You may be surprised to learn that the value your primary insurance company places on your vehicle may be substantially less than the amount you actually owe. The result is a financial “gap,” and if the vehicle is totaled or stolen, it’s you who must make up the difference. This gap liability could cost thousands. GAP (Guaranteed Auto Protection) insurance will pay the difference between the loan balance and what your insurance company pays you. GAP insurance will go into effect if the vehicle is declared a total loss.
When will my first payment be due?
On a purchase, the first payment will be due 30 to 45 days after signing. On a lease, you will make your first payment at the time of signing.
How do I figure the amount for tax, title, and license?
The tax rate in Texas is 6.25%. The tax is calculated on the sale price of the car less any non-leased trade-in. The title fee is $33.00. The registration fees vary based on the car’s model year.
Do you offer extended service agreements?
Yes, and with an important advantage: Most of our extended service agreements are backed by the manufacturer. Service agreement details, including terms and mileage limits, vary between new and pre-owned vehicles.
Do you have a first-time buyer program?
Most of our lenders have a college graduate program. Some stipulations will apply. This could qualify you for preferred finance rates.
How does my credit rating affect the purchase of a vehicle?
Part of the service our sales associates provide is an assessment of your credit. Sometimes a customer may believe his or her credit rating is not good enough for the purchase of a new vehicle, when, in fact, it may be just fine.
For how long can I finance my car?
The maximum can vary depending on year model, up to 84 months.
Do I have to pay property tax on a lease?
In Texas, you will be billed property tax if the car is registered in a business name. If it’s registered in your own name, you can file an affidavit of non-income-producing purposes with the state. However, each city may still charge the individual.
How much do you require for a down payment?
Typically, a down payment is not required. However, any down payment used will lower the monthly payment.
When and how can I purchase a vehicle service agreement?
Generally, vehicle service agreements are sold before the manufacturer’s factory warranty expires. You may talk to any sales associate or service advisor in the dealership at any time to learn about or purchase a service agreement.