CAR LOAN contracts. How to read them so you don't get SCAMMED into paying too much.

Most Americans buy a car with an auto loan attached. Reading the bank contract your dealer has you sign can be confusing or overwhelming. In this video, I explain the bank contract you sign for your new car loan.
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Chevy Dude
P.O. Box 99272
Louisville, Ky. 40269
If you want to buy a car from me Contact me here: www.ChevyDude.com
P.S. Be ready to buy. I am ready to sell.😉
#Chevrolet #Louisville
You can now find me at my own dealership in southern Indiana. My wife and I started Mike’s Car Store Located in Georgetown, In. Where Buying a Car Doesn’t Have to Suck™
We specialize in Late model Used cars for all types of buyers. If you have challenged credit we can definitely help you and ensure you don’t get scammed or pay too much. If you are a cash buyer or have excellent credit we will be glad to help you as well.
We are also specializing in our new Car Grabber service. If you are looking for a late model car and don’t want to contact a bunch of dealerships just to have them show you cars you didn’t ask for. We got you. Just head over to mikescarstore.com and tell us what you are looking for and we will get it for you.

[@mielcaru8675]

I just never learned anything about how to properly handle a car dealership. I can't tell you how grateful I am for every thing you say. Thank you!

[@nelyventura6158]

My husband just finance a car and after watching this video I was able to call the dealer out on 1k fees and got an awesome deal.Thank you so much !!

[@backtoobasics]

thanks man, in the process of biting the bullet on a caddi wagon, cant face the mega money fer a challenger until i see the c8, great to get the knowledge first hand

[@robinsomerville7393]

Chevy Dude, I want to thank you so much for these videos. I plan to buy a used car soon and it will be the first time at a dealership for me. You are a blessing. I have subscribed to you and I'm gonna watch every video.

[@neilrampersad4291]

Thank you so much, I have been paying those fees every time I bought a car, now I know what the fees means.

[@Enyiah]

Thank-you for doing a video like this! My vehicule is being prepped for the pick-up and my gut was telling me to ask to send me the official written contract before I go pick it up. I figured there would be no room for debate otherwise. Now I know what to look for. I appreciate very much!

[@hdz12ez]

Good stuff! Very helpful to the average buyer! I worked in the dealer scene for years as a tech and certain ones weren't so honest unfortunately. Even though I knew how to read these already(most salesmen didn't know this), I would still find some unwanted extras in my own purchases, even as an employee! Calling them out on it was very rewarding too!

[@garybelcher8259]

I am so glad I've reached a point in life that I don't have to finance my automobile purchases. Great video ..👍👍👍

[@tuwhelzreally741]

Man you are great. You should be a all around car salesman for any auto!!! Not just Chevy! You make everyone life easier.

[@thebreaks604]

Once again, I'd like to thank you for doing these videos. It's been a long time since i bought a new car and plan to make a purchase soon, so this helps!

[@JRV8083]

Your videos have given me the tools I needed to have the upper hand on dealerships. I have saved $1,000’s in dealerships.

[@albertojose1238]

Thanks to all the information you bring to us, I bought 3 vehicles from a dealership and they don't like me because I don't accept any extra products and also I pay attention to all the details when about numbers means, hopefully I can make business with you someday Mike, I just need to deliver the vehicle in Maine haha.

[@sherita4404]

I learned a lot from this video, and implemented on the purchase of a chevy impala for my daughter. I had to have the financing office rewrite the contract up twice we spent all day there because the numbers were not matching up. I plan to reference this video again for a new purchase Thanks

[@lindseyyah1]

Thank you Chevy Dude you once again did an outstanding informative presentation..

[@privateprivate5302]

this is like a college course! I just took notes on the 9 things, and how not to annoy the dealer and now this! Which is what I WANTED to see! You. are. awesome. THANKS SO MUCH

[@nathanc5789]

private private who cares about annoying the dealer

[@abdirizakjama8574]

Here comes your new subscriber and I'm already in love with what you are doing and making it easy for us to understand what goes into car financing - keep up the good work

[@clerissonmesquita]

Thank you so much for your invaluable information, highly appreciate it, keep it up the outstanding job, have a great day.

[@mexibearxl]

I’m going to be purchasing a car in the next 2 to 3 months and I’ve really been doing my research. I’m finding your videos very helpful. It’s really a lot to soak in. I wish you were going there with me to help purchase the car lol 😆 Thanks for the information.

[@jeremy3747]

Good that you explain the contract, but could you please explain why you would or would not purchase the extra products on the second contract example in another/updated video. Thanks, and keep rockin the awesome videos!!

[@laurapatricia8669]

I’m looking for a car and find this really helpful. Thank you.

[@bobwallace9814]

Straight forward and accurate. Franchise dealers nowadays will all be pretty much straight forward. Customers with high credit scores will be in and out quickly. Those with low credit scores may have a different story. The lenders that buy you will charge a fee to the dealer which may be several hundred to a thousand or higher. That contract down at the Kia or Mitsubishi store with Rollo will have different numbers. Your credit makes or breaks you.

[@naki6028]

Great video. I am learning so much from you.

[@Huspree2011]

This break down is amazing. Thank you!

[@halfpac5]

I'm going tomorrow to my local toyota dealer to purchase my leased vehicle that is due to be returned or purchased. Thanks for all your videos.

[@MattMan27]

This is so helpful, thank you!

[@Boros.Levente]

Can't wait on your lease contract video!!! Keep up the good job!!!

[@bigoz7]

Cool vid very informative and thanks for sharing!

[@stevendoty1986]

Great walk through!

[@marcw5288]

Why don't you go over service contracts and extended warranties and gap insurance let us know what your take on that is

[@JimmyMakingitwork]

marc w If service contracts and extended warranties were a true benefit to the customer and they did not make money from them, they would not sell them.

[@dedalliance1]

@@JimmyMakingitwork It depends on your personal preference and situation really. Let's say you want to buy the new mid engine Corvette and since it's a completely redesigned engine setup and body and pretty much everything else there's no way to tell what might go wrong, so if you buy a bumper to bumper extended warranty, you know for a fact that you're covered for everything that might fail since it's an all new design. So if you have the money, it might be worth the investment if you're unsure of the future. Now, if you're buying a 6.0l gas engine Silverado truck that's pretty much been the same for 20 years, you can look at other people's problems and repairs to the truck from the past and see if any of them would make you worried about having to fix out of pocket. For example if for the past 5 years 30% of the transmissions had to be replaced before 100k miles, you might consider the warranty because you don't want to be apart of the 30% getting hit with a 4k dollar transmission repair. Like you said, they wouldn't offer warranties at the prices they do if they didn't make at least a little bit of money from it. But on the other hand, if your vehicle does break down and you have the warranty then it's probably money well spent. What might be an interesting video idea is comparing extended warranties offered at the dealership and after market 3rd party warranty companies that might offer a more competitive rate than the dealerships. I think that would be the video to make because we all know a warranty is good if we ever have to use it. But what's the risk vs reward of not getting one or waiting to get one from a 3rd party company.

[@daveycrockett8020]

Get GAP insurance!! I had my new car for a month, got TBONED by a 20 year old texting and driving, my loan was 20k and i only got 13k crom the insurance company to pay off the loan, so i still owed the bank 7k dollars... The gap insurance paid that other 7k for me 😀😀

[@dedalliance1]

@@daveycrockett8020 Sounds to me like you over paid for your car or you have a bad insurance company. Long story short I had my 2018 Silverado 2500 HD totaled after about 3 months of owning it with 9,300 miles on it. I paid roughly 35,500 out the door for it no taxes, insurance wanted to give me like 35,500 for replacement costs. My truck was totaled due to water damage, so I did their buyback on my own vehicle and I got 24,000 in cash from the insurance and kept my truck and then I sold it for 12,500 to a mechanic guy and so at the end of it all I got like 36,500 for a truck I paid 35,500 for. Msrp on the truck was 43,300 and since it was a brand new vehicle they had to give me the replacement costs of another brand new vehicle. I'm not saying gap insurance is bad, but if you buy your vehicle for below market value and you have a good insurance plan / company than I don't see the need to waste money on gap insurance, but there are times as you've figured out where it comes in really handy lol.

[@bigbossaj7029]

dedalliance1 it also depends on the type of vehicle you purchase. Trucks hold their value the best compared to a SUV or passenger car. Depreciation is a huge obstacle to overcome on any vehicle that is not a full sized truck. Or if you’re trading in a vehicle that you still owe more than what it’s worth you 100% need to purchase GAP coverage to protect yourself.

[@lawrences4230]

Awesome info... I just bought a 2019 bolt and they had us sign everything on a desktop touch screen..... crazy technology

[@lawrences4230]

@@ChevyDude Me neither, I kept having to resync my pen, frustrating

[@juanlujano4895]

Very informative. Thanks

[@rexpascual9828]

i wish we have a same dealer like you.. informatively

[@maramckeague5718]

Excellent video 👏🏼

[@investmentgains]

This was awesome and easy to understand

[@Danielm316]

Great information thank you

[@MDFRfiredriver]

I’m currently buying a 2020 But they are bringing vehicle to my local dealership Color is primary choice very few in Florida limited color for my option Learning from your videos before I commit

[@MidnightCravings]

*Always giving out good info* 👍

[@JC-bl9bo]

I always lease so that video on lease contracts will be very helpful and interesting to me. My lease ends in August so I'm leaving again so this will help very much.

[@MrJacksmp]

watch this about leasing..kzbin.info/www/bejne/qmKxknermKaLf8k

[@nappitime3637]

Thank you for the helpful video

[@MrJeffMaloney]

I do appreciate this information

[@Knights2theEnd]

i wish you did more explaining than just reading the contract.

[@lextacy2008]

Hey I had a scammy issue that happened to me yesterday. I wanted a car that was priced 19,000 and I had 5k to put down. On a 48 month term with 11% , they told me my payments were going to be 540$ per month. I immediately got suspicious because I ran the numbers my self and came up with 377$ per month. I believe they either forced $6000 worth of garbage like GAP ect. or jacked the price of the car from 19k to 25k . What the hell is going on?

[@GaryMeolaJr]

Great information.

[@robertnovotny1749]

I got totally screwed, I just went over my purchase contract, there charging me 14.9% on my loan.and the price of car more than what I agreed for. I'm upset they ripped me off.thanks for going over this now I know.

[@seanpowers346]

The problem is, some people are so excited to be buying a car. They rush through the finance office part to get out the door.

[@robertnovotny1749]

@@seanpowers346 that was some of what was with me ,trying to get done and out ,this dealer was 50 minutes from were I live.

[@phanttomracer]

just refinance through your own bank or credit union. Most banks will do that, if you have decent credit. Can't do much about the contract, as you signed it.

[@GrinDiesel1969]

Thank you for such an informative Video! Looking Forward to the Lease Contract Video! My Truck's Lease is up soon and I am unaware if I want to Lease another one or buy mine out, but I am gonna have to do something!! lol

[@seanpowers346]

Did u mean Fleece? lol

[@Deem14]

If you're not informed of your rights then you're not obligated to perform on the contract

[@OldSchoolJules]

Good video.

[@jbean5354]

appreciate this guy!

[@justinkoerner8627]

What’s up dude!?! New subscriber here and I love what you do! I got a couple questions about picking up a Subaru. How can I get ahold of you? Thanks for everything you do!

[@robegerton2497]

I really enjoy your videos' great information. Is it better to work on the price of the car with all the rebates and get a total purchase price of the car you want not telling them you are trading in a vehicle then fight to get the ACV on your trade in? Does that make it less of a chance of them hiding or messing with the numbers?

[@chinoblackmountaintv]

Nice videos man! Mind if I ask what camera did u use in this vid?

[@howardgoff2420]

Great video thanks 👍

[@filmtressmu8552]

I don't recognize the dealings that went on in the video because it's vastly different than my in-person experiences. What you pointed out in this sample contract made sense. The ones that I'm presented with are nothing short of a 'magician's spell'. I would always get shafted when it came to the contract. I'd diligently follow along examining every step and charge on each page. Then when I get the contract in hand. I see numbers on it that wasn't pointed out before. Then to add insult to injury, I'd notice the "No Cooldown Clause" that says once you've had a chance to gather your balance and rest a bit and really take your time to look over the purchase order and see where you paid way over what the car is worth that YOU CAN'T CANCEL THE CONTRACT even if it is less than three days after. Since then I was grateful for the car buying process of a credit union where the specialist at the CU would do all of the haggling and documentation for me.

[@aaronbrooks5558]

Random question, if I have a vehicle financed through a dealership, and I am thinking about trading it in before it’s paid off, what should I be aware of to make sure I don’t get taken advantage of? Do you have a video for that? Thanks for all the great info you pass along!

[@summertarboro8532]

Can you do a role playing video. So we can see exactly how and what the salesperson says to get the customer to pay more. And then we also get a better idea of what to say as a rebuttal.

[@haadoouken6285]

Can you go over having financed thru a bank yourself? Such as giving the dealership a buyers order.

[@reginaalear]

What is the best way to get the interest rate down by paying extra? For example should I pay double payments or would anything over the payment amount help me save on it? I just purchased and haven’t made the first payment yet but I’m looking to pay it off early. I just want to do it where it will save me the most. Great videos as always!

[@codemanrose]

Anytime I walk into the dealer and tell them I already have have financing setup and i just need a purchase order made they treat me like complete garbage (the finance guys, not the sales guys). I have now learned to do everything online via email. That way I can walk in, sign transfer title, license, etc and be out. Finance guys at the dealer I no longer have time for.

[@Melkbone]

Good info. I will need to watch again just to make sure I understand all of it clearly. But , I saw another comment in regards to the down payment. Isn't that supposed to help you finance less? Or did I just miss that part? I am currently looking for a truck but the down payment doesn't seem to be working in my favor? Thanks

[@maryrichardson77]

Was the sales tax included into that first contract? Thanks for the information on how to read those contracts

[@Key-ey1zm]

This is the same when financing a car over a few years right. I plan to finance my first car in just a couple of months

[@richardedet2718]

Thanks for this insight am about getting my first car an di wanted to ask is this same form still used in dealership or there is an update document dealerships use ?

[@thejermz21]

When are you going to do the lease turn in video that was mention when your daughter’s new vehicle was purchased

[@mike_saw_7563]

Please do a lease video! I'm trading in my wife's traverse 3 months earlier since the dealer is paying off the last 3 months of the current lease. Looking at a 2019 traverse lease again and don't want to get scammed. I sure wished I lived closer to you and not in Illinois! I would go to you in a heartbeat!

[@Badazz08]

I live in Illinois. And I'm pretty sure when I buy my next vette it will b with him

[@BUTTER_1989]

@Chevy Dude so unfortunately I did sign a contract... and I am upside down on my loan and am wanting out is there anything I can do? and how would it work if I return the vehicle?

[@junwhaatt]

this is an awesome informative video... went back to check my finance, and the early payment payoff penalty language is very vague... bought it last year as a car novice person... anyway i can reach out for help?

[@kylefaulkner9645]

Is there a best time of the month/ year to buy a new or used car such as, the end of the model year? For example, buying a new 2018 model year this fall when the 2020 is released or a 2017 used car at the same time of year.

[@hollywd269]

There is one thing that sales and banks need to take in consideration with drivers license. If you have just moved and have a CDL WITH HAZMAT ENDORSEMENT THAT ISN'T a walk in and transfer. This process takes 7 to 10 days to do. I know this isn't the sales or dealership or banks fault at all but I ran into this issue a few years ago but everything did go through though.

[@amydunham763]

Thoughts on using dealer financing versus a check-ready auto loan?

[@minchoi6535]

Can you do video on lease vs purchase? Which one is better?

[@thomassoltis5862]

Great video brother keep up the awesome work Happy Memorial day to you and your family

[@Deem14]

Always make sure you're informed of your right of rescission

[@maryjhane0115]

Can you please explain the benefit of GAP through dealership or Carmax? Thank you! 🤗

[@fabiolapichardo6320]

Hi, Thank you for your video which is very helpful. I am confused about the downpayment that you mentioned on the first part on the top disclosure. Why do you add it to the amount? Isn't it suppose to be subtracted since you are giving that money to make it less? Sorry if it is a dumb question...

[@mullahmusic9011]

Same question I have I’m so confused

[@HernanHH95]

It’s just the amount you’ll be playing at the end. You just payed the down earlier.

[@hugoplex7432]

@@HernanHH95 Hi Hernan, it still makes no sense. Why include the down payment beforehand? In my eyes that would be a blatant example of a crooked move from the dealer. The way the down payment is being added, is no different than adding $2,000 the total amount financed. So that once the down payment is actually taken into account it would wash itself out rendering zero dollar impact leaving the total amount financed still intact. It's too bad Chevy Dude is not chiming in because this requires a better explanation. 🙄

[@ALEJOSABI]

Thanks for your help, my question is can I avoid a GAP insurance that Toyota dealer is trying to charge my including a ELO GPS

[@Teeyah2]

What charges can you pay for so they won't be included in the monthly payments and subject to finance charges?

[@Jussgetrich]

WHOLE LOT OF TRUTH IN LENDING VIOLATIONS

[@ApostleBerko]

Thank you fhis video.

[@felisamendoza6893]

I purchased last year certified pre-owned owned subaru forester 2020, in the fb the price was $21000+ but when I was already received the receipt it went up to $25000 after the $5000 down payment.

[@krystil_king_fpv8275]

I have been watching many of your videos but have one question. Once we are ready do we finance with the dealer or take that sheet to the Credit union and pay them instead

[@droidfascinate77]

Hi Chevy Dude, why do dealerships still have document fees when everything is digitized this day in age? I've been wondering this for a decade or so.

[@caropreso911]

um, because they are thieves?

[@kennethhuff7158]

So at what point do I say ,oh yes I do have a trade in, great info tks.

[@lunar-firefly]

Is it required by your state to list a vehicle which was filed as stolen and subsequently 'salvage' in *another* state? Or do you disclose that information to your customers if it's not? I've noticed a trend in Washington State where vehicles will be listed with clean titles, and no mention of the aforementioned on the listing. I tried contacting one dealership that had a 2013 Dodge Charger listed, which upon checking the VIN, was salvaged due to being stolen and disappearing for over a month. In Washington it was 'Clean' but where they found it, it was Salvage. They apparently retrieved the vehicle in Illinois but I *think* by that point the owner had received a replacement vehicle, and the stolen one was considered a complete loss thus becoming the insurance companies property....? I'm guessing here. Also, there were some mentions of biohazards, and something else, on the VIN information. As a note - the dealership never replied to my inquiries. Just curious how you handle all that, and any advice you might offer regarding stuff like this. Thanks!

[@groot5441]

Do a video on in and out of owning a turbo diesel . ...

[@Fresnotx]

Can you give information about the diesel Silverado and the new HD coming soon?

[@johnkolbjr8375]

Is there a limit on how far a dealer will go for a dealer swap? Is the standards set by the dealer or manufacturers?

[@nikidijawen]

I made a mistake and will be most likely filing for bankruptcy, my contract did not look like the one you have shown, instead the dealer showed me a break page like the one you are showing with my cost of the car for 10000 finance and other cost all for 14000 he verbally said this with a length of three years I told him having a part time job and my SSDI income I can do it and three years sounds okay he said that he wanted to get my car insurance. I had explained that my approved loan from Capital One for $35000 I came that day to learn what steps I explained first need to save money plus tax refund for driving classes. He got progressive and it was a bit high told him I wouldn't be able to, so he left and it was for $105 a bit better but 381 payment for car and then insurance was going to be tight I explained but it will be only three years of payments. His break down page was like the one you showed, but with the finance staff with so many pages I saw the the one he showed of the break down by the 18th page it was the column vertically no break down one column with 72 months next column ?? type of finance then next $28000 I do not believe anything more on that page, I asked why does it say this information saying to the finance staff the dealer said it was three years and 14000 finance staff said that dealer is right it is three year and 14000, I thought.....he agree to the three years 14000 just as the dealer showed me and said, this information must be for them? Turns out dealer gave progressive wrong bank account and made up an email didn't tell them I don't have a permit. With the signed contract for three years at 14000 and being told it was insured he and his co-worker drove it to my house. the next week by mail because they said the email was wrong along with the bank information the day they drove it off the lot it was not insured. After that I checked other insurance and it was very expensive without a permit. I need to stress that i was not going that day to get a car just getting information then getting my license I thought i would have time so that if I didn't pass either the written or driving test then going to get the car with a license.

[@darinlegore284]

Dealers here in Maryland have a DEALER PROCESSING FEE of $500 (not required by law) but they add to every purchase, and a late DEALER DOC FEE (tags, title, paperwork) $250.00. You told us not to walk/balk on DOC FEE. Can we should we walk after hours negotiation on car because of the $500 PROCESSING FEE. Some also add a PREP FEE.

[@makalakuhr5269]

I was wondering if you could explain the extended service agreement, I got a pre certified ford from a Ford dealership they have a 7 year 100,000 mile warranty. The car has 15,000. They charged 2521 for the extended service agreement. I thought that the warranty promised was included. I was wondering if it wasn’t included and if that charge corresponded to that warranty

[@jeffskeen9235]

Thank you for the great videos! I have a question about financing. Is it better to get financing through the dealership or go into the deal with financing already in place from my bank/CU? I'm asking about this from the perspective of negotiating the best price not about which is better for financing fees and interest rate.

[@BethKnox32]

I've read it's better to shop around and it seems that credit unions usually have lower rates.

[@randalmorris2076]

Thank you!

[@yeseniaortiz8967]

THANK YOU SO MUCH, SIR !!!!!!

[@calvinjutila8270]

What is the deal with those machine used for filling in those long forms? They always look about ten years old.

[@505peedpoppers]

The finance charge is the sum of all charges ....also cash cannot be used in a credit transaction...so down payment is illegal ....learn consumer law before financing a vehicle. ...also insurance is to be included in the finance charge ..... 15 usc 1611 ....15 usc 1622 ....15 usc 1605 .....look them up and thank me later.

[@Ghostinthe90s]

Chevy dude ! How many rebates can you stack on a car?

[@danitrejo1]

Hay chevy dude i would like now about what to expect when buying a car paying in full cash

[@lilCHIQUIS1]

Mr. Chevy Dude you’re my hero. That’s why i just subscribed! Would you prefer a loaded trail boss or a high country truck?

[@rosaflores8184]

Thank you

[@keontaewilliams1095]

Hey Can you do a video if your using a TrueCar certificate at a dealership please and thank you.🙏🙏

[@seanpowers346]

Did you know the dealership PAYS TrueCar?. Yep, then the dealership just passes that fee on to the customer one way or another.

[@larryandjackieoz5275]

I have bought with True Car and I do not know if they are paid by the dealer, but I can tell you with my purchases the cars are consistently cheaper with True Car.

[@zache3818]

Overall this video is very good and about 95% accurate...the truth in lending box 100% can be handwritten. The entire contract can be handwritten. What they can’t do is print something then cross it out and hand write over it...second the prepaid finance charge was explained rather poorly. It’s most commonly seen as VSI (which he mentions) but it stands for Vendor Single Interest and is not negotiable. Most credit unions have this fee and some banks and it’s not negotiable the contract will not be funded if it’s not there. Only caveat to that is few banks will take it from the dealer proceeds if it’s not charged to the customer so one way or the other the bank gets that fee. The fee is an insurance policy the bank has to protect against repossessions. The more loans that get repo the higher this fee is from the bank. So if you see a fee of $39-$75 that bank is really only buying great credit with few exceptions. If you see a fee of $150 or more it’s a banker that buys lower credit and has higher defaults. So if you don’t want to pay a $239 VSI fee have them send you to a different lender

[@adamshowedme]

Get your loan directly from the institution rather than dealer and get a better rate and avoid the scams and up sells...unless you have bad credit.

[@zache3818]

Adam Toungette ...in most cases the dealer can get you a better rate than you can. A lot of the banks I deal with my rates are 50 basis points less than if you walked into the credit union yourself...best bet is just know what your bank will be and see if the dealer can do better. But you should definitely know what rate you can get on your own instead of going in blind...I often save people 50-80 basis points on the rate compared to what their bank is offering. The 2 major banks people have been switching from are USAA and PenFed