so I've found several listings like this on autotrader

http://www.trader.ca/powerpage/detai...4&adid=6917454

according to that you buy the car for 26k, but it also talks about financing options. It says that I can finance for 72 months, with a 5900 dollar down, at $528 dollars a month. And it say this is at 8%. How is this possible? Okay, so this is canada and taxes are high (13%) but even so (26000x1.13)1.08=31730

Compare that to what you'd actually be paying (528x72)+5900=43916


what gives? Is this a scam? Or are these hidden fees normal in financing?

 

The math does not lie.
It is a scam, if you're desperate enough.

 

Yeah seems a bit jacked up. Just make it easy and buy my Z.

 

$31,730 minus $26,000. That's the cost of driving a car on someone elses money.

 

Says $132/Wk., which equals $572/Mo. @ 7.5% for 72Mo. This means you're financing $31,082, plus $5900 down = $36982 purchase price.

Ad says, "5 TO CHOOSE FROM $25,887". This means they have 5 cars for sale, the cheapest one is $25,887. This does not mean the advertised car is that much.

If you're gonna shop for a car, it behooves you to lean how to speak "slimeball" so you can translate the fine print.

 

yeah, after I posted I figured they calculated the mythical interest rate without the down included so its really much higher. So this would be more akin to a scam than being typical, right?

 

No scam. Assume that the numbers are correct, but we have no “total amount financed.”

The seller assumes that the buyer is more interested in payment amount rather than purchase price. A sad technique for buyers, and one which dealers are quick to capitalise.

 

hmmm, okay. Well, given that the downpayment would push total payment of this car over 40+ grand....I don't see how people would buy this over other financed 350z's from other dealers that reduce the downpayment from the purchase price and set a rate over that price.

 

So what did you get?