Peugeot finance....
Discussion
You would usually be entitled to a discount on the interest charged when redeeming under the consumer credit act.
If you can't find the agreement ask them for a duplicate (they may charge £1 again under the CCA). If the agreement is fairly recent it may show approximate redemption amounts at various points in the loan, ie 12 months, 24 months etc.
If you have paid half the total amount due you may also consider a voluntary termination?
If you can't find the agreement ask them for a duplicate (they may charge £1 again under the CCA). If the agreement is fairly recent it may show approximate redemption amounts at various points in the loan, ie 12 months, 24 months etc.
If you have paid half the total amount due you may also consider a voluntary termination?
IL_JDM said:
Well, before I met Mrs IL_JDM she decided to buy a Peugeot 307 on finance.
2 Problems there really, (1) She bought a Peugeot 307 and (2) She bought a Peugeot 307 on their finance terms.
I can't do anything about the amazing French piece of engineering which sits on the drive, apart from maintain it using frogs and cheese, though feel there is a way we can avoid being 'Pwned' (see google) by the finance agreement.
We now have the funds to pay the rest of the finance off, though Peugeot seem to think they can charge the 'lost interest' if we were to repay the vehicle early. This basically means it's completely pointless and would be better off with the money in the savings account.
Is this actually legal? I've attempted to look for the finance documents behind the pile of non-ironed banana-man costumes which I own, though so far been unsuccessful. I'm pretty certain that they would only be able to charge for the lost interest up until the next interest is calculated (annually), but they seem to think they can charge 18months worth.
Arse.
I'd be surprised if they could do that.2 Problems there really, (1) She bought a Peugeot 307 and (2) She bought a Peugeot 307 on their finance terms.
I can't do anything about the amazing French piece of engineering which sits on the drive, apart from maintain it using frogs and cheese, though feel there is a way we can avoid being 'Pwned' (see google) by the finance agreement.
We now have the funds to pay the rest of the finance off, though Peugeot seem to think they can charge the 'lost interest' if we were to repay the vehicle early. This basically means it's completely pointless and would be better off with the money in the savings account.
Is this actually legal? I've attempted to look for the finance documents behind the pile of non-ironed banana-man costumes which I own, though so far been unsuccessful. I'm pretty certain that they would only be able to charge for the lost interest up until the next interest is calculated (annually), but they seem to think they can charge 18months worth.
Arse.
Edited by IL_JDM on Thursday 17th September 12:24
Most finance settlement figures i've requested have been along the lines of :
cost to settle 8k
interest discount for early settlement £800 balance to pay £7200
They normally make it clear when calling.
As the other poster suggested ask for a copy of her finance agreement, they are legally bound to give you a copy (if you pay £1).
Is the finance with Peugeot themselves or another finance company? More than likely, if it's with Peugeot, it should be regulated so they can't charge silly amounts but if it's with A.N.Other Company and they have a disclosure on the original docs, you may find yourself running short of new bananman outfits for a little while. PM me if you want more info on this.
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