incorrect credit agreement

oormik

I have just read through (properly) the credit agreement I have for car finance and the figures are incorrect. The total amount of credit does not calculate to the breakdown of figures. Also, the amount I'm paying back is less than the total amount of credit, but appears to match what the correct credit figure should be.....confused, I know I am!! I took the credit out in Aug 2013 through Toyota Finance.

Any advice on a) does this invalidate the agreement? And can they force me to pay the higher figure?

Nearlyold

The figures will almost certainly be correct you are probably misunderstanding them.

Please post purchase price, any deposit or part exchange, amount borrowed, interest payable, arrangement or option to purchase fees, interest rate, your monthly payment, number of monthly payments and the total amount of credit

foxy-stoat

oormik wrote: »

I have just read through (properly) the credit agreement I have for car finance and the figures are incorrect. The total amount of credit does not calculate to the breakdown of figures. Also, the amount I'm paying back is less than the total amount of credit, but appears to match what the correct credit figure should be.....confused, I know I am!! I took hr credit put in Aug 2013 through Toyota Finance.

Any advice on a) does this invalidate the agreement? And can they force me to pay the higher figure?

Better late than never !

oormik

Hi Nearlyold....Hopefully you can make sense of this!

Cash price of goods = £8416.25
Cash Deposit = £125.00
Part Exchange = £500.00
Total Deposit = £625.00
Amount of credit = £7791.25
HP Charge = £1519.55
Purchase Fee = £298.00
Total Charge for Credit = £1817.55
Total Amount Payable = £10,233.80 (this is the bit I can't understand, I get this too £9608.80)

I have 59 installments of £155.18 and a final payment on month 60 of £453.18 (total payable £9608.80).

As I said I am not being asked to pay the higher figure through my installments but the credit agreement shows a higher amount of credit?? There is a difference of £625 which matches my cash deposit + part exchange figure.

Any advice would be helpful!

Nearlyold

The Total Amount Payable includes the Deposit and Part Exchange because that is part of the total amount you will have paid to buy the car. So nothing to worry about

oormik

Thanks for clarifying that for me.