Reviews These Items in the Car Buying Contract

Posted January 21, 2022 by allenstewartpc

The car-buying contract is the official document that helps the customer know the items sold by the dealership when buying a new car. The contract is printed only when the customer and the dealer agree on certain conditions.
The customers are then expected to pay the remaining amount based on the contract signed.

Buying a new car is an overwhelming process, and the customer must be careful while signing the contract as the cars are viewed as a long-term investment. The contract mentions every detail regarding the car, including the total cost, the loan amount, the accessories given with the car, etc.

This is why professionals always advise properly removing the contract before signing, as it binds both parties legally. Although the basic components are the same everywhere, reading them is also simple.

The contract should be the agreed amount of the annual interest percentage rate, the finance charge, amount financed, total sale price, and the total payment made by the customer while buying. The contract should also mention any extended warranty that the customer might have agreed to during initial visits to the dealership. It should also mention the services covered by the dealerships and how long the warranty is applicable.

If the contract is made for used cars, the contract will be very different from a new car. The contract should clearly explain the previous owner's name, the make and model of the car, and its pivotal information.

If the buyer is buying without the assistance of any financial institution, the only valid contract is the bill of sale. This is also applicable if the car is sold without the involvement of any dealerships. The bill of sale also has details like the car-buying contract, including the name, addresses, vehicle description, and vehicle information number.

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Issued By Allen Stewart, P.C. Law Firm
Phone 866-440-2460
Business Address 1700 Pacific Avenue Suite 2750, Dallas, Texas 75201
Country United States
Categories Business , Law , Legal
Tags car buying contract
Last Updated January 21, 2022