Finance Question: Auto Financing Calculations

[Ilmater]

OK, could someone please tell me if I'm doing this wrong? If I'm getting 4.9% financing for 60 months, and my monthly payments will be $436, isn't the loan amount ~$23,150?

Edit: I wanted to add that this would mean I'm getting my 2006 Acura TSX for:

$26,051 - Invoice w/ delivery
$459 - MP3 Option
$140 - extra (some small options, and probably some mark-up)
($3,500) - Trade-in
-------------------------
$23,150

That's a ridiculous deal for that car.

 

[iamwiz82]

Are you leasing or financing? You used both terms. But yes, $23k @ 4.9% for 60 mo is $430ish.

 

[Ilmater]

Originally posted by: iamwiz82
Are you leasing or financing? You used both terms. But yes, $23k @ 4.9% for 60 mo is $430ish.

Sorry, financing. (fixed above)

 

[Zenmervolt]

Originally posted by: Ilmater
OK, could someone please tell me if I'm doing this wrong? If I'm getting 4.9% financing for 60 months, and my monthly payments will be $436, isn't the lease amount ~$23,150?

Edit: I wanted to add that this would mean I'm getting my 2006 Acura TSX for:

$26,051 - Invoice w/ delivery
$459 - MP3 Option
$140 - extra (some small options, and probably some mark-up)
($3,500) - Trade-in
-------------------------
$23,150

That's a ridiculous deal for that car.

Yes, you're right.

$23,150 at 4.9% for 60 months is $435.81/month.

You are paying $2,998.60 in interest over the life of the loan. $1,041.11 in interest the first year, $831.20 in interest the second year, $610.76 in interest the 3rd year, $379.28 in interest the 4th year, and $136.20 in interest the 5th year.

Total payout on the loan is $26,148.60.

ZV

 

[xrax]

the trade in is like a down payment. Usually you get that off the sales tax though.
Any online mortgage/finance calculator will be able to calculate the details of a loan.

http://www.bankrate.com/brm/calculators/autos.asp

 

[iamwiz82]

BTW, you didn't factor in TTL.

 

[tfinch2]

http://www.lzpcpa.com/calcpersonal.html

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