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March 18, 2013

Buying, Selling, or Leasing a Vehicle

Buying a New Car

Which terms should the contract include?

The sales contract should

  • describe the car and include the vehicle identification number (VIN). You can find it on the driver's side of the dashboard near the windshield
  • state whether the car is new, used, or has had a previous life as a demonstrator, rental car or taxicab
  • include price terms consistent with your oral agreement, and details on any trade-in you will supply, including mileage and the dollar amount credited
  • state the warranty terms
  • state financing terms, including price, deposit, trade-in allowance, annual percentage rate of interest (APR), and length of term

>>What information should an automobile ad include?
>>What are “bait and switch” ads?
>>What if the ad omits details?
>>Must a car contract be in writing?
>>Which terms should the contract include?
>>How should I evaluate the contract?
>>May I change a seller's preprinted contract?
>>May I cancel the contract even after I sign it?
>>What happens to my deposit if I cancel the contract?
>>What if I want to add something after I sign the contract?

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