car loan at 19.9 apr

~Brock~

denibabe wrote: »

brock i phoned garage but the owner was off today so i spoke to one of there sales people who clearly explained to me its not flate rate its APR at 19.9%. THE COMPANY name is A+P ENTERPRISE just wondering if they know about this, i have 22 payments left.

Does the printed agreement actually state '19.9% APR' ? This is important. If it does, then the agreement is clearly faulty, and needs to be corrected - in your favour.

If it doesn't (and the correct APR is actually shown), then your main issue lies with the dealer and the way in which they described the agreement to you (although the lender is also potentially liable for representations made by the dealer).

Is the lender's business connected to the dealer in any way? It doesn't sound like the sort of name any sizeable operation would trade under.

denibabe

brock definately says 19.9 APR on the agreement and yes its the garages
own finance under the same name. i think now i am sure this was done deliberatly .cowboys spring to mind.tomorrow i am phoning them politely ,but i wont be fobbed off.

~Brock~

denibabe wrote: »

brock definately says 19.9 APR on the agreement and yes its the garages
own finance under the same name. i think now i am sure this was done deliberatly .cowboys spring to mind.tomorrow i am phoning them politely ,but i wont be fobbed off.

See how co-operative they are going to be in sorting it out, but the fact that their systems appear to have an inherent error I wonder how many others are also affected.

Their local Trading Standards Office may well be interested in this.

Let us know how you get on.

denibabe

brock i will keep you informed and thank you for your support. denise

denibabe

hi brock ,just to let you know i have been to garage this morning and told him of my findings he wasnt impressed,he told me the agreement was wrong and that it should of been flat rate and not apr,however i mentioned trading standards was involved as i wasn't happy he couldn't do enough for me he reduced it to £175 and knocked off the £57 overpayment which as reduced my payments even more to £172.62,once again a big thank you for explaining it clearly for me. denise:T

Pssst

denibabe wrote: »

hi brock ,just to let you know i have been to garage this morning and told him of my findings he wasnt impressed,he told me the agreement was wrong and that it should of been flat rate and not apr,however i mentioned trading standards was involved as i wasn't happy he couldn't do enough for me he reduced it to £175 and knocked off the £57 overpayment which as reduced my payments even more to £172.62,once again a big thank you for explaining it clearly for me. denise:T

You go girl...!!:T:T:T:T

ElusiveLucy

That's a lot of money you have saved there. This site, and the help/support you get here is so good. I like it when something turns out well! :j

~Brock~

denibabe wrote: »

hi brock ,just to let you know i have been to garage this morning and told him of my findings he wasnt impressed,he told me the agreement was wrong and that it should of been flat rate and not apr,however i mentioned trading standards was involved as i wasn't happy he couldn't do enough for me he reduced it to £175 and knocked off the £57 overpayment which as reduced my payments even more to £172.62,once again a big thank you for explaining it clearly for me. denise:T

Well done - your researched it properly, got your facts straight and then got the correct result.

Nice one. :T

Caroline73_2

Glad you got a good result - is it involving TS further as some people less savvy may be getting diddled too

denibabe

caroline i did mention ts to the garage owner and told him i think he might be doing this to other customers that when he had a change of heart and changed the figures, he might think he as got away with it ,i am expecting a call off TS next week and i will let them know of my findings.