Definitions
Monthly payment:
Monthly payment for your auto financing.
Total purchase price (before tax):
This is the total cost of your auto purchase. Include
the cost of the vehicle, any additional options and
any destination charges. Don't include sales tax in
this amount. Sales tax will be calculated for you and
included in your total after tax price.
Term in months:
Number of months for this loan.
Interest rate:
Annual interest rate for this loan.
Cash down:
Total amount of cash used in this purchase. The larger
your cash down payment the smaller the loan you will
need to finance this purchase.
Trade allowance:
The total amount that you are given for any automobile
that you trade-in as part of this purchase. In some
states a trade-in can also reduce the amount of sales
tax you will owe. See the definition for "Sales tax
deduction for trade-in" for more information on trade-in
vehicles and sales tax.
Amount owed on trade:
Total loan balance still outstanding on the trade-in.
Non-taxable fees (optional):
Any additional fee that is not subject to sales tax.
This usually includes document fees or any other fees
that may be due at delivery and are not taxable.
Taxable fees (optional):
Any additional fee that is subject to sales tax. This
usually includes title transfer fees or any other fees
that may be due at delivery and are taxable.
Sales tax rate:
Sales tax percentage rate charged on this purchase.
No sales tax deduction for trade-in:
If you live in a state where your sales tax is calculated
on your full purchase price, check this box. If this
box is unchecked, sales tax is calculated on the purchase
price less trade in. Currently California, the District
of Columbia, Hawaii, Maryland, Michigan allow no deductions
for trade-ins when calculating sales tax. In addition,
Alaska, Delaware, Montana, New Hampshire, and Oregon
have no sales tax on autos.
|
