Participants: Cordell Thomas
Series Code: TITTB
Program Code: TITTB000012
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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. |
Revised 2016-06-16