Car PCP confusion!

suzikettles

Hi - first post on here

I bought a brand new car in June 12 I had had about 4 cars previously all from the same dealer on pcp and always changed about 2yrs into it without any problems
I have had this car for over 2 yrs now and am changing job soon so was looking to upgrade to a different car and something a bit more economical as I will be doing more miles
I asked for a settlement figure and this is my statement
Finance Type: PCP
Start Date: 20 Jun 2012
End Date: 27 Jul 2016
Outstanding Balance: £10,428.51



Financed Amount: £13,431.30
Payment 1 £337.57
Payment 2 to 48 £238.57
Payment 49 £4,727.66



APR: 7.80 %
True Rate: 7.53 %
Next Repayment: £238.57
Next Repayment Date: 27 Jul 2014

Settlement figure is £9491

Can someone decipher this as when I calculate it I reckon I have made 5992.38 in payments and when you minus this from the original amount financed it comes out at 7,438

yet is says that there is 10,428.51 outstanding

how the hell do I work it all out and is it possible that they have added extra money in without telling me eg if there was negative equity on my last car -

barclaysguy

Seems fine to me.

http://www.thecalculatorsite.com/finance/calculators/carloancalculator.php

suzikettles

just seems to be a lot outstanding having made 2 yrs of payments

TadleyBaggie

You seem to have neglected to take into account the interest...at the start you were only paying off £153 p/m off the principal, over £80 p/m was interest.

thebritishbloke

TadleyBaggie wrote: »

You seem to have neglected to take into account the interest...at the start you were only paying off £153 p/m off the principal, over £80 p/m was interest.

Exactly this.

Do you ever intend to keep the car? A lease agreement is probably going to save you a lot of money if not.

jaydeeuk1

What is the car and how much is it worth?