In the US, the maximum interest rate for loans other than those by certain types of banking institutions is set by the state; you'd need to specify what state the dealer is in for this question to be answered.
what is the highest interest rate a car dealer can charge on an auto loan in sc?
26.9
28.99
18
It would probably be in your best interest to go to the Mercedes Benz dealer and they will charge you for a replacement or you can go to an auto repair shop and have them order/install it
Maximum rate on a vehicle that is 3 years old is 17%, and 19% if it is 4 years or older.
Yes they can. Maximum of 2 years in jail or 2,000 dollars.
The finance charge on an auto loan is calculated based on the interest rate and the outstanding principal balance of the loan. It is typically determined using the formula: Finance Charge = Principal Balance × Interest Rate × Time. The interest rate can be expressed as an annual percentage rate (APR), which is then divided by the number of periods (months) in a year to find the monthly rate. Additional fees and charges may also be included in the total finance charge.
I'm sorry I don't know if there is a legal maximum that auto dealers can charge for gap insurance. I do know that you need to speak with your auto insurance agent prior to purchasing gap coverage. When a dealer sells you gap coverage what they do is prepay the entire premium for the term of the loan and add that into the amount financed. After that you are charged whatever interest rate you pay on the vehicle. The auto dealer is paid a large commission for selling this gap coverage and receive all their money up front. Most auto insurance companies offer the same coverage for a very small premium that is simply an endorsement to be added onto your current policy. I think mine is about $6.50 for a six month period. You only need gap coverage for the first couple of years that you own a new car. GAP pays for the difference between the value of the car and the amount owed on the loan. After a couple of years the falling amount owed on the loan becomes less than the value of the car. If you purchase from the dealer you are prepaying for the entire 5 or 6 year time of the loan period.
Whatever you agree to, mine was $13 a month added to my payment.
If you normally get paid on only the deals you type and this was not your deal, the answer is no. But, if you get paid as a department, and split the pot, then you will get a charge back and a loss of commission.
I called the Kia of Monroe, NC dealership (today) and was told that the highest rate is 22%.