Take it to the Bank

Shopping Therapy: Cars & Loan

Three Angels Broadcasting Network

Program transcript

Participants: Cordell Thomas

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Series Code: TITTB

Program Code: TITTB000012


00:01 On Take it to the Bank,
00:02 you'll find ways to get out of debt.
00:09 Solve your credit card problems.
00:14 How to make and stick with the budget?
00:19 Simple ways to save.
00:25 Buying or selling a home and many more financial matters
00:29 on Take it to the Bank.
00:32 Hi, my name is Cordell Thomas,
00:33 and welcome to Take it to the Bank.
00:35 Today is an exciting day because I'm gonna tell you
00:38 little about me,
00:39 and tell you little about some of the things
00:41 that we can do to get some shopping therapy.
00:45 Not to go out and buy stuff, that's not the shopping therapy
00:47 I'm talking about.
00:49 I'm talking about understanding what you're getting into
00:51 when you go to purchase a vehicle.
00:53 It's very interesting to me
00:55 because we do financial literacy
00:57 in to young people in inner cities,
00:59 and it's very interesting when you talk to kids
01:03 about what they want.
01:05 In fact, to give you little idea,
01:07 they have a lot of this online software kids
01:09 to graduate from some of these literacy programs
01:12 have to navigate their way through different things
01:16 such as the acquisition of our home,
01:17 give them example of that what's going off
01:19 from that standpoint, to buying furniture,
01:22 to getting a car, and once they get out,
01:25 they have to navigate that, that landscape in a way
01:29 that they keep things all under budget,
01:33 keep things under budget.
01:35 One of the things
01:36 that is arbitrarily thrown on them is
01:40 when you enter that landscape,
01:42 they're told who they are,
01:43 so they could be anything from a doctor
01:45 with a $150,000 year salary,
01:47 to a teacher with $65,000 a year salary,
01:50 to a maintenance worker,
01:53 to a air traffic controller,
01:56 you are given a label as you enter that environment,
01:59 and then you have to maintain a budget
02:02 keeping it under that annual salary,
02:04 and making it through to the end and graduating.
02:07 You can't actually graduate from the financial led program
02:10 until you navigate your way through
02:12 and keep things under budget.
02:14 Now there's several things that happen in that context
02:16 is they want to buy the newest furniture.
02:20 You know what if you are a college student,
02:21 if you're labeled a college student just entering a college
02:24 and you only make about $16,000-$18,000 a year
02:28 of supplemental income,
02:29 that could be a label you get and the context is this.
02:34 When you put someone in that environment,
02:35 you begin to see the real person they are.
02:38 It's not a real world perspective
02:40 because they don't have to deal with all the scams
02:42 and Ponzi schemes that may be out there
02:45 to take advantage of them.
02:47 So that's really not real world,
02:49 but they do have a captive environment
02:50 that they can begin the process of making important decisions
02:54 about where they live, what they do with their money,
02:59 where they go, what type of car they purchase, and technically,
03:04 you know what kind of house they can eventually Afford.
03:07 So you see a lot of these kids buying,
03:09 trying to get into expensive homes
03:11 or verbalizing saying,
03:14 "Wow, if I could get that home, I would be well off
03:18 or and I would really like to buy that Lamborghini,
03:21 but I don't think I can afford the $2000 a month cost
03:24 that would take to get it
03:26 or the concept of buying new furniture
03:30 to put in or fulfill or layout
03:33 for the layout of their homes.
03:35 So there are a lot of things you learn about young people
03:37 as they go through and navigate this landscape,
03:40 and the same thing applies to we as older individuals,
03:45 more mature individuals.
03:48 As you look at the context of what we do,
03:53 and how we do things, and the decisions we make.
03:58 You can begin to see
04:00 what challenge we have as adults.
04:02 We are greedy by nature.
04:03 We're greedy by nature.
04:04 And it takes us to the Bible verse
04:06 that talks about that.
04:08 In Luke, Luke 12:13, 14, and 15,
04:13 what does it say?
04:18 He said, Jesus is saying now, watch out,
04:22 "Be on your guard against all kinds of greed.
04:25 A man's life does not consist
04:28 in the abundance of his possessions."
04:31 But yet the first thing we see that young people are doing
04:34 is they're going after the most expensive items,
04:38 and trying to attain those things
04:40 and fill their lives with those things,
04:43 and we identify with that
04:44 because we are consumer driven society.
04:52 When I first came out to California
04:54 or even before that time,
04:56 I had an opportunity to work in an automotive manufacturer
04:59 as in with a company.
05:02 The company was of such that
05:04 I never had to learn the context of what it took
05:09 to own and to run a car.
05:11 In fact, when I worked with this company
05:13 you were given every six months,
05:15 you were given a new car
05:17 to drive from that manufacturer.
05:19 It was a part of the deal, a part of the contract
05:22 because as a sales person going and talking
05:25 to the different organizations and dealerships,
05:27 you had to have that transportation that showed that
05:30 you worked with this organization.
05:32 Now here is what's key
05:34 is as I drove a car and got it for free,
05:36 I didn't really understand the full context
05:39 of what the cost of a car really was
05:42 because it was given to me.
05:45 Being given something and not having to pay
05:48 for something means you don't really understand
05:50 and respect the full context of what it takes
05:53 to run something, what it takes to,
05:55 to maintain something and what it takes to,
05:58 to really appreciate what you have.
06:01 It was in those times that I began to learn the context
06:04 of enjoyment and going in driving
06:06 and driving this new cars
06:08 and gaining a specific objective,
06:10 but there was a learning experience that I gained
06:13 that I would like to share with you.
06:15 One of the mechanisms for training sales people
06:17 at that time was to send one of the representatives
06:20 into a respective dealership and get them to experience
06:23 the sales process.
06:24 Now it shows two dealerships
06:26 on two different ends of the spectrum.
06:28 One is customer service and treating you as an adult
06:32 and making sure you're comfortable
06:33 with the purchase process and not selling you a car
06:36 that you don't necessarily need,
06:37 but working with you to develop a timeframe
06:40 for your purchase process and giving you the time
06:43 necessary without hassling in.
06:45 The other one was on the other end of the spectrum
06:46 where their philosophy was, we don't care about you,
06:51 all we care about is selling the X car.
06:53 So I don't care if we see you anymore
06:54 after this purchase process,
06:56 we're gonna hammer you into a car,
06:58 and once you get into that car,
06:59 we really don't care what happens to you
07:01 after that because all we need right now is
07:04 to make a profit off of you.
07:06 Different mentalities altogether,
07:08 so I said I actually have no problem.
07:09 I'll go, I'll take this experience and learn from it
07:12 and I went into the first dealership
07:14 I went to were the one that didn't really care about
07:16 even I drove in and,
07:19 and pulled into the sales department and,
07:23 and several sales people surrounded me
07:25 and we talked to them about what you're looking for,
07:27 what you want, why is that you're here.
07:29 And I said I'm looking
07:31 at the possible purchase of a new car.
07:34 I'm just, you know coming in there to evaluate.
07:36 They said, well, let's evaluate your used car
07:38 so they took my eyes, which is a control process
07:40 and they left to evaluate my car.
07:43 While I was, they were evaluating the car,
07:45 I'm in there with the sales staff
07:47 and I'm talking to them and the sales person goes,
07:50 okay, cool what it take to get you in a car?
07:52 I said I'm just looking right now.
07:53 Well, why are you here?
07:55 And then it elevated to their next sales person
07:56 or their manager and to the next manager,
07:58 I didn't know how many managers I talked to,
08:00 but I'm trying to tell them, look, I'm not here to buy,
08:02 I'm here to just look
08:04 and try to make an evaluation of the car
08:05 and at that time the manager in charge
08:08 walks into the room and looks at me,
08:10 why in the world are you here anyway,
08:11 if you are not here to buy a car?
08:13 It was a very abrupt and very abusive
08:15 and very abrasive experience for me,
08:18 and sooner or later
08:19 I was able to get out through.
08:20 I felt I was locked into this jail
08:22 because they wouldn't let me go,
08:23 they wouldn't let me go and then they had my car,
08:26 they had my keys and what do I supposed to do.
08:29 So eventually he says, yeah, you can get your car,
08:31 your car is out back.
08:33 And I had to find my car and find my keys
08:37 that were sitting on the top of the car
08:39 and eventually go home.
08:41 It was a bad experience, but I learned
08:44 that we have to deal with this type of scenarios
08:46 when you're looking to purchase something,
08:48 but in that case I understood that you're not gonna sell me
08:53 something I don't want.
08:54 I don't want this.
08:56 I am the purchaser, I will buy what I need.
08:59 Okay, so I go to the next dealer
09:00 that they told me to go to and that was the most
09:03 relaxing experiences I ever been through.
09:06 Learning the context of what it means to understand
09:11 and to empathize and to work with the consumer
09:15 and make sure that they are comfortable.
09:17 I didn't feel forced, I just told them, look,
09:18 I'm here to look, they gave me all the time in the world,
09:20 they allowed me to test drive, I came back, sat in the lounge,
09:24 gave me cool drink and those type of things.
09:28 And as I sat there, I felt at peace and eventually I said,
09:30 you know what, I'm not here to buy right now.
09:32 I'm just here to evaluate.
09:34 That's fine Mr. Thomas,
09:38 here's our card,
09:39 give us a call when you're ready
09:41 come on in
09:42 and let's think about what your plans are
09:46 and what your goals are.
09:48 When do you need the car?
09:49 When do you plan on purchasing the car?
09:51 Let's work through that,
09:52 and it was a wonderful work relationship
09:54 because they called and followed up with me.
09:56 Now what's my point here?
09:58 Therapy is understanding
10:00 the different type of individuals and people,
10:03 sales individuals that you're going to deal with
10:04 an ongoing basis.
10:06 It's key to understanding how you can control the process
10:10 and ensure that shopping therapy for you
10:13 isn't walking away from a store
10:19 or a dealership with a product
10:22 that you don't necessarily need.
10:25 It was a complete learning experience
10:27 because I also learned through that whole scenario
10:30 is the fact that there are many costs
10:33 that go into the acquisition of a product.
10:36 And in this case what I would like to chat
10:38 with you about is the acquisition of a car.
10:42 What goes in to a car when you look to purchase it?
10:46 Many kids were asked that same question
10:48 and all they think about in,
10:49 in our financial literacy courses.
10:51 "Yeah, I want to get a car when I get 16,
10:52 I'm going to go out and I'm going to buy a car,
10:54 and I think I can afford to spend $200 to $225 a month
10:58 of my hard-earned monthly income
11:01 to pay for that car.
11:03 And then you ask them is that the only cost
11:06 that you think is associated with a car?
11:09 And they think that is the case until you begin the process
11:12 of discussing with them the overall ramifications
11:17 and what they get themselves into
11:20 when they think about a car.
11:23 So today, as we get into this,
11:26 remember there's two things I want you to be aware of
11:28 that you are a steward, you need to be faithful,
11:32 you need to understand
11:33 what your wants and your needs are,
11:34 you need to understand that you as a buyer
11:38 control the overall process.
11:40 So let's get started.
11:48 I'm going to give you a case application.
11:52 We'll discuss and we'll begin the process of embellishing
11:57 on this issue called
11:59 "Cars and Loans."
12:02 Angelina drives a seven year old car
12:07 that recently needed about $1300 in repairs.
12:11 Each day she drives approximately 46 miles
12:14 to and from her job round trip.
12:18 What actions should she take to decide if she should,
12:22 one, keep the car,
12:24 two, buy a new or used car,
12:27 and or three, buy a new car?
12:31 Now, many factors
12:35 go into this decision.
12:36 First of all,
12:38 Angelina must consider her financial situation,
12:40 so we go back to the beginning.
12:44 In any kind of financial situation
12:46 where there's a potential transaction,
12:48 you go back to your finances.
12:51 You take everything back to your budget.
12:55 You consider the fact that I have planned
12:57 for this acquisition if it's necessary.
13:00 You consider the fact that
13:01 I have it as a part of my budget.
13:03 It's a part of my mid term.
13:05 What is a mid term?
13:06 Three months to a year goals
13:09 in acquiring this car and I have already saved
13:11 approximately $3,000 for this acquisition or this purchase.
13:15 So take everything back to your budget.
13:18 How does all of this fit in to your budget
13:20 and make sure that you have evaluated your budget
13:23 and you have stayed faithful to saving and putting money
13:27 away to that specific account
13:29 so that you can go forward with
13:31 within that timeframe the purchase of a new car.
13:34 But, first of all,
13:36 check your financial situation based on a realistic budget.
13:41 What amount can she afford to spend
13:43 for buying a different vehicle next?
13:47 Now, when we take a look at that,
13:48 we should think immediately about the 2010 rule.
13:51 What is a 2010 rule?
13:53 You should not expect to exceed 20 percent
13:56 of your annual net income in credit.
14:01 And then the 10 percent means
14:03 you shouldn't expect to pay back
14:05 more than 10 percent of your monthly net income
14:08 to repayment of that debt 2010 rule.
14:11 So how much can she afford to spend
14:14 is based on how much she makes,
14:16 and based on how much she makes,
14:18 she can allocate a certain portion
14:20 of that to the debt.
14:22 Next, will her current car
14:24 after the recent repairs give her reliable transportation?
14:28 Is that fix something that will take care
14:32 of all of the problems.
14:33 I mean, when you think about a seven year old car.
14:36 I think it's about the right time to change
14:39 the timing belt based on how much miles,
14:40 that doesn't give us enough information,
14:42 but if it's a seven year old car
14:44 and someone is driving
14:46 approximately 20,000 miles a year,
14:47 the car has approximately 140,000 miles on it.
14:50 A car typically requires that their timing belt is changed
14:54 or at least check at around 100,000 miles.
14:57 You can check on that, each car may be slightly different.
15:00 So in this case $1,300 worth of repairs may be a necessity
15:04 because of the age of her car.
15:06 It doesn't necessarily mean that
15:08 her car is no longer road worthy.
15:10 It just means it needs that repair to take care of it,
15:12 and she had the savings in place
15:15 for this financial emergency.
15:21 Next,
15:24 is it the reliable transportation
15:25 she's looking for?
15:27 Is she currently having problems?
15:28 What I'm reading into this setting
15:30 is that the car needed the repairs.
15:33 Every car after its warranty is over
15:36 will need some update keep, you're going to change tires.
15:40 You're going to change the wiper blades.
15:41 You're going to change many of the wear
15:42 and tear items on the car.
15:44 Many cars nowadays have
15:46 six year 100,000 mile power train warranties.
15:50 After that's over,
15:51 you don't have any more coverage on the power train.
15:54 But as long as you maintain your car,
15:56 you change your oil,
15:57 you keep things in the right place
15:59 and you check the fluids,
16:00 there shouldn't be any major concern,
16:02 and especially now in the environment we live.
16:06 Automotive manufacturers have improved the quality
16:09 of their vehicle, so you shouldn't really
16:11 have to change your car every four years.
16:14 You can maintain a car and hold on to cars.
16:16 I've seen cars on the road
16:18 for 10, 12, 14, 16 years.
16:24 I think that the major issue at this point in time
16:26 is realizing that
16:28 the intent here is to study the parameters
16:32 of your specific situation.
16:33 What I think is the $1,300 is the fee
16:37 that you would need to pay to take care
16:39 of a major thing on your car.
16:41 The timing belt needs to be taken care of at a certain
16:44 timeframe in the ownership of your car.
16:47 So it's at this point in time I'm assuming
16:50 that it was needed, so she spent it.
16:53 Now is a car roadworthy?
16:55 I would suspect it is,
16:56 if it's never given her any problems.
16:57 She's taken care of the necessary repairs.
17:00 So the car I would suspect
17:01 as long as she's taking care of it,
17:03 will last her a little bit longer.
17:06 So, in addition to those specific questions.
17:11 How do the expected operating costs
17:14 of the various vehicles compare?
17:15 So the operating cost of her car,
17:18 it's a seven year old car,
17:20 so you know we are getting an average of 24 to 30 miles
17:25 per gallon on most cars now.
17:26 What type of car did she purchase?
17:28 What type of mileage is she getting?
17:31 What's the insurance rate she is paying?
17:33 All of these elements go into the cost of a car
17:36 which is what we're gonna talk about here,
17:38 because based on that scenario with Angelina
17:41 and her seven year old car.
17:42 I'm saying from my standpoint that it isn't necessary
17:46 that after seven years, you have to get a new car.
17:50 Now in this segment I'm hopeful, we have the graphic,
17:52 but I have a graphic of a car I own.
17:56 And I love to show it to you, because this car is a car
17:59 that has approximately 250,000 miles on it.
18:03 The car in and of itself provides you an explanation
18:07 as to what I'm talking about from Angelina's standpoint,
18:10 her car is seven years of age.
18:12 My car is approximately 12 years old.
18:15 I've bought it in 1999,
18:17 and I've changed the oil meticulously,
18:19 and I have taken care of it as much as I possibly can.
18:22 The car I believe stills looks relatively new.
18:24 And many people think of the car as a recent,
18:28 recent vehicle that has been developed
18:30 from a manufacturing standpoint,
18:32 but the key to this is the car in
18:35 and of itself can be well maintained
18:36 and well taking care of.
18:38 Not to say that I haven't had a lot of things
18:40 that need to be fixed on it or things that need
18:42 to be changed on it with the ongoing annual oil changes
18:46 and those type of things.
18:47 What it means is that if you take care of something,
18:50 it doesn't mean they're going to be cost,
18:52 aren't going to be costs associated with owning
18:55 that specific vehicle.
18:57 There are things you need to be concerned about now
18:59 when you're going out and shopping for a car.
19:01 What type of car can you afford?
19:03 How much money are you making?
19:04 How does a 2010 rule apply
19:07 to my acquisition of a new vehicle?
19:09 If you take a look at these specific issues,
19:12 then you can make a good decision
19:13 about what type of car you're going to buy.
19:15 One of the things I recommend is
19:17 look at a car that is two year, two years new.
19:21 It typically has the remaining four,
19:22 three or four years of the power train warranty
19:25 and other coverage on the vehicle.
19:27 But additional to that, you are paying
19:30 a more respectable price for a vehicle without paying
19:33 the invoice and or new car price.
19:36 Those are things you need to look at
19:38 and continue to consider
19:40 when looking at the purchase of a car.
19:43 The second issue is when you buy something
19:45 and these talks about values.
19:47 This is very, very important.
19:49 When I was a child, the issue of credit was not,
19:52 was negligible.
19:54 We hadn't really gotten into those problematic situations.
19:56 What I did learn is when my dad took me to the barber,
19:59 I heard all of these fantastic conversations about these guys
20:03 that knew everything about everything.
20:05 But what came across to me was when I buy something
20:09 with my hard-earned money, I treat it a lot differently
20:13 than if I use a lot of credit or I don't have,
20:17 I haven't taken the time to save
20:21 and put away a certain amount for a certain purchase.
20:25 When you take the time, and when my son for example,
20:28 who is attempting to raise a $75 to buy himself
20:31 a new bike is this.
20:34 When he gets that bike, he is going to love that bike,
20:38 and he's going to take care of it because he has worked
20:42 so hard to get the bike.
20:45 The same thing with my first car.
20:47 I worked hard for it, I took care of it, I washed it.
20:51 Took meticulous...
20:53 look at it from meticulous standpoint and made sure
20:56 that it was going to last me a long time.
20:58 My first car was a Toyota Tercel,
21:02 and it was one of the best vehicles
21:05 that I ever had it and lasted for
21:08 what I know about 237,000 miles
21:11 until I sold it and moved on to a different organization
21:16 that gave me these cars that I could drive.
21:20 I don't know what happened to that car,
21:22 and there comes a certain attachment
21:24 that people have with these cars.
21:26 Uh, I miss it.
21:27 But here's a key.
21:30 I took care of this item that God had blessed me with.
21:35 And this car that I showed to you is the same exact issue.
21:40 And the key to understanding the costs of owning a car
21:44 is that it's not just the car,
21:47 it's what you have to put into it.
21:48 There's several other items.
21:50 Costs of owning a car include these items,
21:54 the initial purchase price of the car.
21:56 Number two, it includes the registration
21:58 and the title costs, it includes sales tax,
22:01 wherever you may be, whatever state you're in,
22:03 the sales tax very.
22:05 In California, what is it 7.75.
22:08 Financing costs, depreciation,
22:12 insurance which is mandatory if you get a vehicle.
22:15 Schedule maintenance,
22:16 on certain higher end of vehicles
22:19 that schedule maintenance may cost a little bit more.
22:22 So take a look at what you can afford and build these
22:26 specific items right into your budget.
22:30 And of course, if you live in certain states,
22:32 storage costs for your vehicle may be a significant concern.
22:37 Understand the 2010 rule when you're considering
22:41 how much you can afford.
22:43 And then understand that there are additional costs
22:46 for operating a car.
22:48 What are those?
22:49 Here are five unscheduled repairs and maintenance.
22:54 Go back to your budget.
22:55 Go back to the budget and see whether not you are
22:58 putting away money for unscheduled emergencies
23:02 that comes up often and more often
23:05 that you like to understand in reference to owning a car.
23:10 Two, gasoline.
23:12 If you looked at my budget
23:13 or if you were able to get access to it,
23:15 you'll see that I spend an average of $300 to $350
23:19 a month on gas alone for the two cars
23:21 that me and my wife own.
23:23 That is a key thing to understand,
23:26 so it's not only the monthly, monthly loan amount
23:30 that you're paying back on the car which could be $200.
23:33 Now I'm paying about $300 a month in gas, that's now $500.
23:38 There is other funds for unscheduled maintenance
23:41 that you need to allocate for.
23:43 Number three, you need to change the oil and other fluids
23:46 of the vehicle that can easily be between $29 and $50
23:49 depending on if your vehicle takes regular oil
23:52 or synthetic oil.
23:54 You're looking at parking and tolls.
23:56 If you live in New York, or if you live in certain states,
24:00 there are tolls, there are parking issues,
24:03 and you may have to come up with more funds
24:05 just to take care of those concerns.
24:07 And of course, always bake into it
24:10 the possibility of getting a ticket.
24:13 So those things can come up out of the blue
24:18 and if you're not planning for it,
24:20 and if you don't have the savings for it,
24:21 it can hurt you tremendously.
24:24 Okay, shopping a car, decide how much
24:28 you're going to spend.
24:30 Decide the right type of purchase for you.
24:33 Remember, control the process.
24:35 You're not being sold something.
24:37 You're planning to purchase something.
24:39 You're not going to plan to plunk down
24:42 $20,000 on the vehicle that you haven't researched.
24:46 Research is key.
24:48 What is it that works for you?
24:50 What type of person are you?
24:52 What type of color do you like?
24:54 What's going to be able to get you to and from work?
24:56 Is it going to be used primarily to travel
24:59 long distances and understand that
25:00 if you travel a long distance,
25:02 it's going to impact your insurance.
25:04 They're going to ask, "How far do you travel to work and back.
25:07 What's your round trip amount?"
25:09 Those are key issues and questions you need
25:12 to ask yourself, as you put into your budget this goal
25:16 of purchasing a vehicle and what its priority is.
25:20 Is the priority in three to six months,
25:22 and it may give you that amount of time
25:24 to do the additional research.
25:28 Understand that used car from a dealer,
25:33 you have to consider the cost.
25:35 You have to consider a couple of other elements
25:37 such as the reliability of the vehicle,
25:40 the dealer reputation.
25:42 Believe me, I learned that from that other dealer
25:45 I talked to about that didn't care anything about me.
25:47 All they cared about was putting another car
25:49 over the curb.
25:50 That's a term they use in automotive,
25:53 in automotive environments about selling a new car,
25:56 putting that car over the curb.
25:58 That's all they care about from me.
25:59 I want you in that car.
26:00 I want you gone because all we want is a profits from you.
26:03 Check on their reputation.
26:05 Read the buyer's guide sticker.
26:07 Consider the warranty in the service contract
26:10 that may be remaining on that used car.
26:12 What do you do if you have problems with that vehicle?
26:17 If the dealer has a good reputation,
26:18 he's probably going to work with you
26:19 to resolve the problems,
26:21 if he has a difficult reputation.
26:22 I've seen situations where people have been
26:25 gouged and have been treated badly
26:28 in those type of environments.
26:29 So, don't just make an assumption that
26:32 it's going to be easy for you to wheel and deal,
26:34 and to come up with the right cost that you need for a car,
26:38 and you're going to get it from a good dealer.
26:40 Search, do your, do your research and find someone
26:44 that's comfortable to deal with,
26:46 with the right product that you think
26:48 will be adequate for your needs.
26:50 A new car, always read about
26:52 the new car features and prices.
26:54 Shop around, shop around as much as you can.
26:56 Plan to negotiate the price.
26:59 If you need help, get the help,
27:02 learn the terms and consider the service contract.
27:05 Warranties, a brief talk about warranties.
27:08 When you buy a car, there are warranties
27:10 and service contracts.
27:11 There are types of warranties to include as is warranty
27:14 you drive the car off, and it's as is,
27:17 you don't have any other cover...
27:19 any other coverage, it's just as it is.
27:21 There is an implied warranty.
27:23 There is a dealer warranty.
27:24 You need to make sure you know what's available.
27:27 And there is a manufacturer's warranty.
27:30 Many things apply, many things apply.
27:34 You need to be aware of all of these elements
27:36 about going into buying a car APR.
27:40 How long is your length of the loan
27:42 that you're planning to acquire?
27:43 What are your monthly payments?
27:45 What will be the total finance charges
27:48 that you're going to have?
27:50 What will be the total you're going to repay?
27:52 And shop around for the best loan for you.
27:55 Listen, take it to the bank and save for this purchase.
28:00 God bless.


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Revised 2016-06-16