Federal Trade Commission Used Car Buying
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is one way to pay for the car? | Pay in full
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| What is a second way to pay for the car? | Finance over time
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| What does APR stand for? | Annual Percentage Rate
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| How come financing includes paying more for the car then its' actual cost? | Interests, other loan costs, cost of credit, finance charge
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| List the factors to consider when financing a car | 1. How much you will put down 2. The montly paymnent or car note 3. The loan term 4. APR
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| True or False | Rates are usually higher and loan periods shorter on used cars then on new ones.
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| Name a type of car sales business | Franchise
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| Name a type of car sales business | Independent dealers
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| Name a type of car sales business | Rental car company
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| Name a type of car sales business | Leasing company
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| Name a type of car sales business | Car superstore
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| Name a type of car sales business | online car sales
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| True | Dealers are not required by law to give used car buyers a three day right to cancel.
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| Which organization requires dealers to post a Buyers Guide in every used car they offer for sale. | Federal Trade Commission
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| What is FTC the abbreviation for? | Federal Trade Commission
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| False | Anyone who sells fewer than six cars a year still has to post a Buyer's Guide
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| False | If the Buyers Guide says the car comes with a warranty and the sales contract says the car is sold "as is" the deal can choose to not give you the warranty.
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| As IS means.... | No Warranty
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Created by:
Cyoung77
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