Cars test
Best time for approval
Before you walk into the dealership
Down payment
Amount of money you pay upfront for a car
2 types of insurance you must have
Collision and liability
Uninsured motorist
Covers YOU if someone injures you or damages your car and they either: -Are a hit-and-run driver -Don't have any insurance -Cause you injury/damages beyond their policy limits
3 payment options
Cash, leasing, financing
Permanent costs
Gas
5 costs in operating a car
Gas insurance maintenance monthly payment license and registration cost of vehicle
Financing a vehicle
Direct lending Dealership financing
What can you negotiate
Just the price of a vehicle
Sources
Kelley blue book
Two manufacturer incentives
Rebates/low interest rate
Deductible
Set amount of money paid by the insured before an insurance company will pay for a loss.
GAP protection
Insurance covers the loan value of your car instead of the cars current market value
APR
annual percentage rate for a loan. also known as the interest rate
VIN
is a 17-character number with information specific for that vehicle
Title
is a form of vehicle title branding, which notes that the vehicle has been damaged and/or deemed a total loss by an insurance company that paid a claim on it.
Liability
•Covers bodily injury or property damage that YOU cause to another person and/or vehicle.
MSRP
•Monroney Sticker Price: Shows the base price, the manufacturer's installed options with the manufacturer's suggested retail price, the manufacturer's transportation charge, and the fuel economy (mileage)
Can affect insurance rate
Car accident, history of points, grade(teens) car type, age
Insurance is based on this concept
Risk
3 reasons to lease
Under warranty lower payments don't have to trade/sell used cars
How can you lower your monthly payment
Put more money down
Premium
The amount of money you pay for your insurance policy
Owns car when leasing.
The leasing company
Depreciation
The steady decline in the resale value of any vehicle that you buy