Mercedes Finance Settlement Figure (REVISED)

7633377

PLEASE IGNORE PREVIOUS POSTS, AS I NOW HAVE ALL THE CORRECT FIGURES FROM THE PAPERWORK.

OK I will put all the information in one as it diving me crackers having to reinsert information.

In March 2006 I signed an agreement with Mercedes finance for 36 months with a balloon payment at the end of £4220.00.

£22470.00 for the vehicle and £4625.04 credit (interest 12.6%APR) charge acceptance fee of £130.00 and the option to buy fee £75.00. TOTAL £27300.04

The total agreement all in was £27300.04.

I paid £1000 deposit and £130.00 acceptance fee on the date of purchase.

Then paid 9 months @ 607.64 = £5468.76.

Then due to problems I made a part payment of £500 in January and fell behind for 3 months (no payments). I made an agreement to pay £629.35 per month from July 1st 2007 to cover a little bit of the arrears until I was sorted out and pay the rest.

So at this time I was £2017.37 in arrears and I had a notice of possible default sent to me telling me that so far I had paid £7098.76 from 27300.04.

To me this totals £20201.28 outstanding

I then asked for a settlement figure on the 20.06.07 and it stated the balance of £22804.85 minus £3704.15 rebate = £19100.70.

Then on the 05.07.2007 I asked for another and this one stated balance of £20916.88 minus £3001.03 rebate = £17915.85.

Why can within 2 weeks can the figures change so much when I have not paid anything??

At this point my credit files Experian and Equifax both said I owed £20201 and that was up to date information.

I then made a payment for £629.35 so this would should have made the balance £19571.93.

Mercedes then said 18.07.2007 the figure had changed to balance £22175.58 minus £3515.15 rebate = £18612.43.

So as you can see why this is annoying me so much as on the 20th June the settlement was £19100.70, 5th July £17915.85 and then 18th July after a payment of £629.35 the settlement was £18612.43.

They accepted the figure of £17915.85 from my debit card and said they will bill me the rest but they are not removing the security from car until this is paid, they have not even told me when this payment is due.

But if you add all the figures I only owe £19571.93 before they discount the settlement rebate.

Sorry for the long winded post (again) but I thought it may be easier for you to understand.

Please if any body can help with some ideas on how to get this resolved it would be most appreciated as Mercedes are not bothered.

I only hope that when the accounts department look at this they see the error as its been customer services who have been sorting this out very badly.

Many thanks

Paul

CLAPTON

My working out, says that at the end of july your actual settlement figure should have been something around £19,300 (after you paid the £629 ). (that is based on 9 payments of 607 and one of 500 (jan ) the nothing in feb,mar,april, may, june.

As they are allowed to add 1 or 2 months interest on for early setttlement then it could be up to £400 higher.

So it would seem to me you are doing quite well but i have no idea why the figures are changing so often

7633377

CLAPTON wrote: »

My working out, says that at the end of july your actual settlement figure should have been something around £19,300 (after you paid the £629 ). (that is based on 9 payments of 607 and one of 500 (jan ) the nothing in feb,mar,april, may, june.

As they are allowed to add 1 or 2 months interest on for early setttlement then it could be up to £400 higher.

So it would seem to me you are doing quite well but i have no idea why the figures are changing so often

Thanks CLAPTON.

I owed £129.35 for feb Missed march, april, may and paid junes in july as you pay in arrears. But the original £27300 minus Payments of £7728 totals £19572. But where is the rebate for paying 2 years early as you can see mercedes where offering around £3704, £3001, £3515 rebates. Thats the question??

7633377

I got £3001.03 rebate for the figure i paid off on the 18th with outstanding balance of 20916.88 but the balance is incorrect as i said before it should be £19572.

Sorry forgot to add to last post

[Deleted User]

What on earth made you buy a mercedes. A million components built by the cheapest bidder.

Once youve tryed Jap you aint going back

7633377

Yant1 wrote: »

What on earth made you buy a mercedes. A million components built by the cheapest bidder.

Thanks for the comment.

Once youve tryed Jap you aint going back

I wanted a car that can do high mileage and it has 135'000 in 15months and still drives like new.

eatmyfish

7633377 wrote: »

PLEASE IGNORE PREVIOUS POSTS, AS I NOW HAVE ALL THE CORRECT FIGURES FROM THE PAPERWORK.



OK I will put all the information in one as it diving me crackers having to reinsert information.

In March 2006 I signed an agreement with Mercedes finance for 36 months with a balloon payment at the end of £4220.00.

£22470.00 for the vehicle and £4625.04 credit (interest 12.6%APR) charge acceptance fee of £130.00 and the option to buy fee £75.00. TOTAL £27300.04

The total agreement all in was £27300.04.

I paid £1000 deposit and £130.00 acceptance fee on the date of purchase.

Then paid 9 months @ 607.64 = £5468.76.

Then due to problems I made a part payment of £500 in January and fell behind for 3 months (no payments). I made an agreement to pay £629.35 per month from July 1st 2007 to cover a little bit of the arrears until I was sorted out and pay the rest.

So at this time I was £2017.37 in arrears and I had a notice of possible default sent to me telling me that so far I had paid £7098.76 from 27300.04.

To me this totals £20201.28 outstanding

I then asked for a settlement figure on the 20.06.07 and it stated the balance of £22804.85 minus £3704.15 rebate = £19100.70.

Then on the 05.07.2007 I asked for another and this one stated balance of £20916.88 minus £3001.03 rebate = £17915.85.

Why can within 2 weeks can the figures change so much when I have not paid anything??

At this point my credit files Experian and Equifax both said I owed £20201 and that was up to date information.

I then made a payment for £629.35 so this would should have made the balance £19571.93.

Mercedes then said 18.07.2007 the figure had changed to balance £22175.58 minus £3515.15 rebate = £18612.43.

So as you can see why this is annoying me so much as on the 20th June the settlement was £19100.70, 5th July £17915.85 and then 18th July after a payment of £629.35 the settlement was £18612.43.

They accepted the figure of £17915.85 from my debit card and said they will bill me the rest but they are not removing the security from car until this is paid, they have not even told me when this payment is due.

But if you add all the figures I only owe £19571.93 before they discount the settlement rebate.

Sorry for the long winded post (again) but I thought it may be easier for you to understand.

Please if any body can help with some ideas on how to get this resolved it would be most appreciated as Mercedes are not bothered.

I only hope that when the accounts department look at this they see the error as its been customer services who have been sorting this out very badly.

Many thanks

Paul

You idiot!!! You could have got a Honda NSX for that money, welcome to chavland!

7633377

i think we getting away from the main question, but to answer your comment try getting a baby seat in a nsx.

chelle

But it has something to do with the settlement date on your letter, not the date the settlement was produced.

Usually they give you over 30 days to pay, which either allows for a payment or not.

Can I ask, the settlement here: £17915.85, what was the settlement date (ie date the quote was valid until). As if you paid before the settlement date, then that settlement quote is valid.

I can not remember the specifics ins and outs of it all, but hope that helps a bit.

7633377

yes this figure was valid until 24 July 2007, but i have today received a new one for the amount they want.

[Deleted User]

7633377 wrote: »

i think we getting away from the main question, but to answer your comment try getting a baby seat in a nsx.

Put a baby racing helmet on him and strap his chair to the roof.

Babys love 170mph