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Step 9: Making the deal

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BMW Mini Cooper
It comes to the deal when you have decided to buy a car. Do not be over excited with the new car you are buying and overlook some other important things including insurance, loan rates, processing fees, registration fees, ownership endorsement fees, extended warranty and sales tax which vary from state to state. Do not forget about incentives and rebates if you are buying a new car. If you are buying it with your company name, these fees could be doubled.

Steps to deal a new car

Ask for a complete quotation from the salesperson who arranged the deal with you. Bring the quotation home and view it in a stress-free environment if you are not in a hurry to seal the deal. In that way, you can clearly review the amounts and see if other expenses are too high. If the salesperson is giving you the best car price but with sky high insurance or loan rate, you can still buy the car from him but not the insurance and loan. Double check the invoice and see if there are redundant charges such as processing fees, handling fees or miscellaneous fees. All these refer to the same thing. You can request the dealer to have these extra fees removed. If they refused to do so, look for another dealer.

If there is no problem on the invoice, you can request the salesman to deliver the car to you at your convenience. You will have to check the car properly before signing the contract. Make sure you have gone through the car from head to toe before you nod your head to confirm the car. A person who had just bought a new car told Carsut that the dealer who delivered the car to his house showed him how a thief can open the car and drive it away without the key. They showed the whole process in front of him and tried to sell him additional security items to protect the car. Besides, a salesperson will always take this opportunity to sell you extended warranty, steering lock or a GPS locator. We recommend you turn down all these things, otherwise it will end up an extra few hundred or few thousand dollars. You may only consider extended warranty when you feel it is really needed in your situation.

There will be several forms to sign including the loan contract, insurance contract, transfer ownership of your trade-in (if you have one), and new car registration form. DO NOT HURRY! Nothing to rush about. Read every form one by one carefully before signing it. Last but not least, check if all the options and accessories are there when the salesperson passes you the key. If you are buying a full options model, make sure everything is there, for example, paddle shift, GPS system, 18” wheels or special edition body kit.

Steps to deal a used car

Things could be easy if you are paying cash for the deal. Make sure what you are getting is the same car that you have inspected (Refer to Step 7.1 Inspect a used car before buying it). Make sure there are no scratches and no parts have been replaced since the day you inspected the car. Compare it with the pictures you took on the inspection day if you are suspicious about the car.

If you are planning to finance the car, compare to see who is giving you the best rate; dealer, bank, credit union, online lender or some insurance companies that provide car loans. Financing through a bank is highly recommended because it is easier and usually cost less.

The dealer will prepare all the documents and sales contract for you if you are buying from them. Still, you will need to read through everything written in the contract before signing it. Ask the dealer to amend the contract if you find something is not right.

If you are lucky to get a great deal from a private seller, you may request the seller to prepare an automobile bill of sale. This is very important because it serves as a legal contract between buyer and seller (Refer to Step 9: Bill of Sale for more details). You can also print it out and use it for the deal. It is either the seller or the buyer do the leg work to transfer the title and registration. You can request the seller to do this before making the payment. In some cases, buyer and seller will have to do it together to have everything transferred on the same day. You will have to make sure you have insurance for the car you bought.

Last but not least, check again everything from head to toe and compare the car with the pictures you took on the day you inspected the car. If there is nothing wrong, all you need to do is get the key and go for a ride.

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