Landrover Freelander 2 - Freelander 2 Negative equity on HP

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Wed 23 Sep 2015 21:22
Landrover Freelander 2 - Freelander 2 Negative equity on HP - hettybear

Hi all,

I bought a 2007 Freelander 2 from my local maindealer for Landrover last November. When I bought it I was assured as I had put down a decent dposit and he car was v low mileage (even now only 58000) I woudl never be in negative equity and if my circumstances were to change they would buy it back as they had sold it to the oe previous owner. I have just been made redudnact and need to cut back all my monthly ependiture and associated risks so called them this week but they didnt want to buy back but gave me a dealers number who does their PX cars. He has quoted me without seeing the car a price thats £1700 less than the outstanding HP and just says he hears the same story all the time but thats all he can do. I think I could get close to the outstanding amount as a private sale but woudl then need to settle the finance first. The car is due tax and MOT at end of October and probably could do with new tyres over the winter so I dont know whether to just accept I was stitched up in the first place adnd cut my losses or perseve and hope that theres no big bills. The Landrover warranty runs out also at end of October and Im just scared that something big might happen. I can borrow another car occaisonally and will likely be going into a job with a company car in the next few months so wouldnt be keeping it long term anyway. Any ideas anyone? I dont want to just be ripped off again on top of everything ! Thanks

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Wed 23 Sep 2015 21:52
Landrover Freelander 2 - Freelander 2 Negative equity on HP - bernie123

Rule 1) Never trust a sales persons word.

Rule 2) Always get a promise in writing.

Rule 3) ALWAYS remember rule 1 and 2.

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Wed 23 Sep 2015 22:08
Landrover Freelander 2 - Freelander 2 Negative equity on HP - gordonbennet

Hard lesson that, as above never ever trust a sales persons word alone.

I don't know your circs but i think you have only two options.

If you can manage the payments then keep it, but you must keep it well serviced or it will bite you in the behind if you don't, suggest either DiY (yourself or family if competent) or recommended indy, do not use the main dealer for servicing....FL2 is a lot more reliable than the mk1 heap.

If it must be sold and you can definately manage without a car of your own, then a private sale is the way forward...though i would put the details into WBAC or similar to get a ball park base low figure to know what the bare min is, away from the unscrupulous dealer you've been dealing with and his possibly equally unsrupulous croney in the trade.

Talking of dealers, wasn't the car a bit old to be sold by a LR main dealer anyway...don't get me wrong its practically just out the showroom compared to my old bangers but seems a bit old for LR forecourts.

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Thu 24 Sep 2015 09:52
Landrover Freelander 2 - Freelander 2 Negative equity on HP - hettybear

Hi thanks for the feedback. I can keep up the payments but I just worry that something expensive may go wrong during the time I keep it plus its got the MOT and Tax coming up at end of Oct plus probably new set of tyres soon which arent cheap.I dont know what the depreciation might be in 3 months time, Im aiming to go into my new job in Dec/January which will come with a company car. Theres no sign of anything obvious to drive but given how reliable the dealer has been and also I had to pay out for new brakes and discs a few months after buying it (which funnily enough werent covered under the landrover warranty as wear and tear even though must have known about it when sold to me). I trusted the LR dealer as had company cars serviced there before and the service part was always excellent but feel just completely ripped off by sales after this and will never be going back.

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