PERSONAL FINANCE. buying a vehicle
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1 PERSONAL FINANCE buying a vehicle
2 our mission To lead and inspire actions that improve financial readiness for the military and local community.
3 table of contents Good To Know Before You Go What Matters Most Keys To Buying A Vehicle Choosing A Vehicle For Your Teen Negotiating Paying For Your Vehicle Protecting Your Investment Selling A Vehicle
4 2 good to know before you go.
5 You may already be dreading the day. Dealing with the pressure of choice. The overwhelming questions. And all those numbers. Well, if that s how you ve felt about buying a vehicle in the past, it s time you gained a new perspective and approached the process knowing you came prepared to deal. Before you go shopping for any vehicle, it s good to get your facts and your priorities straight to help make the best decision for your finances, lifestyle, and personal needs. So spend some time with this informative guide and you could make your buying experience less stressful and more rewarding. 3
6 What matters most: determine your priorities SAFETY This should be a priority no matter how much or how little you will use the vehicle. Look at the latest crashworthiness ratings from the Insurance Institute for Highway Safety (iihs.org) or the National Highway Traffic Safety Administration (nhtsa.gov) COMFORT & STYLING Consider interior and exterior features, seating and leg room for passengers, suspension, steering, audio system and other add-ons. SPECIFICATIONS Family size and primary use may matter. Think about seating and interior space, cargo room, basic and optional features, towing capacity and off-road capabilities. WHERE TO BUY Choose from local new and previously owned vehicle dealerships, online sales sites, private seller ads or buying services including car concierges and brokers. PRICE Check for rebates, seasonal or dealer discounts, option package discounts, trade-ins, available financing and interest rates. AFFORDABILITY This includes your monthly payment, insurance, vehicle maintenance, any repairs not covered by warranty, taxes, registration and state-required inspection fees for every year you keep the vehicle. RELIABILITY For vehicle ratings and reviews go to consumerreports.org and search the appropriate section to get some of the most current information available. GAS MILEAGE Is it important that your next vehicle get good gas mileage? Read the manufacturer and EPA (Environmental Protection Agency) estimates based on type of engine (gas or hybrid combination), vehicle size and weight, and other factors. Go to epa.gov for more guidelines. VALUABLE INFO It helps to know when buying a vehicle how well the model and/or make have retained their value in the event you want to sell or trade in your model later on. This is especially true if buying a used auto or truck. Value is affected not only by the features and type of vehicle but also its condition, mileage, and brand reliability. Check with your financial institution for a recommendation. Search online for an Internet car valuation service. 4
7 Do your homework & do the math Know what you can afford to spend. It s not just about the purchase...not everyone qualifies for the lowest rates you see advertised. Talk to your financial institution or your local dealership to discuss your individual options. Then add in the cost of taxes and fees, interest, insurance based on credit, the price of the vehicle, and type of coverage fuel, and related maintenance and repair costs. Make sure you can comfortably pay this expense, each and every month for the duration of your loan. You should typically keep your total vehicle expense to less than 20% of your net household income (after-tax pay). You should also consider your overall current debt load. Even if your car expense is less than 20% of your after-tax pay, other debts could still detract from your ability to pay off other debt such as credit card balances or student loans. Either way, it s a big investment that deserves serious thought. Check out the inventory. Go online to manufacturer or third-party websites to help streamline your search. Manufacturer websites are a good place to start if you are interested in a specific make and model. You can also visit dealerships and vehicle lots, and look at the ads or articles in both print and web publications to compare prices, option packages, and incentives for discounts and possible manufacturer rebates. End-of-model year deals can be found as early as late summer while the end of the month is also noted to be a good time for reduced prices with sales staff trying to clear out more inventory. An independent opinion is crucial, and there are several websites where it is easy to find information to help you compare options and make an educated decision. 5
8 keys to buying a vehicle. Consider these basics when deciding to buy either a new or previously owned vehicle: NEW VEHICLES MAY OFFER... USED VEHICLES COULD PROVIDE... Lower rates on financing. Full warranties (typically for the first 36 months or designated mileage, whichever comes first). Latest safety features and technology. You ll pay more for the new model of a vehicle you prefer but you ll also get the benefit of hassle-free maintenance and no potentially troublesome vehicle history. Lower purchase price. Limited warranty if it s a certified pre-owned vehicle. Lower registration, licensing and registration fees (based on price). Pre-owned vehicles could also have more maintenance and repairs not covered if no warranty is available. Get more details about purchasing a vehicle and related topics at the consumer information division of the Federal Trade Commission at consumer.ftc.gov 6
9 Your buying options Dealership Referral Services These services are widely available on the Internet and use your geographic information and personal preferences to identify dealerships within a network and your location that have the model you want. Once you receive a referral, it s up to you to contact a dealer and facilitate the negotiations. Online Buying Services An online buying service matches you with dealerships offering the vehicle you want at a price you want to pay. While some services only provide contact information for a dealership, others have a negotiated price and arrange for delivery. Services typically are not free. New-Vehicle Dealerships Many dealers have an Internet sales department and certified pre-owned vehicle program that may offer lower prices for select vehicles. A certified designation provides assurance that a vehicle is mechanically sound and may come with a limited-time warranty as well as the option to purchase an extended warranty from the dealership later on. Used-Vehicle dealerships These facilities may offer top-quality vehicles that are priced below those you will find at new-vehicle dealerships but many don t provide a warranty or any repair service. They may also have older vehicles in poor condition or that have been in an accident and repaired to resell. Be alert! And exercise caution know the reputation and any complaint history of each dealership. For ratings or complaints about any business, go to the Better Business Bureau at bbb.org for updated information. Used-Vehicle Superstores Here you can usually find nearly new vehicles that have been inspected with good warranties from every major vehicle manufacturer. Prices may not allow for negotiation and may be higher than those at traditional dealerships. Any warranties may only be in effect for a very limited time so be sure to ask questions and read any terms of sale. Private Sellers There are no guarantees with private sales and there is also a chance that a vehicle could be stolen. Get a report on the car or truck using its vehicle identification number (VIN), usually located inside the dash on a stamped metal plate and visible through the windshield on the driver s side. ALWAYS get an inspection from your own mechanic. Plan to pay for your purchase with a cashier s check from your financial institution, whether through a loan or cash, as most private sellers don t accept personal checks. TIP: Because thieves have figured out how to remove this type of VIN, make sure you inspect the stamped plate to see if it appears compromised or altered. For more information about VIN switching and protecting yourself, go to vinguard.org 7
10 The seller should be able to respond to or address these items: Price and whether it s negotiable. Proof of ownership and knowledge of any other owners prior to the seller. Mileage and service records including name of mechanic. Reason for selling. Proof of registration, insurance, and title in the seller s name. If the seller is representing an individual, ask for documentation such as a power of attorney that allows this arrangement. Has the vehicle ever been in an accident or otherwise damaged? You should look for: Obvious body or frame damage. Stand in front and behind to check for areas that appear creased, warped or bent. Have a mechanic put the vehicle on a lift to view the frame and undercarriage. Get the full story. You can obtain a FREE vehicle history report from a trusted agency such as the National Insurance Crime Bureau (NICB) at nicb.org or the National Motor Vehicle Title Information system at vehiclehistory.gov. Both agencies report on incidents such as accidents, damages including flooding, odometer readings and any hidden liens on the vehicle and its title. At usa.gov you can also find more tips regarding any lemon-laws in your state as well as recalls and warranty complaints. There are also fee-based companies offering this same type of vehicle records information. Search the web for a variety of reporting services. By making your transaction at a trusted major dealership, you might be better assured of a clear title and truthful report as well as having any recourse should your purchase turn out to be problematic. Leaking fluids. Rust, compromised paint area, worn tires, and any missing or broken exterior parts. Interior damage to upholstery or other features, malfunctioning windows or controls. Spare tire and appropriate jack in trunk. If the vehicle is supposed to have an add-on CD changer, look in the trunk as well to make sure all the parts are intact. Take a test drive be conscious of the steering, noise level, smoothness of the ride, and any other considerations that may signal a problem unreported by a seller. Never meet a seller alone! Have a friend or relative with you and arrange to see the vehicle in a public area or, ideally, meet at your mechanic s place of business. AUTHENTICATING ODOMETERS. The Federal Truth in Mileage Act (TIMA) requires sellers to provide actual, truthful odometer readings and to disclose any known inaccuracies. TIMA makes odometer fraud a felony crime. Failure to disclose that an odometer has been changed or repaired (altered in any way) and/or falsifying mileage documentation will result in fines and/ or imprisonment. It may be difficult to determine if an odometer has been tampered with but not impossible. Unless you re a mechanic, get a professional assessment of the vehicle in full. 8
11 choosing a vehicle for your teen Safety, not appearance, should drive your decision when buying a vehicle for your teen: Avoid: Vehicles with a performance image that may encourage speeding. Sport utility vehicles (SUVs) that pose a rollover risk, especially smaller and lighter models. Very small, lightweight vehicles that generally provide less impact protection. Older vehicles (more than five years) that do not have today s more advanced safety features. Consider: A vehicle with good crashworthiness ratings based on front, side, rollover, and rear crash protection. Visit the National Highway Traffic Safety Administration (NHTSA) at safercar.gov and the Insurance Institute for Highway Safety (IIHS) at iihs.org Newer models with better safety equipment including multiple front, rear and side airbags. A roadside assistance plan, for emergency repairs and towing, available through either your dealership or manufacturer, insurer, or commercial providers. 9
12 negotiating 101 Once you ve narrowed down your preferences to a model or two, it s time for the negotiations phase. It helps to be prepared for getting a vehicle at the price you want! Figure out your financing options. While it may be convenient to just finance through a dealer, this may not always offer you the lowest rate. Talk to your financial institution first to find out all your available options and potentially give yourself the advantage of pre-approval for easier price negotiations. Don t be drawn into a conversation with a salesperson the minute a test drive ends about monthly payments your first goal is to negotiate the base price you are willing to pay. Trading in a vehicle can complicate negotiations on a new car, as the trade-in becomes another bargaining chip. Negotiate the trade-in price as a separate transaction. Knowing competitors pricing and factory invoice pricing (the actual cost to the dealer for that vehicle) can give you an upper hand in the process. Make an offer based on the facts industry data will give you a good starting figure plus a percentage mark-up for dealer overhead. Start with what you are willing to pay and see where the conversation takes you. Keep your emotions out of the conversation. Don t become attached to one vehicle. Be ready to walk away if the negotiations become uncomfortable. Know the value of any trade-in based on its condition but realize a dealer will use the wholesale figure and not the potential retail price if you were to sell it. Remember you ll be paying for the convenience factor. Stick to included features avoid unnecessary add-ons like rust proofing or fabric protection. New vehicles are already protected against rust and you can treat upholstery yourself with spray available at most retailers. Take advantage of rebates and always choose to deduct that number from the price you pay rather than accepting a check after the sale. This way you avoid paying both sales tax on the rebate and reduce your interest on the total price. Negotiate that price before any rebates. Many dealers offer special manufacturer backed low or zero percent interest rates and usually you cannot take both the low rate AND the rebate. To get zero percent financing at the dealership, you usually have to waive any rebates as an incentive and purchase a vehicle that is eligible for the interest rate. You may end up paying more over time by taking the zero percent dealer financing. You should compare this option with accepting the rebates and financing at a lender outside the dealership. Sometimes a manufacturer will offer an additional rebate, but you may be required to finance with the manufacturer at a much higher rate so be sure to calculate your most cost-efficient choice. Your vehicle begins depreciating the minute you drive off the lot so make sure to inspect it carefully. Ideally, don t take possession until these items have been corrected. Read all paperwork and contracts carefully. It may be tedious but it s absolutely necessary to read and understand your binding commitments. Ask questions and get any promises from the dealer for extras or intent to fix any problems found during your final inspection in writing. If you re unsure of the explanations, consult your financial adviser before signing anything! 10
13 Payment options. CASH The simplest and least complicated type of transaction if you have the surplus funds available that you might not otherwise need later on and want to avoid interest charges. FINANCING Either through the manufacturer or a financial institution if you either can t or don t want to pay for the vehicle in full and can commit to monthly payments. Financing provides the advantage of paying over time to better accommodate a budget but also means you ll ultimately incur a higher total cost over the term of the loan. Some important things to think about if you elect to finance: 1 Your vehicle may depreciate faster than your loan is amortized in full; in other words, you may owe more on your loan than you can get for the vehicle if you sell it before the loan is paid in full. This is also known as being upside down on a loan. 2 A vehicle loan is considered a debt and depending on your debtto-income ratio, may impact your ability to obtain credit for other purchases such as buying a home. 3 Financing and the opportunity to make payments may indirectly encourage you to spend more for an auto or truck than you can realistically afford. If budget is a consideration you should plan to get a vehicle that satisfies your lifestyle needs not your lifestyle dreams! WHAT S UP WITH UPSIDE DOWN? This may occur when a vehicle dealership or lender does not request a down payment and/ or allows you to include negative equity into the loan or the vehicle devalues significantly due to being damaged in an accident or other factors. Taking on a longer loan term, especially loan terms over 5 years, significantly increases the chances that you could end up owing more on the car that it is actually worth. There can be serious consequences to being upside down in collateral: If the vehicle is stolen or totaled in an accident, the insurance proceeds may not cover the entire loan balance, leaving you responsible for paying the difference. If you have to sell or trade the vehicle, the transaction may result in a loss of principal. 11
14 Paying for your vehicle Being cash-strapped to afford a new car or truck isn t financially advisable or realistic. Consider all your expenses like fuel, repairs or servicing not covered by a warranty, insurance and all related annual fees as well as your other recurring bills. IF YOU DO CHOOSE TO FINANCE, YOU CAN DO SO BY: DIRECT LENDER FINANCING Your current financial institution may be able to offer you a lower rate than you ll find at the dealership. Compare the amount that the lender is willing to finance, the down payment required, the loan period, grace periods, other fees and charges, terms and conditions and requirements such as insurance coverages. The best loans are those that charge simple interest and have a low annual percentage rate (APR) with no prepayment penalties. Consider prequalifying through a lender for the best loan available BEFORE you negotiate with a dealership. Prequalification enables you to understand your true borrowing power and gives you the security of knowing that you already have the funds to make the best deal. But remember that submitting too many applications can also drive down your credit score so compare all the facts such as interest rates, terms and other details first. DEALERSHIP FINANCING Most vehicle manufacturers and many dealerships offer their own financing. These loans can be tempting because they may offer low interest rates and a convenient application process. Investigate and ask questions about any other costs that could be included with this type of loan. 12
15 protecting your investment Whether you finance your purchase with a loan, lease a new auto, or pay cash for a used truck, you must carry some kind of insurance to comply with any required state laws and to protect your vehicle as well as yourself in the event of theft or accidents. Vehicle Insurance Virtually all states have established minimum liability coverage limits for passenger vehicles, including SUVs and trucks, and many also require uninsured motorists coverage. Minimum state liability limits are generally not sufficient to protect you from individual liability for third party medical costs, loss of income, and pain and suffering; especially if multiple individuals were injured in the accident. Carrying state liability limits can put your future financial security at risk. You may be required to pay future wage garnishments to fulfill an obligation if your insurance limits are not sufficient at the time of the accident. It s important to purchase adequate property damage liability limits to protect your assets in case you are found liable for a multi-vehicle accident. A multi-vehicle accident can easily exceed a $50,000 loss. If your automobile is leased, most lease agreements require property damage liability limits of at least $100,000. Most lenders also require full coverage insurance that includes comprehensive and collision coverages to repair or replace the vehicle if it is damaged or stolen ask your lender about their mandates and make sure all coverages are in effect before you take possession of the vehicle. Then be sure to update your policy information at that time. Credit Life Or Credit Disability Insurance These policies continue your loan payments if you become disabled and will pay the loan in full should you die while your financing is in effect. Coverage may be optional but can be essential for you and your family if your financial assets are limited. GAP Insurance This insurance covers the difference between a vehicle s stated value in a finance contract and the amount an insurer would pay if the vehicle is damaged beyond repair or stolen before the end of the finance period. You can purchase GAP coverage from the dealer or lender. Compare prices to find the best deal available on GAP insurance. Debt-Forgiveness Coverage Sometimes called debt-elimination coverage, this product offers similar benefits to the borrower as credit life insurance and eliminates or postpones payments in the event of death or hardship. Issued directly by a lender and not by an insurance company, terms may vary so consult the issuing institution for full details. Extended Warranties These warranties augment a manufacturer s warranty, which is typically three to four years or up to 50,000 miles, on the entire vehicle or on individual parts and systems. You may opt for extended warranty on items that are not covered for very long by the original warranty or if you keep the vehicle beyond the terms of the original plan. Talk to your financial institution about any extended warranties offered or research other options. 13
16 selling a vehicle READY FOR A NEWER MODEL? Odds are you can get a higher price for your current auto or truck selling it on your own than if you sell it to a dealership or use as a trade-in. There are several things you can do to present your vehicle for sale to improve the odds and make it an easier transaction: It s all in the details. No matter the condition of your car, it needs to look its best. At the very least, you should wash, wax, vacuum, dust and polish every part of it. Fix blemishes using touch-up paint or a paintless dent repair service. Also have a trusted mechanic inspect your car and recommend essential repairs. Only pay for repairs that you think can pay you back through a higher selling price. DETERMINE THE PRICE YOU WANT. Check used-vehicle pricing guides to determine your vehicle s retail value. Be honest about the vehicle s condition either poor, fair, good or excellent as you review these guides. The valuations are intended as an estimate only; your asking price will also vary based on the area in which you live as well as the installed vehicle options or features. GATHER PAPERWORK Locate your title or pink slip, the registration and owner s manual as well as proof of insurance make sure your policy covers anyone who test drives the vehicle. Your local department of motor vehicles or public transportation office has information and forms to help transfer title and registration once you re ready to sell. COLLECT MAINTENANCE RECORDS A serious buyer will consider the maintenance of the vehicle and likely ask for receipts or service records these can also help validate your odometer figure. Invest in a basic tune-up and oil change just before you advertise. GET ANY MANDATORY SAFETY OR EMISSIONS TESTS If your vehicle can t pass state requirements and you are unwilling to make the corrections, make sure potential buyers are fully aware of this. Your subsequent asking price should reflect the as is condition. 14
17 BE ALERT TO THIEVES Never allow a prospective buyer to drive your vehicle or take it for any mechanic s inspection alone. Insist on going along and inspect both proof of insurance and a license to verify their identity. If you are at all concerned for your safety, ask a friend to accompany you. If possible, always arrange to meet buyers in a public place and during daylight hours. BE HONEST ABOUT YOUR VEHICLE Most buyers understand that a used vehicle is not a perfect product. If the vehicle is in fair condition, do not describe it as mint condition. Be upfront about any known defects or problems. Failure to do so could leave you open to possible deceptive trade allegations if the sale proceeds and the vehicle proves to have mechanical or other issues. COMPLETE ALL DOCUMENTATION Contact your financial institution or other lender and clear the title if you have an existing vehicle loan then handle the transfer of the title in person at your local department of motor vehicles (DMV). If you live in a state where the license plate goes with the vehicle, the vehicle is your responsibility until the pink slip, registration, fees, smog certificates and other documents, such as an odometer statement, required in your locality are received by the DMV and transferred to the buyer. PROCEED TO SELL WITH CAUTION There are a few simple tips you can follow if you choose to sell a vehicle on your own. Don t include your home address or extensive personal information in an ad. Provide a cellular phone number for inquiries and consider getting a temporary to include in the ad. Once the vehicle is sold, delete the account. Never meet a potential buyer at your home. Instead, offer to bring the vehicle to their office or a public place such as a mall or other highly visible and open parking area. If possible, verify your prospects prior to any meeting by doing an online search of their name and phone number. Screening even over the phone can provide you with a sense of whether the person is a serious buyer or has other intentions. Trust your instincts and if you have any reservations, consider letting a broker or consignment lot handle the sale. Even though you ll net less profit, you ll save yourself the stress and hassle of dealing with an uncomfortable situation. Do not release the vehicle until you have received the full payment. A certified or official check is advisable; otherwise, allow time to ensure the payment check has cleared before releasing the vehicle. When title is transferred, cancel your insurance on the vehicle. Sign the title over to the buyer as soon as you receive full payment. The buyer must then also pay sales tax on the vehicle when the state issues the new title. You may also want to sign an affidavit of sale that states the buyer s name and the sales price. In some cases, the state requires the affidavit but even if it doesn t, you may still want to do this to ensure that your sale is properly documented. 15
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