Marv Bear....22% and 48 months

[hntr5909]

that is what we were offered with a Ford Dealership...price is 10995.00 with 1k down...but they are saying our payments are 400.00...how did they figure that one? I went to all kinds of calculators and I don't even come close to thtat.

[MarvBear]

What is the amount of the carry?

[hntr5909]

The amount of the carry?

 

The car is 10995.00 w/ 1k down..does that help...btw I saw your sucess story..I need to hire you..lol

[MarvBear]

carry= total amount to be financed.

[hntr5909]

oooooo not sure they just said 22% for 48 months on the car 10995 with 1 k down.

[nicnac]

oooooo not sure they just said 22% for 48 months on the car 10995 with 1 k down.

 

Are you taking into account TT&L, warranty, etc? That may be where the discrepency is.

[jocktheglide]

man thats nearly double what your paying for that car. man can you finance elswhere instead of dealership?

[MarvBear]

400x48x22% = a carry of roughly $12700.00

[hoss79]

that is what we were offered with a Ford Dealership...price is 10995.00 with 1k down...but they are saying our payments are 400.00...how did they figure that one? I went to all kinds of calculators and I don't even come close to thtat.

 

It should be a crime to charge someone 22% to drive a vehicle.

[MarvBear]

Well it's not. I did one today at 25.90%

[Guest ernestb48104]

Marv the way you help us IM shocked. Then again I dont know what his/her credit report looked like. Must be a huge risk.

 

I thought when the credit was bad they simply get denied.

 

WOW

[MarvBear]

Low 400 credit score, rate commensurate with risk of loan.

[hntr5909]

It should be a crime..but its not....and I don't have a cosigner or money in the bank to buy a beater as someone stated.

 

What bothers me is they won't budge on the price ...refuse to fill the car with a full tank of gas......yeah we are going to wait and go elsewhere.

[hoapres]

Even 300's along with multiple BK's or repos can sometimes be financed although at rates that I would consider exorbinant. The issue of should loans with 25%+ interest rate be legal is an issue probably better addressed outside the auto finance forum.

[hntr5909]

Honestly that is a bill I might be interested it...consider this..there are banks that are going to need to lend to at risk...but I think more than 16.5 is consider greedy. I know this is me talking .