Key financial information incorrect?
Key financial information incorrect?
Author
Discussion

shouldbworking

Original Poster:

4,801 posts

242 months

Wednesday 28th November 2012
quotequote all
hypothetical land here..

The APR on a HP agreement is listed in the key financials as X, however, determining it via online calculators indicate it is not that, it is in fact Y. Y is listed at the bottom of the key financials as 'Interest at an equivalent rate of Y is charged n the amount of credit from the date of first payment blah blah'

Does this mean the agreement is technically invalid? am I being dense and using the online calculator should not be expected to come out with X?

mcflurry

9,191 posts

283 months

Wednesday 28th November 2012
quotequote all
Are both calculations based on exactly the same amounts and criteria?

crazy about cars

4,454 posts

199 months

Wednesday 28th November 2012
quotequote all
Sometimes there might be a percentage of admin charge applied to the calculations from the finance provider.

shouldbworking

Original Poster:

4,801 posts

242 months

Wednesday 28th November 2012
quotequote all
The calculations via both the online calculator and on the agreement have the same admin charges included.

Interest doesn't look to be charged on these values, with them just being lumped on the charge for credit.