10 Steps to Buying a New Car
Step 9: Signing the Paperwork
The F&I person will put in front of you a very large and intimidating looking sales contract with many numbers on it. You will want to review this form carefully and make sure you understand what each number means. Ask questions and if any fees that were not previously discussed show up on the form, immediately ask the dealer to re-run the paperwork without the fees. Make sure the rebates are accounted for, the negotiated price is correct, the trade-in value is correct, and every number makes sense and is acceptable to you. The F&I person should be happy to explain every part of the form should you have any questions.
Also displayed on this form is your financing information. The form should clearly detail the interest rate, the monthly payment, and the total amount of all payments you will make. Additional information found on the sales contract includes the total price you will have paid for the car. This number includes the value of your trade, your down payment, the financing costs, and the purchase price of the car. Again, if you do not understand something or wonder how the F&I person came up with a number, ask questions! You have not closed the deal until you sign this paperwork, so now is the time to go over the sales contract in detail.
Additional Paperwork - Other paperwork you may have to sign includes transferring ownership of your trade-in to the dealership, privacy disclosures, registration forms, and invoices (“due bills”). Make sure you understand what each form is for and question anything that looks odd or unfamiliar.
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