Quick math....at dealer now

[jaay11]

Guys. Looking at loaded 2009 m3 sedan with dct and the works. What is compound interest on 60mo loan at 3.9%. Loan amount is 67k. I need quick interest amount. Thanks

[Ali.K_BMW]

[TLud]

You'll be paying approximately $6,850 in interest over the life of the loan.

[FStop7]

DO EEET

[jaay11]

Thanks. Just looking but the deal looked too good to not entertain. Might have to consider this a serious offer

[jaay11]

CA quoted me $9110 interst. He cannot explain extra $2500

[Ali.K_BMW]

You wanted a 08, we never discussed 09, there wouldn't be an extra 2500 unexplanable charge with me. Thats your decision. So where ever you get it, Congrats and enjoy.

[TLud]

Originally Posted by jaay11

CA quoted me $9110 interst. He cannot explain extra $2500

He's either doing his math wrong (he can quickly confirm this on an online loan ammortization calculator) or the dealership is not giving you 3.9% financing.

If it helps, your monthly payments should be approximately $1,230.

[shakan]

Originally Posted by TLud

He's either doing his math wrong (he can quickly confirm this on an online loan ammortization calculator) or the dealership is not giving you 3.9% financing.

If it helps, your monthly payments should be approximately $1,230.

That's right, assuming 7% sales tax. I am not sure I understand his question though - why would anyone care what the interest portion of the loan is, it's 60 payments X 1230, couldn't care less how it's structured.

[TLud]

Originally Posted by shakan

That's right, assuming 7% sales tax. I am not sure I understand his question though - why would anyone care what the interest portion of the loan is, it's 60 payments X 1230, couldn't care less how it's structured.

That's why I posted the $1,230 monthly payment amount, so that the OP can make sure that the dealer isn't trying to pass the extra $2,500 in interest on to him.

[NoM3ForMe]

Originally Posted by TLud

He's either doing his math wrong (he can quickly confirm this on an online loan ammortization calculator) or the dealership is not giving you 3.9% financing.

If it helps, your monthly payments should be approximately $1,230.

The F & I department at most dealerships can pad the hell out of a deal without you knowing if you are not careful. $9110 is absolutely ridiculous, and mathematically inaccurate.

[positiveions]

tell him don't rouwwiiinn my party or else

[nasa60]

Good grief man, don't ever sit down to purchase a car unless you know the finances of the deal going in. In fact, you can do everything over the phone or via email so you can double-check the numbers without being pressured. It's like they tell lawyers in a trial, "don't ask any question that you don't know the answer to."

[newtom3]

no kidding... car salesmen must love buyers like these.... just fish ready to be fried.

[TTG]

Originally Posted by newtom3

no kidding... car salesmen must love buyers like these.... just fish ready to be fried.

+1

[Ali.K_BMW]

I don't understand why he would go to a random dealer when there are several sponsors on here. Were here to help..

[Juano11]

I don't understand...

You know the principle amount of the loan, you know the interest rate, you know the length of the loan.

First of all, I don't know why you even want to know the total amount of interest you will pay on the loan before deciding to buy the car. The 3.9% rate is probably the best rate you are going to get anywhere for this car. If you feel that the sale price is fair, then that's the best deal you're going to get.

Second, if you know the principle, the rate, and the length, and the contract that they are asking you to sign matches all of those terms, then I don't see how the dealer could "pull a fast one" at this point. You're CA probably just made a mistake with his math when asked a question that he rarely (if ever) has to answer.

[nasa60]

Originally Posted by Ali@TurnersvilleBMW

I don't understand why he would go to a random dealer when there are several sponsors on here. Were here to help..

I agree. I frequent some other BMW boards and have always requested quotes from the board sponsors. In fact, I leased my 07 530i from an Atlanta CA who is a board sponsor for a site I will leave un-named.

[jaay11]

Update: Decided not go with the car because we got an AWESOME deal on a home. We just could not pass up that opportunity to acquire this house and the M3 will be there in the spring. Thanks for the feedback guys....

Originally Posted by Ali@TurnersvilleBMW

You wanted a 08, we never discussed 09, there wouldn't be an extra 2500 unexplanable charge with me. Thats your decision. So where ever you get it, Congrats and enjoy.

Yeah, we were looking at 08s coupes but thought we'd need a sedan....car seat might be needed in a year Wasn't trying to play you....we just got a call from a guy we worked with a few months ago and we thought we'd entertain his offer on an 09 sedan. But this deal on the house just change everything.....

FWIW, it was great working with you and you'll get any recommendations I have to give.

Peace.

[Ali.K_BMW]

Congrats on the house!!!. See me in the spring.!!

[FStop7]

You bought a house now? You realize it's going to lose an M3's worth of value by the spring. Congrats and all, but wow.

[jaay11]

Originally Posted by FStop7

You bought a house now? You realize it's going to lose an M3's worth of value by the spring. Congrats and all, but wow.

Thanks but trust me. We got this house at a HUGE discount from a troubled owner. Our deal accounts for the further decline in the market so even if the market slips through June we will still be on top. It was an absolute shame the bank loaned to this family in the first place. I think they made little earnings and qual for a dream home. The ARM kicked in and that was it. We are pretty secure financially so there is no reason I can't get the home and pick up the M3 in the spring.