Auto loan question on new purchase? | Finance Talking Hub

i just got an auto loan for $8200 with 6.25% APR. sounds good right? well heres the problem. on the sales contract listing the financing details heres whats listed:

term is 60 months, 6.25% APR, $8200 financed. thats well and good.

but heres the swirly part. Finance charge is listed as $4280. this is supposed to be based off APR and amount financed and this value from what ive found is way to high.

this results in my payments being about 48 dollars higher,a nd as a result my total price payed at the end of the of the 5 years is $12480.

the auto loan calculators ive tried online show payments of $159

the contract shows $208 payments. the problem appears to be the finance charge as being calculated way to high. everything ive found
points to it being way to high.

this is supposed to be financed through a third party, a credit union. the dealer was supposed to set things up for me. seeing as the math is completely screwed, but im only getting $8200 financed at 6.25% apr through the credit union im curious as to how this is gonna work out. the dealers contract shows one things, but everything else shows another.

i have a separate sale contract showing the final price of $8200 after tax title and my down payment. so what i owe and the interest rate can't be disputed. but the financing numbers on the other contract are bogus.

of course this is the day after. go me i wait till now to research this crap.

Well, to be honest all dealers (third party or not) try to screw you one way or the other. I used to sell cars back in the day and? Kind of sounds a little fishy to me. from what you said, the dealer is trying to profit a little cash off the deal. you see, the dealer (on a normal basis) will profit about $2,000 dollars off the deal all said and done. from the looks of what's going on they are trying to pocket a bit more than what's been agreed. I'm not really sure your credit score but, many dealers will take your lack of FICO score and base it on your judgment on purchasing a car. in other words? if you have OK to decent credit, the dealer takes it as you don't know how to shop smart. thus leading to huge interest rates or even a $12,000 dollar car when you should only pay 9k. the only way to make sure you're getting your money's worth is contacting the loan department of the finance company ASAP. What you may not know is, you have 15 days to dispute anything your not aware of, or better known as "fraudulent sales department". I will tell you that you have a better chance of fighting it, and getting the deal uncompleted then you do moaning about it. I do wish you the best of luck on your dispute. Don't waste any time!

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