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I traded in a motorbike with neg equity and my new bike broke down. What do I do?
I traded in a motorbike and the bike I bought had no service history. It broke down in the first week so the dealer agreed to repay a new finance agreement. However, the bike I traded in apparently has negative equity. I traded it in plus £1700 cash. The dealer says they require the extra price added to the new finance deal as a way of recouping unmentioned negative equity to finance company. I can't get back my trade in bike or the zero percent agreement I had. What do I do?
Asked on 13 August 2020 by george smith
Answered by
Georgia Petrie
Firstly, I'd never recommend buying any vehicle without a service history. But, that said, you should be able to reject the motorbike if it broke down under the Consumer Rights Act. It's definitely not fit for purpose. I would call Citizen's Advice and ask them for some financial advice in this situation, it sounds quite convoluted. You didn't know your bike had negative equity, but that doesn't mean you aren't liable for trading it in because it will have skewed the trade-in value.
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