Quote:
Originally Posted by thermobox
Ummm. No. 20 bucks for every 1k usually includes your APR. There is no way that they reduced the payment by 100 a month unless they had the car marked up 5k.
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Um, yes. And you are a salesman? Shame on you.
Suppose his APR was 12.5% with $22000 borrowed. Lowering the APR to 2.9% would drop the payments by $100. And yes, several people here bought the car with an APR much higher than 12.5% believe it or not. Insane.
It's possible he initially had a deal with no co-signer...after bringing his parents along(and co-signing), the new rate was 2.9
Check for yourself, and that's only one scenario, I could find dozens by playing with the APR not to mention the loan term. I shouldn't have to tell you this, you already know that trick: "how much do you want to pay a month?" ring a bell?