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Cagger since : Mar 2012
Posts : 139 (0.08 post per day)
Cathedral Motor Company / Barclays Loan
My father has held a credit agreement between himself & Barclays since October 2014 (Credit intermediary is Cathedral Motor Co).
He's already had a phone call from the dealer about refinance / settlement for a newer model & he asked me to take a look at his agreement and see if I could work out a rough settlement figure.
However I've read the agreement a couple of times now, I dont know if its late and I'm tired but I dont think it's been worked out correctly.
On the Pre-Contract Credit Information it shows that the cars cash price is £10,145.00, of which my father traded in a car for £1000 as a deposit. This shows that the total amount of Credit is £9,145.00.
It then lays out the Repayments as "First Monthly repayment £259.67, followed by 46 monthly payments of £160.67 and a final repayment of £4,049.00".
The total amount you will have to pay states "£12,860.16 (This includes any deposit you have already paid)"
Now the conditional sale agreement shows figures as follows:
Cash Price: £10,145.00
Advance Payment: £1,000
Credit Amount (less Advance Payment): £9415.00 -- There is a line of text saying "We use the amount of credit to by the vehicle from the dealer"
Total Charge for credit: Credit Facility Fee: £99.00; Completion Fee: £199.00; Interest: £2,417.16 . Total £2715.16
Total Amount Payable: £12,860.16
First Payment: £259.67
Monthly Repayments: 47 repayments of £160.67
Final Repayment: £4049.00
Interest Rate: 4.65% per year Fixed; APR 10.4% fixed
This is where both of us are confused....
Pre Credit agreement: £259.67 + (46 x 160.67) + £4049.00 = £11,699.49
Conditional Sale Agreement: £9415.00 + £99.00 + £199.00 + £2417.16 = £11,860.16
Conditional Sale Agreement Repayments: £259.67 + (47 x 160.67) + £4049.00 = £11,860.16
The statement from Barclays each year shows at the top right:
Total Amount of Credit: £9,145.00
Total Interest Amount: £2,417.16
This of course gives the total of £11,860.16 - so why does the agreement state the £12,860.16 is payable, where has the £1,000 difference gone, plus is it 47 or 46 payments?
If anyone knows how to work out approx settlement on the above info it would also be greatly appreciated.