Court Opinion

ID: 9648132
Source: CourtListenerOpinion
Date Created: 2023-08-23 14:04:07.902869+00
Date Added: 2024-06-11T18:11:56.652814
License: Public Domain

Horney, J.,
filed the following dissenting opinion.
I agree with the majority in all respects except as to the manner in which the “finance charge” on the “principal amount financed” was calculated. Instead of the seller making a finance charge oí 21% for three years on the whole principal amount financed of $6991.06, or a charge of $1468.22, I think the finance charge should have been figured at the rate of $7 (the agreed charge instead of $12 permitted by law) on $6991.06 for one year, on $4660.70 for one year and on $2330.36 for one year for this reason: Since the word “per” as used in *501§ 132(b) of Article 83 ($9, $12 or $15 “per $100 per year on the principal balance”) literally means “for each,” I believe it was the intention of the legislature that the authorized rate on each class of a financed motor vehicle was to be figured annually on the “principal balance” due as of the beginning of each year the contract was to continue. Calculated in this manner, the finance charge on the principal amount financed of $6991.06 would have been $978.75 ($489.37 on $6991.06 for the first year, $326.25 on $4660.70 for the second year and $163.-13 on $2330.36 for the third year), which, when added to the principal amount financed would have amounted to $7969.81 as the “total time balance” payable in thirty-six equal monthly installments of $221.39 each.
I would reverse.