Quote:
Originally Posted by Wills2
The old car finance would have been settled by the dealer so that no longer exists, however depending on the deal structure and the deposit paid it'll still be somewhere in the new deal, not specifically but as part of the overall cost to purchase, unless your FIL paid them 12k cash but if they are taking the car back and cancelling the agreement then yes it's gone.
The way you describe the deal it doesn't really make sense he had 12k neg and then got 14k discount but you make no mention of his deposit I'd be astounded if that deal could be done as effectively the discount is 26k if a deposit wasn't given with the new deal.
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Sorry to hear this OP.
I do agree with Wills sentiment. I believe negative equities is absorbed into any new deal and at time of trade in/completing the deal. Whoever you you but the new car from settled the finance as Wills says on the trades in car, that finance agreement therefore won't exist anymore.
Seems it could get messy, hopefully a technical resolution and a little good will compensation would be a better long term resolution overall.
PS when I've said 'you' I now it's not your car, just a general term while describing.