Mini Car Unit Assessement

Which statement about car depreciation is TRUE?

• Cars depreciate mainly based on mileage

• Cars lose 10% of their value when driven off the lot

• Cars depreciate most after 10 years

• Cars don't depreciate if well-maintained

Who is likely to offer Jack the best auto loan terms with a subprime credit score?

• Dealership

• Bank

• Credit Union

• Online Lender

What does VIN stand for?

• Vehicle Identification Number

• Does not stand for anything

• Vehicle idea name

Magda is financing her car with an auto loan. Which statement is accurate?

• Her principal is the cost of the car, minus any down payment

• Her interest rate is the total cost after all payments

• A shorter term means it takes longer to repay

Down Payment

• The legal document listing the car owner.

• The manufacturer's recommended vehicle price.

• The cash paid by the buyer toward the total price.

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

Luke pays $450 down and $254 a month for a year for his car. How much does he pay in total?

• $3198

• $4900

• $850

Which resource helps determine the value of a used car make and model?

• Car and Driver

• Consumer Reports

• Kelley Blue Book

What is it called when a car's value decreases over time?

• Lower Value

• Depreciation

• Car Value

MSRP

• Legal document listing the car owner.

• Manufacturer's recommended price for the vehicle.

• Cash paid by buyer to dealer.