GlennClosson
Junior Member
What is the name of your state? HI
Last week, I traded in my 2004 silverado for a 2005 trailblazer. I kind of got forced into the buy, but for Hawaii, got a pretty good deal since it took nearly 4 hours to negotiate. Anyway, the way dealerships show the price is messed up. They have that 4 box method. In the top left is the Trade in price, Top right is the sticker/overall price, bottom left is how much down, and bottom right is monthly payment. Well, I was trying to get $X down and $X a month. They said that they weren't able to do that. They said with a down payment they could come as close to that as they can. So that means the down payment affects the monthly payment. They said that if I put $X doen I would have payments way higher than I wanted a month. So they told me if I put $Y down, the monthly payments would be about where I wanted them per month. I finally agreed with this price. I was going to finance through their financial institute and was confused by this method because the monthly payment included the interest that institute would be charging. But I like to see a set APR number, but I did not get it until they calculated it out and finalized it. Anyway, I had $Y downpaymen and an apr of 11.5% apr per month. So, I went to a new financial institute and got the new loan to pay off the total bill. They said that I made it in the correct amount of time to have the first financial institute pull back and the new one would pay directly to the dealership. So, since the downpaymeny affect the monthly payment, it seems like the downpayment went towards the total price that we were giving the first financial institute. Final question, if I pay off the dealership/first financial institute, do they keep the $1000 or give it back due to the fact I am paying the total and they were saying down paymen+monthly payment=total?
Last week, I traded in my 2004 silverado for a 2005 trailblazer. I kind of got forced into the buy, but for Hawaii, got a pretty good deal since it took nearly 4 hours to negotiate. Anyway, the way dealerships show the price is messed up. They have that 4 box method. In the top left is the Trade in price, Top right is the sticker/overall price, bottom left is how much down, and bottom right is monthly payment. Well, I was trying to get $X down and $X a month. They said that they weren't able to do that. They said with a down payment they could come as close to that as they can. So that means the down payment affects the monthly payment. They said that if I put $X doen I would have payments way higher than I wanted a month. So they told me if I put $Y down, the monthly payments would be about where I wanted them per month. I finally agreed with this price. I was going to finance through their financial institute and was confused by this method because the monthly payment included the interest that institute would be charging. But I like to see a set APR number, but I did not get it until they calculated it out and finalized it. Anyway, I had $Y downpaymen and an apr of 11.5% apr per month. So, I went to a new financial institute and got the new loan to pay off the total bill. They said that I made it in the correct amount of time to have the first financial institute pull back and the new one would pay directly to the dealership. So, since the downpaymeny affect the monthly payment, it seems like the downpayment went towards the total price that we were giving the first financial institute. Final question, if I pay off the dealership/first financial institute, do they keep the $1000 or give it back due to the fact I am paying the total and they were saying down paymen+monthly payment=total?