The Top 3 Things to Know After Signing Your Deal
You have shaken hands with the Sales Representative and you are well on the way to getting your new vehicle, but what happens next?
It's an exciting moment. You have found your dream vehicle and you have made a deal with the Sales Representative.
The modern vehicle is essentially one giant computer. You want to make sure that all of these fun technological features are covered. Look at the options for extending manufacturer warranty or making sure you have coverage for everything. Not all base manufacturer warranties cover things like the touch screens, Heads Up Displays ect.
Find out what is covered and is not covered, the Financial Services Manager can help you with this.
All Warranties are based on time and distance. This means you can design a warranty that is tailored to your driving habits.
2) Body Protection
Life can be complicated, taking care of your vehicle shouldn't be.
Your vehicle has to battle the wear and tear of our Canadian climate. Snow and Ice, Road salt, rain, pollution, extreme heat and cold and UV Rays all affect your vehicles. Exterior and Interior safeguards will protect your vehicle again these and other harsh conditions.
With rates as low as they are currently on extended terms what happens if something happens to you?
Having a plan in place for your vehicle just like you would for your home and other assets is important. If you are in a 84-96 month contract and 48 months into the contract and an unforeseen financing hiccup occurs, how are you protected?
Insurance can mean different things:
A) Paying off the vehicle in the case of loss of life
B) Making Payments in the case of disability or loss of employment
C) Critical Illness such as cancer or heart disease as the most common examples can affect financial stability. Having Critical Illness Insurance means you are better able to focus on health instead of vehicle payments.
GAP (Guaranteed Asset Protection):
Say you have recently purchased in the last twelve months a vehicle worth $30000. You financed that vehicle for six years (72 months). You have a severe accident where the vehicle is deemed a total loss by your insurer. However, depreciation on the vehicle means that it is only worth $20000. This is where GAP is beneficial because the remaining $10000 balance has to be payed to the lien holder. This means either the $10000 comes from your savings or you would have to add it to the financing of your next vehicle unless you have GAP which would cover the deficit.
Vehicle depreciation rate is a factor in every vehicle purchase. Today's average industry rate shows that vehicles depreciate at about 20% per year. GAP can protect you against the depreciation when using extended financing terms.
There are varying names for this program and they all mean slightly different things so do your research and ask questions about which program is being offered.
Remember, buying a car should not be a difficult process. As a Sales Consultant it's my job to make it easy, If you have questions about the next steps about buying a vehicle, give me a call and I can answer your questions.