Geoff Cudd www.findthebestcarprice.com/about/ If you’re looking to save money when buying a car, consider not purchasing gap car insurance (also called gap protection). Many websites (and, of course, the Finance Department at a car dealership) will try to scare you into thinking it’s a necessity, but I try to provide a more objective opinion. Salesmen will tell you that the moment you drive off the lot, your insurance is probably inadequate to cover you in the event of a total loss.  But don’t let this frighten you into spending money without considering whether you really need to ..read more

See how much money you can save using this car loan refinancing calculator. Auto Refinance Calculator This calculator provides an estimate of your car payment but accuracy is not guaranteed and may not reflect all fees and taxes. If you are looking to determine your monthly payment for a brand new auto loan, use this calculator instead. Why it might be time to refinance In February 2020, according to Edmunds the average APR (annual percentage rate) on a new car loan was 5.6%. and the average used car loan was 8.3%. The Federal Reserve made another emergency cut to interest rates, dropping t ..read more

So you've learned how to negotiate a new car and think that guarantees you a good deal.  Well think again!  Did you know a majority of a car dealer's profit comes from fees and add-ons in the Finance Office? Dealerships want you to think the hard part is over and that it's time to let your guard down.  But as you're getting ready to sign for your new car, the Finance Manager will smoothly convince you that you need expensive add-ons and accessories. What are Dealer Installed Options? A dealer installed option is any accessory that a car dealer inst ..read more

Dealer holdback is a percentage of the price of a new car, typically 2-3% of MSRP, that is returned to a dealer from the manufacturer after a car is sold.  It's important to know that holdback is typically not up for negotiation and not all manufacturers even provide it to dealers. Holdback is money used to help dealers pay for finance charges they have accrued while keeping unsold cars on their lot.  This is a "refund" of money to the dealer for what they originally paid to buy the car from the manufacturer. How Does Dealer Holdback Work? Although you'd assume that car dealers make ..read more

Car manufacturers and dealers purposely hide their cost structure from the general public.  Their intent is to make it difficult for average folks to evaluate a car purchase.  The car industry makes more money if you can’t determine what is a fair deal. To help shed some light on the subject, here is a car terms glossary that breaks down common car terms and how they should be interpreted. Car Terms Car Price Term Description Negotiable? MSRP (Manufacturer's Suggested Retail Price) This is the "sticker" price required by law to be shown in the window of a new car. The manufact ..read more

If you’re buying a used car from a local dealership you probably do not have to worry about payment fraud.  The dealership has a physical location, plenty of cars in inventory, and a lot to lose by stealing your money. But when buying a used car from an unknown private party or dealership online, you have to be very careful.  Cars cost thousands of dollars and that attracts a lot of scammers and unscrupulous criminals.  Fraud in car sales is very common and you need to protect yourself when buying a car from a stranger.  This is where an escrow service can help you. What ..read more

Yes, you can get a 1 year car lease, a 6 month car lease, and even a 3 month car lease. But is it actually a good idea? Let's look at the pros and cons of a short-term car lease. But first... What is a Short-Term Car Lease? Leasing a car is similar to renting an apartment. You make regular monthly payments to use the car, but you don’t own it at the end of the payment term. After a lease ends, you must return the car to the dealership, or, if you have a lease buyout option you can purchase the car. A long-term car lease typically means you’re leasing a vehicle for two years or ..read more

Almost all major car manufacturers are offering payment relief programs during the COVID-19 pandemic. They are offered in the form of deferred payments on new vehicles, payment extensions, and lease extensions. Many will also waive any late fees for an extended period of time. (these are discounts for everyone, not to mention those discounts for first responders) If your local and state government have deemed transportation as an essential need, most dealer service operations for repair and maintenance should be open. Tip: To truly get a good deal, you’ll want to get prices from several ..read more

Here's my honest review of Swapalease. The platform offers a way to connect people that want to get rid of their lease with those who are looking to take over a lease. They claim to facilitate quick and easy lease transfers as the largest automotive lease marketplace. But is it really that simple? The answer is "not exactly" As a leasing marketplace, Swapalease may offer you visibility to the other relevant party, but they do not control the actual lease transfer. Sounds like it could be a tricky problem, but it's not all bad. You just need to understand the service and how to use it safely ..read more

Not surprisingly, many people don’t understand all the reasons why you might buy versus lease a car. If your parents always got cars one way, there’s a good chance you’ll do the same without considering both choices. But there are compelling arguments for each option. Not everyone is in the same boat and there are several questions you should ask before making a decision. Read: What are the best lease deals right now?        Is a car lease right for you? In most cases, the monthly payments on a car lease will be lower than a car loan.  But th ..read more