Vehicle Protectio Fee on HP agreement??

[Azazal23]

Just purchased a second hand car from a dealer financing part of it with HP

 

Two major problems on the agreement, was told by the dealer over the phone (have messaged saved) that the APR would be 5.5%

 

Now ive got the agreement through the post its 13.7% and theres two additions

 

1. Acceptance fee of £199

2. Vehicle protection fee of £50

 

I didnt agree to either of these and was not made aware of them, plus does anyone know what a vehicle protetion fee is

[IdaInFife]

I take it you haven't signed it?

 

WHy not return it with a letter pointing out that the APR is wrong to what you agreed over the phne and ask for exaplaintion of the VPF.

 

Ida x

[Azazal23]

trouble is i did sign it. Its only when i got all the docs from the finance company have i read through em.

 

I still have the voice message on the phone confirming the apr and monthly payments.

 

Do i have 14 or 30 days to cancel or somthing?

[IdaInFife]

did you sign it on the premises?

 

it should state any cancelaltion terms on the docs

 

Ida x

[Azazal23]

yeah i signed it at the garage

[Azazal23]

right spoke to the finance company and they have said that the base rate was 5.5% but the APR is actually 13.7 after they have put the fees on

 

£199 acceptance fee and £50 vehicle protection fee.

 

But the rate i was quoted was 5.5% - i feel like i have been had.

 

What is the difference between base rate? and apr