Federal Buyers Guide – As-Is vs Implied Warranties As always, this information is for reference only, and should not be construed to contain legal advice. The reader is responsible for employing qualified, licensed legal assistance before making any decision.  See the Disclaimer Page. What is the Buyer’s Guide? Since 1985, Federal Law 16 CFR 455…

My Grandfather bought a used 1927 Chevrolet Truck in 1930. He paid US$100 Down, and agreed to pay US$15 a month until paid off. The combined Bill of Sale and Contract was literally half a standard page of paper. There was nothing else, because in 1930, nothing else was required. I can remember when I…

Are all Used Car Sales “Final” ? As always, please read the Disclaimers Page! The answer to that question is both a resounding YES, and at times, a well-qualified No. A few reason why it would NOT be: To explain #3: First, the Buyer’s Guide – As-Is, sets the expectation to the consumer that the vehicle they are…

Add-On Interest is a very simplified method of calculating the total Finance Charges for a loan. The Rate is simply multiplied by the Principal, and that result multiplied by the number of years in the loan. Example: $10,000 Principal 15% Add-On Rate 48 Months (4 Years) (Or use Number of Pmts / 12 to arrive…

OK, there is apparently a LOT of misinformation floating around on how to calculate a loan. The most common misconception is to take $ 10,000 and multiply it by 18% to get Interest of $ 1,800. But this is highly incorrect. The words Interest and Finance Charges are used interchangeably by most people in the…

In many areas of the US, we are subject to devastating storms or other natural disasters like wild fires, earthquakes, and other things. My question to you today as an Owner or Manager of a used car lot (or other small business) is: Are You Ready For It? What that means is that since these…

Thats a quote I find myself using a lot in my line of work advising used car dealers. The reasons I say it range from the mundane to the shocking. First, and foremost: I am NOT a Lawyer. I do not pretend to be one, and frankly, not sure I’d want to be one. (No…

Is The Rule of 78’s Theft, a Trick, or a Trap? Well, that’s what some financial people would have you believe, anyway. (BankRate.com gleefully titled a column by Lucy Lazarony – “Watch Out For This Auto Loan TRICK.”) The Motley Fool also calls it a “trick” in a column by Kailey Hagan: “Hint: It’s another…

Go ahead, just listen. Listen to the radio ad you have, really *watch* the TV ad you paid for. Read those automated marketing emails. Do they sound ok? Are you comfortable with the image that these things project of your dealership? If you said yes, then go get someone else to listen, watch, or read…