Quote:
Originally Posted by Rabbity
Because obviously if i went through with financing it for 72months that the dealership would make close to 12k in profit? From the salesguys perspective I would count that as a win..until I paid the car off early.
|
I'd love to see your credit score if the dealer is making 12k in profit off of your loan.
Just playing with the numbers, but if the purchase price is 32K with 6% tax (i dont know what it is in Connecticut) and ~500 in fees, you are looking at 34.5k OTD. Put down 15k that leaves 19.5k for the loan. Add 12k in "dealer profit" and you get 31.5k. Divide that by 72 months and you get 437.5. To get to a monthly payment of 437.5 you would need to be approved for
72mo @ 17.25%. 