So I was about 99% into buying the Jeep Grand Cherokee... and we sat down and discussed payments with them and we caught them some very shady calculations.
They told me they would give $2000 for my car... and anyways, what they told me was they'd be taking $3000 off of the price of the vehicle; then they went back to the manager, did the calculations at a 5.9% interest rate and came out with bi-weekly payments for me...
unfortunately when I do the calculations, I get this: I take their sticker price, deduct the $3000 off of the vehicle and I add the 5.9% interest rate... and I came out with a lower payment (there was a fair amount difference in payment amounts) than the math they were doing.
What I caught them doing was taking a monthly payment cost and dividing by 2.... (which is 24 bi-weeks).... although I would be expected to pay that payment for the other 2 payment periods in the 52 weeks of the year... (52 weeks = 26 bi-weekly... not 24).
but really, there are 26 bi-weekly periods in a year... so they would essentially be getting 2 extra payments every year if I agreed to their bi-weekly (12 x 2 = 24) cost and I think that's a bit unethical to do... 2 extra payments per year over the 6 years I planned to finance would equal nearly $3000... coincidentally what they told us they'd be able to come off the sticker price by...
I really don't expect anyone here on this forum to get the math, but is that common practice to work out bi-weekly payments or are these guys trying to scam me... No other dealership did this faulty math and I've double-checked all of them. And to top this off, I asked this dealership to have another salesperson review the math or have their manager review it and they came back saying it was correct.
