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Can Loan - Early Settlement Figure
Hi all,
My brother being young and naive purchased a vehicle on finance. He is now trying to sort out his finances for a mortgage and so I have started looking at getting this loan paid back early as its a lot of his income.
The finance company have come back stating
He currently pays £197 and only has until November.
The part I don't understand is the "Less rebate for early settlement" which has been added onto the final amount.
Can someone explain what is going on here?
My brother being young and naive purchased a vehicle on finance. He is now trying to sort out his finances for a mortgage and so I have started looking at getting this loan paid back early as its a lot of his income.
The finance company have come back stating
Final_Figure wrote:Total Amount Outstanding: £1,869.59
Less rebate for early settlement: £1,864.28
Net amount to pay £3,733.87
He currently pays £197 and only has until November.
The part I don't understand is the "Less rebate for early settlement" which has been added onto the final amount.
Can someone explain what is going on here?
0
Comments
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They've made a mistake. Ask them to look at it again.0
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How much was the interest rate, not something crazy is it.
As Zx states looks like a mistake unless the Apr was 50%+0
This discussion has been closed.
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