Advice on car credit - final payment.

T

The Exile

Guest
Morning.

Yesterday was the day I paid off my car. However, on checking the bank account, the finance company have taken an extra £299 out on top of what I thought was the final payment. There's no mention at all of this larger payment in any of the documentation, it indicates 60 payments all of the same amount.

Is this something obvious I've missed, or are they taking the piss?
 


Morning.

Yesterday was the day I paid off my car. However, on checking the bank account, the finance company have taken an extra £299 out on top of what I thought was the final payment. There's no mention at all of this larger payment in any of the documentation, it indicates 60 payments all of the same amount.

Is this something obvious I've missed, or are they taking the piss?

They take it as deposit on your next car mate, so you don’t have to pull money out straight away.
 
It’ll be a final option to purchase fee, normally only charged at a tenner mind and should be either on your finance paperwork or your initial invoice.

Still worth a ring.
 
Morning.

Yesterday was the day I paid off my car. However, on checking the bank account, the finance company have taken an extra £299 out on top of what I thought was the final payment. There's no mention at all of this larger payment in any of the documentation, it indicates 60 payments all of the same amount.

Is this something obvious I've missed, or are they taking the piss?

Idiot tax?
 
Mine is due soon, anyone been successful with getting the final balloon payment knocked down at the dealership or do they not play ball with that sort of thing?
 
Morning.

Yesterday was the day I paid off my car. However, on checking the bank account, the finance company have taken an extra £299 out on top of what I thought was the final payment. There's no mention at all of this larger payment in any of the documentation, it indicates 60 payments all of the same amount.

Is this something obvious I've missed, or are they taking the piss?
Fair play for paying it off instead of going the renting route. You now have something to show for your hard earned cash.
 
Morning.

Yesterday was the day I paid off my car. However, on checking the bank account, the finance company have taken an extra £299 out on top of what I thought was the final payment. There's no mention at all of this larger payment in any of the documentation, it indicates 60 payments all of the same amount.

Is this something obvious I've missed, or are they taking the piss?

That would be an administration fee, it usually is in the fine print on the documents. I usually avoid that by paying it off a few months early. Did you not have a similar amount on your first payment, as sometimes they will stick an admin fee on the first and final payment.
 
That would be an administration fee, it usually is in the fine print on the documents. I usually avoid that by paying it off a few months early. Did you not have a similar amount on your first payment, as sometimes they will stick an admin fee on the first and final payment.

I'll check, ta.
 
There's no fine print on any of the documentation, and we kept it all. There's a column on the invoice that's headed 'finance settlement' but that's zero.
 
There's no fine print on any of the documentation, and we kept it all. There's a column on the invoice that's headed 'finance settlement' but that's zero.

Did the dealer not make you aware of the admin fee when he/she was going through the paperwork with you? Every car I have bought the dealers have always made me aware of it whenever I was going through the paperwork with them.
 
Did the dealer not make you aware of the admin fee when he/she was going through the paperwork with you? Every car I have bought the dealers have always made me aware of it whenever I was going through the paperwork with them.

Not as far as we can remember. There's nothing written down anywhere and Mrs Exile is obsessive about this kind of thing.
 

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