ࡱ> KMJ #bjbj** .<H|H|nn44 t-$QQQQ,,$!-$,,QQQQ:,VQ㗫R 0 R$$V$V, $n w: In this assignment you will go through six steps of buying a car: 1ST STEP: FINDING A CAR Here are a suggested few Internet resources. You can use others but you will have to document what you used.  HYPERLINK "http://www.craigslist.com" www.craigslist.com www.autotrader.com www.kbb.com ww.cars.com www.edmunds.com  HYPERLINK "http://www.medfordnickel.com" www.medfordnickel.com (Or) The Nickel Magazine  HYPERLINK "http://www.mailtribune.com" www.mailtribune.com (Or) The Medford Mail Tribune Newspaper What you need to do: Pick a car to buy. Stick to a car that you practically see yourself owning in the near future. The vehicle that you chose is going to be the subject of the rest of these steps, so you must stick with the same car throughout this exercise. Exception: If in step 2 you find the car is less reliable than you would like, you can pick another one. Write the link to where you found your car on the assignment worksheet. 2ND STEP: DETERMINE THE CARS VALUE & RELIABILITY JD Power and Associates is a global marketing information firm that conducts independent and unbiased surveys of customer satisfaction, product quality and buyer behavior.  HYPERLINK "http://www.jdpower.com/autos" http://www.jdpower.com/autos Click on the new or used car tab, depending on what you chose in step one. See how your car rates. What you need to do: Review the Fast Facts and Ratings for your vehicle. You can click on the ratings links to see what the criteria are for each category. Add the Overall performance and design, overall initial quality, and overall dependability to your assignment worksheet. 3rd STEP: RESEARCH THE CARS TITLE HISTORY CAR FAX is the first step to protecting yourself against buying used cars with costly hidden problems. CARFAX searches its nationwide database and provides a detailed vehicle history report in seconds.  HYPERLINK "http://www.carfax.com" www.carfax.com You have to pay to access this site, but click on the following links to see an example of what a clean CARFAX report looks like and what a bad one looks like. Go to these links and take a look at what information is on them. These reports can save you thousands of dollars! EXAMPLES Clean Report:  HYPERLINK "http://www.carfax.com/phoenix/vehicle_history/SampleReport.cfx?reportName=oneOwnerCleanLateModel" http://www.carfax.com/phoenix/vehicle_history/SampleReport.cfx?reportName=oneOwnerCleanLateModel Bad Report:  HYPERLINK "http://www.carfax.com/phoenix/vehicle_history/SampleReport.cfx?reportName=brandedOlderModel" http://www.carfax.com/phoenix/vehicle_history/SampleReport.cfx?reportName=brandedOlderModel What you need to do: Read the sample reports to be familiar with what is included. Find the price of reports and put this on your assignment worksheet. 4th STEP: FINDING A FAIR PRICE Always get a price comparison! NADA Guides offer a broad range of information, products and services to help educatepeople in the market tobuy, sell, trade or simply shop fora vehicle. It is a 3rd party group that helps owners and prospective owners determine value.  HYPERLINK "http://www.nadaguide.com" www.nadaguide.com What you need to do: Find the pricing information for your car and add it to your assignment worksheet. KELLY BLUE BOOK provides free values and pricing on new and used cars. KBB helps to facilitate transactions between consumers and retailers in a fair and impartial way.  HYPERLINK "http://www.kbb.com" www.kbb.com What you need to do: Find the pricing information for your car and add it to your assignment worksheet. 5th STEP: FINDING A COMPETITIVE INTEREST RATE A COMPETITIVE INTEREST RATE can be the difference between a few cents a month and several hundred dollars. Its ALWAYS in your best interest to shop around for the best rate! HINT: Credit Unions are usually always more competitive on auto loans. EXAMPLE Credit Union  HYPERLINK "https://www.roguecu.org/loans/auto-loans" https://www.roguecu.org/loans/auto-loans Corporate Bank Example  HYPERLINK "https://www.wellsfargo.com/auto-loans/rates/" https://www.wellsfargo.com/auto-loans/rates/ What you need to do: Pick the corresponding interest rate that matches up to the criteria of the vehicle you choose. Assume that you have very good credit, so that you can benefit from the lowest interest rate offered. Write down the loan terms, interest rates and year of vehicle on your assignment sheet. You will need the terms and interest rates for the next step. 6th STEP: FINDING A LOAN PAYMENT BANKRATE. COM: Another site is bankrate.com. They have tons of information about current interest rates, and also many financial calculators.  HYPERLINK "http://www.bankrate.com/calculators/index-of-auto-calculators.aspx" http://www.bankrate.com/calculators/index-of-auto-calculators.aspx What you need to do: Find out how much your monthly payments will be and add this to your assignment sheet. VOCABULARY FOR CAR PURCHASING UNIT Depreciation A term used in  HYPERLINK "http://en.wikipedia.org/wiki/Accounting" \o "Accounting" accounting,  HYPERLINK "http://en.wikipedia.org/wiki/Economics" \o "Economics" economics and  HYPERLINK "http://en.wikipedia.org/wiki/Finance" \o "Finance" finance with reference to the fact that  HYPERLINK "http://en.wikipedia.org/wiki/Asset" \o "Asset" assets lose value over time. Buying Power Is the amount of value of a good/services compared to the amount paid. Pre-Approved A lender feels that a potential borrower is credit worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it. Manufacturers Suggested Retail Price (MSRP) The price the manufacturer suggests the car is sold at. Dealers often used this as a starting point for bargaining. You should never pay this full amount. Monthly payment Monthly payment for your auto financing. Total purchase price This is the total cost of your auto purchase. Include the cost of the vehicle, any additional options and any destination charges. Don't include sales tax in this amount. Sales tax will be calculated for you and included in your total after tax price. Term in months Number of months for this loan. Interest rate Annual interest rate for this loan. Cash down Total amount of cash used in this purchase. The larger your cash down payment the smaller the loan you will need to finance this purchase. Trade allowance The total amount that you are given for any automobile that you trade-in as part of this purchase. In some states a trade-in can also reduce the amount of sales tax you will owe. See the definition for "Sales tax deduction for trade-in" for more information on trade-in vehicles and sales tax. Amount owed on trade Total loan balance still outstanding on the trade-in. Sales tax rate Sales tax percentage rate charged on this purchase. (States with tax can buy a car in OR and avoid sales tax but they will have to pay the taxes when they register it in their home state!) 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