Car loan, conflicting amounts

danielson81

Hi there,

I wonder if anyone can help.

Last year I bought a new car on finance.

I was just looking through the financial details and can't work out the figures on the loan.

Basically it says :

Amount of credit £5232.00
Duration: 60 months
Total amount repayable £8338.01
APR 11.7%

The repayments schedule says:
1 x £258
58 x £109
1 x £258

Which comes to : £6838

Further down it says £6732.01, which (I assume) is the £5232 amount before the £1500 deposit I paid the dealer.

It then says there is a £1606 charge for credit, which tallies up with the £6838 figure (5232+1606)

What i dont get is this £8338.01, versus the £6838!!

Its probably fine, as the £6838 tallys.

Scan of agreement is here:

http://img836.imageshack.us/img836/1626/carloan.jpg

(Click on it once the image loads to zoom in)

I could be worrying over nothing, and yes I should of checked it better when I bought the car. Any help welcome!

Edit: I think the amounts are fine, its just not worded particulary well! There is no mention of the £1500 already paid?

Tixy

It is fine.
Your car cost 6732 on which you paid a deposit of 1500. Which left a balance of 5232 to finance on credit. The finance costs 1606 so your repayments come to 6838.

So 8338 is the total you pay, being the 6838 on finance and 1500 deposit.