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Your Rights When Buying A Used Car
by Fraser Wheelock
http://www.fwcar.com

My dad used to refer to buying a used car as 'buying
someone else's headaches'. There's a good deal of truth to
his statement. When you buy a used car, you're purchasing
a car that has been used, and quite possibly abused, by
one or more owners. It may have mechanical problems, or
just be showing its age.

While the law in each state differs slightly from the
original, they all lay out which disclosures must be
made by the seller before a sale, and what warranties must
be honored when a sale is made.

1. Know your payment options.
Basically, you have two choices: pay the entire amount in
full, or finance the total amount over time. You can apply
for a car loan from a bank, but dealers offer a wide
variety of loan options. Unless you have your heart set on
one particular vehicle, shop around for the best price at
the right terms for your pocket. Before you close the deal,
make sure that you know:

- the price of the car
- how much cash you're putting down
- the amount that you're financing
- the finance charge (how much interest you'll pay)
- the APR (annual percentage rate)
- the length of the loan term (in months or payments)
- the amount of payments
- the total sales price

You have a right to a clear statement of the price of the
car. If you are financing all or part of the vehicle's
price, you should receive a statement that breaks down the
cost into purchase price and finance charges to help you
make your decision.

Dealer Financing
Dealer financing takes a number of forms. Some dealers,
especially those who cater to lower income markets with
poor or little credit may actually provide their own
financing on the lot. The 'buy here pay here' dealers can
be a convenient option when your credit isn't good enough
to get a regular loan, but you need the car now. Be aware
that you're very likely to pay a far higher interest rate
than with a conventional loan. If you have no other options
though, it can put you behind the wheel when you need the
car.

- whether the car is being sold 'as is'
- if there is a warranty on the car
- what, if any, percentage of repair costs the dealer pays
- a reminder that spoken promises are not enforceable
- the major mechanical and electrical systems on the car
- problems that you should look out for
- a reminder to ask to have the car inspected by an
independent inspector

You have a right to have the Buyer's Guide to used cars
on display at a dealership available to you. By law, a car
dealer must place the Buyer's Guide for each vehicle in the
vehicle. It must include:

4. Understand the laws of your state regarding warranties.
If a used car is offered for sale 'As Is', the appropriate
box must be checked on the Buyers Guide. Connecticut,
Kansas, Maine, Maryland, Massachusetts, Minnesota,
Mississippi, New Jersey, New York, Rhode Island, Vermont,
West Virginia and the District of Columbia don't allow
As Is sales of used cars. At least three other states
require other specific disclosures. To find out what
warranties and disclosures apply to used car sales in your
state, contact your state Attorney General.

5. Have the car inspected by an independent mechanic.
Before you finalize any sale, you have a right to have it
inspected by the mechanic of your choice, at your expense.
While there's no 'standard' pre-inspection procedure, your
mechanic should check all the major systems of the car and
provide you with a written evaluation, including any
repairs needed and their estimated cost. If you still want
to buy the car after seeing the inspection report, you can
use the information you learn to negotiate with the dealer
regarding the price of the car.

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