|[December 04, 2012]
Edmunds.com Advises Holiday Car Buyers How to Properly Review Car Sales Contracts Before Closing the Deal
SANTA MONICA, Calif. --(Business Wire)--
As car shoppers rush to land a good holiday deal this month,
Edmunds.com, the premier resource for car shopping and automotive
information, advises all buyers to take a moment to carefully review
their sales contracts before they sign on the dotted line. And while the
contract can appear to be an overwhelming jumble of numbers and fine
print, Edmunds.com identifies the key elements that every car buyer
should look for in its new article at http://www.edmunds.com/car-buying/how-to-review-your-new-car-sales-contract.html.
"The contract isn't quite as complicated as it looks, and in fact it's
actually a standard form that is the same at all dealerships in most
states," says Edmunds.com Sr. Consumer Advice Editor Philip Reed. "So
it's not so much the language in the document that should concern you.
Instead, it is the numbers in the little boxes that you need to review
Those numbers, says Edmunds.com, should always match the numbers and
terms negotiated with the dealer. To avoid any confusion, Edmunds.com
recommends that buyers establish the "out-the-door" price - which
includes any taxes and fees - before they review the contract. This can
be accomplished by obtaining the dealer's "worksheet," which will list
all the figures that go into the final contract.
Depending on the type of transaction (cash, finance or lease), those
"out-the-door" numbers should match up to the various elements of the
deal in the final contract. Those elements include:
Cash Sale - Purchase price of the car, sales tax, registration
fees, documentation fee for preparing the contract, customer cash rebate
(if applicable) and value of trade-in (if applicable)
Financed Sale - Everything listed above, plus down payment,
interest rate, amount financed and the length - or term - o the loan
Lease Contract - Cost of the car (aka "capitalized cost'),
drive-off payment, allowed mileage, term of the lease and the residual
value (i.e. the car's projected value at the end of the lease term).
More information is available in Edmunds.com's "10
Steps to Leasing a New Car."
Only when the numbers match should the buyer sign the contract. If
buyers find additional fees in the final contract, they should take the
time to learn why those fees are added on, and in the rare case where
they suspect bogus fees have been added, they should not be afraid to
walk away from the deal. Edmunds.com sorts out the fees that car buyers
can expect at http://www.edmunds.com/car-buying/what-fees-should-you-pay.html.
For more information on what key elements to look for in a new car
contract, please visit http://www.edmunds.com/car-buying/how-to-review-your-new-car-sales-contract.html.
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