cmyers_uk
Member Since: 10 Apr 2005
Location: Near Bristol, UK
Posts: 433
 
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Swiss Tony
Quote:that aa statement is a bit rubbish really as it is very difficult (if not impossible) to work out a finance figure from using an apr. you have to use a flat rate
I dont understand why you cant work out the finance figure using a APR. My understanding was the whole point of APR was it took all the fees and the interest to work out the percentage and gave you a single figure that allowed you to compare between companies.
In this case it was no missunderstanding. I had quoted that my finance was at 6.4% APR and was told they could beat that with 3.99%. Luckly I read the forms provided by the finance company who did quote APR and annual interest and it was clear that the deal they were offering was only good for one person and it wasnt me.
By the way the real rate was not down to fees or gap insurance. The garages workings when I questioned them on how they got to 3.99% was to take the initial amount borrowed * 3.99% * term = amount of interest charged. Totally missing the point that you borrow x but each month pay off some of the capital.
I may be wrong and it was all an innocent mistake, however I spent £42K in total and it left a very sour taste in my mouth and I wont be going back. Well apart to get the bits that they couldnt get right the first time fixed.
Regards
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 25th Mar 2007 2:33 am |
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