Buying a Car

What’s the best way to know the right price to pay for a used car?

Compare prices between several sellers

Correct Incorrect Correct answer

Ask the car dealership

Correct Incorrect Correct answer

Check the Kelly Blue Book value

Correct Incorrect Correct answer

Look in an Auto Trader magazine

Correct Incorrect Correct answer

When should you tell the salesperson that you are interested in leasing?

When you first get to the lot

Correct Incorrect Correct answer

Once you find the car you want

Correct Incorrect Correct answer

Right before you start negotiating price

Correct Incorrect Correct answer

Right after you negotiate the price

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What law protects you from purchasing a car with unreported defects?

Lemon Law

Correct Incorrect Correct answer

Consumer Leasing Act

Correct Incorrect Correct answer

Truth in Lending Act

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Fair Credit Reporting Act

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When is the right time to shop for your next auto loan?

When your financial institution offers a good promotional rate

Correct Incorrect Correct answer

When the dealership advertises a special sale

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Once you’ve found the vehicle you want to buy

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Just before you start shopping for your next car

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If you have a credit score of 550, what kind of borrower does that make you?

Subprime

Correct Incorrect Correct answer

Prime

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Super-prime

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Which of the following is a MUST to know before you sign an auto loan?

Total amount being financed

Correct Incorrect Correct answer

Monthly payments

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APR

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Number of payments

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B and C

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All of the above

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Which of the following does not increase the cost of a lease?

Making a larger down payment

Correct Incorrect Correct answer

Not following the maintenance schedule

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Returning the vehicle early

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Going over the assigned mileage limit

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What is the name of the document that provides details about an auto loan?

Purchasing Agreement

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Service Contract

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Truth in Lending Disclosure

Correct Incorrect Correct answer

Annual Credit Report

Correct Incorrect Correct answer

What’s the main advantage of buying a used car from a Rental Car Company?

The cars tend to be in better condition

Correct Incorrect Correct answer

They come with certified pre-owned guarantees

Correct Incorrect Correct answer

They usually offer the best prices of all used cars

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They have detailed vehicle maintenance histories

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True or False: If a dealership offers no money down, the total cost of the vehicle will be less than a traditional loan from your financial institution.

True

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False

Correct Incorrect Correct answer

Buying a Car

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