Understanding Your Car Loan Agreement

You’ve successfully negotiated the purchase of your new car. Congratulations! Owning a car is a major source of pride and accomplishment for most Americans, and if you live in an area without reliable public transportation—a great convenience too. However, understanding your car loan agreement can be challenging.

Before you can lay claim to that shiny new (or new to you) car, however, there will be paperwork—especially if you are planning to seek financing. Mistakes can happen, and part of the responsibility for avoiding them lies with you. Make sure you understand everything that appears on your loan document, especially your monthly payment amount. Review the details carefully and be sure to ask for clear explanations that make sense to you before signing. Here’s a look at what to expect as part of your contract:

  • Vehicle Identification Number (VIN). Yes, we realize this sounds obvious, but make sure that the car you chose is actually the same one being sold to you. The VIN is the unique identifier for every car, located below the lower left corner of the car’s windshield. Make sure that the number on the contract is identical to the one that appears on the vehicle.
  • State sales tax. Don’t forget about sales tax! The amount will vary from state to state and can even vary city to city. In Colorado, for example, taxes will run at about 11 percent, adding significantly to the price of your car. Fortunately, it can be included in your financing, so you might not feel the impact as much.
  • Vehicle registration fee. The state charges you a fee to register the car and issue your license plates. These can vary depending on the cost of the car you are purchasing, so a pricier car can result in higher fees.
  • Documentation fee. This is the amount the dealer assesses to cover the costs of facilitating the loan. It’s a good idea to review this figure with your finance rep to make sure it passes the “reasonableness” test.  Unlike many dealers and other vendors, RefiJet does not charge customers any fee for their service to facilitate a loan.
  • Loan terms. Review the terms carefully to understand exactly what you will owe. Make sure the interest rate, length of the loan and items included match with what you’ve been promised. Also, check on the rules for prepayment, late fees and other possible penalties.
  • Other charges. Your loan may include costs for extras such as an extended service contract or GAP. Take the time needed to make sure that what appears on the loan contract matches your verbal agreement.

When reviewing your loan contract, don’t let high-pressure sales tactics dissuade you from asking questions! Understanding Your Car Loan Agreement is important.  You should be clear on every line item listed and it should all fit together within the context of your discussions with the dealer. Also, keep in mind that it’s always a good idea to have a knowledgeable person with you when it comes to signing on the dotted line.

Important Disclosures and Requirements

Customer Consent to Receive Account Information Electronically

The Electronic Signatures in Global and National Commerce Act requires your consent to receive certain disclosures electronically. Please read this section carefully and retain a copy of this document for your records.

ELECTRONIC RECORDS

Some communications and disclosures with and by RefiJet.com on its behalf and on behalf of participating banks, finance companies, and credit unions (hereinafter called “Lenders”) are conducted electronically. However, if you wish to obtain a paper copy of any disclosure to your offer and/or loan/finance offer request, you may write to Yield Solutions Group, LLC (dba RefiJet.com) at 7555 E. Hampden Ave., Ste. 500, Denver, CO 80231. We will not charge you a fee for a paper copy of the Disclosures you request. RefiJet does not provide any Lenders’ disclosures.

RefiJet.com reserves the right, in its sole discretion, to stop providing Disclosures electronically. RefiJet.com will provide you with notice of any such termination as required by applicable law. If RefiJet.com chooses to stop providing Disclosures electronically, RefiJet.com will send any future Disclosures to you in paper form.

YOUR CONSENT IS REQUIRED

The applicant and any co‐applicant (collectively, “you”) must consent to receive Disclosures electronically in order to complete the loan/finance offer request process with RefiJet.com on behalf of its participating Lenders (as defined above). Your consent will apply to Disclosures you receive from RefiJet.com, its successors and assignees, and any Lenders. You may withdraw your consent for receiving electronic Disclosures by notifying RefiJet.com at Info@RefiJet.com. Since RefiJet.com is structured to provide some loan/finance offer request related information electronically, not consenting, or withdrawing your consent to receive electronic Disclosures may terminate your loan/finance offer request process. You may withdraw your consent to do business electronically with our participating Lenders at no cost to you. You may do so by contacting the Lender at the mailing address, e‐mail address or telephone number they provide to you separately for such purpose.

CONSENT TO RECEIVE DISCLOSURES ELECTRONICALLY

In order to use this service, you must consent to receive disclosures including but not limited to the Terms of Service and Privacy Notice electronically and you agree that these electronic disclosures will be sufficient as a “writing” under applicable law.

If you have access to this website, you have suitable hardware/software to access and retain electronic documents.

This consent is valid until revoked by either party.

Please notify us at 1.800.260.5355 if your contact information changes at any point in the refinance process.

MONTHLY PAYMENT REDUCTION CLAIM**

This average monthly auto loan payment savings reflects loans where the borrower chose to lower their monthly payment. Not every auto refinance is intended to lower monthly payment. These savings are not guaranteed. Individual savings and rates may differ.

2018‐10‐08 02:30PM MST