MachTee
Well-Known Member
- First Name
- Andy
- Joined
- Jun 9, 2021
- Threads
- 5
- Messages
- 368
- Reaction score
- 573
- Location
- USA
- Vehicles
- MME Premium Infinite Blue SR AWD
- Thread starter
- #1
I made a deal to trade in one of my cars (not my MME!). Basically my car plus $500 is the cost of the new car, so I'd only be charged sales tax on $500. Day before my scheduled pickup, I emailed my salesman to confirm some details, and realized that I'd be taxed on ~$20K because that's what they want me to finance for a minimum of 4 months. I own the car I'm trading so the dealership was going to cut me a check for the amount financed. I refused as tax on the $20K is ~$1200. I made them the offer of splitting the sales tax that I would've had to pay with the dealership, or to finance half the amount they wanted me to. Either method I'd only be taxed on $10K. They refused and I canceled the deal.
I'm genuinely curious. How much can they possibly make off the bank on a $20K loan, that I fully intend to pay off in the 4 months that they stipulated? A $20K loan at 2.9% over 60 months is about $1500 in interest, never mind that I'll pay it off in just 4 months. Let's say the bank cuts them half of the interest I would have had to pay, which surely cannot be that much, how can they turn down my offer of an extra $600?
I'm genuinely curious. How much can they possibly make off the bank on a $20K loan, that I fully intend to pay off in the 4 months that they stipulated? A $20K loan at 2.9% over 60 months is about $1500 in interest, never mind that I'll pay it off in just 4 months. Let's say the bank cuts them half of the interest I would have had to pay, which surely cannot be that much, how can they turn down my offer of an extra $600?
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