Have I been missold a hire purchase?

lanbe

Why misbought? Balance to pay on the quote they gave me, which they claim is not a quote, is wrong then.

Bermonia

By all means complain, however I find it hard to believe that you have entered into a finance agreement without seeing sight of the figures involved - this would’ve been on the credit agreement that you signed.

Also unsure what it is you’re hoping to get out of this, would end being a ‘he said she said’ at best and when you borrow money you pay interest.

lanbe

I understand you borrow money when you pay interest. I’m not disputing that. I simply wish to make a point to the dealer that they shouldn’t be falsely saying that the balance remaining to pay also includes the interest. I’m happy with the car and the finance company, I’m just not happy with the dealer.

Mr.Generous

6.5 APR is pretty good, you will pay less than that if you keep up payments. Does it show the actual interest rate? 2.2% or something?

bazzyb

‘Balance to pay’ or ‘balance to change’ on the order form will be the difference between the agreed price and the deposit you have put in, nothing to do with any interest.

The figure including interest on the finance agreement is usually referred to as ‘the total amount you will have to pay’ on the SECCI, or ‘total amount payable’ elsewhere on the agreement. This includes deposit, repayments, interest, fees, and balloon if there is one.

I’m not sure what figure you have seen on what form that you are concerned with - perhaps you could give a breakdown of the figures in question?

Mr.Generous wrote: »

6.5 APR is pretty good, you will pay less than that if you keep up payments. Does it show the actual interest rate? 2.2% or something?

Huh? No, if the APR is 6.5% then it will remain at 6.5% if they keep up payments, it will not reduce. Whilst dealers have a history of being fans of the flat rate, this is being used less and less as it is considered misleading, the APR is mandatory and is often the only figure used now on the agreement.

lanbe

Do you think it’s worth just complaining about the dealership to the finance company? I’m not particularly after anything other than for finance companies to either encourage dealers to act as responsible brokers or just to not use dealerships who will do things like this.

Bermonia

To be totally honest - your complaint won’t make a jot of difference.

Merely utilising more of your valuable time I’m afraid.

lanbe

Also is it correct for a dealership to take a deposit and make a customer sign a purchase invoice without giving them a copy of the pre contract credit explanations?

foxy-stoat

Lets cut to the chase, how much are you after?

Seriously, is the total payments the same as you where originally quoted?

You could of worked out the total purchase price before collecting the car.

[Deleted User]

lanbe wrote: »

Also is it correct for a dealership to take a deposit and make a customer sign a purchase invoice without giving them a copy of the pre contract credit explanations?

They didn't make you do anything. You chose to sign it without insisting on a copy. No copy, no signature. Simples.

If you had any doubt about being treated badly you should have walked away. If a dealer hires a bad apple as their employee, they almost certainly won't care about your complaint.

What have the finance company said? You have called them, right?