
    Cost of goods £18,199.44
    Hire Purchase charges £3263.76
    Total amount £21,463.20

    Termination your rights
    Half the amount payable under agreement
    that is £10,731.60

    Can anyone help me with this?

    Kind regards

    Leighton

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