hi all my wifes just had a car on finance but the agreement dont make sence to us we gave the garage a deposit but the deposit we gave we also have to give it to the finance company

here are the details

the car was up for sale at £4795

the garage gave us a trade in on our old car of £1000 + we had to give the £645 cash =£1645

the finance company lent us £3150 there interest charges £1822 = £4972

but we have to pay back £6617

so the credit price £4972+ our deposit which we gave the garage =£6617 the price of the finance

why do we have to pay the finance our deposit when we gave it the garage and the finance didnt lend it us

if any one has any idea as we are lost as whats gone on

many thanks

Dynamite40,

You don't have to pay the deposit to the finance company The schedule on the Finance agreement must mirror that of the invoice from the dealership hence the deposit appears on the documents.

The total amount payable for the car, under the agreement that you have struck with the other two parties (Finance co and dealership) comprises of; Amount to Finance + Interest and other Charges for Credit + Deposit (Net px value and cash).

Hope this sets it straight for you.

JJ

many thanks for you help we understand now

thank you