Auto Contract Assignment

1. Go to Autotrader.com to find a car or truck that you would like to use as the subject of this assignment.
   
   The vehicle listing you choose needs to have the following information:
   
   * Description of the vehicle--year, color, model
   * VIN (Vehicle Identification Number)--example:  VIN: 1FAHP241X7G145471
   * Price
   * Name of seller
   * Address of seller--if you don't have an address I will give you one to use.
    

2. Go to the Bankrate.com link on the class website to find a loan calculator for autos. We need to find out what your monthly payment will be if you put no money down and wish to pay off the debt over 5 years (60 months).  Use 7% as your interest rate.
    

3. Prepare a binding contract for the purchase of the vehicle by you (with the assumption that you are at least 18 years old). For payment, state that you will not put any money down, but will make a monthly payment over 60 months at 7% interest. Give the monthly payment amount. You should also state that the contract can be paid off in full at any time without penalty.