Vehicle Payment Terms

and Vehicle Financing
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Payment terms on vehicles purchased

 

A partial payment of $1,000 (US) is required to be made via Pay Pal (or in person or by bank transfer) by the successful buyer within 24 hours after sale purchase online, received by us no later than 24 hours after sale purchase.

Once the partial payment is made, we must then receive payment in full within three business (3) days of receiving the $1,000 partial payment. Payment in full must be received and cleared by our bank before the vehicle or title can be released. If you are planning to finance your vehicle purchase, please secure your finance approval from the lender of your choice prior to placing a bid.

Any questions about a vehicle, vehicle price, payment terms or financing, please contact the Vehltor® location where the vehicle you want is located.

 

Financing - what is the right loan for you?

 

Most lenders on-or-offline will ask you to complete a credit application. Information on this application may include: your name; Social Security number; date of birth; current and previous addresses and length of stay; current and previous employers and length of employment; occupation; sources of income; total gross monthly income; and financial information on existing credit accounts.

The lender will obtain a copy of your credit report, which contains information about current and past credit obligations, your payment record and data from public records (for example, a bankruptcy filing obtained from court documents).

For each account, the credit report shows your account number, the type and terms of the account, the credit limit, the most recent balance and the most recent payment. The comments section describes the current status of your account, including the creditor's summary of past due information and any legal steps that may have been taken to collect.

Some online lenders may be a lender broker, and sell your contract to an assignee, such as a bank, finance company or credit union. The lender submits your credit application to one or more of these potential assignees to determine their willingness to purchase your contract on the vehicle you want to finance.

These finance companies or other potential assignees will usually evaluate your credit application using automated techniques such as credit scoring, where a variety of factors, like your credit history, length of employment, income and expenses may be weighted and scored.

Since the bank, finance company or credit union may or may not deal directly with the prospective vehicle purchaser, it bases its evaluation upon what appears on the individual's credit report and score, the completed credit application, and the terms of the sale, such as the amount of the down payment.

Each finance company or other potential assignee decides whether it is willing to buy the contract, notifies the primary lender of its decision and, if applicable, offers the primary lender a wholesale rate at which the assignee will buy the contract, often called the "buy rate."

You may see specials rates advertised in your area. Generally, these discounted rates are not negotiable, may be limited by a consumer's credit history, and are available only for certain models, makes or model-year vehicles.

When there are no special financing offers available, you may be able to negotiate the annual percentage rate (APR) and the terms for payment with the lender. The APR that you negotiate with a lender that is a broker is usually higher than the wholesale rate described earlier. This negotiation can occur before or after the lender broker accepts and processes your credit application.

 


 

What influences your APR?

 

The APR is the finance annual percentage rate of your loan. Your credit history, year of the vehicle, vehicle type, length of loan or terms you are seeking, current finance rates, competition, market conditions, special offers, and sometimes you down payment compared to the vehicle loan value may be among the factors that influence your APR.

 


 

What about a co-signer?

 

You may be allowed by the creditor to have a co-signer sign the finance contract with you in order to make up for any deficiencies in your credit history. A co-signer assumes equal responsibility for the contract, and the account history will be reflected on the co-signer's credit history as well. For this reason, you should exercise caution if asked to co-sign for someone else. Since many co-signers are eventually asked to repay the obligation, be sure you can afford to do so before agreeing to be someone's co-signer.

 


 

Read your loan agreement and know the terms of financing before you sign

 

PRICE OF THE VEHICLE -The purchase price of the vehicle agreed upon by the buyer and the dealer.

DOWN PAYMENT - An initial amount paid to reduce the amount financed.

EXTENDED SERVICE CONTRACT - Optional protection on specified mechanical and electrical components of the vehicle available for purchase to supplement the warranty coverage (if any) provided with the used vehicle. Extended service contracts (called extended warranties) are available from companies, depending on the vehicle type, year of the vehicle and mileage. Most lenders will usually loan additional funds for an extended warranty. Ask the lender you choose to finance with if they will cover the cost.

CREDIT INSURANCE - Optional insurance that pays the scheduled unpaid balance if you die or scheduled monthly payments if you become disabled. As with most contract terms, the cost of optional credit insurance must be disclosed in writing, and, if you want it, you must agree to it and sign for it. Today there is also insurance available to cover your payments if you lose employment through no fault of your own. Ask what protections your lender offers.

GUARANTEED AUTO PROTECTION (GAP) - Optional protection that pays the difference between the amount you owe on your vehicle and the amount you receive from your insurance company if the vehicle is stolen or destroyed before you have satisfied your credit obligation.

AMOUNT FINANCED - The dollar amount of the credit that is provided to you by the lender

ANNUAL PERCENTAGE RATE OR "APR" - The cost of credit for one year expressed as a percentage.

FINANCE CHARGE - The total dollar amount you pay to use the credit (amount you borrow).

FIXED RATE FINANCING - The finance rate remains the same over the life of the finance contract.

VARIABLE RATE FINANCING - The finance rate varies and the amount you must pay changes over the life of the contract.

MONTHLY PAYMENT AMOUNT - The dollar amount due each month to repay the credit agreement.

ASSIGNEE - The bank, finance company or credit union that purchases the contract from the another lender or the agent who helps you obtain financing.

Be aware that your credit history may affect the finance rate you are able to negotiate. Generally, you'll be able to get a lower rate if you've paid your monthly credit obligations on time.

Compare annual percentage rates and financing terms from multiple finance sources such as a bank, finance company and credit union. This information may also be available from the finance sources' and vehicle manufacturers' Web sites.

 


 

Tips

 

Evaluate your financial situation and determine how much you can afford to pay each month. A longer-term finance contract may mean smaller monthly payments than a shorter-term finance contract (if all other terms are the same) - but will result in more money paid over time on your contract.

Understand the value and cost of optional credit insurance if you agree to purchase. Determine the price range of the vehicle you're thinking of buying. Check newspaper ads, the Internet, and other publications.

Be aware that your credit history may affect the finance rate you are able to negotiate. Generally, you'll be able to get a lower rate if you've paid your monthly credit obligations on time.

Stay within the price range that you can afford. Negotiate your finance arrangements and terms. Consider carefully whether the transaction is best for your budget and transportation needs.

Understand the value and cost of optional products such as an extended service contract, credit insurance or guaranteed auto protection, if you agree to purchase. If you don't want these products, don't sign for them.

Read the contract carefully before you sign. You are obligated once you have signed a contract. Be aware that if you financed the vehicle, the assignee (bank, finance company or credit union that purchases the contract) holds a lien on the vehicle's title (and in some cases the actual title) until you have paid the contract in full.

Make your payments on time. Late or missed payments incur late fees, appear on your credit report and impact your ability to get credit in the future.

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COMPANY


PHONE #


CONTACT


Cars & Trucks


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Motorcycles


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Watercraft


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Contact

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Contact

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800-337-7774

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888-354-8870


Recreational Vehicles


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Contact

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800-337-7774

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Contact

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888-354-8870


Classics


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800-USA-1965


 

Determining how much you can afford

 

Before financing a vehicle, make sure you have enough income to cover your current monthly living expenses. Then, finance your vehicle purchases only when you can afford to take on a new monthly payment.

The only time to consider taking on additional debt is when you're spending less each month than you take home. The additional debt load should not cut into the amount you've committed to saving for emergencies and other top priorities or life goals.

Saving money for a down payment or trading in a vehicle can reduce the amount you need to finance. In some cases, the money you received from the sale of your vehicle you are replacing will take care of the down payment on your vehicle.

 


 

Getting a copy of your credit report

 

To obtain a copy of your credit report, contact one of the three major credit bureaus:

Equifax Credit Information Services

P. O. Box 740241
Atlanta, GA 30374-0241
Phone: (800) 685-1111
Web site: www.equifax.com

Experian

P.O. Box 2104
Allen, TX 75013
Phone: (888) 397-3742
Web site: www.experian.com

TransUnion Corporation

P. O. Box 1000
Chester, PA 19022
Phone: (800) 916-8800
Web site: www.transunion.com

 


 

Familiarize yourself with laws that authorize and regulate vehicle financing

 

TRUTH IN LENDING ACT

Requires that, before you sign the agreement, creditors give you written disclosure of important terms of the credit agreement such as APR, total finance charges, monthly payment amount, payment due dates, total amount being financed, length of the credit agreement and any charges for late payment.

CREDIT PRACTICES RULE

Requires creditors to provide a written notice to potential co-signers about their liability if the other person fails to pay; prohibits late charges in some situations; and prohibits creditors from using certain contract provisions that the government found to be unfair to consumers.

EQUAL CREDIT OPPORTUNITY ACT

Prohibits discrimination related to credit because of your gender, race, color, marital status, religion, national origin or age. It also prohibits discrimination related to credit based on the fact that you are receiving public assistance or that you have exercised your rights under the federal Consumer Credit Protection Act.

 

For more information on federal credit regulations and consumer rights, contact:

 

Federal Trade Commission
Washington, DC 20580
Phone: (877) FTC-HELP (382-4357)
Web site: www.ftc.gov

 

Federal Reserve System
Washington, DC 20551
Phone: (202) 452-3693
Web site: www.federalreserve.gov

 


 

State Laws

 

Some state laws may provide you with additional rights.

For information on these laws, contact your state's consumer protection agency or Attorney General's office (www.naag.org), AFSA Education Foundation (www.afsaef.org), National Automobile Dealers Association (www.nada.org).

This information prepared in cooperation with: Federal Trade Commission (www.ftc.gov)

 

This information is provided solely for educational and information purposes and does not constitute legal or financial advice.

It is our pleasure to assist you. Please contact VehltorOcala.com for any assistance you need. To contact us online, click here, or, visit us at VehltorOcala.com downtown Ocala at 415 N. Magnolia Avenue, Ocala, FL 34475, or, call us at 352.789.6244.