Advice on Car Hp Agreement

tinshed

Hi,
Ive just bought a used car on HP.
Basic price £7499, what dealer said he would sell car to me for.
Traded in my car worth £2800, was already on HP owed £2526.
So had £274 placed againist £7499 plus put a further £100 deposit.
Took figure down to £7125, had to pay road tax £104.50.
So figure to finance £7299.
All this is on the Used vehicle form.

But when ive got my finance agreement through it says:
Cash price of goods £7822.50 a
Less deposit £592.51 b
Charges £1572.61 c
Acceptance fee £149 d
Credit Fee £139 e
Total charge for credit £1870.61 g

Working my payments out I should pay back £9100.11.
But on the agreement it says
Amount of credit a-b=£7229.99
Total amount payable a+g=£9693.11

So a differance of £592.51. I cant understand where they get this figure from.
As its on Hp Ive the option to hand car back after 50% payments.
Which in my book is £4401.30.
But in the agreement they have put it at £4846.55.

Is what they have done correct?
Any ideas would be a big help.
Btw interest is APR 9.9%

Thanks

blue_haddock

Your figures don't take into account the acceptance fee and credit fee - both of which are nice little earners as you are basically paying them just under £300 for the privelege of them accepting you for finance. They then hit you for the interest too.

tinshed

Cheers for reply.
I do take that in to account as you see charges + d + e = 1870.

What i dont understand is where they get the figures from for the total amount payable = £9693.11.

Bossyboots

The difference is exactly the same sum that they have called the "deposit". It looks as though this has been added on instead of being taken off.

Russ66

tinshed wrote:

Acceptance fee £149, Credit Fee £139, Btw interest is APR 9.9%

:eek: :eek: :eek: :doh:

billywhizz

Total Amount Payable is the "Total" amount payable under the agreement this does include any deposit you pay as it forms part of the agreement, so yes the figures are correct.