Setting a car loan

[jcard21 xxxxxxx]

On Sat, Feb 21, 2015 at 12:08 PM, Andy Pastuszak <apastuszak at gmail.com> wrote:
> • Loan Principle Value $16,261.32
> • Loan Duration (number of years) 5 years (61 payments)
> • Loan Interest Rate 3.89%
> • Your Payment Frequency (monthly?) monthly
> • Bank's Required Monthly Payment Amount $299.11
>
> Car was purchased on 12/22/2014.  First payment was due on 2/5/2015.

Using your figures ($16,261.32 principle, 61 months, 3.89%) , I get a
monthly payment of $294.23 (using my Texas Instruments BA-II financial
calculator.)

Using 60 months, I get a monthly payment of $298.67, a lot closer to
the dealer's amount.

Could you and the dealer have included any other fees (motor vehicle
registration, under-body weatherproofing, etc) totaling $269.46 on top
of your loan principle of $16,261.32, so your actual/real loan
principle would be the $16,530.78 ?

A Loan Principle of $16,530.78 would give you a monthly payment of $299.11?

I'd go back to the dealer and politely ask them to explain why your
calculated monthly payment  doesn't equal their monthly payment of
$299.11.

I'd start by verifying with the dealer the number of months/payments
(60 or 61), and I'd verify the Loan Principle ($16,261.32 or
16,530.78).

I hope this helps.

-- 
jcard21