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    wmilord's Avatar
    wmilord Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 29, 2011, 06:09 PM
    Fraud on auto loan?
    I purchased a car for 17000 and I put a dow payment of 6000. The total price is around 36000. I think it's way more than the car is worth. The interest rate is 6.99 and term 75 payments.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    May 29, 2011, 06:38 PM

    So what is the fraud, you may have agreed to a poor deal, and it is not the total of all payments, many people pay three times the actual sales price in interest. Is the car work the 17,000, if you are paying too much interst that is your problem, but not fraud
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    May 29, 2011, 07:32 PM

    Well the math doesn't work. At 6.99% your monthly payments should be around $180 if you financed $11K

    Your contract should list the purchase price. What does t say?
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