Buying a Car Review Quiz

APR

• the cash a buyer pays the dealer toward the total price

• The interest rate applied to your auto loan

• The price that the manufacturer recommends for the vehicle

MSRP

• The legal document that formally lists the owner of the car.

• The price that the manufacturer recommends for the vehicle

• the cash a buyer pays the dealer toward the total price

Down Payment

• The legal document that formally lists the owner of the car.

• The price that the manufacturer recommends for the vehicle

• the cash a buyer pays the dealer toward the total price

Rebate

• A discount or an extra incentive to purchase the vehicle

• The interest rate applied to your auto loan

• the cash a buyer pays the dealer toward the total price

Title

• A discount or an extra incentive to purchase the vehicle

• The interest rate applied to your auto loan

• The legal document that formally lists the owner of the car.

Melissa needs a vehicle and is considering leasing one. This means:

• Her depreciation costs will likely be higher.

• She would be renting the vehicle by making payments over time.

• She would be purchasing the vehicle by making payments over time.

Purchasing rather than leasing will generally cause your initial monthly payments to be:

• Higher

• Lower

• The same

When you are looking for a used car, this resource will help you best determine the value of a

particular make and model:

• Car and Driver

• Consumer Reports

• Kelley Blue Book

What legal document proves the ownership of a car?

• Lease

• Mortgage

• Title

What is the recommended minimum down payment a person should make when purchasing a car or home?

• 10%

• 25%

• 20%