Free loan confirmed by loan agent in writing..

tonyinessex

Hi,
I am about to buy a car. Carloans4u have offered me a loan for £8050 over 4 years from British Credit Trust for my car, which is (once I confirmed all the details) quite extortionate in way of the APR and charges.

I was confiming some details with the guy from carloans4u about the early settlement figure. On the contract they want me to sign, it says 'Estimated settlement figure payable on the date of the following proportions of the hire period have passed:
One Quarter £6952.39

I pointed out to the guy at carloans4u that this would mean, to settle the loan after a year, I would have paid £10060.39 (£3108 in way of monthly repayments, and £6952.39 for the early settlement charge) and that this was more than what he said would be payable when I was speaking to him on the phone.

He's then obviously got totally mixed up, as he told me that the settlement figure after a year is actually the £6952.39 minus any payments that I have made. I've got him to confirm my email that the settlement figure after a year, would in fact be £3844.39 (£6952.39 MINUS my £3108 of payments).

This means that when I pay off the £8050 loan after 1 year, I would have paid £6952.39 in TOTAL for the whole loan, and I would have a £1100 profit.

My question is: If I write these details on the contract myself, would I be able to hold them to the early settlement figure, or would they be able to wriggle out of it?

Cheers
Tony