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    • Lokolo
    • By Lokolo 12th Mar 18, 8:45 PM
    • 19,991Posts
    • 15,120Thanks
    Can Loan - Early Settlement Figure
    • #1
    • 12th Mar 18, 8:45 PM
    Can Loan - Early Settlement Figure 12th Mar 18 at 8:45 PM
    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

    Total Amount Outstanding: 1,869.59
    Less rebate for early settlement: 1,864.28
    Net amount to pay 3,733.87
    by Final Figure
    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?
Page 1
    • zx81
    • By zx81 12th Mar 18, 8:48 PM
    • 17,281 Posts
    • 18,390 Thanks
    • #2
    • 12th Mar 18, 8:48 PM
    • #2
    • 12th Mar 18, 8:48 PM
    They've made a mistake. Ask them to look at it again.
    • bengalknights
    • By bengalknights 13th Mar 18, 8:57 AM
    • 4,367 Posts
    • 1,608 Thanks
    • #3
    • 13th Mar 18, 8:57 AM
    • #3
    • 13th Mar 18, 8:57 AM
    How much was the interest rate, not something crazy is it.

    As Zx states looks like a mistake unless the Apr was 50%+
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