Cars test

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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


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