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Shopping For A Car Don’t Get Taken For A Ride!James H. Dimmitt Imagine this ... Youre ready to buy a new car. Youve done your research on the web at a site like Edmunds.com so you know what the dealer has paid for the model you want. Based on your information youve established your comfort zone for price haggling. You walk into the dealership, meet with a salesperson, and begin negotiations. At the end of your test drive and haggling, youre confident that youve made the best deal possible. No way youre getting ripped off because this time you are an "informed consumer" unlike when you bought your last vehicle. One final step stands between you and your brand new "ride" - financing. Your credit is outstanding so you get what you believe is the lowest possible interest rate from the dealership. You drive away in your shiny new vehicle triumphant! Ready for a dose of reality According to a new study, theres a 1 in 4 chance that youve been "taken for a ride" by the dealers finance department, especially if you are female or a minority, by as much as an extra $1,000. The Consumer Federation of America, a Washington, D.C.,-based consumer interest group, said consumers often pay additional fees in that process - totaling as much as $1 billion nationwide - without realizing they qualified for cheaper financing. Heres what can happen behind the scenes: a bank approves an interest rate, the dealer tacks on additional percentage points as a kind of service fee and then the dealer and lender split the difference. To be fair, not every dealer is guilty of this markup. However, enough are involved that many states are now considering new "truth in advertising" lending laws. New laws would require auto dealers to inform customers of the original rate offered by the bank and what the dealer is offering to the customer, after tacking on their additional finance fee. Shopping around with your bank, credit union or the internet can help you to find the interest rate that you qualify for in a loan. Remember, the auto dealer is in business to sell cars, not to offer loans. The next time youre in the market for a car, dont just research the model, make, and add-ons. Research fair interest rates as well so that youll know if youre getting the best rate possible from the auto dealer or if youre being "taken for a ride."
| | | | RELATED ARTICLES Test Driving A New Car One of the most important steps in buying a new or used car is the test drive. You can do all the research you like, but it all comes down to the test drive. Driving the car must be comfortable, easy, and enjoyable. Follow these few steps and get the most out of your next test drive. Common Mistakes Motorcycle Buyers Make When Looking For A Motorcycle Loan Whether interest rates are high or low or it’s the end of a model year with lots of incentives, motorcycle buyers tend to make the same mistakes when shopping for a motorcycle loan. Here are four common mistakes motorcycle buyers make with motorcycle loans. Putting Your Palace To Bed Boat In the Water Did You Mount Your Cold Weather Tires Yet NC—Every year there is this dilemma: should you mount winter tires or should you stay with your all season tires We always question is it going to snow a lot or is it just going to be cold and will our all- season tires be good enough. Well here is some news for you, winter tires are not only designed to work better in snow, slush and ice but also when it simply gets cold. See And Be Seen Tips for parents on how to keep kids safe on the street The Eye Witness To Your Getting Creamed Thirty four years ago, in a book I wrote and was published, entitled, How To Settle Your Own Insurance Claim, I stated: “An eye witness can make or break your case. If you’ve been able to keep your wits about you the first thing you should do, immediately after impact has occurred, is to find somebody who observed it. After having spotted such a person, don’t be bashful. Go right over to them and ask if they saw the accidentIf they did, jot down their name, address and telephone number. Should they drive away before you can zero in on them, make note of their motor vehicle’s registration number so you can later obtain their name through the department of motor vehicle office.” Synthetics Best For Winter Stress NC—Youre sound asleep. Absolutely dead to the world. Suddenly, a huge person bursts in, drags you out of bed, throws you out the window into a snow bank and screams at you to start doing push-ups. Right now, faster, faster, faster! So how do you feel. A bit stressed, maybe. 18 Tips for Saving Money on Gasoline Gas prices are on the rise again!Here are some tips to help you conserve gas and save money as we approach summer gas prices. Avoid Getting Stranded This Winter NC—You can never take winter driving conditions for granted. Take for example the Minnesota man who, in January 2001, drove a few kilometres to the grocery store and ended up getting stranded in a winter storm for 36 hours! Motor Vehicle Accident Insurance Claim Guide This is a FREE Insurance Claim Guide created especially for the readers of ARTICLECITY.COM as a 2004 "Gift", Your Insurance Claim - Medical Insights And Expenses There’s nothing that has a greater impact on evaluating a personal injury insurance claim than the damage done to your body, the medical bills that are a direct result of that injury and the “pain and suffering” you were forced to dealwith. From Mower To Thrower NC—The days are getting shorter. The nights cooler. And finally, your grass has stopped growing. Looks like its time to store your lawn tractor or mower for the winter. And get that trusty snow thrower ready for use. Auto Trader or Ebay For Auto Dealers across the nation, today’s market is getting harder and harder to handle.Sales are seeing a downturn after such a long up swing in the market.To counteract the ever increasing expense of running and maintaining a profitable dealership, dealers need to be savvy in today’s market. Insights Into Your Med-Pay Insurance Coverage While Legal Romantics would like to characterize the trial of a lawsuit as a “Search For Truth” that’s not a reality! Useful Tips On Buying A New Or Used Car Buying A New Car:A new car is second only to a home as the most expensive purchase many consumers make. That’s why it’s important to know how to make a smart deal. Think about what car model and options you want and how much you’re willing to spend. Do some research. You’ll be less likely to feel pressured into making a hasty or expensive decision at the showroom and more likely to get a better deal. Robot. With the release of I ROBOT, one is immediately reminded of Professor Ken Warwick, and the research or experiments that he was involved in. His chip implant in 1998 was the source of some curiosity and debate. His building was retro-wired to interact with his movement or position within it. Doors could open and lights were configured to illuminate his journey throughout. So, his environmental control was somewhat extended, in this case to the limits, or within the perimeter of a building. His influence was increased. It was more about Cyborgs though, which is a robot and a human, in one or many configurations. Welcome To The World Of "Upside Down" Motorcycle Loans! With the depreciation on motorcycles being so enormous after they are driven off the showroom floor, the potential for a buyer owing more on their motorcycle loan than the bike is worth it quite high.Owing more on your bike than it is worth is often referred to as the world of “up side Down#8221;. Protect Your Car From Road Salt Every winter drivers should take active steps to protect their car from road salt. What is Road Hazard Warranty Do You Really Need It You are prepared to spend an average of $300 - $500 for new sneakers for you vehicle. Its a maintenance item that is not optional and then the salesperson asks you if you want to purchase the Road Hazard warranty. The Three Basic Methods Of Car Pinstriping Before we talk about the different auto pinstriping methods we need to cover a couple of basic points : |
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