i just got an auto loan for $8200 with 6.25% APR. sounds good right? well heres the problem. on the sales contract listing the financing details heres whats listed:
term is 60 months, 6.25% APR, $8200 financed. thats well and good.
but heres the swirly part. Finance charge is listed as $4280. this is supposed to be based off APR and amount financed and this value from what ive found is way to high.
this results in my payments being about 48 dollars higher,a nd as a result my total price payed at the end of the of the 5 years is $12480.
the auto loan calculators ive tried online show payments of $159
the contract shows $208 payments. the problem appears to be the finance charge as being calculated way to high. everything ive found
points to it being way to high.
this is supposed to be financed through a third party, a credit union. the dealer was supposed to set things up for me. seeing as the math is completely screwed, but im only getting $8200 financed at 6.25% apr through the credit union im curious as to how this is gonna work out. the dealers contract shows one things, but everything else shows another.
i have a separate sale contract showing the final price of $8200 after tax title and my down payment. so what i owe and the interest rate can’t be disputed. but the financing numbers on the other contract are bogus.
of course this is the day after. go me i wait till now to research this crap. 
Duane
