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northridge finance Help
I bought a car fro Arnold Clark in April 2007, they arranged finance through northridge finance.
When the deal was done the rate of interest on the garage paper work said 4.25%. The amount due from the finance company was £17108.75 and my typical first payment would be £440.75 then 58 payments of 345.74 typical final payment of £395.74.
This week I asked Northridge for a settelment figure which they gave of £12516.84 less £1292.74 (rebate) giving £11224.10 as the settlemnt required. i thought this was a bit high so I asked for a copy of my agreement.
They have sent an agreement which I do not recall signing which shows a rate of 4.3% and the amount payed to the garage was £17205.25 I am not sure why they paid extra money to the garage.
I was going to settle the finance but now I am not sure what to do. Should I offer part of the money, none of the money or pay the full amount.
TIA
When the deal was done the rate of interest on the garage paper work said 4.25%. The amount due from the finance company was £17108.75 and my typical first payment would be £440.75 then 58 payments of 345.74 typical final payment of £395.74.
This week I asked Northridge for a settelment figure which they gave of £12516.84 less £1292.74 (rebate) giving £11224.10 as the settlemnt required. i thought this was a bit high so I asked for a copy of my agreement.
They have sent an agreement which I do not recall signing which shows a rate of 4.3% and the amount payed to the garage was £17205.25 I am not sure why they paid extra money to the garage.
I was going to settle the finance but now I am not sure what to do. Should I offer part of the money, none of the money or pay the full amount.
TIA
0
Comments
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Your APR isn't 4% it's 8%.
You say you do not recall signing the agreement. Is your signature on it?
It looks like there has been some frontloading on the interest as the settlement figure looks far too high. Get them them to confirm the settlement figure in wirting and then consider taking the whole lot of paperwork to the CAB to get it looked over.
For sure, the apr isn't 4.25% (unless there is PPI on the agreement - is there?)"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
I was going to settle the finance but now I am not sure what to do. Should I offer part of the money, none of the money or pay the full amount.
TIA
Jesus suffering - you borrowed the money so bloody well pay it back. This place is full of people happy to borrow money but don't want to pay it back.
You give Scottish people a bad name.0 -
Jesus suffering - you borrowed the money so bloody well pay it back. This place is full of people happy to borrow money but don't want to pay it back.
You give Scottish people a bad name.
I think you've misunderstood.
The OP is not asking whether or not they should pay the money back, but is querying the terms and amount of the settlement.
Certainly if you think that someone is ripping you off, you shouldn't pay them a penny until you have clarified exactly what the situation is.
Anything less than that would be pretty moronic."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
I think you've misunderstood.
The OP is not asking whether or not they should pay the money back, but is querying the terms and amount of the settlement.
Certainly if you think that someone is ripping you off, you shouldn't pay them a penny until you have clarified exactly what the situation is.
Anything less than that would be pretty moronic.
Exactly mrcow
I am not trying to get out of paying I just do not want ripped off.0 -
It should be a flat rate of 4.25% and it does not have my signature on it but it has been signed in the customer sign section.Your APR isn't 4% it's 8%.
You say you do not recall signing the agreement. Is your signature on it?
It looks like there has been some frontloading on the interest as the settlement figure looks far too high. Get them them to confirm the settlement figure in wirting and then consider taking the whole lot of paperwork to the CAB to get it looked over.
For sure, the apr isn't 4.25% (unless there is PPI on the agreement - is there?)
I have now got the figure in writing from them it is as they said and its called a fixed sum loan agreement regulated by the consumer credit act 1974"0 -
Jesus suffering - you borrowed the money so bloody well pay it back. This place is full of people happy to borrow money but don't want to pay it back.
You give Scottish people a bad name.
Why am I giving Scots a bad name?
Who said I am not going to pay back?
People like you should keep their mouth shut1 -
Why am I giving Scots a bad name?
Who said I am not going to pay back?
People like you should keep their mouth shut - you sound like a keyboard warrior lol
Should I offer part of the money, none of the money or pay the full amount.
TIA
People like you should learn to read what you type.
Thank you.....0 -
The higher amount paid to the garage could be inclusive of the commission due to the dealer for arranging the finance. It looks about the right sort of amount - Northridge rates aren't particularly high. If that is the case, then of course the commission shouldn't be included in the settlement figure.0
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