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Car Loan- Transfer of Ownership

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  • 29-04-2010 11:26am
    #1
    golfball37
    Registered Users Posts: 4,547 ✭✭✭


    My final payment of a car loan I took out 5 years ago was 40 euro larger than all my previous payments. I rang my bank who told me it was for transfer of ownership !

    Anyone any experience on this, they said it was mentioned in the contract so I asked to see it and now they say will send it but they sent me terms and conditions which were very vague and nothing that had my signature on it.

    I have had problems with this bank before so its my narural inclination not to trust them. Are they correct?


Comments

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    #2
    whippet
    Registered Users Posts: 7,672 ✭✭✭whippet


    I have come across this before on some commercial lease agreements.


  • Options
    #3
    rameire
    Registered Users Posts: 4,127 ✭✭✭rameire


    this is common for car loans.
    teh first and last payment are higher for admin cost reasons.
    there is a way around though
    if you know you are comng up to your last payment.
    what you do is you redeem the payment plan when there are two payments to go, thus they will not look for the extra admin cost.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #4
    cogITere
    Closed Accounts Posts: 12 ✭cogITere


    golfball37 wrote: »
    My final payment of a car loan I took out 5 years ago was 40 euro larger than all my previous payments. I rang my bank who told me it was for transfer of ownership !

    Anyone any experience on this, they said it was mentioned in the contract so I asked to see it and now they say will send it but they sent me terms and conditions which were very vague and nothing that had my signature on it.

    I have had problems with this bank before so its my narural inclination not to trust them. Are they correct?


    This is also know as the "Purchase Instalment" or "Completion Fee" and applies to all Hire Purchase agreements.

    More information on HP can be found on the following website:

    http://www.citizensinformation.ie/categories/money-and-tax/personal-finance/loans-and-credit/hire_purchase


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    #5
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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