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Hmmmm... Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Mon, 28 Feb 2011 16:17:51 In Reply to: finance error?, LesH, Sun, 27 Feb 2011 17:43:31 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Perhaps there was an error in quoting the payoff or balance. Perhaps the lender still works with "The rule of 78" in which case the finance charge is included in the amount owed. As opposed to simple interest where the principle and interest are recalculated every month.
I can't imagine a $5k error in purchasing a car from a dealer unless the buyer was very happy to get financing at any cost so to speak.
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