Extortionate car finance

attero.attero.attero

Hey
I purchased a car in 2011 on finance that was evaluate at £5995. I paid £500 as a deposit straight away. I traced the car financial company up today because I had no idea who the finance was through, I eventually found them and I asked how long was left and they have told me another 3 years. I pay £140 a month.... now I must be going mental or being ripped off because that does not sound right to me......when I spoke to them they said they add a daily interest now what the hell is that all about....
If anyone can point me in the direction of what is right and what is wrong I would appreciate it but to me I think something is rotten in Denmark on this matter.....I was certainly not told that I would end up paying over 10k.....I would of rolled out the showroom laughing
can someone please advise me on what I can do because that is a disgrace
Thanks

Joe

Car_Complaints

What did you sign for on the finance deal?

Car_Complaints

To add there is nothing you can do, you agreed the price, you agreed the finance, then I guess you signed the dotted line

Small print before you sign is always the way forward

Cornucopia

Only thing to do is request & pay a settlement figure now to avoid excessive interest rate going forward.

Assuming a 60 month agreement, 60 x £140 is £8400, which doesn't sound outrageous (it's about 18% APR). As a general rule, going for a long agreement on a smallish loan is a bad idea unless you absolutely cannot afford larger installments.

motorguy

attero.attero.attero wrote: »

can someone please advise me on what I can do because that is a disgrace
Thanks

Joe

Yes, it is a disgrace that you didnt bother to check what you were signing, to the extent of not even knowing what the rate was or who the finance company was. :eek:

Car_Complaints

motorguy wrote: »

Yes, it is a disgrace that you didnt bother to check what you were signing, to the extent of not even knowing what the rate was or who the finance company was. :eek:

Its shame I can only press the thank you button once,

attero.attero.attero

£6720 is not excessive where as £10,080 is on a car that is valued at £5995
the agreement was set at x apr and from what this person told me is x apr is being charged plus a daily interest rate
like I said if they said this is your agreement....this is your monthly payment...and this is what you are paying back I would said no forget it
stupidly on my part I rushed to get a car as my partner was expecting a baby the car was never worth that in the first place £3000 at a push...yes I understand finance means you pay over the top but to equal the value of the car come on is this really what the world comes down to?

attero.attero.attero

you 2 must get off on thinking your superior because I have asked a question....which is legitimate.....I guess I have answered my own question... is the world really this messed up I look straight at you 2
the car was purchased 3 years ago why would I know off the top of my head who the company was that financed it....do you know where you was at this time 36 weeks ago or 1769 hours ago etc.....doubt it....no wait probably on here making idiot comments
Cornucopia thank you for advise I will look into it

Car_Complaints

The world is more messed up because of people like you, not reading finance deals correctly then cant afford to pay it,, moan about the price of it, or think the finance company are crooks and ripping you off

Face facts you put your name on the line without reading the small print of the basics, Interest Rates, Costs,..you didnt even know how long the finance deal was for, hence the phone call to the finance company for asking,

And 3 years is 36 mths 26k hours, No really cant remember where I was, just remember I wasnt being mugged off by an expensive finance deal

jimjames

attero.attero.attero wrote: »

Hey
I purchased a car in 2011 on finance that was evaluate at £5995.

I think something is rotten in Denmark on this matter.....I was certainly not told that I would end up paying over 10k.....I would of rolled out the showroom laughing

Are you actually in the UK?

attero.attero.attero wrote: »

I was certainly not told that I would end up paying over 10k.....I would of rolled out the showroom laughing

Read your finance agreement. In the UK at least that has to include all the details by law including APR, payments, term and totals. Not sure about law in Denmark.

NewUserHere

You agreed to 6 years at £140 per month. The maths are pretty basic from there