I think I've been ripped off :(

[dgirllamius]

I was looking back through an old credit agreement I had through black horse.

The car was worth 11,452.13. I put down a deposit of 500. This made the amount of credit 10,952.13. Charges were 3,237.87. When I add the 10,952.13 and the 3,237.87 together it comes to 14190 - BUT my total amount payable on the document was 14,690 - that 500 deposit somehow missing.

It seems to me that they take your deposit AND they also take the same amount you put down in the loan - so technically the dealership are not only getting your deposit, but they're getting the same amount AGAIN when the bank pays them the money.

So yeah, it seems at the end of it you are putting a deposit down for 750, they get your old car PLUS 750 from the bank. What the actual fuck.

 

[Abz1982]

I still reckon you have been miss sold.

 

[BellaBoo0512]

Hi, sorry about the stress. How did you get to the total of £3650? There's no way £89 could amount to that in just 30 payments.

The first payment is £195 then 28 payments of £89 then the final payment is £235 x

 

[BellaBoo0512]

I was looking back through an old credit agreement I had through black horse.

The car was worth 11,452.13. I put down a deposit of 500. This made the amount of credit 10,952.13. Charges were 3,237.87. When I add the 10,952.13 and the 3,237.87 together it comes to 14190 - BUT my total amount payable on the document was 14,690 - that 500 deposit somehow missing.

It seems to me that they take your deposit AND they also take the same amount you put down in the loan - so technically the dealership are not only getting your deposit, but they're getting the same amount AGAIN when the bank pays them the money.

So yeah, it seems at the end of it you are putting a deposit down for 750, they get your old car PLUS 750 from the bank. What the actual fuck.

Oh my god that is shocking! So basically they are adding the 750 to the total amount but they have Already received it?

 

[dgirllamius]

I was looking back through an old credit agreement I had through black horse.

The car was worth 11,452.13. I put down a deposit of 500. This made the amount of credit 10,952.13. Charges were 3,237.87. When I add the 10,952.13 and the 3,237.87 together it comes to 14190 - BUT my total amount payable on the document was 14,690 - that 500 deposit somehow missing.

It seems to me that they take your deposit AND they also take the same amount you put down in the loan - so technically the dealership are not only getting your deposit, but they're getting the same amount AGAIN when the bank pays them the money.

So yeah, it seems at the end of it you are putting a deposit down for 750, they get your old car PLUS 750 from the bank. What the actual fuck.

Oh my god that is shocking! So basically they are adding the 750 to the total amount but they have Already received it?

Seems that way when you really look at the figures. Thing is they probably think they can get away with it because people don't really understand the paperwork and just sign it anyway. They know once its signed that's it you're trapped but there must be some sort of loophole. I'd get in touch with CAB and see what they say. You've definitely been conned (along with many others probably).

 

[Erised]

Hi, sorry about the stress. How did you get to the total of £3650? There's no way £89 could amount to that in just 30 payments.

The first payment is £195 then 28 payments of £89 then the final payment is £235 x

28 x 89 + 195 + 235 = £2922

That's not too far off from what you should be paying back though... are those the final figured you've been told you're going to have to pay for the 30 months?

 

[BellaBoo0512]

Hi, sorry about the stress. How did you get to the total of £3650? There's no way £89 could amount to that in just 30 payments.

The first payment is £195 then 28 payments of £89 then the final payment is £235 x

28 x 89 + 195 + 235 = £2922

That's not too far off from what you should be paying back though... are those the final figured you've been told you're going to have to pay for the 30 months?

Yeah those are the figures but when I rang them to pay £1,000 off yesterday I asked how much would be left to pay and they said £2,600 I'm so confused by it all!

 

[weewdy]

How much was the car, think you had said £2750 yet figure a is £2872.50 did you purchase something else?

 

[weewdy]

I have had alot of car finance and having looked at you figures it looks correct, unfortunately when you only borrow a small amount the interest rates are higher than what they would be if you were borrowing 10,000. I have always paid my car finance early, had to phone up and get a settlement figure etc the calculate that by subtracting your remaining months interest and then adding a charge for paying early (not much usually about £20/30). I have had black horse finance twice and thats how they worked it.

Go on to moneysupermarket and put the figures into it and see if there is one that you repay less interest.

 

[special_kala]

I have had alot of car finance and having looked at you figures it looks correct, unfortunately when you only borrow a small amount the interest rates are higher than what they would be if you were borrowing 10,000. I have always paid my car finance early, had to phone up and get a settlement figure etc the calculate that by subtracting your remaining months interest and then adding a charge for paying early (not much usually about £20/30). I have had black horse finance twice and thats how they worked it.

Go on to moneysupermarket and put the figures into it and see if there is one that you repay less interest.

When we ettled with black horse the same thing happened.

 

[BellaBoo0512]

How much was the car, think you had said £2750 yet figure a is £2872.50 did you purchase something else?

Figure A is the exact amount we have borrowed.. The figure I put in the original post was a close estimate x

 

[smileyfaces]

Something dodgy is going on with that deposit. Surely the amount you owe should be c+d????

 

[lindseymw]

The finance company have got the total balance wrong.

You are not repaying the deposit. Your montly repayments add up to £2900ish, which if you look at the statement is the "Repayment Balance." Total Amount Payable is the amount you have agreed to pay to Garage for the car including HP charges but Repayment Balance is the balance that is left after your deposit i.e. how much you have borrowed.

I would speak to Black Horse again as it may be that they were looking at the wrong figure.

 

[weewdy]

You are not repaying back the deposit. You only pay back £2900.

 

[BellaBoo0512]

I've rang black horse this morning and I *think* it's sorted.. Basically the paperwork they have sent me is confusing and the lady I spoke to on Wednesday told me the wrong outstanding balance.

Our amount left to pay is £2,900 (not got the exact figures infront of me) the total charge for credit includes the overall interest so the 800 and odd pounds is their charges and interest.

Hubby is going to ring and pay a grand off later and then we will have £1,900ish left to pay.

Thanks everyone for your help!