Thread: Hire Purchase. Admin Fee, Purchase Fee and the CCA

Is there anyone out there that can claify to me if there is a correct way of dealing with admin Fee and Purchase Fees on HP agreements.

i.e. Can the lender just add it to the loan and it be consumed in the payments or must it be paid seperately? What is the normal?

I would really appreciate any help on this one.

Suzie

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Hi Suzie,

I think the norm is to add the lot onto the loan amount. I may be wrong but I am sure that is waht happened with my car finance.

who is your finance with?

Hi Suzie,
The way how i forsee it, is that they add it to your agreement and you pay it for the length of your contract. I am sure i will stand corrected if i am wrong

Just another note though....

With all the interest cuts lately, how does this affect car finance if it does at all?

Any thoughts?