Buying a Car-Auto Unit

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What is an Auto Lease?

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An agreement where an individual makes monthly payments to use a car for a certain length of time instead of buying the car.

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What is Dealer Arranged Financing?

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A type of auto loan where the dealership connects you with a lending institution (bank, credit union, etc.).

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What does Fuel Efficiency refer to?

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How far your car can travel with a certain amount of fuel.

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What is Financing?

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To buy an item with credit and pay it back over time with interest.

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What does MSRP stand for?

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Manufacturer’s Suggested Retail Price, the price that manufacturers suggest retailers use to sell their merchandise.

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What is an Auto Loan?

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A loan specifically for purchasing a vehicle, which is paid back over time with interest.

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What is In-House Financing?

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A financing option where the dealership provides the loan directly to the buyer.

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What is a Captive Loan?

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A loan offered by a manufacturer’s financial services division, often with special terms.

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What is a Warranty?

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A guarantee provided by the manufacturer or dealer that covers certain repairs or replacements.

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What is a Certified Pre-Owned Program?

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A program that certifies used cars meet specific standards and often includes a warranty.