We responded to an ad for a Jeep Wrangler for $10,999 for a 2004 XE, bare bones model, no air, no radio, no backseat (not listed in the ad but that was okay with us). At the dealers we found out that we had to get Chrsyler financing to get that price or pay $1000 more. We turned them down and left.
A few days later the ad ran again and my husband and I decided to take them up on the offer. We called and they had a few in stock. My husband had them run our credit and I called in my information. They told him it would be 5 or 6% interest. We made an appointment and told them we would put down $5500 and finance the balance of $7000 (the required amount for financing). We calculated that for 24 months, it would be $310 a month.
After a long wait at the dealers while the salesman talked to financing, they showed up a offer that they wanted us to sign for $11,499. They said they ran a new ad today that increased the price. It wasn't in the Phoenix paper. Heavens knows where it ran. Also, on the sheet, there was no breakdown of tax, registration, & tags. Just a figure of $259 a month for 48 months! They wouldn't give us a breakdown us how they came to that. Said we had to sign the offer first and talk to their finance person. They said they didn't know the rate but it was probably between 7 & 8%, probably 7.9%. We walked.
When we got home, we calculated the interest to be 27.5%!!! Either that or there was an extra $3000 in add ins they wouldn't explain!!!
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