PCP finance discrepancy

Taylorbob

I believe that there may be a discrepancy on my Mercedes PCP agreement, I am no mathematician but is this wrong? Thank you for your help

daveyjp

£35k for a used jacked up A class appears to be the biggest discrepancy.

facade

What do you think is wrong with the maths?

48*444.14 is 21318.72

plus the GFV/balloon of 15725 is 37,043.72

plus your deposit of 2057 is  39,110.72

But you "only" pay 21318.72 plus 2057 which is £23,375.72 to borrow someone else's car for 4 years.

AdrianC

What do you think the discrepancy is?

£34,312 if you walked in with a wad of cash to buy it.
£2,057 up-front payment, and you get the keys.
£32,255 balance paid by the financier.

5% APR means £4,788.22 interest plus £10 fees over the life of the deal, total of £4,798.22 cost of borrowing.
Total cost for the car, cash price plus cost of borrowing 

Total payable = cash price plus cost of borrowing = £34,312 + £4,798.22 = £39,110.72 - of which you've already paid £2,057 up front.
48 x £444.14 monthly = total of £21,318.72 paid over term.
So total paid from picking keys up to handing them back is £21,318.72 + £2,057 = 23,375.72.
If you hit the 40k mile allowance on the nose, and don't incur any damage fees, that's about 58.5p/mile to rent a second-hand car that's two and a bit years old at the start of the deal.

£15,735 to pay - but they'll credit you with the tenner in fees, it seems, so £15,725 to actually own it at the end.

New list price for a new-shape H247 GLA 250 AMG line Premium Plus is £40,840 - but now fwd only. 4wd is only listed as available on diesels or AMG45 in the price list.
http://tools.mercedes-benz.co.uk/current/passenger-cars/e-brochures/gla-class.pdf
So I'm with Davey on the whole - there's nothing wrong with the calculations, but they're starting at the wrong place, especially given yours is the old X156. You may well find an old-stock old-shape "new" one kicking about the dealer chain somewhere that they'll be glad to shift.

daveyjp

As the reg is there I've asked WBAC how much they would give me.  £19,600.

I am therefore assuming and hoping the OP pcp agreement isn't recent as £35k really does make no sense for that car if it was purchased very recently.

The repayment figures etc look right.

AdrianC

Worrying about whether the contract is right or not, two and a bit years into it, would be silly...