pers finance ch 13

leasing

a contractual agreement with monthly payments for the use of the automobile over a set period of time

small claims court

a court that deals with legal disputes that involve amounts below a certain limit: typically $1500 or less

legal aid society

a network of community law offices that provide free or low-cost legal assistance

rebate

a partial refund of the price of a product

down payment

a portion of the total cost of an item that must be paid at the time of purchase

service contract

a separately purchased agreement by the manufacturer or distributor to cover the s\costs of repairing the item

warranty

a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired

extended warranty

another type of warranty

arbitration is legally binding and mediation is suggestive

what is the difference between mediation and arbitration

attorneys

with small claims courts who is generally not allowed

let the buyer beware

"caveat emptor"

unit pricing

the use of a standard unit of measurement to compare the prizes of packages that are different sizes

implied and express

two types of warranties

source of the loan, type of credit account, payment period, amount of down payment

types of factors determine the costs of financing

trade-offs

Every buying decision involves ___, so being prepared for purchasing is important

small claims court, mediation, arbitration, class-action suit

four things to do

headquarters

if you cannot resolve your problem at the local store or business, contact the company's ___

class-action suit

legal action on behalf of all the people who have suffered the same injustice

before you shop, weighing alternatives, making the purchase, after the purchase

list and define the four phase research-based approach to buying

when, where, what, pay

smart shoppers know ___ to buy, ___ to buy, ___ to buy and how much to ____

edmunds used car prices, kelley blue book

some sources consumers can use to determine fair prices for used vehicles