How do I close the deal?

Your final offer has been accepted, and in your mind you're driving your new car by the ocean with the wind tossling your hair. Negotiations are complete and you let your guard down. You are waiting in the showroom for the paperwork to be completed and to meet with the "finance specialist" to sign the papers. He or she comes out to greet you, congratulates you on your purchase and tries to develop a trust relationship with you. This person is the best salesperson on the floor. They will offer you things like GAP insurance, paint protection, extended warranty, etc. They all sound like great deals and this "finance specialist" is so nice and trustworthy. What do you do? Read on... Feel free to contact me if you have any questions.

Tip #1 - Know what you will be offered

I can't stress this point enough, so let's familiarize ourselves with these products:

Extended Warranty - depending on the vehicle you are purchasing, you may or may not get some sort of a warranty. If you are buying a new car, you will get manufacturer's warranty which will last anywhere from three to five years.

GAP Insurance - or the Guaranteed Auto Protection insurance protects you while you are upside down on your load. Let's say you bought a new car that costs $15,000. The second you signed your name on the sales agreement, the value of your car dropped a few thousand dollars. You drive out of the dealership and get into an accident. The insurance payout will match the value of your car, but it does not cover the amount you owe on your car loan. GAP insurance covers this gap.