I have posted a link to an online calculator and this one shows more or less what the bank charged you. You could try different ones and get different results. So to answer your original question i.e have you been ripped off. I don't believe you have. Sorry if that's not what you want to hear. Loan Calculator, Loans Calculator, Loan Payment Calculator?

As I said in my original post the rule of thumb is divide the apr by 2. this does vary a little either way depending on the institution you use. The other thing you could check is if they have charged you for insurance, sometimes they include it as standard and you have to decline it.

I think you have miscalculated somewhere 15.9 / 2 = 7.95 x 7 = 55.65 £10000 x 55.65% = £5650 Total cost = £15650 / 84 = £186.31 I hope this puts your mind at rest

As a general rule of thumb take the APR and divide by 2 this should give you roughly the base rate. You need to then multiply the base rate by the number of years you have borrowed the money over. example £5000 over 3 years @ 7.9% apr 7.9 divide by 2 = 3.95 x 3 = 11.85 £5000 x 11.85% = £592.50 So total repayable is £5592.50 divide by 36 monthy payments = £155.35 Hope this helps

Just to update you. I put in writing that due to them not having a signed vehicle order then under common law they were not entitled to keep any part of the money I had paid and that I had right to a full refund. Today I received a cheque for the full amount. Thanks for the advice

Thanks for that JonCris. I am waiting for a call from the sales person who was going to speak to the sales manager. If I do not get it resolved through him I will do as you suggest. I will let you know how I get on. Many Thanks

Thanks for that JonCris. I am sure they won't do it again. As stated previously nothing about a non-refundable deposit was mentioned at any time during the process of buying or cancelling. Do you have any idea where I can find any such information regarding the common law aspect. This I think woulkd just stop me getting into a slanging match with them.. regards

Hi Joncris. Thanks for the reply. I have a receipt for the money paid to them. One thing they didn't do was get me to sign a new vehicle order form or anything else for that matter. Do you know of anywhere I can find something in writing that outlines the fact that because I have signed nothing that I am entitled to a full refund. Regards

I know it sounds silly but yes I have. The thing I do have is an email stating the spec of the vehicle.

Hi LivelyLad, Thanks for the quick replies. That's what i am saying I have not signed any agreement all I have is a receipt off them to say I have paid them the money.

Yes, unfortunately the deal was they wanted full payment in before end of January to hold it, but I did not want the car until 1/3. I know it sounds a bit strange but it was for a TT and there is still a 3 to 4 month waiting list.

Hi All, New to the forum so forgive me if I have posted to wrong place but I am sure someone will point me in the right direction if I have. Anyway now to my request for info. To cut a long story short I have paid the full amount for a new car and was due to collect today 1/3/08. Unfortunately I had to back out of the agreement on Thursday 28/2/08 due to achange in family circumstances. I spoke to the sales person on Thursday along with one of her Managers who understood my situation and told me it wouldn't be problem if I had to cancel and he advised me to take a little time to consider my options. Anyway yesterday I advised them that I was unable to proceed. Today I received a call from the sales person to say that the vehicle had been put back on sale and that they would refund my money apart from £500 that she said was company policy. I told her she was unable to do that as I had not signed any paperwork and that a non-refundable deposit had been mentioned at either the time of sale or when discussing my predicament. Any thoughts on how I stand considering I have not signed any papetwork agreeing to those specific terms:mad: By the way I will sort out an avatar when I negotiated my way around:-?