wizzywig27 wrote: ↑Tue Sep 18, 2018 7:03 pm
But to then add further confusion, I was in negative in my old car which the dealer wrapped up in my new finance package, by playing with the numbers. I can’t see anyone funding almost 5k.
They offered me a golf for £90 more a month
Without knowing what the RRP of your car was, what your financed amount was and how much negative equity you had in the last one was, I wouldn't know how they played the numbers, but I suspect that the £5k gap is not only about what was paid, but what say 85% of sticker price is for a pre-reg almost new car - which is what they'd offer you in a typical p/x to still make a reasonable profit e.g.
You buy a car with a £18k RRP, it comes with a deposit contribution of £1000 and the dealership is prepared to discount by £2k, so you'd be financing £15k, but you've got £2k negative equity in the old one. The dealership offsets your £2k negative equity against the £2k discount. So you are financed for £17k on an £18k car.
The dealership knows that if you hand it back, they've got a car they'd be lucky to get £15k for, so to them it is worth £12500 to get them a reasonable margin.
You reject the car and get your money back (or in this csse have your finance settled). The dealership being out of pocket is not is not your concern, that's a battle for them. If you bought a Sony TV from Currys and it blew up, you'd want your money back from Currys, not go chasing Sony for it.
If your old negative equity no longer exists as negative equity because it has substituted discount on the new car then you should be quids in as you walk away not owing or being owed anything (perhaps you'll get your payments back made so far).
David Stark is the resident rejection process expert here - i'm sure he'll be able to give you more comprehensive advice when he's next in the forum.