We purchased a vehicle in December 2012, financed by MFC. The TOTAL amount financed was 47, 134.91. Six months later, in May 2013, I was dismayed to see that we had an amount of 11, 900.89 added to our account under the heading "Initial Finance Charges". The amount owing at that point was 55, 544.86, substantially more than what was agreed upon at the time of purchase. I signed NO agreement to accept a new amount, and was never advised of it. No-one at MFC appears to be able to answer my query; Why has this amount been added to my account, who approved it, how was it calculated?
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