Hi..
I got a question about PCP deal. Basically I bought a car from VW retailer. The full price is £23728.05 and I paid deposit of £6315. So it works out total amount I own VW is £17413.05. The APR is 4.89% for 4 years. So they told me the monthly repayment is £254.38. and the final optional payment is £7875. So I assume the loan I take out is £17413.05-£7875=£9538. So then I put in this number to the loan calculator and it comes out £218.72. This is where I am getting confused. Why the difference? Can anyone shed me some light here. I am getting a bit worry that I am paying what I suppose to pay. Appreciate if anyone can sort out this math for me. Thanks.
I got a question about PCP deal. Basically I bought a car from VW retailer. The full price is £23728.05 and I paid deposit of £6315. So it works out total amount I own VW is £17413.05. The APR is 4.89% for 4 years. So they told me the monthly repayment is £254.38. and the final optional payment is £7875. So I assume the loan I take out is £17413.05-£7875=£9538. So then I put in this number to the loan calculator and it comes out £218.72. This is where I am getting confused. Why the difference? Can anyone shed me some light here. I am getting a bit worry that I am paying what I suppose to pay. Appreciate if anyone can sort out this math for me. Thanks.