Posted by JanetK/CA on March 29, 2009, 9:43 pm, in reply to "TIL"
99.146.24.210
At the risk of being redundant ('cause I haven't read this whole thread), I've found that people are less interested in what the APR IS, than what it is NOT. In my experience, by the time it comes around to signing their paperwork, what most people want to know is what their actual interest rate is. Typically I've already shown them that on the Note by the time we get to the TIL. I give a simple one sentence explanation of what the APR is without getting into too much detail or trying to explain how it's calculated. I can't remember the last time anyone has had any questions or issues about that. I think people get confused by "TMI" more than anything else, when it comes to the APR. The fact that it's not the number that is used to calculate how much they are going to pay in interest is what they seem to most care about.
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