Overview of Paperwork for New Car

Video Transcript

"Hi, this is John Michaels with Expert Village. Today we're going to be talking about buying a new car. In this segment we're going to be talking about disclosures. That means a lot of things. When you're buying a new car, there are lots of things that you should know and when it comes to disclosing that information, lots of dealerships have to tell you certain things. For instance, it?s ok to ask if that car, even though its new, has ever been in a car accident. Things happen on a dealership lot that you may or may not know and if a car has had more than 500 dollars worth of damage done to it, they have to tell you. Also, remember when leasing and purchasing, before you sign on the dotted line, they have to disclose all the information to you before you make that decision. All leases are now full disclosure leases which means they have to tell you exactly how much you're paying for the car before you buy it. You have to know how much your interest rate is and once your interest accumulated over the term of your lease or your purchases. So don't be afraid to take your time when looking at your contract and ask all the questions that you need to have answered. It?s the law. Full disclosure is you have to know what you're buying. Also remember there are laws to protect your credit so when you fill out a credit application at a dealership, they have to make you sign a form that says that you've allowed them to pull your credit. Remember, if they don't do that, you can ask them for that form to make sure that your credit is protected at all times. It?s really, really important that you know and you maintain your credit worthiness when purchasing a new car."