Dealer Pitfalls to Avoid
▪ Get your loan approved before you go auto shopping
▪ If you find the auto you want, Never Drive Off the Lot until you have
secured credit union financing
▪ Obtain a signed and agreed upon purchase order
▪ Check with the credit union before taking GAP or any auto warranty from
the dealer. These products are less expensive at the credit union
▪ Beware of dealer financing. The credit union can offer you a better interest
rate
▪ Know the NADA or the Kelly Blue book value of your vehicle before using it
as a trade-in. The dealer will always give you much less than what your
vehicle is worth. Knowing the value of your vehicle will give you more
negotiating power
▪ Think twice before purchasing extras. Ask yourself, “Do I really need…”
Extras tend to increase the cost of the vehicle. Always negotiate these
items
▪ Know the dealer’s interest rate. This rate will determine the cost for
borrowing money to finance your vehicle
▪ Beware of dealer teaser rates. Zero interest rates are primarily reserved for
those individuals with excellent credit scores
▪ Call the credit union to discuss the dealer’s offer
▪ Have the credit union representative review the purchase order to ensure
that you are not overpaying for the vehicle. If you agree to pay over the
value of the vehicle, the credit union will not be able to finance negative
equity
▪ Avoid dealer pressure. Remember, there are more than one dealership
selling autos
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