"0% financing for 60 months at $16.67 per month per $1000 financed with 10% down."
Does that mean they still hit you with $16.67 per month even though there is 0% interest? If so, that's extremely misleading and is NOT true 0% financing....
Lets say you just put 10% down on a 30K vechile. You're borrowing $27K if you put 10% down. According to the above statement, you'd still be paying $450/month on top of the loan????
That just can't be right. What am I missing?
I am not sure what you are thinking but here is the math:
30,000 sales price 3,000 down payment (10%) 27,000 finance amountThe ad says $16.67 per month PER $1000. So, there are 27 "$1000 increments" in $27,000 and 27 x 16.67 = 450.09 per month.
0% interest means NO interest. The 16.67 is a 60 month note. Take $1000 and divide by 60 payments and you get 16.67.Got It???
-Steve
Also back in 9/02 I did the 5yr 0%. Dealer also told me Ford would go about
120% of w>Incorrect. FMCC (Ford Motor Credit Company) will NEVER finance extra just to be paid in cash to the borrower. You can however, put less money down. What you are talking about would be trading in a car with an inflated (or fictitious) payoff and the dealer pays you money after the close. That violates FMCC policy and the agreement the dealer has with FMCC and thus would be fraud. You know what they do to perpetrators of loan fraud in this country? ...I shudder.
-Steve
Like I said, dealer sent me a check ($12,000.00) made out to me only to pay off the trade in loan (home equity) 3 days after I bought the '02. Paid invoice+tax and lic and an extended warranty. Financed just under $34,000.00 at 0% for 5 years. wth
Make them V.P. of Finance? ;-)
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