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Let me guess...you told the salesman you only wanted to pay $200 a month and he said something like "We can make that work." There you go! You bought a payment, not a car.
No, actually I found a car for what i was wanting to spend and then went to my credit union, who I have been with for years, and applied for the amount. They approved it and set it up for 5 years. They never asked me how many years I wanted the loan to be.
-you did not pay 6700 for the car
-the interest is not 5%
-the term is not 60 months
-the required payment is not 210/mth
Im going to have to talk with the people at the credit union, I dont think they would do anything sketchy, as Ive been a good customer over the years. Plus, this is where everyone in my family goes for their car loans.
Im going to have to talk with the people at the credit union, I dont think they would do anything sketchy, as Ive been a good customer over the years. Plus, this is where everyone in my family goes for their car loans.
Yea, definitely don't let that go. Check your loan and see how many payments it says you have left. Maybe they put you on a 36 month loan. Even that seems high though. If they tell you that's the deal I would immediately refinance somewhere else because that's not right.
Regarding the OP about the home loan, your interest rate was still only a small percent but that's a year interest rate. Over 30 years it's compounded so you end up paying a ton. I'm looking at homes now and it's a hard pill to swallow seeing the "total interest paid" for a home loan. In most cases the property appreciation will outrun the interest costs though, especially for any home bought in the early 80s. Even 90s. I was just looking at the houses of my relatives bought anywhere from 1983 to 1995 and all have increased at least three-fold over that time span.
Years ago I took out an auto loan through my credit union, and an error no one caught was that somehow (not the paperwork though), it showed I took a loan out for the full amount I sought approval for, so it was around $3000 more than what I paid. Everyone understood what happened and the simplest solution which I agreed with was for the dealer to just cut a check to me for the amount. But my payment was including that $3000 extra.
Im going to have to talk with the people at the credit union, I dont think they would do anything sketchy, as Ive been a good customer over the years. Plus, this is where everyone in my family goes for their car loans.
Did they add credit life or disability insurance to the loan?
Is there some kind of GAP insurance on the loan?
I have a 2006 Hyundai Tucson, bought it used with 70K for around $6700.
Financed it thru my credit union who ive been with for over 10 yrs.
Payments are $210 a month for 5 years, and when I paid it off, I will have paid $12,600, so the credit union is basically doubling their money!?
I noticed the same thing years ago when I was married and bought a house, the house was listed for $120K, our monthly payment for 30 yrs was around $850. If we made all the payments, we would have paid $306,000! That means our real interest rate was over 100%...right?
Well, we have 0% financing, so not an issue for us.
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