Virachack
Virachack v. Univeristy Ford
Opinion
Opinion
FACTS
On November 18, 2001, the Virachacks bought a Ford Explorer from Bob Baker Ford. The purchase was partly on credit. Bob Baker Ford made the following statement in the Retail Sales Installment Contract executed by the Virachacks,
Federal Truth-In-Lending Disclosure ANNUAL FINANCE Amount Total of Total Sale Price PERCENTAGE CHARGE Financed Payments The total cost of RATE The dollar The amount of The amount you your purchase, The cost of your amount the credit credit provided to will have paid including your credit as a yearly will cost you. you or on your after you have down payment of rate. behalf made all payments as scheduled. $4303.14 is
0.90% $417.47 (e) $22615. $23032.80 (e) $27335.94 (e)
(e) = estimate
The contract also stated that the Virachacks would make monthly payments of $479.85 for 48 months. The contract also reflected a sales tax of $1,748.47, based on the “cash price” of the vehicle of…