Helpful tools for a great car buying experience

Trade In:

• Who is your lender? (Name, number and account number)
• What is your payoff?
• What is the Kelly blue book value of your vehicle( trade in value under fair condition)?
• Subtract your payoff from Kelly blue book price.
• How much equity or negative equity do you have?
• Use the negative equity calculator ( to determine your payment on negative equity)
• Bring your current tag receipt.
• Bring your title ( applicable if vehicle is paid in full)
• Bring current drivers license.
• Bring current full coverage insurance card.

New car/ used car purchase

• Research online for market pricing ( www.autorader.com for used/ www.edmunds.com for new)
• Research all rebates online ( www.theautoschool.com )
• Research manufacturerer deals online and on T.V. for leases and sale prices.
• Look at recent news print ads for the type of car you're seeking.
• Look up NADA retail on the used car your looking for ( www.theautoscool.com) (this site will also tell you what the car sold for new at inception).
• View consumer reports for crash and safety ratings
• Look up www.alg.com to find the cars that depreciate the least so as to limit your future negative equity.
• Pull a Carfax Report on all used vehicles being considered (some dealers provide this service free of charge)
• Bring your current tag receipt
• Bring your title ( applicable if vehicle is paid in full) 
• Bring current drivers license.
• Bring current full coverage insurance card.

Financing /leasing

• Please don't make this critical mistake!!!! Although there are many avenues to obtain financing ( banks, credit unions, brokers, etc.) don't discount the dealers lending strength. I feel it's imperative to do your due diligence and research on all of your options, however, you should take the time to do that prior to going to the dealership.
  
  Here's a few things you should know:
  
  
• Captive Lenders that the dealers typically use like Gmac, World Omni, Fmcc, American Honda Finance will traditional incentivize the dealer based on the amount of contracts sent to them. In most cases it can be a retro contest up to $200.00 per contract. So when you come in to the dealer saying you're paying cash, it could have an adverse effect on the deal. It is important to understand that dealers will take all monies earned on the deal into consideration when selling you a car. These funds traditionally are offered back to consumers in the form of additional discounts.
• Also don't forget about the finance rebate "what's that ?" you ask. Again in a lot of cases the manufacturerer will offer rebates to consumers for financing with them or if you've financed with that particular lender they may give you a percentage break or additional cash for financing with them again!! 
• These are just a few of the reasons dealers would rather you finance than pay cash. Whether you're paying cash (i.e. a check from your credit union or personal check) or financing through the dealer is still getting paid. It's all cash to the dealership.
• Bottom line is- the cheaper interest rate wins, and that's what makes total sense. Consider all factors before you walk into the dealership with a check in hand.

Warranties/Gap Ins.

• In my opinion always buy a warranty for the period of time you expect to keep the vehicle. Typically, warranties give you have the right to cancel your contract and receive the pro-rated amount of the unused portion back. You can aslo purchase a GPR Warranty (Guaranteed Purchase Refund) which is a warranty that willy refund the purchase price (minus administrative cost, etc.) of your warranty if never used during the ownership of your vehicle. This is your health insurance policy for your car. With reagrd to cost, warranties are hard to determine pricing because there are so many variables, such as terms, deductibles, type of coverage's, etc. Ask your dealers for details.
• Gap insurance is inexpensive and in my opinion, a must! It should be called "negative equity insurance" or "depreciation insurance" because that's what it covers in the event of an unforeseen loss. If your vehicle is considered a total loss by theft, fire, flood, or accident whether it's your fault or not, gap insurance will pay the difference between "market value" and what your balance due on the vehicle. If you put a large down payment down or are buying an inexpensive used car, gap insurance would not be recommended. *** "Market value" for insurance purposes is considered wholesale value, not retail value.

 Marginal Credit checklist: Items you bring with you to the dealership

• Proof of income or last two years tax returns and check stubs for the most recent 2 weeks
• Proof of residence (phonebill, power bill)
• Minimum of 6 references (name 2 phone numbers, address, state, zip code
• Divorce decree
• Discharge papers from bankruptcy
• Any documents that support hostory of slow pay showing current
• Proof of past dues showing current
• Proof of child support or any additional income
• Bring your current tag receipt
• Bring your title (applicable if vehicle is paid in full)
• Bring current valid driver license
• Must have full coverage insurance card