After reading the thread about the guy who got raped on a lease and seeing how much you guys pay per month for your Gs, I think there is something wrong here. Ok well I got an 06 6mt IP stone interior, aero and premium package for $35,200 and $37,502 after ttt. 9K down, payin $566 for 60 months. That sh** doesn't add up. Does that seem right to you guys? Oh, interest is 8.49% (not the best of credit for a 20yr old I know).

 

that sounds about right, back in june 05 i got my 05 sedan with: sport pack, aero pack, front lip, splash gaurds, and prem. B for $33200 and $36400 after ttl. 11K down, $476/mo for 60mos, 5%apr.
-GP-

 

Those numbers add up just fine. Run it through a payment calculator like this if you want to confirm. http://www.automart.com/calculator.php

 

To me it seems as though 6500 in interest is way more than 8.49%. Can anyone explain why the interest is over 6k?

 

Compound interest.

You can't just apply the 8.49% to the borrowed amount to get the total interest paid - that would come to something like $2,400.00 (dream on). You actually pay 1/12th of the 8.49% APR (or 0.7075%) every month on the remaining balance owed. On your payments of $566 you are paying something like $356.00 to principal and $201.00 interest on the first payment, and the interest portion of each payment will decline by about $2.75 (gradually increasing to about $4.00) a month until you're done.

That adds up to ~$6500.00.

 

Isn't this stuff you should have figured out BEFORE signing on the dotted line?

 

Well I figured it was compound interest and been trying to figure exactly how it was compounded. And I did do my research by comparing payments to all of my other friends who just purchased their Gs and by searching this site which made me feel that it was somewhat right. I just made this thread to be 100% sure.