Which of the following statements about financing a car is true?
The longer the term of the loan, the smaller the amount of the monthly payment.
Federal law requires cars dealers to
provide a pamphlet to consumers on safety aspects of all new cars, place a large sticker�a Buyer's Guide�on every used car for sale, and provide consumers with the costs and terms of a vehicle lease.
The price of a new vehicle
is discounted on the basis of time of year, negotiating ability of the buyer, and other factors.
The Buyer's Guide sticker that is required on the window of every used vehicle sold by a dealer must include which of the following?
advice that the buyer should get all promises in writing
The Kelly Blue Book and Web site provide
prices for used and new cars,quality reviews, and information on available financing.
____________________ for car loans vary depending on whether the car is new or used.
Interest rates
The size of a ____________________ depends on the time of year, the buyer's negotiating ability, special sales, manufacturer's bonuses, and rebates.
discount
If a sticker on a used car says that it is being sold ____________________, this means that there is no warranty.
as is
The ____________________ now requires used car dealers to place a large sticker�a Buyer's Guide�in the window of every vehicle offered for sale.
Federal Trade Commission.
A warranty may become ineffective if you fail to perform proper ____________________ or you ____________________ the car.
maintenance; misuse
the payment of a monthly fee to drive a car for a certain time period, without owning the car
leasing
car financing company takes ownership of the car away from the buyer who has failed to make timely payments
repossession
one of the major financial costs of having a car
insurance
bumper-to-bumper type cover most auto repairs for 36,000 miles or 36 months, whichever comes first
warranty
best guide for this is the Kelly Blue Book
price