car finance deposit missing - welcome car finance

[Miss-]

Good Morning all, (I can't sleep!)

So I thought someone may be able to assist me with a car finance query which has been bugging me!

I took out a car finance deal with Welcome Car Finance in November 2008. I paid £3000 deposit towards a car of £8496.00 (without interest added). I took out PPI, Gap and warranty on the car - I am currently do have a reclaim on the Gap and Warranty and I have successfully received a PPI reclaim. Well, original payments for these insurances were £3071.04 (without interest).

The agreement was for 48 months at an APR of 17.87% (Please don't judge - this was a huge mistake).
The months payments were £331.11.

Am I being silly? Or does this agreement not include my £3000 deposit?

[seduraed]

Re: car finance deposit missing - welcome car finance

no the deposit is notincluded . That will have been to the dealer. so price of car £10000, deposit £3000 , amount of credit £7000. welcome will neverevn have seen that money .

[miliitant]

Re: car finance deposit missing - welcome car finance

but the deposit would still have to be included on the credit agreement which is a perscribed term

[labman]

Re: car finance deposit missing - welcome car finance

It would be useful if you could set out the financial bit of the agreement as it shows. Technically both the above replies could be correct, so it depends exactly how they have put it down on the agreement.

From what you say, I suspect it should show on the agreement - was any or all of that £3000 to pay off outstanding finance for a previous vehicle? Was this a totally new purchase, or one of WFS's infamous Variation of Agreement things?

[Guest]

Re: car finance deposit missing - welcome car finance

Hi
The deposit should be included in the calculations for one third payment(total amount paid) and also the 50% figure, these should be stated on the document.

The deposit will not however form part of the calculation for the interest or the APR this will solely be calculated on the amount borrowed and the interest paid/term etc.

Peter

[Guest]

Re: car finance deposit missing - welcome car finance

but the deposit would still have to be included on the credit agreement which is a perscribed term

Hi

No the prescribed term would be the total credit, this would not include the deposit. Although the cash price should appear on the document.

Peter

[miliitant]

Re: car finance deposit missing - welcome car finance

that i agree on

you have the cost of the vehicle
amount of credit which would be the cash price minus the deposit with interst amount
then total amount of credit which would be the cash price with the interest

as you have stated the deposit fits in with the termination point being 50 % of the agreement and liabilities

[labman]

Re: car finance deposit missing - welcome car finance

Still need to confirm that the deposit was deposit and not settlement from previous finance or a variation of agreement. I don't trust WFS.

[miliitant]

Re: car finance deposit missing - welcome car finance

Still need to confirm that the deposit was deposit and not settlement from previous finance or a variation of agreement. I don't trust WFS.

you and me both

[miliitant]

Re: car finance deposit missing - welcome car finance

appologies

ive posted in the wrong thread

[Miss-]

Re: car finance deposit missing - welcome car finance

I don't trust WFS at all, especially the whole process with Welcome Car finance and their showrooms, as it seemed very rushed.

There was no third party dealer, the £3000 payment was taken from Welcome Car Finance in their showroom and the car came directly from Wfs. I did previously have a car with Welcome, however this was settled and then the car was written off and I used the money from the insurance payout and added additional money to put down a deposit on the new car.

[labman]

Re: car finance deposit missing - welcome car finance

So you are absolutely sure that none of the money from the insurance payout was to pay off outstanding finance. Effectively when yu wrote the previous car off, that agreement was terminated in full by the insurance, leaving an additional sum which came to you. You then added more to this to make up a £3000 deposit?

What does it say on the invoice (not the agreement, the actual invoice). The deposit should show clearly there, and I would be surprised if you had missed it.

I'd still like to see the way the agreement figures are set out on the agreement itself. If you could post it up with ALL personal information removed, that would be very helpful. It certainly sounds as though there's something a bit fishy going on, but that would be normal with WFS.

[Miss-]

Re: car finance deposit missing - welcome car finance

I have to be honest, I am not 100% sure. The car was written off and I heard nothing more about it? - Which seems odd now that I think about it.

I will post up the agreement this evening when I get home. Thank you for your help so far.