Personal Finance Courses: Vehicle Acquisition

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
When shopping for a car at a dealership, what might be the purpose of mentioning other dealerships that are offering the same car?
Choose wisely. There is only one correct answer.
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.
2.
You can get an auto loan at a bank, a credit union, or from the dealer. Which of these options likely offers the least favorable terms?
Choose wisely. There is only one correct answer.
Dealer. As a general rule, banks and credit unions give you better terms.
3.
If you are leasing a new vehicle and planning to drive it more miles than are allowed in the contract, _______.
Choose wisely. There is only one correct answer.
You will have to pay a fee for the excess miles. The contract specifies a certain number of miles that you can drive.
4.
What is probably the biggest advantage of buying a used vehicle instead of a new one?
Choose wisely. There is only one correct answer.
The price. For most people, price is the biggest advantage.
5.
How might the "loss of use" coverage help you if your car is being repaired for an insured loss?
Choose wisely. There is only one correct answer.
It would pay for a temporary car for you. The loss of use coverage reimburses you for the temporary inability to use your vehicle.