A negative equity deal is one where the outstanding finance on the vehicle is more than the amount being paid for it. The seller needs to pay the difference before the payment can be completed.
Before collection: paying the deposit
Before a vehicle can be collected, make sure your Carwow Wallet has enough funds to cover the full payment. Your deposit should include:
The agreed vehicle price
Buyer fees
Transport fees (if applicable)
This applies when you pay with Wallet funds. If you use a stock funding option instead, no deposit is needed in advance, because the funder covers the purchase when you pay.
Tip: If you have more than one collection in the same week, we recommend covering them all in a single deposit. This avoids separate transactions and possible delays, but it's up to you how you split your deposits. |
Requesting the negative equity contribution from the seller
Negative equity deals have one extra step. Once documents are approved and collection is arranged, request the seller's contribution on the deal page. You'll see the payment request and finance settlement details. Click Send Request when you're ready.
The seller receives a secure link with the negative equity payment details.
Tip: Send the request the day before collection, or at least 1 hour beforehand. If there's a delay between the seller's bank and the Carwow Wallet provider, this gives the Carwow Wallet team time to step in and help, rather than trying to sort it out on collection day. |
Important: This secure link is not the same as your Wallet top-up details. Never give a seller the account details you use to add funds, for a negative equity payment. If they need help, refer them to the Carwow Wallet team. |
You can check the request's status on the vehicle listing page, and see all pending requests in your Wallet under the Pending tab. You'll get a confirmation email when the seller's funds arrive. The funds are automatically allocated to the correct deal.
Why does the seller pay into the Wallet and not the finance company?
The seller's contribution goes into your Wallet so that the finance can be settled in one payment. The seller then gets an email and SMS confirming the finance agreement is settled.
Making the payment on collection day
From here, the process is the same as for any other deal:
Open the deal page and start the payment. On the right-hand side of the deal page, click Review and Pay.
Choose a payment method. Select Carwow Wallet (own funds) or one of the available stock funding options.
Review the payment details. On the Review Payment Details page, confirm the amounts, which include the seller's contribution received and the amount going to the finance company, and review the documents. If the price was reduced at collection, you can amend it here. See How to Amend a Price During Payment.
Confirm and authorise. Enter the one-time security code from your authenticator app to confirm the payment.
Where the money goes
The seller's contribution has already been received, so the final Wallet payment is sent via the Faster Payments Network, and split between:
The finance company: the outstanding finance being settled
Carwow: buyer fees and transport fees (where applicable)
You can track the payment in your Wallet transaction history. A summary and the automatically generated sales invoice are available on the listing detail page.
If you have any questions, feel free to consult our Dealer Wallet Help Centre.
Need further assistance?
If you have questions or need help, the Carwow Wallet team is available via your preferred channel:
Webform: Submit a support request
Phone: 020 4586 4000 (Select Option 3)
Email: wallet@carwow.co.uk