Carshop/British Credit Trust. agreement - Is it valid??

[GhostDebt]

Evening all,

 

As a result of an ongoing warranty problem dispute, I have been checking through my paperwork and wanted some opinions on the following:

 

Vehicle order form says.

 

vehicle - £6882

paint protection - £249

3yr warranty - £699

GAP - £199

 

Total - £8029.

 

On the credit agreement it says:

Total cash price of vehicle (incl VAT) £8029

Total charge for credit £4475

Consisting of:

Arrangement fee £480

Option Fee £120

Interest £3875

 

23% per annum to the anticipated capital balance outstanding from month to month.

 

---

My question is, is this right?

As the cost of the paint, gap and warranty have been added to the amount of credit and therefore interest has been charged on them.

It is a HP agreement.

 

Any opinions? If you need any other info just let me know.

 

Many thanks.

[dx100uk]

rip off

claim it all back

 

who is it........not welcome is it?

 

dx

[GhostDebt]

Thanks for the reply dx,

 

No its Carshop with finance provided by British Credit Trust.

I suspect that Carshop only told BCT the total amount, however I suspect Carshop also made commission on the gap and warranty but this commission is not listed anywhere, so just wondering where I stand and if I can use this as leverage to get the warranty sorted.

 

Regards

[dx100uk]

go get 'em

 

dx

[Dotty50]

Hi Ghostdebt,

 

How old is this agreement? Is it possible for you to attach a copy of the document? I used to be familiar with HP agreements and would happily take a look for you.

[GhostDebt]

Hi Dotty,

 

This is from February 08.

Will post up the agreement later and a copy of the vehicle order form as well.

 

Cheers

[GhostDebt]

Links to documents on photobucket.

 

Order Form

Carshop picture by shann15 - Photobucket

 

Agreement

BCT picture by shann15 - Photobucket

 

BCT picture by shann15 - Photobucket

 

Any comments greatly appreciated.

 

Regards

[GhostDebt]

Bump..

[Dotty50]

Hi Ghostdebt,

 

I seem to remember that the Total cash price had to include everything on the invoice from the garage so it looks ok to me as far as the figures are concerned.

 

Its a high rate of interest but this is how they get away with no deposit deals, it makes it more attractive if you haven't got to pay any money up front!

 

As far as it being enforceable, I would consider it is, but it has been a while since I was involved with this sort of thing so would prefer someone to advise you that has more recent experience.

 

When I was involved, the fees were only about £75, they have certainly gone through the roof now!

 

D50

[GhostDebt]

Hi Dotty,

 

Thanks for the reply. I was thinking the agreement from the finance company is ok, but am more concerned about if they actually allowed to add the gap and warranty to the charge for credit and then charge interest on it when the gap and warranty are supposed to be a fixed price.

 

Also, if they make commision on the gap and warranty I believe they are supposed to declare the commision payments which they haven't so unsure what effect this has..

 

Many thanks

[GhostDebt]

Any comments will be greatly appreciated.

 

Many thanks

GD

[postggj]

Hi Ghostdebt

Ive Not Got My Glasses

 

Can You Tell Me

 

Has The Gap Or Acceptance Fee Or Anything Else Been Put In The amount Of Credit And Not The

 

Total amount Of Credit

 

note The Difference

 

amount And Total Amount Of Credit

[GhostDebt]

Evening post,

 

The vehicle order form just lists the amounts and then says, total 8029.

 

The agreement just says, amount of credit 8029

Total cash price of the vehicle (including VAT) 8029

etc.

 

As mentioned above 8029 includes the cost of the paint,gap,warranty and vehicle.

 

Regards

[postggj]

Ime Going To Need To Blow Up The Agreement But What I Can Tell You Is That If Acceptance Fee Has Been Included In The Amount Of Credit And Not In The Total Amount Of Credit

 

Its Goodby Agrement

 

Wilson V Fct

[GhostDebt]

amount of credit 8029

total charge for credit 4475

consisting of

arrangement fee 480

option fee 120

interest 3875

 

total amount payable 12504

 

all this looks ok to me its more a case of the amount of credit includes the cost of the gap, warranty and paint that first got me wondering so they have had interest charged on them as they have been included in the amount of credit.

[GhostDebt]

Hi Postggj,

 

Any comments will be greatly appreciated.

 

many thanks.

 

Gd

[postggj]

ime still waiting on confirmation ref the option fee

 

this is the final payment if you want to keep the vehicle at the end of the agreement

 

my understanding on that is the option fee is a charge for credit and cant have interest charged against it, so cant be included in amount of credit, only total amount Of credit

 

TO BE CONFIRMED THOUGH

[GhostDebt]

Afternoon,

 

Option fee is included in total charge for credit so expect that is probably ok.

But what about the GAP, warranty and paint which are fixed price items but by being included in the amount of credit have interest charged on them.?

 

Regards

[GhostDebt]

bump

[GhostDebt]

Any comments?

 

Many thanks

[cdrx]

Option fee is included in total charge for credit so expect that is probably ok.

But what about the GAP, warranty and paint which are fixed price items but by being included in the amount of credit have interest charged on them.?

 

The car is also a fixed price item that has interest charged on it.

 

I expect this is okay (I've read as much on this forum), but can't say for sure.

[GhostDebt]

Thanks for the response.

[cdrx]

I'm sorry its probably not what you wanted to hear