Advice on car credit - final payment.

Discussion in 'SMB' started by The Exile, May 17, 2018.

  1. The Exile

    The Exile Striker

    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?
     
  2. HABA87

    HABA87 Winger

    Have you rang them and asked?
     
    ShoutyBearHead and WhoAreYa73 like this.
  3. WhoAreYa73

    WhoAreYa73 Midfield

    That would be the sensible thing to do like.
     
  4. Give them a ring ffs :lol:
     
  5. WhoAreYa73

    WhoAreYa73 Midfield

    They take it as deposit on your next car mate, so you don’t have to pull money out straight away.
     
  6. Cheeky buggers.
     
  7. Goat Eyes

    Goat Eyes Striker

    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.
     
    The Exile likes this.
  8. Idiot tax?
     
  9. boz mccoy

    boz mccoy Full Back

    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?
     
  10. The Exile

    The Exile Striker

    At 6am? I think there's only me in the world awake at that point ;)
     
  11. yamar1

    yamar1 Winger

    Fair play for paying it off instead of going the renting route. You now have something to show for your hard earned cash.
     
    JohnKay likes this.
  12. Think you are the only one who gets charged this marra. ;)
     
    The Exile and lambro like this.
  13. Albay3037

    Albay3037 Winger

    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.
     
  14. The Exile

    The Exile Striker

    I'll check, ta.
     
  15. All my vehicles were paid in full at time of purchase marra.
     
  16. The Exile

    The Exile Striker

    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.
     
  17. Albay3037

    Albay3037 Winger

    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.
     
  18. The Exile

    The Exile Striker

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

    WHD Striker

    I think it might be what is know as a balloon payment.
     
  20. AndrewP

    AndrewP Striker

    Direct debit guarantee the fucker.
     

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