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The Water Cooler
General Discussion
Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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<blockquote data-quote="Rod Snell" data-source="post: 2860150" data-attributes="member: 796"><p>It goes without saying that it pays for the buyer to calculate the charges yourself, not take the word of a salesman that the finance charge is "X".</p><p>There are often superfluous "fees" and penalties, even if you pay the note off early.</p><p></p><p>When teaching remedial math ( 0 level class) at WOSC, I would ask volunteers to bring in their information on car purchases, then we would add up all the costs and figure the actual % added to the stated purchase price. One young lady bought a mustang for 10,000 and was told her loan APR was very low. Adding up all her payments, she actually paid $14,000 for the $10,000 mustang on a 3 year note. She had the car for a year, and when she went back after our lesson and asked for the payoff amount on the note, she was told she would have to pay nearly all the total of remaining payments as "an early payment penalty." </p><p>Caveat Emptor.</p></blockquote><p></p>
[QUOTE="Rod Snell, post: 2860150, member: 796"] It goes without saying that it pays for the buyer to calculate the charges yourself, not take the word of a salesman that the finance charge is "X". There are often superfluous "fees" and penalties, even if you pay the note off early. When teaching remedial math ( 0 level class) at WOSC, I would ask volunteers to bring in their information on car purchases, then we would add up all the costs and figure the actual % added to the stated purchase price. One young lady bought a mustang for 10,000 and was told her loan APR was very low. Adding up all her payments, she actually paid $14,000 for the $10,000 mustang on a 3 year note. She had the car for a year, and when she went back after our lesson and asked for the payoff amount on the note, she was told she would have to pay nearly all the total of remaining payments as "an early payment penalty." Caveat Emptor. [/QUOTE]
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Why was Car Salesman pushing me to finance my vehicle when I said I had cash?
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