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The car was £14k.
£5k deposit was paid.
That is £9000 to fund.
I would guess £300 had been paid off the capitol if two payments made, £150 in capitol and around £130 interest, but that is just a guess.
Say it was only £200 in capitol, interest stays the same of course.
But that would mean there should have been £8800 to settle the agreement.
Now, they are legally allowed to charge another months interest, which is around £140, taking it back up to £8940 or thereabouts, but no more than that.
So the question you need to ask them, and you want to see a statement, why were they asking £9800 to clear the finance when there was only £9000 financed?
To be fair, I think the insurance payout was about right, I think she paid too much for the car, and that is not their fault.
If you are paying near list for a 2 year old car then alway take out Return To Invoice Insurance for any shortfall, £5000 of cover over 48 months should be around £120 max with a 3rd party.
But I would want to know why the settlement figure is more than you borrowed. |
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