Making the decision to buy a car is hard enough. It’s made even more difficult when you don’t understand the jargon. Fortunately, the crew at Shults Ford Lincoln - Wexford wants to get you the best deal possible. That’s why we’re here to explain the meaning of some common financial terms you might hear us use.
Down Payment: The initial amount of money you pay for a car or start a lease with.
MSRP: An acronym for Manufacturer Suggested Retail Price, it is the starting price that the original manufacturer suggests for their vehicle.
Trade In Value: The amount of money you can receive toward a new car purchase when you trade in your current vehicle.
Lease Extension: An agreement between the customer and the dealer that extends a lease to make it last longer.
Fixed Rate Loan: A loan that doesn’t change during the entirety of its length.
Grace Period: The amount of time you have to turn in a vehicle payment after it is initially due.