Smart’s $99/month ‘Cash for Clunkers’ deal has a big, dirty secret

Posted by admin Published in Smart

Cash for Clunkers won’t be official conducive to a few weeks, but some automakers are already looking to cash in on the once in a lifetime opportunity to carry up to $4,500 off the price of a new car or truck. Smart is offering its quirky little fortwo as far as concerns $99 per month through the trade-in of a ‘Clunkers’ eligible vehicle.

$99 per month with no money down sounds damn good, and a payment term of only 36 months sound level better, but closer inspection shows that the promotion is fashion too good to have being true. Here is the fine print in succession the promotion.

$99 monthly payment based on customer trade-in of an eligible carriage qualifying for the CARS $4,500 voucher level and a 36-month balloon loan through $0 cash due at signing and a final balloon payment of $6,667 at the end of the loan term and a $13,335 MSRP which includes the destination charge and excludes tax, title and dealer fees.

That’sitting one hell of a lump sum discharge of a debt; more than various of us be able to fork covering at once. The total payment, which doesn’t include taxes, title, or destination, comes in at $14,731 on a vehicle with a $13,335 MSRP.