GMAC vehicle finance interest Rate Help

[Andy01]

Can any one please explain how interest works . I got a car on fixed 5 yrs interest and I like to pay early settelment. In simple language :

Car value £ 14705.00

Deposit paid £ 1000.00

Loan credit £ 13075.00

Interest add £ 7151.40 ( 5yrs)

total £20856.40 Divided by 1st month payment £455.64 followed by58 X £326.64 and final payment £455.64.

 

So far I have paid £455.64 +£326.64X8=£3068.76

GMAC gave me a settlement figure £12499.04 so is that mean I only pai towards my car £1206 and rest was the interest£1858.76

http://i698.photobucket.com/albums/vv342/Andy01/GMAC.jpg

 

Can any look at this please first 3 box where it says total amount payable

and then look at interest charges £6151.40

Now if I total this amount with £ 13705+£6151.40=£19856.40 So why they are asking total £20856.40

 

Any brain power please make my life easier:-?

Edited May 28, 2009 by Andy01

[Dinkjames]

You have not taken the £1000 deposit into consideration. The actual cost of the car was £14,705 less the deposit of £1000.

 

I don't know whether they calculated the interest on the full amount of £14705 or the full amount less the deposit. Maybe use one of the compound interest sheets that come in Excel to see whether the interest has been charged correctly.

 

PS The reg number is still on the form and you may want to remove it so that you cannot be identified.

[Andy01]

Loan is for £13705.00

Total installments £19856.40

Deposit £1000.00

total amount= to £20856.40

So they have added my deposit with this loan which they shouldn't.

Can any one check this please

[Andy01]

Please any one out there helloooooooooooooooo