1. Cars and the Consumer An automobile is one of the most important purchases many people will make. An automobile is one of the most important purchases many people will make. Many legal issues are involved in buying, leasing, maintaining, and selling an automobile. Many legal issues are involved in buying, leasing, maintaining, and selling an automobile. Comparison shopping, contracts, warranties, and credit are important concepts related to automobiles. Comparison shopping, contracts, warranties, and credit are important concepts related to automobiles.

2. When shopping for a car, you should consider at least six characteristics: SafetyPriceQualityWarranty Fuel Economy Insurance Costs It is not enough to only compare vehicles in terms of price. The car’s safety features, fuel economy, insurance costs, and dealer’s capability to make repairs should all be compared in the same manner as price.

3. Federal law now requires even used cars to show a “Buyer’s Guide” in the window of every vehicle. Most new-car buyers and many used-car buyers make their purchase on credit. Buyers may select the length of the repayment schedule – the longer the repayment period, the lower each monthly payment will be. However, the longer you are in debt, the more interest you end up paying. Interest rates are generally lower on new cars than used cars.

4. Car dealers, banks, credit unions, and finance companies all generally offer automobile financing. Rather than buy a car, a person may chose to lease one. Under a lease agreement, the consumer does not own the car, but instead pays a monthly fee to drive the car for a certain period of time. Sometimes the consumer chooses to purchase the car at the end of the lease. More often, though, the consumer returns the car to the leasing company. The lease agreement usually includes restrictions on mileage and wear and tear.

5. The leasing company imposes these restrictions because it wants to get the car back in a certain condition in order to re-sell or re-lease the vehicle to another consumer. Typically, monthly lease payments are lower than monthly finance payments. However, with leasing, you do not own the car at the end of the payment period. When budgeting to purchase a car, you must remember to consider the cost of fuel, repairs, license and registration fees, taxes, and auto insurance, in addition to the purchase or leasing price of the vehicle.

6. Housing and the Consumer Families that buy a home generally obtain a loan, called a mortgage, to help finance this large purchase. Due to the large expenses associated with buying a home, most young people choose to rent an apartment or house when they begin living on their own.

7. Leases: A Special Kind of Contract Leases: A Special Kind of Contract The relationship between the person who owns a property (landlord) and the person who pays to us e the property (tenant) is created by a contract called a lease. The lease usually includes the date the tenant will move in, the amount of the rent, and the length of the lease. It is important to inspect a property thoroughly and read the lease carefully before signing a rental agreement.

8. Landlord-Tenant Negotiations Landlord-Tenant Negotiations Negotiating with a landlord about rent and lease terms may be hard, but this should not discourage you from trying. It is important to convince the landlord that you are a good tenant who can be trusted to pay the rent on time, prevent unnecessary damage to the property, and not be a disturbance to neighbors. The landlord, in turn, has certain obligations to you as a tenant, including to treat you fairly and take responsibility for major maintenance and repairs.

9. Homelessness: Is There a Right to Housing? Homelessness: Is There a Right to Housing? Most experts agree that the leading cause of homelessness is a lack of affordable housing. Many people who need homes do not have enough money to rent or purchase one. Although the U.S. Constitution does not include a right to housing, some state constitutions have been interpreted to include such a right. Michigan is not such a state.