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 !!

[@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.

[@garybelcher8259]

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

[@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

[@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

[@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!

[@neilrampersad4291]

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

[@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

[@tuwhelzreally741]

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

[@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.

[@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.

[@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!

[@MattMan27]

This is so helpful, thank you!

[@lindseyyah1]

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

[@naki6028]

Great video. I am learning so much from you.

[@clerissonmesquita]

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

[@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.

[@Boros.Levente]

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

[@Knights2theEnd]

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

[@Huspree2011]

This break down is amazing. Thank you!

[@laurapatricia8669]

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

[@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!!

[@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?

[@MrJeffMaloney]

I do appreciate this information

[@bigoz7]

Cool vid very informative and thanks for sharing!

[@Danielm316]

Great information thank you

[@juanlujano4895]

Very informative. Thanks

[@stevendoty1986]

Great walk through!

[@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?

[@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

[@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.

[@investmentgains]

This was awesome and easy to understand

[@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.

[@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

[@jbean5354]

appreciate this guy!

[@nappitime3637]

Thank you for the helpful video

[@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. 🙄

[@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!

[@maramckeague5718]

Excellent video 👏🏼

[@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.

[@howardgoff2420]

Great video thanks 👍

[@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

[@rexpascual9828]

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

[@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.

[@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?

[@thejermz21]

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

[@ApostleBerko]

Thank you fhis video.

[@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!

[@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 !!!!!!

[@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

[@maryrichardson77]

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

[@MidnightCravings]

*Always giving out good info* 👍

[@OldSchoolJules]

Good video.

[@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

[@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.

[@haadoouken6285]

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

[@Deem14]

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

[@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?

[@danitrejo1]

Can you make a video of what to expect when buying a car pay in full

[@tugboat_actual]

Pretty much same process just the payments and interests sections blank

[@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!

[@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?

[@Teeyah2]

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

[@jonkeefer6865]

looks to me like someone is paying the $235 charge twice. line Y = lines k-x, totalling $1594. then the same $235 is charged again on line z.

[@andreabrown937]

I just asked the exact same question 5 month after and still no response? I thought the Chevy guy read all of the comments?

[@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

[@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.

[@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.

[@minchoi6535]

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

[@amydunham763]

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

[@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

[@maryjhane0115]

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

[@rosaflores8184]

Thank you

[@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

[@Fresnotx]

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

[@jerryrounds8586]

Chevy Dude: Can you do some videos on the Tahoe Premier/RST?

[@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

[@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 ?

[@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?

[@dougm1985]

last box(total sale price) in the bank information is confusing , why is the down payment added to total of payments ? i would think it would be a subtraction car is 20000 with finance charge, down payment is 5000. my total loan is 15000. by what your doing i would see 25000 in that box.

[@januaryoctober8618]

This is a good question and it's more than a little strange that he's ignoring every person who is asking the same question. Really makes a person wonder.

[@paulcrumley9756]

It's simple. If you multiply the payments by the number of payments you get a total of the payments. You already paid the down payment, so it is added to that total to calculate the total cost to you. For example, 36 payments of $500 comes to $18,000, your down payment was $6,000. How much money went out of your bank account in total to make this purchase?

[@danitrejo1]

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

[@lindab3998]

can you do the same thing with a lease contract? Those are harder to understand. Thanks!!

[@patriciolongshore5889]

Don't lease

[@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.

[@elcatano1080]

@chevydude why is the dealer talking about switching my bank loan ? They said they haven’t approved it and they said they where going to work on it and give me a call back tmw

[@carrier6028]

When you finance through dealership with a 1000.00 incentive to do so. , must you finance the entire loan amount,or can you still have a cash downpayment and earn the 1000.00 off if you finance the remainder

[@kingofthemountain1229]

Can you do a 2015 review, what to look for.

[@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

[@calvinjutila8270]

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

[@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

[@videosdemexico99]

I was wondering if full coverage Is absolutely necessary or not when buying a new vehicle?

[@mosmith3026]

Is GAP insurance worth it on a new motorcycle that is garage kept and only driven occasionally?

[@HvargasJr86]

Do you recommend the purchase of a vsc?

[@pablohernandez8427]

I bought a car yesterday watched this today they put extender warranty on the car without telling me I didn’t read through it and a license plate of 400 although I had my own :(

[@CoolGFamily]

I'd go back to them and tell them to remove those fees.

[@plussizebarbie9484]

extended warranty should be able to be cancelled

[@rastaman3102]

Sir, can I still cancel my fidelity warranty or any kind of warranty bs like that? I just bought a new car and no idea about all this. I need your help.

[@ifdashu_fitz7062]

Can you do the video for leasing contracts soon. I am leasing a car and will be completing the paperwork in the next few days. I’d love to know your tips before I sign the lease contract. Thanks.

[@Dom_Solo]

Can't really get scammed on a lease. Just don't buy any backend products.

[@juanbueno7954]

Thanks for this video it’s very helpful! Question if the dealer comes and says “I can get you a better apr if you put purchase extended warranty paint protection present check stubs etc.” does that mean I’m already approved for that lower apr and should be able to get that lower rate regardless of if I decide to purchase any extras?

[@camdenmounts1473]

that is illegal