Chapter 14 Personal Finance Review

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_______ is the process of getting a new or used car loan prearranged through your bank or credit union

preapproval

Lemon laws generally require you to have good documentation of your car's problems

true

Most car dealerships offer financing options for car purchases

true

If the sticker price for a new car is $20,250 and the invoice price is $18,000 what would a fair price be for the car

$19,000

As a general rule, most experts advise having your oil changed every ____ miles

3,000 to 5,000

Rare cars and very old vehicles in excellent condition may experience ________, or an increase in value

appreciation

When your vehicle is new you should

avoid long trips

When is the best time to get credit preapproval for a car loan

before visiting car dealer

The Federal Trade Commission requires dealers to place a sticker, called the _______, on all used cars they offer for sale

buyer's guide

A ________ service allows you to choose the vehicle features you want and have a professional car buyer handle the price negotiation for you

car buying

A _____ is a service provided by specialists who clean and polish the exterior, along with treating and cleaning the interior

car detail

A _____ lists the legal owner and the registered owner of a vehicle

car title

A ______ test can tell you whether to expect serious engine trouble ahead

compression

A _____ is a large parking lot where car owners can park and advertise their cars

consignment lot

_______ are high priced, high profit dealer services that add little or no value to a car

dealer add ons

The decline in value of a vehicle due to normal wear and tear is called

depreciation

The single greatest cost of owning a new car is

depreciation

Generally, vinyl upholstery is more durable than cloth

false

It is almost impossible to determine a fair price for a new car

false

It is important to get a credit preapproval after you have selected the car of your choice

false

Preapproval adds to the total costs of buying a car

false

Special features can usually be added on to a car at a lesser cost by the car dealership than by a speciality shop

false

Vehicle emission tests are required by all states

false

If you are uncomfortable with price negotiations you may want to

hire a car buying service

A _____ is a type of vehicle that uses alternate energy sources

hybrid

_____ protect consumers from the consequences of buying a defective car

lemon laws

When car paint begins to _____, it permanently loses its color and shine

oxidize

A _____ can be used to smooth out car surface scratches, scuffs, and stains

polishing compound

What would not be considered as part of performing routine maintenance on a car

replacing the transmission

The _____ is the price shown on the tag in the car's window; it is the manufacturer's suggested retail price

sticker price

A ______ is a simple road test where you drive the car for several miles in typical traffic and road conditions

test drive

Private sellers are not covered under the FTC Used Car Rule

true

The first step in buying a car is deciding what type of car you both need and want

true

What is not a dealer add on

tune up

What would not be covered by warranty

tune up

The car's interior _____, or seat covering material, must be maintained to preserve it

upholstery

A _______ assures that a car meets minimum clean air standards

vehicle emission test

A car's _____ is an alphanumeric number that identifies it

vehicle identification number (VIN)

A _____ is a written statement about a product or service's qualities or performance that the seller assures are true

warranty


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