Quote:
Originally Posted by M5KEITH
Where is your trade in difference ie equity going on your deal sheet?
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It's a confusing format, but they usually have to do this this way for accounting and disclosure etc.
But it's in the total balance financed.
The m5 should be :
$87,995.00
$1,618.74 only taxed on the difference between the trade and new car)
$89.00+$895.00+$743.90 doc fees, probably title/reg fees estimated
=$91,341.64 total cost for the M5 including the tax, fees.
Then you subtract:
-$62,000.00 for X3
$29,341.64 =the "net price", or difference between trade $62,000.00 and new m5 total, if there was no financing or payoffs involved.
Then, since there is a pay off you add that to the net price since the dealer is paying it off for client.
$29,341.64 (net price)
$58,982.50 (X3 pay off)
=$88,324.14 total amount financed.
$91,341.64 M5 total
-$88,324.14 total amount financed
=$3017.50 is difference btwn those 2 numbers and it is also the exact same difference between $62,000.00 and the $58,982.50 pay off.
=$3017.50 is the equity reflected in the Total financed amount of $88,324.14, if it wasn't it would show $91,341.64 amount financed.
From there you take the $88,324.14 minus any additional cash down being brought to the table by buyer, which is the options shown on the left in the box. $5-10K down.