Thanks All - Ignore this!

CAMSY

We have the following financial situation when part exchanging for a second hand vehicle.

Can't figure out where our part exchange money has gone, unless it's all been taken by Arnold Clark?

Looks like £8,550 has translated into 849.22 (£8,550 - £7,700.98)?

That's £7,700.98 that we have lost in the part exchange?

We can't pull out of this now as we have passed our cool off point some time ago.

If we have been ripped of who can we raise a complaint with?

On our Dealers Order Form

Basic Price : 15,995.00
Road Fund License : 122.75
Service Plan : 289.00
Warranty : 345.00
GAP Insurance : 289.00
Total Price : 17,040.75

Customer Contribution : 100.00 (paid by MAESTRO)
Part Exchange : 8,550.00
Cash Back : 0.00
Settlement : 7,700.78

Balance due from
Finance Company : 16,091.53
Balance Due - Customer: 100.00
Payment Method : Personal Loan

Northridge Finance Limited Agreement
Which turns out to be a Hire Purchase Agreement and not a Personal Loan.

Key Financial Information
A. Amount Of Credit : 16,091.53 (D - E)
B. Total Amount Payable : 22,249.22 (A + E + F)
C. Balance Payable : 21,300.00 (B + E)
APR : 12.3%

Other Financial Information
D. Total cash for Goods : 17,040.75
E. Advance Payment : 949.22
Cash 100.00
Part Exchange 849.22
F. Total Charge For Credit : 5,208.47
Interest Charges 5,028.47
Acceptance Fee 95.00
Option To Purchase Fee 85.00

Rate of Interest (per annum): 6.3% (fixed)

ta much ...

CHR15

£849.22 is what is left once they pay the finance company off.

You still owe £7,700.78 on finance on your old car.

You trade it in for £8,550.00.
the garage pays off £7,700.78 to the finance company

That leaves a grand total of £849.22 as deposit on your new car.


Or have I read it all wrong lol ?

KingElvis

Yep, you have to pay for your old car first LOL

CAMSY

Thanks - sorry forget this!!!!!!!!

ILW

CAMSY wrote: »

Thanks - sorry forget this!!!!!!!!

There is something about virtually any thread that has the words "ripped off" in the title.

iolanthe07

Rate of Interest (per annum): 6.3% (fixed)


Check that this is not flat rate interest. If it is, it would translate into around 13% APR. Car dealers are notorious for pulling this one on the unwary.

Beast

iolanthe07 wrote: »

Rate of Interest (per annum): 6.3% (fixed)


Check that this is not flat rate interest. If it is, it would translate into around 13% APR. Car dealers are notorious for pulling this one on the unwary.

The APR is actually there too hidden about half way up - 12.3%

joerugby

As Beast says you haven't been ripped off with the settlement on your old car's finance, or on the APR which was shown clearly amongst the other figures.

Where you might have made a misjudgement is that you have taken out credit of £16,092 on a car with a forecourt price of £15,995 (and probably a resale value of less than this).

The good news is that provided you keep up the repayments for 5 years everything should be fine!