Personal Finance Courses: Vehicle Acquisition

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1.
If you see a group of three numbers such as 50/100/15 in reference to auto insurance coverage, what type of coverage are you seeing?
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Liability coverage. These numbers refer to the limits on bodily injury per person, bodily injury per accident, and property damage.
2.
When shopping for a car at a dealership, what might be the purpose of mentioning other dealerships that are offering the same car?
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The dealer might match their prices. The intimidation might work for some, but the main purpose is to make the dealer compete with the other dealers to get your business.
3.
Financial advisors usually recommend that your car payments should be how much of your take-home pay at the most?
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20%. This is the common recommendation.
4.
Why is it important to know your credit score if you plan to lease a vehicle?
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Your credit score factors into your monthly payments. It affects your lease rate, which helps determine your monthly payments.
5.
The cost of ownership of a vehicle is the same as the price you paid for it.
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False. The cost of ownership is the various expenses you will pay for the vehicle over the time that you own it.