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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: ifontaine (Nov 17, 2009 10:42 am)
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Replying to: lrguy44 (Nov 17, 2009 11:39 am) Purchase Price: $27,800 Doc. Fee: $250 Trade: ($2,000) Net Price: $26,050 Tax (7.00%): $1,823.50 Title Fee: $33.50 GRAND TOTAL: $27,907 Down Payment: ($11,000) Amount Financed: $16,907 Interest Rate: 3.9% Term 63 mos Payment: $297.21/mo But when I got to closing the payment was over $301. If it was a forgotten fee, then why would the F&I guy tear it up and print out a new one? Why wouldn't he explain where I was mistaken on my numbers? |
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Replying to: ifontaine (Nov 17, 2009 10:42 am) Precisely! So the question remains: Why would you think it's anything more than a "glitch?" You've never punched incorrect numbers into a calculator or computer? tidester, host SUVs and Smart Shopper
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Replying to: tidester (Nov 17, 2009 1:55 pm) Of course I've punched in wrong numbers before. But if that's the case, why not say, "Oh, I fat fingered it?" instead of blaming it on the computer? Especially when the bill of sale is correct with the above numbers? And the Interest rate and term of payments is correct? How do you make that "mistake"? If the "Amount Financed" is the same on both documents at $16,907, where does the mistake happen?
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Replying to: ifontaine (Nov 17, 2009 2:37 pm) I wasn't expressing any opinion. I simply wonder how, on the basis of a single transaction, you might infer that (a) it was actually payment packing and that (b) it is widespread. Just curious.  tidester, host SUVs and Smart Shopper
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Replying to: tidester (Nov 17, 2009 4:20 pm) But if you recall my original post, I came here looking to see if it was a wide spread "business as normal" approach. I read previous posts in this thread as well, and was hoping to get other people's accounts as to whether or not they knew if this had happened to them.
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Replying to: ifontaine (Nov 17, 2009 6:53 pm) I'd like to know too. Perhaps others will jump in and tell us their stories. Anyone? tidester, host SUVs and Smart Shopper |
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Replying to: ifontaine (Nov 17, 2009 5:48 am) There is always the chance a fee or something isn't in their right and then you get the guy with the spread sheet or Financial calculator who will take you to task over $2.85 a month. Here is one scenario where payments can get skewed a little and the F&I guy won't notice right off. We have a bank that we no longer use for financing but it is still in our menu as the first bank on the list. Why? Probably because it costs money to have it removed by R&R. Anyway this bank always charged a bank fee of XXX dollars. When I make a deal as a finance it defaults to that bank unless I change it to a cash deal or some other bank. That fee is worked into the deal already in the back. Even if you switch to a different bank that fee gets left on their unless you delete in manually from the back screen. You work your payments and I work mine they come out 3 something bucks different because we all forgot the bank fee. You can't get charged the bank fee even if no one caught it because when the office reconciles the deal they won't be able to get the numbers to zero out. Its just like if you overpay a state fee things won't zero out and the back office will send you a check for the difference.
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Replying to: british_rover (Nov 18, 2009 10:50 am)
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Replying to: lrguy44 (Nov 18, 2009 11:42 am) Most banks default to 45 days but if for some reason it was 30 days or 60 days or whatever days if they were running a promotion that would drastically change the payment. |
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