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HELP! GMAC interest calculations??


nicenurse1
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Hi All,:D

 

I had a weird dream last night that GMAC were ripping me off so thought i'd take a look at the finance agreement this morning. It just doesn't add up to me, but i'm not so good at figures. Could someone help explain please.:)

 

Here are the figures:

 

Amount of credit £8860.00

 

Duration of agreement 60 months

 

Total amount payable £17684.40

 

APR 18.3%

---------------------------------------

Interest Charges £3860

 

Credit arrangement fee £138.60

 

Option to purchase fee £10

 

Now when I bought the car I put down a £4500 deposit and the car cost £12995, i've just had a yearly statement which has the interest at 9.09%. I took out gap insurance which was £365.00. Have they calculated the interest on the full amount of the car without taking my deposit off??:confused: and is that right to do that?? I'm really confused, it seems like a hell of a lot of interest nearly 50% on the amount of credit.:-x

 

Any help would be much appreciated as this is doing my head in.

 

Thanks:D:D:D

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GAP Insurance is a waste of time - they owe you that with interest, and the credit arrangement fee shouldn't be included in the interest calcuations either.

 

Somebody else will be along soon to help out with the calculations.

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opps no they can't sounnds like it got more holes than a string vest.

 

 

can you scan it up?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I've edited the image for you because the agreement number had been left in. ;)

Anthrax alert at debt collectors caused by box of doughnuts

 

Make sure you do not post anything which identifies you. Although we can remove certain things from the site unless it's done in a timely manner everything you post will appear in Google cache & we do not have any control over that.

 

Vir prudens non contra ventum mingit

 

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17 Port & Maritime Regiment RCT

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doh!

do the vehicle reg and VIN too!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

not that i can see using that calc.

 

Your monthly loan repayment = 21983

Number of monthly payments = 60

Total to pay 13189.80

Total interest to pay 4329.80

 

 

then add your 4500 deposit = almost the 176684.

 

but you've been fleeced with GAP ins

 

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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