This Is my own opinion and from my own…
This Is my own opinion and from my own experiance of this company
I purchased a vehicle from the car shop Wakefield Branch on 30 April 2023 . I paid £24738.00 for the car . Six months later i decided the car wasn't the best fit for a couple of reasons so i took it back to the same dealer they offered me circa 13k for it . WOW , bearing in mind the vehicle in question had very low millage for its year and was one of the better models for holding its value . HoweverThat isn't my main reason for making this review , they use Motonovo finance , it is very very important that motonovos T&Cs are checked prior to signing on the dotted line , its my opinion that Clause 1.6 of there T&Cs does not make it clear how the interest on the loan is calculated and applied to the agreement . there are two types of interest usually used one is simple interest and the other precomputed or add on interest . So the rate of interest on the principle amount is calculated and multiplied for each year of the agreement . So on a five year agreement one is still paying interest on the original loan amount even though the original loan amount at year five has been substantially reduced . They then to add insult to injury front load the agreement with the interest so when they say the interest rate on the loan is 8.73%pa the actual amount added to my loan was circa 30% of the original amount borrowed. It is not clear how they have calculated the interest and therefore the agreement could be void , The FCA rules state that a finance agreement can not be miss leading , un fair or one sided . The good news is on a HP agreement one can voluntary terminate the agreement at the 50% point on a PCP its more like the 2/3rds point . I have just VTd the agreement and i would never never never walk in to one of these car supermarkets dealerships again always check whcih type of interest they are pushing the difference in cost to the buyer can be enormous . I dont know how this is legal