Completion fees

tezzarocks1963

Are completion fees the norm?Been charged £99 on top of my final payment on a 5 year car loan,although its in the loan agreement was thinking of ringing the company and complaining as it seems excessive,is there any point doing so?

Apples2

Is it on your agreement? It normally is.

Not unusual at all. It is excessive of course but when people are signing up for finance an extra £99 seems nugatory.

opinions4u

tezzarocks1963 wrote: »

Are completion fees the norm?

On some agreements, yes. On others, no.

Been charged £99 on top of my final payment on a 5 year car loan,although its in the loan agreement was thinking of ringing the company and complaining as it seems excessive

So you signed an agreement, knowing this £99 was part of the cost of borrowing, and only now think it's excessive. The time for thinking this was before you drove the car out of the showroom.

is there any point doing so?

None whatsoever.

Out of interest, what's the total charge for credit?

Clive_Woody

Apples2 wrote: »

...nugatory.

Is that a real word?

FireWyrm

Clive_Woody wrote: »

Is that a real word?

Yes

nu·ga·to·ry

[noo-guh-tawr-ee, -tohr-ee, nyoo-]
adjective 1. of no real value; trifling; worthless.

2. of no force or effect; ineffective; futile; vain.

3. not valid.



Origin:
1595–1605; < Latin nūgātōrius worthless, useless, trifling, equivalent to nūgā(rī ) to trifle + -tōrius -tory1

I thought Apples meant NEGATORY (as in negatory snow man, come on back) but obviously not...

SeanG79

That completion fee is pretty standard with HP/Conditional sale agreements, although the amount charge varies from bank to bank.
As mentioned above this is something you needed to bring up 5 years ago before you signed the agreement. I have on occasion known lenders to waive this fee, but not when you signed an agreement committing to making the payment...

Clive_Woody

FireWyrm wrote: »

Yes

nu·ga·to·ry

[noo-guh-tawr-ee, -tohr-ee, nyoo-]
adjective 1. of no real value; trifling; worthless.

2. of no force or effect; ineffective; futile; vain.

3. not valid.



Origin:
1595–1605; < Latin nūgātōrius worthless, useless, trifling, equivalent to nūgā(rī ) to trifle + -tōrius -tory1

I thought Apples meant NEGATORY (as in negatory snow man, come on back) but obviously not...

Thanks, I was too lazy to look it up.

I like that word very much, no idea why.

start2013debtfree

I have the same problem except my fee is £150. I really should have looked at the contract! But just think after you pay it, the car is yours forever woo hoo

SeanG79

start2013debtfree wrote: »

I have the same problem except my fee is £150. I really should have looked at the contract! But just think after you pay it, the car is yours forever woo hoo

I work with some lenders that charge up to £500.00 for completion fee for deals over £50k and other banks that charge as low as £25...and on some 0% deals the option to purchase can be waived...

FireWyrm

Clive_Woody wrote: »

Thanks, I was too lazy to look it up.

I like that word very much, no idea why.

Possibly because it sounds like 'nuggat'...a sticky situation?