Need help regarding contract law for Loan

Crystallady

Phil_Linder wrote: »

Can I also step in here and add to the issue that I may not have made clear...

I was offered by another lender 12.8% APR on a consolidated re-finance. The advertised rate they had was 4.1% APR. When speaking to the Dealer about what I was offered it was them who said "We can do you finance at 7%".

So you didn't notice that the repayments on the 7% quote were higher than the 12.8% quote?

Phil_Linder

Crystallady wrote: »

So you didn't notice that the repayments on the 7% quote were higher than the 12.8% quote?

Read it again please. The original loan app was for re-finanace.

The loan with the dealer was for the additional. So they were miles apart to begin with. I'm not that stupid.

Pixie5740

If you genuinely believe you've been mis-sold and Black Horse Finance have rejected your complaint then the next step would be to contact the Financial Ombudsman Service.

Crystallady

Phil_Linder wrote: »

Hi all, I recently bought a car and took out finance which is via Black Horse. When I was sold the car I was told by the dealer the finance would be at 7% interest which was lower then the 12.8% I was able to get myself.

Any advice is appreciated.

Your first post says nothing about consolidation finance or additional finance. You then add today "I was offered by another lender 12.8% APR on a consolidated re-finance . The advertised rate they had was 4.1% APR. When speaking to the Dealer about what I was offered it was them who said "We can do you finance at 7%" but gives no indication that the amounts were different.

Phil_Linder

Crystallady wrote: »

Your first post says nothing about consolidation finance or additional finance. You then add today "I was offered by another lender 12.8% APR on a consolidated re-finance . The advertised rate they had was 4.1% APR. When speaking to the Dealer about what I was offered it was them who said "We can do you finance at 7%" but gives no indication that the amounts were different.

Yes, thats why my post today started with "Can I also step in here and add to the issue that I may not have made clear..."

You quoted my post today after I gave the information about the first being re-finance.

Not exactly sure what your point is but you're certainly not trying to help or offer any information of any value. So please don't try again...

Edi81

It's an expensive lesson for you but not one you can change now.

Car dealers always use flat rates. The £300 of fees need to be included in the APR calculation too. The only way to compare like with like is to look at the total amount repayable ie how much cash will go out your bank account over the next X months.

iolanthe07

Car dealers are the only people who seem to get away with quoting flat rate (even if the APR is in 4 point type at the bottom). It's a scandal that ought to be stopped.

BillJones

iolanthe07 wrote: »

Car dealers are the only people who seem to get away with quoting flat rate (even if the APR is in 4 point type at the bottom). It's a scandal that ought to be stopped.

The above is wrong. We quote simple interest in the interbank rates market, too. 3 month deposit rates, for example, are quoted as a flat rate.

iolanthe07

BillJones wrote: »

The above is wrong. We quote simple interest in the interbank rates market, too. 3 month deposit rates, for example, are quoted as a flat rate.

Well, one of the only normal retail outlets that quote flat rate, then.