 Safety  Insurance Institute for Highway Safety  Price  Edmunds, Kelly Blue Book, NADA,  Carfax  All cars have a VIN (Vehicle Identification Number)  Quality  Consumer Reports  Warranty  What does it cover?  Bumper-to-bumper?  Powertrain?  Sex appeal Fuel Economy  Fueleconomy.gov

 Federal law requires that all dealerships provide a pamphlet with their cars to detail safety features of cars  No one pays (or should pay) the sticker price for a car  Rebates  Incentives  Cool stuff in the car  Discounts  Haggling  The Federal Trade Commission requires that all used car dealers place a “Buyer’s Guide” sticker in the car’s window  Does the car come with a warranty?  If not, it must be listed as “As-is. No warranty”  Before you buy a car, you should have a mechanic you trust to look at the car.  If the dealer is weary of allowing you to do this, DON’T BUY FROM THEM  Car warranties are important and you must keep up with scheduled maintenance to keep it valid

 Unless you have the money with you at the time of purchase, you must get your car financed  You do NOT have to purchase financing from the dealer you buy the car from  Car dealerships make a ton of money off of this  Go to a bank first to get your financing  The type of loan (i.e. how good is it) is determined by  The type of car you are loaning  Interest rates are usually lower on new cars  Your FICO score  You get loans from  Banks  Finance Companies (i.e. Quicken Loans Arena)  Credit Unions  Two important things to consider for a loan  APR  Duration of the loan  NEVER TELL A CAR SALESPERSON HOW MUCH YOU CAN AFFORD A MONTH  Your concern is a bottom-line price  What the cost of the car is

 When you buy a car, how much your insurance is should play a huge role in the decision to buy  Everything from the color of the car, to the make and model year, to the safety/anti-theft features play a role in the price  Before you buy a car, call your insurance agent with the VIN to get a good estimate as to what you will pay

 It’s like renting a car...for 2-4 years  You have monthly payments  You also have a yearly mileage requirement  Issues of wear and tear become key  Lease or buy?  Why lease?  Upfront costs are low  You get a new car every few years  Why NOT lease  If you drive a lot, it could be a problem  You always have a car payment

Housing and the Consumer

 A mortgage is a home loan  The bank owns the deed (legal receipt) of the house  Usually a year mortgage  Tenants (renter) pays the landlord (owner)

 Contract to rent  Specifies the amount to be paid  Specifies the term  You should inspect the property before you rent  You should also check the contract you are signing  A lease application must be filled out  Name, age, address, place of employment, source of income and previous residences  This is where they check your credit

 Month-to-month leases are for people who plan on living in a certain area for a short period of time  Almost always more expensive  Tenancy at will  Tenant moves in with the understanding that the lease is for an indefinite period of time  Tenant can leave at any time  Tenancy for years  Lease is 6 months to a year  In this way, the tenant and the landlord are protected

 Knowing the area you will be in really helps out  If there is a high supply of places to rent, but a low demand, the renter is in a good position  If there is a high demand and a low supply, the landlord has the advantage  When you sign a standard lease, the landlord is at an advantage  Pay your rent, or get evicted  Make sure you get the payment date in writing  Generally, landlords cannot raise rent during the term of the lease...however  Sometimes leasing contracts have provisions to raise the rent due to variable costs  i.e. utilities or other maintenance fees  Rent controlled apartments  Law limiting the amount of rent you put on a property

 Most states make laws requiring landlords to maintain properties to basic living standards  Warranty of habitability  Landlord promises to provide a place that is fit for human habitation  Housing codes are minimum standards needed to be upheld for living standards  Tenants must notify the landlord when repairs are due  A residence is a residence  You can’t use it as a business  “Zoned” for business purposes  Leases can specify the maximum number of tenants allowed  Leases can also specify what is to be done if there are damages to an apartment  If damages are committed, it is known as waste