Car dealership input wrong (higher) price on HP agreement 3 years ago, can I still dispute this?

Nearlyold

cnrft said:

motorguy said:

cnrft said:

I’m new to this website and my comments aren’t posting

It’s 15.9% APR, with 8.42% p.a interest rate. I’m not quite sure how these are calculated together but that’s what the document says.

I got the figure from an APR calculator, either way though - I suppose you’re right that I should’ve paid it back, I was obviously unsure at the time and while ethically they’ve clearly taken advantage of a younger person not well versed in car finance, they do indeed have me on a technicality 

How do you feel ethically they took advantage of a young person?

It sounds like a simple mistake on the paperwork that they tried their best to correct once spotted.  

Salesmen are not infallable.  They make mistakes and i dont see any mistake made her that would favour them.

5 years worth of interest on the £285 works out at roughly £2 a month give or take.  Not worth losing sleep over now or getting upset over and definitely not worth pushing them for now.  

What APR calculator did you use that showed the interest of £800 on £285?  If that was correct your Focus would have cost you around £30000 on finance.

The total amount payable was £14000 something, I just done a top line google APR calculator for 9700 across 60 months and compared with 9200. It would be around 700-800 with 15.9% 

And in regards to the ethical side and the salesman, they were very pushy with me and rushed everything, I felt quite overwhelmed at the time and didn’t have any one with experience to help me but I needed a car ASAP. The credit controller even tried to make me feel bad for questioning the 9700 originally, like I would be making everyone’s lives harder by amending the amount and getting a new agreement. It took me two weeks even get the cheque after multiple phonecalls and pestering them. It’s just one of them it’s difficult to explain but I know they saw a young lad who didn’t know his !!!!!! from his elbow and just stuck him in a finance agreement. Even if I have no leg to stand on contesting it, there’s still errors all over the paperwork, who the hell “accidentally” adds on a 262 deposit? 

Those "Errors" were possibly introduced to enable you to get the car on finance, as you had no deposit I suspect they "bumped" the price of the car in order to show a "deposit" to the finance company which you never actually paid. Without seeing all the figures I can't be sure that you even paid much extra anyway. If you provide all the figures we can work it out, just transcribe the figures from the section on the agreement that starts with "Cash Price of the Goods" at the top then give all the figures ie Interest Fees etc down to and including to the bottom of that section which should be the "Total Amount Payable"

motorguy

cnrft said:

motorguy said:

cnrft said:

I’m new to this website and my comments aren’t posting

It’s 15.9% APR, with 8.42% p.a interest rate. I’m not quite sure how these are calculated together but that’s what the document says.

I got the figure from an APR calculator, either way though - I suppose you’re right that I should’ve paid it back, I was obviously unsure at the time and while ethically they’ve clearly taken advantage of a younger person not well versed in car finance, they do indeed have me on a technicality 

How do you feel ethically they took advantage of a young person?

It sounds like a simple mistake on the paperwork that they tried their best to correct once spotted.  

Salesmen are not infallable.  They make mistakes and i dont see any mistake made her that would favour them.

5 years worth of interest on the £285 works out at roughly £2 a month give or take.  Not worth losing sleep over now or getting upset over and definitely not worth pushing them for now.  

What APR calculator did you use that showed the interest of £800 on £285?  If that was correct your Focus would have cost you around £30000 on finance.

The total amount payable was £14000 something, I just done a top line google APR calculator for 9700 across 60 months and compared with 9200. It would be around 700-800 with 15.9% 

And in regards to the ethical side and the salesman, they were very pushy with me and rushed everything, I felt quite overwhelmed at the time and didn’t have any one with experience to help me but I needed a car ASAP. The credit controller even tried to make me feel bad for questioning the 9700 originally, like I would be making everyone’s lives harder by amending the amount and getting a new agreement. It took me two weeks even get the cheque after multiple phonecalls and pestering them. It’s just one of them it’s difficult to explain but I know they saw a young lad who didn’t know his !!!!!! from his elbow and just stuck him in a finance agreement. Even if I have no leg to stand on contesting it, there’s still errors all over the paperwork, who the hell “accidentally” adds on a 262 deposit? 

Could be that he had to show a small deposit for the finance company to accept you thus he added that on to show that.  The amount financed didnt change.

You're older and wiser now.  Not much you can do to change the past, so learn from it and be wiser next time.

We've all done crappy deals at some point in our lives, maybe you've got yours over with early

jimjames

cnrft said:

motorguy said:

cnrft said:

I’m new to this website and my comments aren’t posting

It’s 15.9% APR, with 8.42% p.a interest rate. I’m not quite sure how these are calculated together but that’s what the document says.

I got the figure from an APR calculator, either way though - I suppose you’re right that I should’ve paid it back, I was obviously unsure at the time and while ethically they’ve clearly taken advantage of a younger person not well versed in car finance, they do indeed have me on a technicality 

How do you feel ethically they took advantage of a young person?

It sounds like a simple mistake on the paperwork that they tried their best to correct once spotted.  

Salesmen are not infallable.  They make mistakes and i dont see any mistake made her that would favour them.

5 years worth of interest on the £285 works out at roughly £2 a month give or take.  Not worth losing sleep over now or getting upset over and definitely not worth pushing them for now.  

What APR calculator did you use that showed the interest of £800 on £285?  If that was correct your Focus would have cost you around £30000 on finance.

The total amount payable was £14000 something, I just done a top line google APR calculator for 9700 across 60 months and compared with 9200. It would be around 700-800 with 15.9% 

And in regards to the ethical side and the salesman, they were very pushy with me and rushed everything, I felt quite overwhelmed at the time and didn’t have any one with experience to help me but I needed a car ASAP. The credit controller even tried to make me feel bad for questioning the 9700 originally, like I would be making everyone’s lives harder by amending the amount and getting a new agreement. It took me two weeks even get the cheque after multiple phonecalls and pestering them. It’s just one of them it’s difficult to explain but I know they saw a young lad who didn’t know his !!!!!! from his elbow and just stuck him in a finance agreement. Even if I have no leg to stand on contesting it, there’s still errors all over the paperwork, who the hell “accidentally” adds on a 262 deposit? 

If the interest on £500 is £800, how much does the interest on £9700 come out as?

Edit - I've just tried a calculator on Google and I think you're missing one thing.

£13799 for £9700
£13098 for £9200

So it is £700 more. Except you've also borrowed £500 more so you have to pay that back too. Which leaves £200 interest. 

theoretica

You are only 3 years into the agreement now - I hope you are allowed to overpay.  You now realise you wish you have paid the £285 off the loan immediately.  If you do so now you will only have 3 years of interest to regret rather than five.  If you can afford to and are allowed to overpay by more you could reduce your interest bill even further.

cnrft

theoretica said:

You are only 3 years into the agreement now - I hope you are allowed to overpay.  You now realise you wish you have paid the £285 off the loan immediately.  If you do so now you will only have 3 years of interest to regret rather than five.  If you can afford to and are allowed to overpay by more you could reduce your interest bill even further.

I don’t own the car anymore, it was involved in an accident in Dec 2019 and written off (wasn’t my fault and I wasn’t driving it) however I’m still paying a small residual balance after insurance valuation and excess 

another of my young unguided mistakes is not buying GAP insurance, I know you’re all probably physically sighing now but it’s all lessons learnt. Let’s just say I come from a working class family and none of them could help me through the process, my boss at my then new job took me to pick the car up out of all people and offered to come in with me which tells you something

i don’t really care that much if I can’t claim anything back, I just had a sour taste in my mouth after realising I’m paying interest on their mistake because I was also stupid. 

Grumpy_chap

cnrft said:

another of my young unguided mistakes is not buying GAP insurance, I know you’re all probably physically sighing now

i don’t really care that much if I can’t claim anything back, I just had a sour taste in my mouth after realising I’m paying interest on their mistake because I was also stupid. 

I certainly don't think you were stupid in any way - these types of things are not easily noted.

I'd never buy GAP insurance as I have a principled objection - I am likely in a small minority of about 1.  At least I am not sighing now.

AdrianC

Grumpy_chap said:

I'd never buy GAP insurance as I have a principled objection

What is that "principled objection"?

Grumpy_chap

AdrianC said:

Grumpy_chap said:

I'd never buy GAP insurance as I have a principled objection

What is that "principled objection"?

I object in principle to the product - it should not exist and is just wrong.

sheslookinhot

Grumpy_chap said:

AdrianC said:

Grumpy_chap said:

I'd never buy GAP insurance as I have a principled objection

What is that "principled objection"?

I object in principle to the product - it should not exist and is just wrong.

Anyone who has had to claim on it will be grateful it exists and the fact they bought it.

Grumpy_chap

motorguy said:

Grumpy_chap said:

AdrianC said:

Grumpy_chap said:

I'd never buy GAP insurance as I have a principled objection

What is that "principled objection"?

I object in principle to the product - it should not exist and is just wrong.

Why is it "wrong"?

I consider it "wrong" as it can only encourage fraud as it is insurance against a certainty.  Depreciation is a certainty and only risk should be insurable.  If I buy a car today and take out GAP, then why wouldn't I lose the car in a few year and get a full refund through regular insurance plus GAP to invoice?  Hey presto - the never aging car.