Buying
when buying a car you gain this
ownership
what is a car lease
a long-term rental
What is auto insurance
a contract that protects you financially in case of accidents
this tearm refers to how much value the car has lost
depreciation
What is a down payment?
Money paid upfront when buying a car
at the end of the lease what do you do with the car
turn it in
What is a premium in auto insurance
The premium is the amount you pay (monthly, quarterly, or yearly) for your insurance policy.
The length of the lease or loan
term
What is a title
The legal document proving ownership of a vehicle.
leasing is best if you like to do what with your cars
swap them in
What is a deductible
The deductible is the amount you pay out of pocket before insurance covers the rest of a claim.
Legal document proving ownership of a vehicle.
tittle
What are add-ons?
Extra products or services added by dealers that increase cost.
at the end of your lease you may face one of these
Why might someone choose a higher deductible
To lower their monthly premium.
The difference between the car’s value and what you still owe.
Equity
This can help lower the price of a car when negotiating.
trade in
This fee may be charged at the end of a lease if the car has more damage than expected.
What is a wear-and-tear fee
What factors can affect how much you pay for auto insurance?
Age, driving record, location, type of car, credit score, and coverage levels.
Refundable money paid at the start of a lease to cover potential damages or missed payments.
Security Deposit