gmac car finance

[RAY.K]

Hello to you all!
Ive got car finance with gmac and was looking to buy another car and dug out agreement on looking at figures they dont seem to add up?
Basically amount of credit -£4409. first installment £250.86 followed by 58 months at £100.86 then final payment of £225.86. At 16.5%. when added up £4885.72. Price of car £6909. trade in £2500 and charge for credit £1917.60.
final balance £8826.60. I dont see how they get the final balance over the 60 months? Confused? If anyone needs more info let me know! Thanx in advance!!!

[TUTTSI]

Re: gmac car finance

Hello to you all!
Ive got car finance with gmac and was looking to buy another car and dug out agreement on looking at figures they dont seem to add up?
Basically amount of credit -£4409. first installment £250.86 followed by 58 months at £100.86 then final payment of £225.86. At 16.5%. when added up £4885.72. Price of car £6909. trade in £2500 and charge for credit £1917.60.
final balance £8826.60 I dont see how they get the final balance over the 60 months? Confused? If anyone needs more info let me know! Thanx in advance!!!

Hi Ray

Firstly, a warm welcome to Legal Beagles.

Price of Car £6909 less px £2500 add credit charge £1917.60 = £6326.60

Your repayments first instalment £250.86 plus 58 x £100.86 plus final payment £225.86 = £6326.60

Looks like your final balance includes the £2500 px (£6909+£1917.60=£8826.60)

I hope this helps

Tuttsi

[Paule]

Re: gmac car finance

When you say 'final balance' i presume you mean 'total amount payable', in which tuttsi figures are correct, as that is the full amount to pay, then less part ex.

Other than that, do you need with the loan, or just the numbers added up for you

[RAY.K]

Re: gmac car finance

Thanks for that! Why would they add the £2500 onto balance if thats been paid by the trade in value? Is this aloud?

[RAY.K]

Re: gmac car finance

ignore the above having a dumb day! cya1

[Paule]

Re: gmac car finance

Well give us a shout if you need anymore help with this or anything else

PKea