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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 116173
Experience:  Attorney experienced in commercial litigation.
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I bought a car, the price was $8,995.00. I paid $2,000.00

Customer Question

I bought a car, the price was $8,995.00. I paid $2,000.00 down and agreed to pay $1,500 more towards the down payment-$500.00 a month for the next three months. I have 23 payments of $350.00 and 1 payment of $286.28. The amount they said on the contract that was being financed is $6,710.16. If I'm paying $3,500 for the down payment, shouldn't the amount financed be $5,495.00. I'm confused!
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You are correct, if they gave you credit for $3500 then they have financed the wrong amount listed and you need to get the contract corrected. If you paid 2000 first, then there is a balance of 6995 and then the remaining 1500 would bring it down to 5500 approximately so their numbers are not correct or they are charging you more for the car than you agreed upon. Of course the total amount to repay would include interest as well, so you will end up paying more than 8995 for the car when interest is figured in. Are you figuring the interest into the finance amounts, because that could be where you are off with your calculated amounts.

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