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1/6/2009
Tuesday morning
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| The Fed also showed off a new brochure, Keys to Vehicle Licensing, which
helps explain the new form and new rules. Frank McCarthy, executive vice
president of the National Automobile Dealers Association, said the brochure
should be available at dealers. Consumers can also go to the FTCs Web site
at http://www.ftc.gov, click the logo of an automobile and get the brochure
and other background information. |
| Money factor (generally expressed as the APR of the loan
divided by 2400). Your bank can tell you what the rates are. Sometimes the
automakers will offer low APRs to encourage people to lease; the lowest
Ive seen was 1.5% for the Isuzu Trooper last year. Not bad! But beware,
some automaker charge MORE than the banks. |
| Before you begin looking at used cars, think about what
car models and options you want and how much you are able or
willing to spend. You can learn about car models, options, and
prices by reading newspaper ads, both display and classified.
Also, your local library and book stores have magazines that
discuss and compare car models, options, and costs, as well as
provide information about frequency-of-repair records, safety
tests, and mileage. The U.S. Department of Transportation Auto
Safety Hotline (800-424-9393) will tell you if a car model has
ever been recalled and send you information about that recall. |
| Good luck, and if the deal looks to good to be true, it probably is.
However, armed with the right backup material you can make sure you
get the best deal. Walk if the dealer wont divulge all the above
figures; go somewhere else. Watch the ads, too, as the fine print often
makes that $199 a MONTH! look a little less attractive after you figure
out that you need to put $5,000 down first. And as a final note, be aware
that the local ads taken out in the newspaper by one dealership are
probably lies; the deal was for ONE car and I can guarantee you it sold.
Rosenthal, a huge chain in the Washington Area, is know for this (they
once advertised a Millenia that sold in August all the way through
Decemeber; each week, that same stock # was shown for some ridiculos
price in the _Washington Post_). However, if its a TV ad, it probably
means factory financing. Those Mazda Passion for the Road ads, annoying
as they were, spelled out a pretty attractive 626 deal. Always check the
fine print, howe. |
| Federal Reserve Board governor Laurence Meyer said at a news conference to
highlight the new rules that agencies and dealers will be required to
provide disclosure forms, so consumers can compare lease offers and
negotiate some terms. The Fed sets the rules for auto leasing and the
Federal Trade Commission enforces them. |
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