Auto Sales Contracts

Whether you are buying a car for the first time, or you're getting a new car to replace one you've already had, if you get it from a dealership, odds are you will sign a contract upon purchase. Auto sales contracts are put in place to be sure that you, the consumer, will pay the price quoted to you when you purchase the car. Most auto sales contracts contain information about your vehicle such as the year, make and model, and odometer reading. Additionally, the contract should list the total purchase price, APR or interest rate on the car loan, and any other additional provisions like an extended warranty or creditor insurance. Never sign an automobile contract until you are sure you want to purchase the car and drive it off the lot. In almost any circumstance, once the contract is signed, you are obligated to abide by its terms and conditions.

When you buy a car, make sure the dealer knows the maximum amount you are willing to pay monthly. All auto sales contracts should clearly list what your monthly payment will be. They should also list the annual percentage rate and the name of the lender for the loan on the car. The contract will tell you if you have a factory or an extended warranty. If you purchase an extended warranty separately, the total cost should be listed on the contract, but it will be included in the total purchase price. Unfortunately, many people get tricked into excess things for their car such as paint coatings when they finally sign their auto sales contracts. Be sure there are no hidden fees or services that the dealership has tried to sell you and that you do not want before signing. Once you know what to look for when buying a new car, signing the contract should be a fairly simple and painless process.
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