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Auto Insurance
Buying a Car
New vs. Used
Miscellaneous
100
This is a contract between the individual and the insurer that specifies the terms of the insurance arrangement.
What is a policy?
100

covers the difference between the actual cash value of your vehicle and the loan balance, less delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.

What is Guaranteed Auto Protection (GAP)

100
Returned leased car are often sold as _______.
What is used (pre-owned)?
100
The process of determining the actual terms of the purchase between a seller and a buyer.
What is negotiating?
200
This fee is paid to the insurer for the coverage
What is the premium?
200
________ ________is making a purchase without fully considering priorities and alternatives.
What is impulse buying.
200
Costs less to insure.
What is used (pre-owned)
200
This money is paid to the lender to reduce the amount of the loan.
What is the down payment.
300
When an insurance claim is made, this must be paid by the insured before the insurance coverage begins.
What is the deductible?
300
This is a reliable site to access information on the value of a vehicle.
What is Kelly Blue Book?
300
52% depreciation during the first two years.
What is a new car?
300
If a borrower does not qualify for a loan, they must have this person guarantee the loan to the lender.
What is a cosigner?
400
The purpose of auto insurance.
What is to limit financial loss.
400
The price of the vehicle with standard equipment and no extra options.
What is the base price?
400
Always has a warranty.
What is a new vehicle?
400
An automobile is a secured loan because
What is the vehicle serves as collateral.
500
Liability
What is responsibility.
500
This is the base price plus the price of options installed by he manufacturer, and their transportation charge.
What is MSRP? (Manufacturer's Suggested Retail Price)
500
Avoid rapid depreciation.
What is used (pre-owned)?
500
If an automobile defect remains unfixed after 4 repair attempts or the vehicle remains in the repair shop for 30 days it would qualify as a:
What is lemon.