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Thread: Moto Finance GAP Insurance on loan agreement

  1. #26
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    Default Re: Moto Finance GAP Insurance on loan agreement

    Afternoon Bill-K, Sorry for the delay I had to go shopping with the other half etc. The first date of my repayment was 26th November 2010 for £397.08 which included the admin fee ( £175 ) then the second payment was 22nd December 2010 for £222.08. The repayments were the same after that and the same date 26th of each month thereafter for £222.08 until this month in July 26th 2013 at £222.08. It is 61 months agreement duration according to my credit agreement. The credit agreement started ( executed ) on the 24th September 2010.

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    Default Re: Moto Finance GAP Insurance on loan agreement

    Sorry GAP INSURANCE was paid in full on the 26th October 2010

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    Default Re: Moto Finance GAP Insurance on loan agreement

    The last payment in 2015 will £371.08 which includes the option to purchase fee ( £149.00 )

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    Default Re: Moto Finance GAP Insurance on loan agreement

    Yeah, I'm OK with the GAP insurance - it's the PPI that is puzzling me. Looking at the figures in your post #26, the loan was for 61 months. I'm guessing from the dates that there was no payment expected for the first month, and although the loan period was for 61 months, only 60 repayments were scheduled. But my problem is this. 60 repayments of £222.08 comes to a Total Amount Payable of £13,324.80. But in post #24, you state that the total due to them including interest is £14,648.80 from day one. That's a difference of £1,324.00. Where did you get the figure of £14,648.80 from - is it in the agreement ?

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    Default Re: Moto Finance GAP Insurance on loan agreement

    Cash price of car is £11.659.99, HP ADVANCE £10.659.99, £1000 Deposit paid , interest £2664.81 for the whole period, Admin fee £175, Optional to purchase fee £149.00. Total altogether is £14,648,80. The interest rate is 5.00% per annum.

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    Default Re: Moto Finance GAP Insurance on loan agreement

    Ah - so this is a HP agreement with a £1000 deposit paid. Sorry - I didn't see that information earlier - if you posted it. So the loan cash advance was actually £10,659.99, and the interest on that loan was £2664.81, making a Total Amount Payable of £13,324.80. If we then add the £175 + £149 total cost of the admin & opt. to purchase fees to this, it brings the TAP to £13,648.80, which concurs with your figures now.

    As I said, 60 repayments of £222.08 comes to a Total Amount Payable of £13,324.80. Adding the £175 + £149 total cost of the admin & opt. to purchase fees to this brings the TAP to £13,648.80, which again concurs with your figures.

    So - it looks as though there was indeed no PPI charged to the account, as all amounts are now accounted for. However, we may be able to make a further test by checking if the interest charged actually reflects the rate of 5% p.a. This is known as 'amortisation,' and I will need to ask my colleague Turboman if this could be done in this case.

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    Default Re: Moto Finance GAP Insurance on loan agreement

    So Bill-K, No PPI was hidden within the £222.08 monthly car premiums!

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    Default Re: Moto Finance GAP Insurance on loan agreement

    That's about it, SAVA05, I regret to report. However, I will try and get Turboman to do an amortisation check - just to ensure that the interest charged does not conceal anyting untoward. We're nowt if not thorough - when we finally get off our @$$es and make an effort !!!

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    Default Re: Moto Finance GAP Insurance on loan agreement

    Morning Bill-K, I just rang Red Sands Insurance and they confirmed there were no PPI active on there system, only GAP insurance. So that's all the confirmation I need and I am going to accept Motonova offer. Thanks for your help.

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    Default Re: Moto Finance GAP Insurance on loan agreement

    OK, SAVA. Sorry we couldn't get you a better result.

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