@Skye12329 wrote:
But it sounds like the dealer had the total amount financed. What i mean is car price + finance charge + interest to paid. Although i could be wrong. I would look over your terms and possibly go back to the dealer about this. Because you signed a contract stating X price would be financed.
Yep, I got all the paperwork now. It got confusing because the financing bank has changed/corrected the terms and they are more favorable to me, but they haven't sent me the entire amended contract, which I have requested now.
So yes, the amount financed was one amount and it makes sense now, and the bank says the "finance charge" is the interest. which I still have difficulty calculating based on the APR, but I'll figure it out
In any case, doesn't look like I'll be going to the Consumer Financial Protection Bureau on this one 
Two separate things happened:
1) Some terms changed. Who knows what - you have the paperwork, but it is likely a minor interest rate change. I can't comment on yours specifically, but it happens, probably "intentionally" quite often......
2) You have a high APR loan for a large amount of money over a long period. So yes, that $12,000 car is going to cost you a lot of money in interest.
@Anonymous wrote:
@Skye12329 wrote:
But it sounds like the dealer had the total amount financed. What i mean is car price + finance charge + interest to paid. Although i could be wrong. I would look over your terms and possibly go back to the dealer about this. Because you signed a contract stating X price would be financed.Yep, I got all the paperwork now. It got confusing because the financing bank has changed/corrected the terms and they are more favorable to me, but they haven't sent me the entire amended contract, which I have requested now.
So yes, the amount financed was one amount and it makes sense now, and the bank says the "finance charge" is the interest. which I still have difficulty calculating based on the APR, but I'll figure it out
In any case, doesn't look like I'll be going to the Consumer Financial Protection Bureau on this one
itv-shenanigans..... Take a look at two documents you received from the dealer. This first is a signed bill of sale and the 2nd is a Retail Installment sales contract. Depending in the state you live in these forms may have small differences but should be basically the same. The bill of sale will state: Purchase price, trade in (some states don't allow tax credit on a trade difference, sales tax, tag and title fees (these fees are determined by your states DMV) dealer fees (if any and this figure can vary from dealer to dealer) payoff amounts if you trade in a vehicle that has an existing loan, battery & tire disposal fees, and dealer add ons such as extended warranties, tire treatment etc.. Minus any deposits should be the total amount you paid cash for or financed in your case.
Look at your retail installment contract. It will show: Interest Rate, Finance Charge (amount of $ you will pay for in interest if you don't pay anymore than your monthly payment for the life of the loan), Amount financed...this is the bottom line on your bill of sale,and Total Sales Price which includes your downpayment if any or trade credit, plus interest. Next you will see the months (term) financed, Amount of your monthly payments and When your payments are due each month. The lines below will be an itemization of the Amount Financed.... the bottom line equals the amount financed on your bill of sale.
Once you sign, the bank or dealer can not change this contract without your signature on a new retail installment contract. Same goes for the bill of sale. If mistakes are made, the dealer is obligated to contact you first and have you sign an amended bill of sale and/or retail installment contract. The dealer and the lender should be reported if they failed to do this.
It's difficult to understand these contracts.... some people never read them and they should. I admire you for at least questioning your purchase and your retail installment contract.