I don't think he got ripped off at all. The finance charges is the interest amount he'll be paying over the term of his loan. If he'd purchased a new S2K at $31,000, then the total interest he'll be paying over the term of his loan would be even higher (assuming same interest rate).

 

$23768 + 1660 x 6% in pa = $ 26953.68 + $ 145.5 plates and reg in pa. = $27099.18. $27,099.18- $5000 = $22099.18. financed.

60 months @ 7% = $438.86 mo. total fin charge $ 4233

$22099 divided by 60 = $368.31

$438.86 - $368.31 = $70.55

$70.55 x 60 = $4233.


Do the math next time first.

7% interest is not bad on a 2002 model year anymore, 1 year ago it was high, but greenspan keeps raising rates which directly effect car loans. Credit unions are typically lower by .5 or so. No you did not get screwed if you are happy with the price you paid for the car. The warranty price was alittle high, but it nice to have for peace of mind.

Congratulations on your s2000 and enjoy.

 

Think of a warranty as a way of having a fixed repair costs over the life of the car. You can either pay them as they come up or up front. Usually, you lose a bit since most cars don't need a $1600 repair until much later in life, but you have peace of mind--and no one else can tell you what that is worth.

Otherwise, your deal seems reasonable. The $4161 is simply the interest you'd pay if you take the whole term to pay it off. This is the cost of borrowing money. At least, you get to spread that amount over the life of the loan instead of coming up with $22k up front. Only you can decide if it is worth it.

Cheers

 

how many calculations does it take to show that the stealership was correct.

 

>Nivaq wrote:
[I]

 

Ok so here are the papers




Thanks

 

Hate looking at the Truth in lending and dealership purchase order to match numbers. But let me try this for you.


In a nut shell, above papers says you have agreed to purchase the car for $26,126.45 before tax, title and license.

Anyways, the Civic trade in was a wash. Your $5000 downpayment was used to lower the amount financed to 22,127.34. I just can't add up the numbers close to $22,127.34 my calculation comes to $22,128.14 Anyways that is besides the point.

The point is. Did you agree to purchase the car for $26,126.45? or was it less?

BTW, that dealer prep fee and delivery doc fee is basically BS fee. We don't even charge that much on half million dollar purchase loan through our bank to our customers.

I don't know about you but they basically bought this car for around 19k from someone and sold it to you for over 26k. Are they calling you a sucker here? I think so.

 

oh boy trade-in?
MY'02 had 47k miles?

I'm not going to say it but enjoy your new ride...

 

I would have paid off the civic then bought a used S2000 down the road. Sorry to break it to you here nivaq, but they really screwed you on this one.

Purchase price on that S2000 should've been aruond 21k the max from dealership. And your financed amout should've been around 16k or so.

That is why you never walk in to the dealership without figuring numbers out first. 9 out of 10 times, they will screw you.

 

Yea i did like no research about price before buying. I did the same with the civic and paid a little too much for it.
I hate my dealership!
The service department is terrible. to make an appoitment on a used car you have to talk to your salesman and have him scedual an appointment with the used car mechanic. it never works right and i always get screwed. When i bought the one of the roof latches was broken and they said they had it ordered and it would be here in a week so i made an appointment for a week later. I show up they take my car for 6 hours and then call me saying that they didn't have the part. So I comback in a week and they still dont have it like they said they would. So they replace it with one of a trade in and it worked for a few hours and then i went to snap the latch shut and he hook broke off. I call them and they order a new one and it takes 2 weeks to get. I hate them!