STARTING STEP #1!!!
GREEN COLOR $ = CASH MONEY for Car Purchase
Trade-in-value towards Car Purchase
Amount YOU WILL FINANCE
DEALER FEES:
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$
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$
What is G.A.P.? This is a plan that must be purchased at the time of sale, having it added-on to effect your contract later, is almost impossible. If you are financing a car for more than 48 months, it is probably to get the car in your monthly payment range, but the cars depreciation the first 3 years, with a 7 year loan, will leave you "upside down" in equity. If you have a "total loss" accident and you do not have a G.A.P. plan, you will have to pay off your car, & get a down payment together for a new car purchase. A "total loss" of your car and having the insurance company pay off towards your loan, and then G.A.P. paying the difference towards your loan, leaving you with no car to trade-in & no money from your car for a down payment is terrible enough, but imagine not having G.A.P. and having the insurance company pay towards your loan, and then you having to come up with the other $1,000 - $10,000 you may be "upside down" in equity left on the loan to pay off today, and then you needing to come up with another cash down payment for your new car, because you still do not have a car to trade-in or sell for your cash down payment!!When & Which G.A.P. Plan to buy:
1) The cheapest: If you are financing a car more than 48 months, you most likely should have a G.A.P. plan! If your insurance carrier offers "loan/lease protection" or "G.A.P." available then add it on! Just do not forgot to remove this part of the coverage in 24 - 48 months, or AS SOON AS POSSIBLE from not having negative equity.
2) If you are financing a car for 48 - 60 months, & your insurance carrier does not offer G.A.P., you will have some value by purchasing a 2 Year GapDirect Plan.
3) If you are financing for 60 - 84 Months months, you should get the 3 Year GapDirect Plan.
Additional Dealer Fees that ARE Taxable:
State of Georgia Sales Tax, Tag, & Title:
All taxable fees from questions #2 - #10!
How is this calculated? Purchase Price - Trade-In Value + Doc Fee X 6.6% Georgia Tax + $20 Tag Fee + $18 Title Fee ~~~ Dealer Maintenance Plan, Dealer Extended Warranty, & Finance Fee's are not subject to sales tax!
Any "Dealer Fees" listed after GATAVT Line on your dealer sheet?:
Most likely will be $41.00 on your Dealer Page.
$18 for Title Registration + $20 for Tag + $3 Dealer Mailing Fee = $41.00
THIRD PARTY CASH PAYMENT FEES:
A "Large" or "Standard" Size Insurance Company USUALLY does NOT require any money the day of the sale. You will owe next month, for the first month's insurance premium to your existing company.
NOTE*
~Do NOT include ANY FEES FROM ABOVE!
~For approved financing of ANY AMOUNT:
Credit scores under 650, you should have $2,000 - $3,000 down before shopping as a Cash Down Payment.
A 650 & UP should have $1,000 - $2,000 Cash Down Payment.
NOTE: Regardless of score, the more cash down means the less that you're financing, & that is better most of the time! These are just minimum Cash Down Payment to give you an idea on getting approved for financing.
All of this CASH goes to third party companies who combine your Question "#1. Estimated Insurance Down Payment:". PLUS+ Question "#3. $500 W.E.C. 3 Year/ 36,000 Mile Warranty." PLUS+ Question #5. A 2 Year, or 3 Year, GapDirect G.A.P. Plan". PLUS+ Question #6. Add-on OLS Service Steps.
Using your Answers from Questions #1 - #10, this is the amount of "Un-paid Fees" that you can add to your, #"15. Total Amount YOU WILL FINANCE:":
Financing your car!!
If this is a red number, you need to add to your, "8. Amount for Cash Down Payment:" Amount