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Volvo Car Advantage PCP interest rate query

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Old Jan 27th, 2017, 22:53   #11
Exsee90
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Originally Posted by nu11eaf View Post
Without knowing the full terms and figures its hard to offer any more help, hope you get to the bottom of it.
Thanks, I was just wondering if there is anyone else out there on a pcp and if their figures match the flat rate, will have to try dealer next week to see what is going on
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Old Jan 27th, 2017, 23:34   #12
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I got 3.04%
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Old Jan 27th, 2017, 23:48   #13
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I got 3.04%
Thanks for reply, that's the rate it states on my agreement as well, does it check out on yours though? total interest should be loan amount x 3.04% x number of years of loan
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Old Jan 28th, 2017, 01:22   #14
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Cant say ive worked it out. I just went on the monthly figure im paying when agreeing to the deal.
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Old Jan 28th, 2017, 01:53   #15
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Cant say ive worked it out. I just went on the monthly figure im paying when agreeing to the deal.
Same as me, was told loan amount, a monthly figure and residual, with the 3 percent figure I could roughly work out total interest I would pay no problem, there was no reason to question Volvo figures but looking now there is no figure on pre-agreement for actual interest charged, I had asked dealer for a copy of final agreement but I don't get that until I collect the car, it was only in a moment of boredom or lack of detail I just calculated how much my payments added up to that I got the discrepancy which adds up to around 60% more in interest paid over the 4 years, that is a big difference

I just looked back at a quote I got for a RRS on a PCP agreement last November when looking at different options and using my calculations it works out to the penny correctly so think with that and an old BMW pcp agreement that also works out something must be amiss with Volvos figures I was given
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Old Jan 28th, 2017, 02:12   #16
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they show the flat rate as 3.04% but the annual percentage rate is 5.9% which I think is charged monthly or even daily .I am not sure how they work percentage rates out but I think the figures are right as per Volvo quote but you need a mathematician to work it out or a programme which works out the figures which is probably what Volvo have. We need a banker to do the figures I just pay the monthly figure as I am sure they have to give these quotes in accordance with some regulations.
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Old Jan 28th, 2017, 11:34   #17
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they show the flat rate as 3.04% but the annual percentage rate is 5.9% which I think is charged monthly or even daily .I am not sure how they work percentage rates out but I think the figures are right as per Volvo quote but you need a mathematician to work it out or a programme which works out the figures which is probably what Volvo have. We need a banker to do the figures I just pay the monthly figure as I am sure they have to give these quotes in accordance with some regulations.
Your right about Apr is is virtually impossible to work out but in loan agreement it says Apr is for comparrison only and loan is based on flat rate figure, which is easy to work out as interest is charged on the whole loan amount over the period of agreement which is why normally a flat rate shows lower than Apr as Apr takes into account payments made
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