'Midland Mercantile Finance' Fixed sum loan agreement

matt4826

Hi folks,

I have a question regarding my Credit Agreement with Midland Mercantile Finance and wondered if anybody could offer advice.

I bought a car from a used car dealer and funded it through a loan with their in-house finance company (the two companies are owned by the same guy but are completely separate)

I have noticed two things on the agreement:-

The Total Amount Payable is different from the Price of the goods + charge for credit, only a few pence difference but nevertheless added up incorrectly.

The lenders signature was that of the salesman from the dealership and not an employee of the loan company.

Do any of these affect the enforceability of the agreement, by no means am I trying to get out of paying it but would like to keep for future ammunition if needed.

Thank you very much.

KingElvis

I very much doubt it. Spelling and grammer mistakes don't really count and if your sig is on there too, I really doubt you'd have any ammo there.

Sorry, others may know better.

matt4826

Hi,

I don't think I explained properly.

My monthly repayments and final payment add up to more than the cost of the goods plus the charge for interest.

I don't think it is a grammar error.

thanks

iolanthe07

Minor clerical errors do not invalidate loan agreements. All the banks would long have gone bust if they did.

Hax

End of the day, you have borrowed the money and have to pay it back.

You could possibly dispute the total amount payable - but as it's only pennies, it hardly seems worth it.

You've also got to remember that it's as much your responsibility to check that what you are signing is correct as it is theirs.

As for the signature issue, you'll probably find that they were authorised to act on behalf of the finance company.

matt4826

I know I have to pay the money back, I am aware of how a loan works.

I just wanted information that's all.

Thank you

paul_bennett_291160

bad bad no good