Alright, so my husband and I are buying a truck from my boss. She's selling it to us at a bargain, $2250. We've payed $600 down, then we're going to pay $550 in two weeks. We were planning to just do $300/month for four months after that...
...but in getting ready to sign paperwork, she sprung this one on me: she wants us to pay 7% interest. I've tried the online amortization calculators, but I'm getting mixed results (most of which are saying we're basically going to end up paying around $400 more for the truck than the original price! Does that sound remotely close to correct?), and she wants all of the paperwork stuff done tomorrow.
Can anyone shed some light on this for me? Or should we just tell her that if she really wants to milk extra money out of us that we will just leave out the "interest" crap and up the total?
*Note: we checked Kelly Blue Book, and the truck is worth about $2350.
There is no contract in place, yet. In fact, I'm the one typing up the Bill of Sale and Promissory Note (which has been a real pain to type up, let me just say. Legalese is fun and all, but the run-ons are an English buff's worst nightmare!). We're going to make necessary and mutually-made changes tomorrow before signing everything.
There is no contract in place, yet. In fact, I'm the one typing up the Bill of Sale and Promissory Note (which has been a real pain to type up, let me just say. Legalese is fun and all, but the run-ons are an English buff's worst nightmare!). We're going to make necessary and mutually-made changes tomorrow before signing everything.
...but in getting ready to sign paperwork, she sprung this one on me: she wants us to pay 7% interest. I've tried the online amortization calculators, but I'm getting mixed results (most of which are saying we're basically going to end up paying around $400 more for the truck than the original price! Does that sound remotely close to correct?), and she wants all of the paperwork stuff done tomorrow.
Can anyone shed some light on this for me? Or should we just tell her that if she really wants to milk extra money out of us that we will just leave out the "interest" crap and up the total?
*Note: we checked Kelly Blue Book, and the truck is worth about $2350.
There is no contract in place, yet. In fact, I'm the one typing up the Bill of Sale and Promissory Note (which has been a real pain to type up, let me just say. Legalese is fun and all, but the run-ons are an English buff's worst nightmare!). We're going to make necessary and mutually-made changes tomorrow before signing everything.
There is no contract in place, yet. In fact, I'm the one typing up the Bill of Sale and Promissory Note (which has been a real pain to type up, let me just say. Legalese is fun and all, but the run-ons are an English buff's worst nightmare!). We're going to make necessary and mutually-made changes tomorrow before signing everything.