Test your knowledge

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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.

To get the dealer off your back.

To make you look more intimidating.

There is no purpose of mentioning those other dealerships.

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.

Financial advisors usually recommend that your car payments should be how much of your take-home pay at the most?

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10%

20%

33%

None of the above

20%. This is the common recommendation.

Why is it important to know your credit score if you plan to lease a vehicle?

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The higher your credit, the fewer the fees you will have to pay.

Your credit score factors into your monthly payments.

A high credit score will allow you to customize the vehicle if you so desire.

It isn't important; your credit score is immaterial.

Your credit score factors into your monthly payments. It affects your lease rate, which helps determine your monthly payments.

If someone steals a precious ornament from the hood of your car, that theft would be covered under _______ coverage.

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Uninsured motorist

Comprehensive

Collision

Comprehensive. Comprehensive coverage pays for non-collision damages.

Cars with the lowest prices will necessarily have the lowest costs of ownership over time.

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True

False

False. True cost of ownership can actually be higher, based on factors such as tax credits, depreciation, maintenance, and other important aspects.

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