- Report: #457761
Complaint Review: Hillsboro Auto Mart
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| Hillsboro Auto Mart 12950 N Florida Ave
Tampa, Florida U.S.A. |
|
Hillsboro Auto Mart Deceptive Trade Practices Tampa Florida
*Consumer Comment: Simple Interest Loan
*General Comment: Simple Interest for a Simpleton reporting a ripoff.
*Consumer Comment: What amazes me
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Corporate Advocacy Program™
Bob
TAMPA, Florida
U.S.A.
This report was posted on Ripoff Report on 06/02/2009 12:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/Hillsboro-Auto-Mart/Tampa-Florida-33612/Hillsboro-Auto-Mart-Deceptive-Trade-Practices-Tampa-Florida-457761. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 Consumer Comment
Simple Interest Loan
AUTHOR: Peanut6 - (United States of America)
SUBMITTED: Tuesday, February 12, 2013
That being said, I recently bought a car at Hillsboro Auto Mart and had the exact same experience with Dan. The difference being that I have a financial background and found it incredibly enjoyable. He and I went through all of the equation's and I found him to be extremely well informed.
Things to note:
1. There is no haggling, the cars are priced very fair in comparision to competition and Dan will not negogiate much if at all on the list price.
2. The same can be said of trade- in's. You stand a better chance of getting a favorable price if your car is one that he can list and sell at his lot vs. taking to the auction.
3. I left with a simple interest 5 year loan. If I keep the loan over 5 years, I will only pay around 1k in interest. You can do the math on your own or use a financial calculator. I ran the numbers multiple times to ensure that I was not being "duped" with his fancy math tricks.
4. The biggest savings you get by going to Hillsboro Auto Mart is around the financing, in my case I have great credit so I was able to lock in a phenominal interest rate on a used car.
I hope this is helpful, and provides more context around the business practices.
#2 General Comment
Simple Interest for a Simpleton reporting a ripoff.
AUTHOR: Joe - (United States of America)
SUBMITTED: Monday, August 30, 2010
To whom it may concern,
I know of Hilsboro Auto Mart personally, and this is the first time I have heard anything negative about them. Dan Curley is a customer of mine, and I am about to become a customer of his.
Thanks ahead of time for reading this. Pretty SIMPLE stuff.
***********************************************************
The gentleman reporting the ripoff is not as educated as he might think, as he never heard of a simple interest loan. What a piece of work HE is! See below.
***********************************************************
Simple interest is the most basic type of interest. In order to understand how various types of transactions work, it helps to have a complete understanding of simple interest.
For example, you may pay interest on a loan, and it is important to understand how interest works. Better yet, your bank may be paying you interest on your deposits and you can maximize your earnings by knowing more about interest.
Simple Interest Overview
Simple interest is just the amount of money paid on a loan. It is the easiest type of interest to calculate and understand. Other types of interest (like APY, APR, and compound interest) can be more complex.
Simple Interest Formula
If you want to calculate simple interest, use this formula:
I=P r t
In other words Interest (I) is calculated by multiplying Principal (p) times the Rate (r) times the number of Time (t) periods.
For example, if I invest $100 (the Principal) at a 5% annual rate for 1 year the simple interest calculation is:
I=P r t
$5 = $100 x 5 % x 1 yr
Simple Interest Limitations
Simple interest is a very basic way of looking at interest. In fact, your interest whether youre paying it or earning it is usually calculated using different methods. However, simple interest is a good start that gives us a general idea of what a loan will cost or what an investment will give us.
The main limitation that you should keep in mind is that simple interest does not take compounding into account.
Going Forward
Now that you know how simple interest works, you can look at more complex types of interest. Most of them are a variation of simple interest, and the calculations are repeated several times throughout the life of a loan.
A good next step is to familiarize yourself with Annual Percentage Yield (APY) which takes compounding into effect.
You can also see how much interest you pay when borrowing money. Running the numbers may motivate you to borrow less and repay debt more quickly.
