Motonovo finance

[gwenlillian]

Hi - I have a statement of my former car finance account and it does not seem to add up to what I though the figures should be. I bought a car on HP at a dealership and later on I paid it off early. I was adding up the statement which shows an interest rate of 7% at the top and raised a query about it and they told me my interest rate was 15% but I have nothing that shows 15% anywhere. They sent me the statement of account in the first place and the starting price has all sorts of other sums shown first, with a deposit of over £2000 which I did not have.? I paid £100 as a deposit and they took my car as a trade in. None of their sums make any sense and they now refuse to discuss. It seems that their figures are nonsense and with the interest rate being so different I believe I have paid sums that were never due. Any ideas as to what else I can do to get them to show the true figures in the deal. They say they no longer have any paperwork.

[R0b]

Under early settlement rules, they should have deducted the remaining interest balance from the total amount payable. If the interest rate is somewhat different and you feel you have overpaid, then it might be wise to make a subject access request for a copy of your agreement as well as all statements of account.

If after reviewing the documentation you still feel that there is a discrepancy, make a formal complaint to them asking them to explain how they have arrived at the interest rate of 15% and a deposit of £2,000. They then have 8 weeks to investigate and issue a final decision, after that you can go to the Financial Ombudsman.

When you say they have refused to discuss, is that over the telephone or in writing and what is their reason for not discussing it?

[gwenlillian]

I wrote to the the company and made my case with questions as the amount of credit is wrong, doesnt include the deposit, the total due is wrong, etc and they have now said that it is more than 6 years old and therefore they do not have to investigate at all as per FCA guidelines: DISP 2.82 rules. I went through all these documents this summer and was not aware until then that they had juggled the figures, and stated that under the limitations act I am bringing it to their attention within 3 years of discovering the mistake. They reject this and refuse to investigate so it looks like I am off to court with it.

[Amethyst]

Have you taken it to the financial ombudsman ?

[gwenlillian]

No, I haven't and the Company have not sent me a letter stating that I can or should either, at any time. I notice they are saying that I already made this complaint, which I did not, what I did was to email them and ask if they are responsible now for Carlyle, and if there are amy hidden insurances, comissions etc, which they ignored for ages, then I raised it again and they emailed me and just there weren't any. That's it.

[gwenlillian]

Hi
this is the dealership papers that they gave me at the time I bought the car, the finance statement says Overall total to pay= £11,098.44 I have added up the price of the car, option to purchase fee, administration fee of £195, deducted my deposit of £100 and then calculated the interest and I still cannot get it to be over £11k, as I settled it early also paying a lump sum of over £5k. Tried adding instalments paid and settlement sum but still not right. As the Company now responsible has rejected my argument that there is something wrong with their sums I guess it's either F.O.S. or Court now. Thanks. CarPurchaseFigures.pdf