TheRedEyeJedi

Hi all, Just wanted to say thanks for the help and thought you might be interested in the resolution we have come up with.... I spoke to a number of dealers and also looked at private sales and the conclusion I came up with is that my Octavia was highly unlikely to be sold by me for much above £14.5k The car is now due a service and probably needs 4 new tires soon so that is a cost any buyer would have to factor in. I spoke to Paul Jackson who was recommended as a broker earlier in this thread and he was able to offer us more than skoda ... but we were still looking at in the region on 2.3k negative. Paul gave me some really good honest advice I would definitely recommend chatting to him as his deals seem good and pretty honest too.(he also came back with a better offer today but advised me to go with the skoda deal that I will tell you about in a moment). He made the good point that if I kept the Octavia until the VC point in 23 months that I am going to have to pay for the tires and service (around £1000) plus another service - plus paying about £1000 interest in that time. He was strongly advising me to settle the deal, cut my losses and walk away and get a better deal (even if this wasn't with him) So I looked at our finances as a whole and especially some of the small debts we have that we are paying interest on (a store card, a catalogue payment from years back and my road bike finance) and I went to my bank manager and secured a personal loan over 5 years at 3% interest. This means I can pay off all our debts, and also gives me some capital to use in order get out of this VRS deal into a new and hopefully better one. I went back to my local Skoda dealer - not where I purchased the car from originally and asked for the very best price they could give me to take my car off my hands if I then settled the remaining finance. They came back with 15k - which to be honest is £500 more than anyone else was offering. I then asked them if they would be prepared to go to £15.5k if I then cleared off the £1.3k on the finance and then I purchased a brand new car from them and put a deposit down on it. To my surprise they said they would do this but its under the provision I buy a new car from them this month to help the sales figures. I noticed Saturday they had a red, Fabia Monte Carlo Estate 1.2tsi 100 in the showroom and asked if I could have that...we really like the car and it would tick all the boxes for us. They have given me a further £500 off the list, a free servicing plan and also will change over my cherished plates foc. Its 0% finance with a £500 contribution from Skoda. I have also upped the mileage allowance to 10k per year. Bottom line is that we now have a car that both of us can drive and is still big enough for kids and bikes and stuff. Plus its cheaper to run and insure. We have saved £110 a month on the car payments and I have also saved £130 a month by using the rest of the loan to consolidate all our debts and pay them off. I also now do not have to pay the imminent service and tire cost on the VRS and we have (hopefully) free motoring for at least three years. Im sure someone better at finances than me could have resolved this better... but we are happy... and its much better than the deal I was looking at when I first posted on here so thanks for all your help.

HI, thanks all -they have offered me a few other bits of discount plus a free service plan and I have done a deal. Im actually pretty happy with it ... we took a hell of a hit on the VRS due to second hand value and our desire to change vehicle early in deal...plus the original deal we got wasn't very competitive. This car suits our needs much better and is more affordable - im happy with the resolution and pick the car up next week.

Hi, You are correct in that they want to do a deal quickly to hit sales figures... that's why they have offered more for mine as long as I take the car they have in the show room this month..... by coincidence it is exactly the spec I want.

Hi Gripper. That's an amazing deal but I am not getting anything like that response from a dealer. every dealer I have spoken to tells us we currently have 2.3-2.4 negative equity on the car at the moment and they can not roll that into a finance deal on a new car and they certainly wont write it off. Best I have been able to do is to get the dealer to pay 15.5 for ours...there for reducing negative equity to £1.3k. They only went to 15.5k because I said I would settle the Octavia and then move quickly on a deal for a new car.

My reasons for changing are in this thread...better than me typing them again... http://www.briskoda.net/forums/topic/392352-downsizing-from-octavia-vrs-to-citigo-with-negative-equity/ The settlement figure on the Octavia is £16.8k This dealer originally offered me £15k for my Octavia...which is close to a grand more than anyone else was offering... they have now offered 15.5k because I said I would clear my negative equity with a cash payment and settle the existing finance deal.... so I could get a new car from them at 0% with a deposit contribution. My alternative was to keep on paying for the Octavia until I could voluntary terminate in 23 months then hand it back - which means I need to service it, replace tires and hand over a load of interest in that time. With this deal I am getting the car we actually now want, getting our monthly payments down, getting onto a 0% deal with higher mileage allowance and not having to pay the up coming thousand pound cost of servicing and replacing the tires on my Octavia. And yes the price they are offering this car at is 17,490 in total It is £16395 + front arm rest £95 + 17 " Alloys £350 + spare wheel £85 + Manufacturers delivery charge £510 + Registration fee £55 They will also pay for my cherished plate to be transfered That looks consistent with the website - but I need to know if people are seeing big reductions on this price and if they are coming off the list, or off the extras?

What price did you pay then? I am close to shaking so any info would be helpful

Sorry everyone.... I meant to post this in Fabia section.... I will delete and move it...thanks for reply Edit - cant actually see how to do that. If a mod would be kind enough to shift it that would be great. In fairness the dealer is helping us out quite a bit on my old car so I am pretty happy with the deal..... I just wanted make sure people were not getting a couple of grand off the price as a trend or something. I know this is not common at car dealerships these days but thought I would ask.

Hi, I am just wondering if you could comment on if this is likely. I am looking at a new 1.2tsi 110 estate Monte Carlo It is £16395 + front arm rest £95 + 17 " Alloys £350 + spare wheel £85 + Manufacturers delivery charge £510 + Registration fee £55 so £17490 in total Options are non negotiable because its the brand new display model they have in showroom. A quick deal needs to be done in order for them to give me a price (that im happy with) for my existing Skoda. The pricing on my old car is complicated because there is negative equity involved but this new deal would be completely separate and not have any existing finance rolled into it.... Just wondering if I walked in off the street - should I be expecting a discount on that new car? How am I going to be looking after 4 years of this car of this deal on PCP car if I take it without any discount? Trying to avoid another negative equity situation in a few years time. Thanks for your help.... Quick answers would be appreciated.

Yes we are saving for a mortgage and potentially a wedding (don't tell her) Basically when I was living alone (with parents) I had much higher disposable income. I was also doing much higher milage for work and regularly had to go to Scotland for elderly family. I was also transporting my road bike in the back of the car and then commuting from out of town.... as well as that I was renovating a rental property I co own and needed a big boot. Fast forward a year and we have a second car (my gf has passed test and bought a cheap car outright), I now work 5 miles away and the elderly relatives have gone to a better place. Most of the reasons I needed a big car are gone and we could happily get by as a family in a smaller vehicle...we could certainly do with a cheaper vehicle We have high rent and while we can and have been affording the VRS it is right at the top of our budget and saving a couple of hundred quid a month on our car payments would really help us save. We are looking at all our finances and have done quite well reducing our monthly bills but the car is the elephant in the room. So now we are paying £320 a month for a car that I don't need and that my GF can not drive. What would be ideal would be to get rid of the VRS and to get a small, cheap reliable city car that we can both use. and then for my GF to have that new car long term. I am not necessarily even looking at a citigo now - that was just where the thought process started and this thread began...I am certainly not buying the used option they offered us with the neg equity rolled in. I will then at some point buy a high mileage estate and sit that outside the house if we need a bigger car....apart from maybe a holiday I can not see us needing a big car in the next few years...We live in a town near public transport and my parents have a big car we could borrow for a few days if needed. In theory, I could quite easily go without a car for the next 6 months or so.

Left him a message - thanks for tip

Thanks I will definitely try him ...will he just buy my car or would I need to also purchase a car though him?

Hi, Just a little update on this and another question! My partner is very keen not to carry on paying until the VC date in 23 months and would like me to investigate how we could get away from this car sooner. I have checked with Skoda finance and if I settle on my car early it would give me a settlement fee of £16800 currently I am thinking about selling the car privately or to another dealer and trying to get the difference between that settlement and the cars sale price as low as possible....then paying the difference myself, clearing finance and walking away. That way we can go out and buy a used car that meets our needs or take out a new car deal with no neg equity involved, put a deposit down and therefore get much lower monthly bills. I do not want to rip someone off so I am wondering realistically what I could expect to get for my car privately? I have a friend who is interested so I may not even have to advertise it. 2014 VRS Diesel ...12,300 miles Couple of scrapes on alloys otherwise mint condition - had no issues or repairs on car manual, metallic blue with the smart paint protection thing. Full black and red leather interior with heated seats Black pack satnav I have also gone back to skoda and said I am thinking of walking away and they have said that they would be prepared to value my car at £1.5k more than they originally said if I am prepared to put down £1k deposit on new car..... I am yet to see this deal in writing but in theory this reduces my negative equity to £1k rather than 2.5 and gets us a new car deal with 0% ....so that could be interesting too.

Any chance you could pm me some ball park figures of what they offered you?

. No need to apologise - I'm looking for bluntness! Do you not think I would be better off doing the voluntary termination half way though as described in my post before yours? That way I do not have to worry about the mileage or negative equity and I get out in 23 months from now?

I spoke to skoda finance and here's the long and short of it I paid £3k deposit in total Then 48 monthly payments of £316 Then final optional payment of £8955 to keep car Total credit cost of £24,158 Voluntary termination target is £7062 more than I have paid up to now So far I have made 11 payments of £316 I need to make another 23 payments of £316 before I can hand it back and walk away I think going the distance of the credit deal is out of the question as I may go over the 6k miles per year target anyway... So I would have to pay the balloon figure at end to own the car or get charged for excess milage If I do the voluntary termination I will have paid in total £3k deposit plus 11 monthly payments so far (£3476) plus a further 23 payments of 316 (£7268) = £13744 which means the car has cost me £404 per month and I can hand it back without any penalty for miles If I do the lump and bump on the Citigo then I will have to pay 60 X payments of £230 = £13800 and at the end of it the car will be worth about a grand (we will own it outright, no final payment) It seems that rather than paying the £13800 on the Citigo and end up with a car worth very little I would be better off paying another £7268 on the Octavia then handing it back. Then we can go and start a more competitive agreement elsewhere or buy second hand ect ect Would that seem the best option to you guys too from the figures I have posted in order for us to get out of negative equity? I know I've made a mess of this but now I want to get out of this in the most sensible way possible