Blackhorse - Setting up a car loan - admin fee?

chokolat2

Hi guys.

Went to a Ford dealership on Saturday and found a car I really liked. Spoke to the Sales person , agreed and arranged for a finance. I also signed to the agreed monthly installments.

However, I went to collect the car today, only to be told that I also need to pay an admin fee for Blackhorse setting up the finance.
I obviously cannot pay this in full , so Ford have said that they can just increase the monthly installments by £2 .

Is this legal for them to do? I signed the paperwork on Saturday for the first figure, no mention of a Blackhorse admin fee then?

Thanks

Gilbert2

I don't get these 'admin' fees.

Blackhorse Finance arrange, errm, finance, this is what they do, so why the hell they feel it ok to clobber you with an admin fee, for doing their job anyway, is beyond me.

ASDA don't charge a 'supermarket' fee for being a supermarket on top of your weekly shop bill so what the heck do Blackhorse think they are playing at.

Threaten them you will cancel the contract, and the sale, within your cooling off period unless they abolish this ridiculous money grabbing enterprise.

molerat

There will also be a fee at the end.

Hintza

I'd be tempted to walk (if I had the energy) all these fees should be discussed (covered in paperwork) prior you putting pen to paper.

rodenal

As above these should all be disclosed well in advance of you signing the paperwork - if there is no fee in the contractual information you have then refuse to pay it.

My finance has some sort of admin fee at the end, in the region of £100 iirc, bit of a con really

harveybobbles

We always point out the fees, which usually means the admin fee gets added on to the first payment. Some finance comnapnies used to add it it onto the final payment and the way around this was to phone up foir a settlement figure one month before the agreement ends and pay it off, thus saving the admin fee.

If you signed the paperwork on Saturday and it just one figure, then that is what you pay.

Tell the garage to pay the extra £2 out of their commission.

worried_jim

Refuse to pay it and walk away, if the garage wants the deal they will sort it out them selves.

Stooby2

As above - we had this buying our last car. The finance package, as advised, through the dealer was cheaper than taking a loan. When we went to pick the car up, we were then told about the admin fees / loan arrangement fees that made the package more expensive than a loan. So I told the dealer to forget it as he hadn't bothered to disclose the fees and went to walk out. He very quickly dropped the price of the car by the cost of the fees.