When Buying A Used Car From A Dealer
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If you buy a used vehicle that you think is covered by a warranty or service contract, follow the instructions outlined in the contract. If the warranty is backed by the manufacturer, contact the dealership.
Apply for financing with banks and credit unions before you visit a dealer so you can have auto loan terms for comparison. You can get up to five auto loan offers from LendingTree without impacting your credit score.
You'll need to bring your driver's license, proof of auto insurance, and financing documents (if applicable) to the dealership when buying a car. If you are financing, experts also recommend getting preapproved for a car loan, which requires current proof of residence, proof of income, and your credit score. For a trade-in, the dealership will ask for your vehicle's registration and the certificate of title or the car loan account information.
The dealership wants proof that you can legally drive before selling you a vehicle. Make sure your license is valid and hasn't expired. Your license can also prove your identity and your residence when financing the car.
It's important to find out which payment forms the dealership accepts before you go in. Some might allow you to write a personal check for the down payment or the total amount. If you're planning to apply for an auto loan, ask about the documentation you'll need for the dealership's financing process, regardless of whether you decide to get the loan from a financial institution or through the dealer.
Potentially. Some auto manufacturers offer car discounts for recent college graduates, military personnel, veterans, first responders, and people who already own a vehicle from the dealership. Depending on the discount type, you may need to bring a diploma, transcript, military or veteran ID card, discharge papers, leave and earnings statement, or an ID badge. Eligibility requirements vary, so do your research before going into the dealership. Learn more about car insurance discounts for students.
Most car dealers who sell used vehicles must comply with the Federal Trade Commission's (FTC's) Used Car Rule. In fact, car dealers who sell, or offer for sale, more than five used vehicles in a 12-month period must comply with the Rule. Banks and financial institutions are exempt from the Rule, as are businesses that sell vehicles to their employees, and lessors who sell a leased vehicle to a lessee, an employee of the lessee, or a buyer found by the lessee.
The Used Car Rule applies in all states except Maine and Wisconsin. These two states are exempt because they have similar regulations that require dealers to post disclosures on used vehicles. The Rule applies in the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, and American Samoa.
You must post a Buyers Guide before you display a vehicle for sale or let a customer inspect it for the purpose of buying it, even if the car is not fully prepared for delivery. You also must display a Buyers Guide on used vehicles for sale on your lot through consignment, power of attorney, or other agreement. At public auctions, dealers and the auction company must comply. The Rule does not apply at auctions that are closed to consumers.
The Buyers Guide must be displayed prominently and conspicuously on or in a vehicle when a car is available for sale. This means it must be in plain view and both sides must be visible. You can hang the Guide from the rear-view mirror inside the car or on a side-view mirror outside the car. You also can place it under a windshield wiper. The Guide also can be attached to a side window. A Guide in a glove compartment, trunk or under the seat is not conspicuous because it is not in plain sight.
If you offer a written warranty, or if the manufacturer's warranty still applies, you also must comply with the Magnuson-Moss Warranty Act and other FTC Rules, including the \"Warranty Disclosure Rule.\" The Warranty Act contains provisions that establish consumers' rights with respect to written warranties. For example, the Act prohibits you from eliminating implied warranties when you provide a written warranty.
The Covid pandemic has muted depreciation, however, and prices for used cars are growing faster than for new. As the price gap narrows, buying new becomes more appealing because the vehicles are in better condition, plus, they have a full warranty and can be financed at a lower rate.
Used Teslas have done particularly well of late, as gas prices have risen, spurring more interest in EVs and the economics of recharging versus filling up. The popular all-electric vehicles are now averaging $65,000 on the used marketplace, coming close to their cost when new.
Another option is to use a no-haggle dealership, typified by CarMax, Vroom and Carvana. These companies can charge more than traditional dealerships, but generally score positive reviews from consumers. Each promises stress-free shopping with a non-negotiable price and money back guarantees, plus large and easy-to-search inventories. Each will also deliver a new car right to your door, in most instances. Unlike the others, CarMax also offers physical locations where shoppers can peruse cars.
Under normal circumstances, a car shopper might be advised to wait for the end of the month because that's when many dealers are looking to make quotas and are more likely to negotiate. They might also be told to look for cars that are being discontinued or redesigned because dealers want to get them off the lot.
If your gas-powered vehicle is more than 4 years old, the dealer you are buying from must get a smog certification before selling to you, unless the vehicle was smog certified within the last 90 days.
This information provides answers to some of the more frequently asked questions regarding the purchase of a used car. It specifically covers the purchase of used cars and light trucks from a licensed dealer.
I bought a used car from a dealer and now I've changed my mind. Can I return the car and get my money back Under most circumstances you cannot return the car only because you have changed your mind. While products sold to you at home (door to door) may be returned within 3 days if you change your mind, Maine law does not allow a \"cooling off\" period for sales taking place outside of the home, such as used cars purchased from a dealer.
I put a deposit on a used car but did not take delivery. Is the dealer required to return my deposit if I change my mind It depends on the dealer's policy. While Maine law does not require that the deposit be returned, it does require the dealer to provide you with a written copy of its deposit policy. Therefore, it is important to ask about the deposit policy and read all documents carefully before you place a deposit on a used car.
What does the dealer have to tell me about a car that I wish to purchase Maine law requires a Used Vehicle Buyer's Guide be posted on a used car's window with the following information:
Is the dealer required to give a 30-day warranty on used cars No. Maine law does not establish a set warranty coverage (other than state safety inspection warranty) or time period that a dealer must provide for a used car. Maine law also does not specify what items and terms a warranty will include. Many times a dealer will have standard written warranty coverage. Review any written warranty carefully to determine the length of the dealer's warranty and the items covered for your used car. These will be listed on the express warranty section of the Used Vehicle Buyer's Guide.
What is a 'warranty of inspectability' Generally, all used cars sold by dealers must have an inspection sticker on the car that was issued within the past 60 days. This is called a 'warranty of inspectability'. This means that the vehicle has been inspected for the purposes of issuing an inspection sticker, and will pass inspection on the day that your buy it.
When may a used car be sold without a warranty of inspectability A car will not have an inspection sticker when is it is posted with an 'Unsafe Motor Vehicle' certificate. This certificate is completed by a licensed inspection mechanic and indicates the car was inspected, but did not pass the inspection. The certificate will list the items that failed inspection. If you are interested in purchasing a car with this designation, you should keep in mind that the car must be towed from the dealer's lot, cannot be test driven on Maine roadways, and cannot be issued a temporary plate.
But many Americans make big mistakes buying cars. Take new car purchases with a trade-in. A third of buyers roll over an average of $5,000 in debt from their last car into their new loan. They're paying for a car they don't drive anymore. Ouch! That is not a winning personal finance strategy.
\"The single best advice I can give to people is to get preapproved for a car loan from your bank, a credit union or an online lender,\" says Philip Reed. He's the autos editor at the personal finance site NerdWallet. He also worked undercover at an auto dealership to learn the secrets of the business when he worked for the car-buying site Edmunds.com. So Reed is going to pull back the curtain on the car-buying game.
For one thing, he says, getting a loan from a lender outside the car dealership prompts buyers to think about a crucial question. \"How much car can I afford You want to do that before a salesperson has you falling in love with the limited model with the sunroof and leather seats. \" 59ce067264
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