Checking the validity of a Credit agreement.

[nohappybunny]

Hello. ** I have seen some real wizards on here regarding Credit agreements, if anyone can think of somone I should be talking to about this please advise**

 

 

I am checking out the validity of my conditional sale agreement and loan.

 

 

BACKGROUND:

 

I bought a car in May 08 on HP from a loan company.

 

the car was £6995

 

The loan was repayable in 35 monthly installments

 

there was another month added for "Gap insurance" so 36 months.

 

I part exchanged my old vehicle, I belive 2000 was what I got for it- with the same garage I bought the newer Car , and that arranged the finance for me.

 

the interest was £2,404.04

acceptance fee was £195.00

the security admin fee was 95.00

 

The interest is calculated at an equivillient rate of 21.4 %

 

total charge for credit = £2,694.04

 

the APR is listed on the sale agreement as 25.0%

 

Questions

 

I have three pages which I have kept from when I bought the 2nd vehicle in question.

 

The first page I have of the conditional sale agreement , which is headed with the words Conditional sale agreement regulated by the consumer credit act 1974 actually has Page 2 of 3 at the bottom of it... and is labled "Lenders Copy" at the bottom also

 

Priv :: Agreement 1 picture by nohappybunny - Photobucket

 

 

The second page I have stapled behind the page above it says is page 1 of 3 .. I am unclear if this page is the 1st page of my CCA, or if it was part of the paperwork with the dealer?? it appears to refer to the credit, and looks like it is part of the CCA? it has "Borrowers Copy at the bottom of it"

 

Secondpageofagreementblockedout.jpg picture by nohappybunny - Photobucket

 

SO MY FIRST question is does this look like pages 1 and 2 of the conditional sale agreement? I ask as neither of the documents I attach , look like "page 1" ? so I am wondering if the two documents are infact part of 1 CCA? if that makes sense?

 

 

2) My SECOND QUESITON : The reason I am asking is because, on the second page I attach , ie the Borrowers copy, I have higlighted in a red circle, where the milage of the vehicle is listed.... I am wondering if this is important, because looking back at the paper work now I see that the milage is incorrect, in fact it is incorrect by 50,000 miles, the true milage when i bought the car was 95,000 on the clock.. the paperwork says 45,000 and so I am wondering if this renders the paperwork void? though as I say I am unsure as to if this second page makes up part of the CCA, and also if it makes anydifference that the mistake is on the borrowers peperwork, and not the lenders.. infact I see no mention of milage on the lenders page...either way I am wondering if the paperwork is voided by this mistake, and thus the loan unenforceable? and if so what would my next steps be?

b)Also as an aside to this quesiton... I am wondering if the figures being different on the paperwork is a mistake or some sort of industry [problem]... indeed I wonder if the finance company would have signed the loan if they realised that the car had 97,000 miles on it? and to this end I wonder if the dealer and loan company are in cahoots?

 

3) MY Third quesiton is, I have left the figures in, on the CCA, and having checked them on the online checking tool, it appears that the APR may be incorrect, and therefore some of the figures may be incorrect. So I am wodnering if anyone can tell me if the figures look right?

 

4) Do I need to attach the terms and conditions to this thread?

 

5) Should I make a CCA request?

 

6) If this loan was illegal/ unenforceable what would this mean for me? and would I be able to get a refund of what I have already paid?

 

7) I am also wondering if this was a "fair" credit arrangement, or if it is excessive - considering my cerdit score at the time was healthy- and I am somewhat confused as to the situation with my part exchange also- ie the conditional sale agreement says there was no depsoit.. not sure on this one, but worth an ask.

 

Please contact me if I can provide any further information- that will help.

Edited March 24, 2010 by nohappybunny
Added info

[postggj]

Conditional Sale Car Agreement

 

Is This A Yes Car Agreement

 

Who Is The Finance Company

 

Can You Upload The Agreement With Out Thumbnails

Try And Cut And Paste The Url Onto Your Thread

Are You Using Photobucket

[postggj]

Back In An Hour

 

Must Go To The Super Market

[nohappybunny]

Hi good luck at the supermarket!

 

I think i have amended the thread now , to include urls to documents in photobucket... hope this works?

 

thanks

[cerberusalert]

Can you post the URLS , but not as thumbnails? Those above are too small.

[postggj]

i need you to cut and paste the url onto your thread

use the link to generate html code

then cut and paste that link and paste onto your thread

[nohappybunny]

`1st page =

 

Priv :: Agreement 1 picture by nohappybunny - Photobucket

 

 

2nd page =

 

Secondpageofagreementblockedout.jpg picture by nohappybunny - Photobucket

 

thanks

[nohappybunny]

without the http://

 

s849.photobucket.com/albums/ab53/nohappybunny/Priv/?action=view&current=blockedoutversionAgreement.jpg

 

"2nd" page with out http://

 

s849.photobucket.com/albums/ab53/nohappybunny/?action=view&current=Secondpageofagreementblockedout.jpg

 

hope these work?

[postggj]

where is the gap insurance on the agreement

you mention over 35 months and the gap paid with the remaning month to make 36 months

 

was this paid on the first payment or the last

 

where is it stated on the agreement

[postggj]

what i am getting at is

 

cost for goods £6995

 

do you still have the sale invoice from the garage

[nohappybunny]

Hi.

 

1)The Gap insurance according to other paperwork I have, the Gap insurance was was paid on the 2nd monthp it states nothing as far as i can see about the gao insurance on that agreement.

 

2)and yes I still have the sales invoice from the garage..

 

 

3)What do you reckon on the milage being listed as 50,000 miles out?

 

4) Do you think they have lost any money anywhere on this agreement?

[postggj]

Ill Do It Again

 

Cant Get The Figures To Balance

I Need To Know All About This Gap

Any Notes You Have On It

Post It Up Along With The Invoice From The Garage

Edited March 24, 2010 by postggj

[postggj]

[pst Up The Sales Invoice From The Garage And Any Docs Ref The Gap

[nohappybunny]

Hi.. ok will do.. not back at the office now until the morning but will post them then..

 

Do you think the milage issue is a no go issue? as that is defo incorrect on the 2nd page I sent you.. states 45,000 when milage was 95,000

 

thanks for your help !!

[postggj]

For The Moment Forget About The Milage

 

I Have Them On The Agreement Figures

 

Rates Of Interest

Total Charge For Credit

 

Total Amount Payable

 

Its Postal Ping Pong Time This

 

Agreement Is Crap

[nohappybunny]

Sounds great ! I shall post up the docs you mention in the morning... thanks

 

have a good eve!

[postggj]

My Pleasure

[nohappybunny]

Goodmorning - I am about to PM the links to the documents re GAP insurance, and also the sales invoice, and I have also found a retrospective statement.

[nohappybunny]

Hi..

 

I am a bit confused by the GAP insurance myself... cannot remember how it all went down.. I get the feeling I got a call from the loan company after I bought the car, ie I do no tthink I did the gap insurance at the garage.. I think I got called later that week, or month and they "sold" the gap insurance ot me then ... BUT the document sI have sent you... show the commentcement date of being the day I took the car, and the day my loan agreement started.. (I have also attached a retro statement showing this) , and also the GAP policy cert, looks as if it ran from day 1... ) I am just wondering if the policy being added after the sales agreement I signed at the garage somehow becomes an amendment to the original CCA.. or if this GAP insurance effects the CCA at all if the interest figures are incorrect?

 

anyhow I shall wait to hear from you..

 

thanks

[postggj]

What I Need To Know Is The Amount You Were Loaned

amount Of Credit For Goods On The Agreement

 

Different From The Garage Sales Invoice

 

CAN YOU SEND ME THE AGREEMENT BY PM

Edited March 25, 2010 by postggj

[nohappybunny]

Hi..Sorry is this different again from the conditional sale agreement that I posted yesterday ?

[nohappybunny]

Also just thinking out loud...

 

but looking at the conditinal sale agreement , it says

Total duration of agreement = 36 months..

that being made up of 35 months, plus a final payment (equal to 1 monthly installment) with the first payment being taken a month from the date of the agreement.

 

I think that the GAP insurance was then added, and the premium for that was taken by direct debit as my second installment, and then my agreement was extended by a month.. so in total it would seem it runs over 37 months...

 

I for one am confused... and it does not matter how I check the figures using the document checker, I cannot get them to match.. I cannot see what is happening..

[postggj]

Ill Try And Explain, You Will Have To Stay With Me On This

 

The Agreement Is Over 36 Months

 

You Make One Payment Of Your Normal Monthly Payment With The Cost Of The Gap

 

You Then Make 35 Payments Of The Normal Monthly Payments

 

That Is, You Have Paid For The Gap Up Front.

 

Now It Seems That In The Amount Of Credit, The Gap Has Been Worked Into It, That Way You Are Paying Interest On It Over 35 Months.

 

Why

 

You Have Allready Paid For The Gap Up Front

 

Total Amount Of Credit Is Therefore Misstated

You Are Then Prejudiced On The Apr

Prejudiced On The Voluntry Termination Point And Half Way Point

 

I Can Go On And On

 

In Short

 

The Agreement Is Crap But Ime Needing To Confirm My Figures So I Need A Few More Days

[nohappybunny]

Hi...

 

Thank you for your reply

 

Only thing I am wondering though is on the initial conditional sale agreement it says that the term is 36 months... made up of 35 plus 1 final payment...

on that agreement under "OPTIONAL INSURANCE" it says GAP insurance added "0" (and states if there was Gap insurance taken it would be take as the 2nd installment..

 

I then got the call, took out the GAP insurance, (think it was actually the week I bought the car)

 

I then got the letter confirming the gap insurance and it stated it was going to be taken as the 2nd installment, and my agreement extended by a month.. so my agreement was already 35+1 final payment ie 36 months... if they then extended it by a further month would this then mean it was really over 37 months.. ie 35 + 1 month final payment+1 month as GAP insurance.. ?

 

even so when I run the figures for that I cannot get them to match..

 

Any way just thought I would add as much info as possible so we can get this right, I for one find it to be a minefield.. but I really appreciate your time and effort... look forward to hearing from you as and when.

 

thanks

[nohappybunny]

p.s Sorry also, is there any way of telling if they somehow deduct the interest for the GAP ? or that the interest is somewhow written into the contract I signed for the GAP? would they not have thought of this ?