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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 110473
Experience:  Attorney experienced in commercial litigation.
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I am buying a car and need help....I went to the dealership

Customer Question

I am buying a car and need help....I went to the dealership wanting a 2016 Dodge Grand Caravan AVP. I had an online quote of 16340. I know my credit is bad in the 500 range. I got a loan for 72 months at 16.9%. I also am receiving a 1500 manufacturer rebate which was included in the pride of car. So I should be paying 17840 for the car and then will be applying the 1500 towards the car as down payment which brings it down to 16340. I live in NJ with a 7% sales tax. Also all registration tags etc are included in the loan. Bot***** *****ne is the total loan I need is 20,000 according to the dealership. The dealership said that my total monthly bill would be 572 per month. In my opinion that doesn't add up. I used a loan calculator and a loan for 72 months at 20000 with a 16.9 interest rate gave me 475 per month. Can you let me know if my math is correct and how much I should be paying per month. Also I signed some paperwork for my registration etc but did not sign anything for the loan yet. I have to go back tomorrow for this. If I don't like what I am seeing can I still back out of the deal since I didn't sign anything for the loan yet? Thanks
Submitted: 6 months ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 6 months 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.
The total cost of the loan for $20,000 at 72 months at 16.9% is $31,954, with monthly payments of about $444. See:
If you have not signed any loan agreement, but have signed a purchase agreement, they could still try to bind you to the sale, but realistically they will not pursue it if you refuse to sign the loan based on it being on terms that are unacceptable to you.
I would go back to the dealer and tell them essentially you do not like the loan agreement and it is not fair to you so you will not agree to it. Tell them if they cannot get a better agreement for the loan with payments as shown by the loan calculator, then you will cancel the sale and walk away. They may tell you that you cannot and try to bully you, but you really can and the chances of them doing anything about it are slim to none even if you signed the purchase agreement and you should ask them to see the purchase agreement you signed and when they show it to you tear it up in front of them.

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