Vehicle Financing: Breaking Down the Numbers
Every year millions of Americans purchase and lease vehicles. The vast majority of these transactions involve financing some portion of the purchase price a/k/a payments over time. Vehicle financing involves a host of terms and concepts that are sometimes confused or misunderstood and when you are paying your hard-earned money you want to be sure you have a firm understanding of how this math works. So where does a consumer turn for some honest, basic, easy-to-understand information on vehicle financing?
Americans Well-Informed on Automobile Retailing Economics is a collaborative effort of automobile financiers (i.e. banks and lenders) which has a good general information site featuring an online payment calculator, worksheets, free online modules, and other resources that are worth perusal by vehicle shoppers. Also worth a look is the Federal Trade Commission’s webpage on understanding vehicle financing. Last but not least, Bankrate.com has a host of articles and resources that walk you thru each step of your journey: from shopping for a vehicle to insuring your vehicle.
Too often I receive calls from consumers who have failed to read the documents they signed or otherwise did not do their homework prior to making a decision to purchase or lease a vehicle. Get all promises in writing and ask questions before you sign. There are state and federal laws governing financing of vehicles and other consumer transactions. If you believe you have been the victim of auto financing fraud or other misdeeds contact me for a free consultation. Happy vehicle hunting and crunch those numbers to make them work for you!
- Posted in: auto dealer fraud ♦ Car Law/Vehicle Law/Lemon Law ♦ Consumer Law/Consumer Protection ♦ Vehicle Financing and Transactions
- Tagged: auto dealer, auto dealer fraud, AWARE, bank, buyer beware, consumer, due diligence, financing, fraud, interest rate, lease, lender, loan, monthly payment, Retail Installment Sales Agreement, Truth in Lending Act, vehicle sale