Re: I Can Help, I Run A Car Dealership
[ Edited ]
02-20-2012 04:00 PM - edited 02-20-2012 04:02 PM
Are there loan origination fees and whatnot which would make it more expensive? I don't remember..
Not in NJ. Not on auto loans at least.
Don't most auto lenders just roll this into the APR on some fractional basis? Haven't seen that in TX or CA either. May ask someone where I work (financing arm of a major auto manufacturer) if we charge origination fees anywhere, though I suspect that we probably do not.
Oh they have fees. I don't have any knowledge whether they internally roll the fees into their APR. Mostly the dealer pays these fees. NJ law prohibits us from passing any of these fees to the customer. Dealers can however adjust the price of a vehicle to recoup any losses. Depending on the lender and customers credit some aquisition fees can get outrageous. Subprime lenders can be thousands.
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