Out-the-Door Price Calculator

How to use this with a real quote

1. Ask the dealer for an itemized out-the-door quote in writing, by email if you can, before you visit. The FTC suggests asking for the price of any proposed add-on before you go.
2. Enter every line. If the quote shows only a total or a monthly payment, ask for the breakdown. A quote you cannot itemize is a quote you cannot check.
3. Enter the monthly payment, number of payments, and the APR if one is listed. The financing check shows the APR the payment really implies.
4. If you have a pre-approval from a bank or credit union, enter its APR to see what the dealer's financing costs you by comparison.
5. Use the "Copy link" button to save the quote. The link stores every number, so you can compare it against the final contract.

For a walkthrough of each line on a buyer's order, read how to read a car dealer quote.

Worked example: a "7.9%" quote that is not 7.9%

A dealer quotes a $32,500 car with $4,000 down. The quote lists $1,950 sales tax, $450 title and registration, a $699 doc fee, and four add-ons: VIN etching ($299), paint protection ($895), nitrogen tires ($199) and GAP coverage ($995). The bottom line is $619 a month for 72 months at 7.9% APR.

• Out-the-door price: $37,987.00, so the amount financed is $33,987.00.
• At 7.9%, that loan should cost $594.24 a month. The quote is $24.76 higher, enough to pay for about $1,415.88 of loan that does not appear on the quote.
• The payment as quoted actually works out to 9.38% APR.
• With a 6.5% pre-approval, the same amount financed costs $571.32 a month. The dealer's financing costs $3,433.03 more over 72 months.
• The four add-ons total $2,388, and financed at the quote's real rate they cost $3,131.44.

Declining the add-ons and using the pre-approval brings the payment to $531.18, and the total of payments down by $6,323.26. That is not a negotiated discount on the car. It is just not paying for things the buyer did not ask for.

Why the payment check matters

A monthly payment, a term and an amount financed lock in exactly one interest rate. If the payment on a quote is higher than the stated APR produces, the difference has to come from somewhere: a higher rate than stated, or extra items rolled into the loan. This is sometimes called payment packing. The calculator shows the gap and roughly how much extra loan it would cover.

When a dealer arranges the loan, the lender quotes the dealer a "buy rate," and the CFPB says dealer rates are generally higher because they include "additional interest that compensates them for handling your financing." The FTC adds that "the APR you negotiate with the dealer usually includes an amount that compensates the dealer for handling the financing," and that you can negotiate the APR just as you would the price.

Before you sign, the Truth in Lending disclosure must show the APR, finance charge, amount financed and total of payments. Check that the amount financed matches the out-the-door price minus your down payment and trade-in, and that the APR matches what you were told.

Frequently asked questions

What is an out-the-door price?

The total you pay to drive the car away: the selling price, minus rebates, plus sales tax, government fees, dealer fees and any add-ons. It is the number to compare between dealers, because it cannot hide charges the way a monthly payment can.

Can I refuse dealer add-ons?

Yes. The FTC says "it's ok to say no to add-ons, and to ask the price," and that "it's not ok for dealers to tuck add-ons into your deal or lie about them." If an add-on is already installed, you can still negotiate the total price.

Is the doc fee negotiable?

The doc fee is set by the dealer, not the government, and a dealer may refuse to remove it. You can still negotiate the selling price down by the same amount, which has the same effect on the out-the-door price.

Why does the calculator say my APR is higher than the quote?

Either the rate really is higher, or the amount financed is larger than what you entered: an add-on, fee or negative equity you have not listed. Ask for the itemized retail installment contract and compare line by line.

What if the quote only shows a monthly payment?

Ask for the out-the-door price, the amount financed, the APR and the term in writing. A payment alone does not tell you what you are paying for.