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FINANCING OPTIONS TUTORIALExercise - OptionsMatch the terms on the right with the statements on the left by placing the correct letter in the space provided.
Exercise - Options Read the questions and select the right answer as a review of the information and tips we covered in this section. 1. Which of the following is a contract with a dealership to buy a vehicle on time by paying the purchase price plus an agreed upon finance charge over a certain period of time?
d. Residual price
2. What is one of the major differences between buying or leasing a vehicle if you choose to buy?
a. The dealership is listed on the title as the vehicle owner
b. You need to turn in your vehicle to the dealership after a certain length of time
c. You will need to pay a security deposit, acquisition fee and other charges
d. You are the owner of the vehicle and your name is listed on the title
3. Monthly lease payments are usually lower than monthly finance payments when comparing leasing and financing for the same term because you are only paying for the vehicle's expected depreciation the lease term, plus a rent charge, taxes and fees.
a. True
b. False
4. When you finance at the dealership, you are entering into an installment sales contract between you and the dealership.
a. True
b. False
5. When you lease a vehicle, you are responsible for excess wear and tear, damage and missing equipment.
a. True
b. False
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| 1. | Introduction | 10. | Length of Financing |
| 2. | Your Financing Options | 11. | Leasing Through the Dealership |
| 3. | What You Need to Know About Options | 12. | How Mileage Affects a Lease |
| 4. | Financing and Leasing Glossary | 13. | Wear, Tear, and Maintenance |
| 5. | Understanding Finance Terms | 14. | When a Lease Expires |
| 6. | Understanding Lease Terms | 15. | Buy vs. Lease - How to Choose |
| 7. | Payment Options | 16. | Buy vs. Lease - An Exercise |
| 8. | At the Dealership | 17. | How Lease Payments Differ |
| 9. | Financing Through the Dealership | 18. | Exercise Your Options - A Quiz |
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