Evening All,
I am looking on advice on the below as the figures to me don’t add up.
I purchased a car for 43.5k on HP last Oct with Mann Island and my 1st payment of £893.53 started on a monthly basis on 19th of Nov. I paid no deposit when purchasing the car. My annual APR was 8.4%. At the beginning of July, I discovered my car had been clocked to the tune off 33k miles so when I bought the car, even though the dash stated 35k the car had actually done 68k.
I phoned the finance company as car not sold as described and they made dealership take the car back. They made the dealership hand them back 37.5k and they are keeping 6k of the just over 8k I paid them.
I asked them how much of my monthly charge was hire against the purchase aspect but no one at the company can tell me this. I find it odd that they are keeping ¾ of what I paid them for usage.
I did 10k miles on the car during this time. From my perspective the dealership where given 43.5k by the finance company during the initial purchase and only had to give the finance company back 37.5k so even though they will have to correct the mileage which will affect the resale they made 6k on this sale. The finance company got their initial 43.5k between my money and the dealership so even though I am the aggrieved party I have lost the most.
Do these figures seem correct?
Any advice welcome.
Thanks,
Callum
I am looking on advice on the below as the figures to me don’t add up.
I purchased a car for 43.5k on HP last Oct with Mann Island and my 1st payment of £893.53 started on a monthly basis on 19th of Nov. I paid no deposit when purchasing the car. My annual APR was 8.4%. At the beginning of July, I discovered my car had been clocked to the tune off 33k miles so when I bought the car, even though the dash stated 35k the car had actually done 68k.
I phoned the finance company as car not sold as described and they made dealership take the car back. They made the dealership hand them back 37.5k and they are keeping 6k of the just over 8k I paid them.
I asked them how much of my monthly charge was hire against the purchase aspect but no one at the company can tell me this. I find it odd that they are keeping ¾ of what I paid them for usage.
I did 10k miles on the car during this time. From my perspective the dealership where given 43.5k by the finance company during the initial purchase and only had to give the finance company back 37.5k so even though they will have to correct the mileage which will affect the resale they made 6k on this sale. The finance company got their initial 43.5k between my money and the dealership so even though I am the aggrieved party I have lost the most.
Do these figures seem correct?
Any advice welcome.
Thanks,
Callum
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