Section 02 Loans & Expenses Unit 04 Cars - Practical Money Skills

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As-is (no warranty) No expressed or implied warranty. If you buy a car and have problems with it, you must pay for any repairs yourself. Some provinces do not permit “as-is” sales on used cars. Implied warranties Warranty of merchantability—a product will do what it is designed to do. Warranty of fitness for a particular purpose—a product will do what the seller promises it will do. Always in effect unless the product is sold as-is or the seller says in writing that there is no warranty. Dealer warranties Offered and specifically written by the dealer. Terms and conditions can vary greatly. Useful to compare warranty terms on similar cars or negotiate warranty coverage. Unexpired manufacturer’s warranties overhead C Overhead C Warranties Manufacturer’s warranty can sometimes be transferred to the new owner. There may be a fee for the transfer process. 02.04.04 108 section 02. loans & expenses choices & decisions
Before deciding to buy a service contract, find out The cost Which repairs the contract covers Whether the warranty already covers the same repairs Whether the vehicle is likely to need repairs and, if so, the potential cost of repairs Whether there is a deductible and, if so, how much? Whether repairs and service can be performed at locations other than at the dealership overhead D Overhead D Service contracts (also called “extended warranties”) 02.04.04 Whether the contract covers incidental expenses such as towing Whether there is a cancellation or refund policy and, if so, the cost Whether the dealer or company offering the service is reputable Whether you can purchase the service contract later choices & decisions section 02. loans & expenses 109
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Page 5 and 6: overhead B Overhead B 02.04.01 Owne
Page 7 and 8: overhead D Overhead D 02.04.01 Car
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Page 21 and 22: Goals To provide the student with a
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Page 35 and 36: True/False (4 marks) 1. _____ Most

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