BCT car hp agreement - the figures dont add up

[Nagasis]

Looking for someone to go thru the APR and actual % figures as I think BCT have messed up.

 

Firstly the arrangement fee was not payable on the first payment so forms part of the credit. They have charged interest on it but do not include it when they worked out the APR and actual interest rate. What I think they have done is when working out both interest rates they have presumed the arrangement fee was not part of the credit and was going to be paid on the first payment so would normally not attract interest.(despite charging interest on it).

 

The arrangement fee repayments were spread over 72 months and attracted interest but they have not took this into account when working out the APR of 28.2 and actual int rate 26.2 stated on the agreement.

 

heres the agreement

 

Here is how I worked it out.

Cash price of car - 9511.20 plus arrangement fee - 599.76 = 10110.96

APR

 

ACTUAL INTEREST RATE:

 

As you can see theres almost a 4% difference in the figures but the interest charged on the bottom picture is the same as what they state so they have charged interest ob the arrangement fee but not included the arrangement fee when calculating the interest rates on the agreement.

 

 

Would be grateful if someone with a keen eye could have alook for me, thanks.