Frequently Asked Questions (FAQ)

Table of Contents

 
1. What is the difference between a loan and a lease?
 
2. How do I choose between a loan or a lease?
 
3. What rates do you offer?
 
4. Do I need a co-signer?
 
5. Can I  finance taxes, registration and other transaction expenses?
 
6. Can I included the cost of other products, such as extended service contracts, credit insurance and accessories in the amount that I finance or lease?
  
7. What is a lease?
 
8. How does a lease work?
 
9. What is a loan?
 
10. How does a loan work?
 
11. What is the advantage of a loan over a lease?
 
12. What is Simoniz System5?
 
13. Why is Teflon so important?
 
14. Why Simoniz?>

What is the difference between a loan and a lease?

When you obtain a loan, your down payment and monthly payments go toward the total purchase price of the vehicle. When the term of the loan is complete and the loan is paid in full, you own the vehicle. With a lease, you make monthly payments for the term of that lease. Once the term of the lease is complete, the vehicle is returned to the lessor.

Back to Top

How do I choose between a loan or a lease?

The correct financing option largely depends on three factors: what you want to drive, how much you plan to drive it, and how long you want to keep it. It might be preferable to lease rather than obtain a loan if:

• You want a more expensive vehicle for a lower monthly payment.
• You drive less than 15,000 miles per year.
• You prefer to trade in your car every three years or less.

• You want your monthly payment to apply to ownership.
• You plan to enjoy your vehicle for a long time.
• You want to customize your vehicle.
• You want the maximum flexibility regarding the number of miles you drive.
• You want control of the length of time the vehicle is in your possession.

Back to Top

What rates do you offer?

Our dealership works with several financing institutions to bring you competitive rates and terms on vehicle financing. Our dealership offers flexible rates, terms, and payments so that you can obtain the loan or lease that fits you best. The rate in your individual financing package is influenced by a number of factors including your credit history, the term of your loan or lease, the amount financed, and the residual value of the vehicle you lease. Financing through our dealership lets you enjoy a quick, competitive, and straightforward way of getting your new vehicle.

Back to Top

Do I need a co-signer?

Not necessarily. If your application requires a co-signer, we will inform you during your application process.

Back to Top

Can I  finance taxes, registration and other transaction expenses?

Absolutely.

Back to Top

Can I included the cost of other products, such as extended service contracts, credit insurance and accessories in the amount that I finance or lease?

Yes, again. If you are interested in one of our products and would like to include its cost in your finance option, just ask one of our finance representatives to arrange that for you.

Back to Top

What is a lease?

A lease is an agreement between you and a lending institution where you make a monthly payment for use of a vehicle of which the lending institution retains ownership. The lending institution takes responsibility for the purchase of the vehicle, creating an agreement where you retain the right to use it for a specific length of time. Although you are not the actual owner of the vehicle, you are afforded the opportunity to enjoy it for the term of the lease. Frequently, leasing allows you to enjoy a more expensive vehicle for a lower monthly payment than if you were to purchase it. In addition, the hassle of the resale is mitigated, as you simply return the vehicle once the lease expires.

Back to Top

How does a lease work?

As leasing is technically different than buying or financing, different terminology is used to describe the transaction. The most important concepts are adjusted capitalized cost, residual value, and money factor.

• Adjusted capitalized cost is the actual purchase price of the vehicle. This is determined by the vehicle's actual price (capitalized cost) along with any applicable charges and fees (acquisition fees, takes, etc.) minus any cost reductions (down payments, trade-in allowances, and applicable discounts).
• Residual value represents the expected value of your vehicle to the lease owner at the end of the lease. This value is dependent on several factors, like the depreciation rate of the vehicle, the term of the lease, and the number of miles accounted for in the agreement.
• Money factor effectively acts as the interest rate and reflects the cost of money borrowed on your behalf at the beginning of your lease.

Back to Top

What is a loan?

A loan is a specific amount of money that you borrow from a lending institution in order to purchase a vehicle. You then make a commitment to make monthly payments for a specific period of time (called a "term") until the full amount borrowed is repaid.

Back to Top

How does a loan work?

The amount that you borrow and the remaining balance during the life of the loan are referred to as the principal. The principal can be paid off at any time prior to maturity, but as long as it is outstanding the lending institution can charge a prearranged interest rate that is included in your monthly payment. Until the principal is paid in full, the lending institution retains the title to the vehicle as security on the loan. When the principal is paid, the title is returned to you, and the vehicle is yours.

Back to Top

What is the advantage of a loan over a lease?

The greatest advantage of financing over leasing is the freedom to do with the vehicle what you wish. With no restrictions on mileage or customization, you are totally free to add premium audio equipment, customized paint, accessorize the powertrain, and fix (or not fix) any mechanical or body problems you encounter.

Back to Top

What is Simoniz System5?

Simoniz has been a leader in car care technology since 1911. Simoniz System5 is the only paint protection system in the USA and Canada that is fortified with Teflon. This process is so effective that the warranty covers your vehicle's painted surfaces for a full 5 years regardless of mileage.

Back to Top

Why is Teflon so important?

Teflon, which is known for its "non stick" properties, helps keep the contaminants and pollutants that attack your vehicle everyday from adhering to your paint. And only Simoniz System 5 contains Teflon, which helps to protect your vehicle from the acids found in acid rain, tree sap, bird waste, insects and a wide range of other adverse environmental conditions and contaminants. The exclusive SYSTEM 5 paint sealant process actually adds strength to the finished surface of your vehicle keeping your vehicle in "showroom condition", guaranteed!

Back to Top

Why Simoniz?

Back to Top