{"version":"1.0.0","episode":{"title":"NEVER Answer THESE Questions At the Car Dealership | Episode 939","url":"http://getcarcurious.com/episodes/never-answer-these-questions-at-the-car-dealership-episode-939","audioUrl":"https://pscrb.fm/rss/p/mgln.ai/e/1385/pdrl.fm/3359a6/injector.simplecastaudio.com/14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9/episodes/5fb9d317-9424-4838-9695-90655ae63553/audio/128/default.mp3?aid=rss_feed&awCollectionId=14b42e71-1f9c-41b2-944f-bc8f2b3a3cb9&awEpisodeId=5fb9d317-9424-4838-9695-90655ae63553&feed=gkrQ6WSC","description":"Today on CarEdge Live, Ray and Zach discuss the questions you should never answer when buying a car from a car dealer. Tune in to learn more! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com\nfor information about our collection and use of personal data for\nadvertising.\n"},"annotations":[{"startTime":152.0,"endTime":154.3,"type":"term","title":"monthly payment goal","url":"/glossary/monthly-payment-goal","quote":"The first question that the Google machine is saying you should not answer at the car dealership. What's your monthly payment goal? Google saying this shifts your focus from the total price to the payment amount...","canonicalId":"term:monthly-payment-goal","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A monthly payment goal refers to the specific amount a buyer aims to pay each month for a car loan. This focus can lead to overlooking the overall cost of the vehicle, which can result in paying more in the long run due to extended loan terms or added costs.","simplifiedExplanation":"A monthly payment goal is how much money you want to pay each month for your car. If you only think about this amount, you might forget to check how much the car costs overall, which can lead to paying more later."}},{"startTime":154.3,"endTime":157.6,"type":"term","title":"loan terms","url":"/glossary/loan-terms","quote":"...which can be increased by extending loan terms or by adding more costly items.","canonicalId":"term:loan-terms","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Loan terms refer to the conditions and duration of a loan agreement, including the length of time to repay the loan and the interest rate. Longer loan terms can lower monthly payments but may result in paying more interest over time.","simplifiedExplanation":"Loan terms are the rules about how you pay back the money you borrow to buy a car. This includes how long you have to pay it back and how much extra money you pay in interest."}},{"startTime":183.7,"endTime":193.9,"type":"term","title":"interest rate","url":"/glossary/interest-rate","quote":"The issue becomes when you see that it's a 30% interest rate and you're paying off $23,449 in finance charges on an $18,767 vehicle.","canonicalId":"term:interest-rate","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The interest rate is the percentage of the loan amount that the lender charges for borrowing money. A higher interest rate means higher overall costs for the borrower, as seen in the example of a 30% interest rate.","simplifiedExplanation":"An interest rate is how much extra money you pay back to the bank when you borrow money. If the rate is high, you end up paying a lot more than you borrowed."}},{"startTime":183.7,"endTime":193.9,"type":"term","title":"finance charges","url":"/glossary/finance-charges","quote":"...you're paying off $23,449 in finance charges on an $18,767 vehicle.","canonicalId":"term:finance-charges","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Finance charges are the total costs associated with borrowing money, including interest and any additional fees. In this case, $23,449 in finance charges indicates the total cost of financing the vehicle over the loan term.","simplifiedExplanation":"Finance charges are the extra costs you pay when you borrow money, like interest. It shows how much more you will pay on top of the price of the car over time."}},{"startTime":245.5,"endTime":249.7,"type":"car","title":"Ford Maverick","url":"/cars/ford/maverick","image":"https://upload.wikimedia.org/wikipedia/commons/a/a4/1972_Ford_Maverick_Sprint_%28616806978%29.jpg","quote":"Let's click on this Ford Maverick that's right here and scroll down, folks. It's just under pricing info.","canonicalId":"car:ford:maverick","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Ford Maverick is a compact pickup truck that offers versatility and efficiency, appealing to those looking for a smaller truck option. It features a hybrid powertrain option, making it an economical choice for buyers.","simplifiedExplanation":"The Ford Maverick is a small truck that is designed for people who want a vehicle that is easy to drive and park. It can also save you money on gas, especially if you choose the hybrid version.","imageAttribution":"dave_7 from Lethbridge, Canada (CC BY-SA 2.0)"}},{"startTime":251.5,"endTime":254.4,"type":"term","title":"out-the-door price","url":"/glossary/out-the-door-price","quote":"There's the out-the-door price once we add in taxes and fees. Here's your monthly payment calculator.","canonicalId":"term:out-the-door-price","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The out-the-door price refers to the total cost of purchasing a vehicle, including the vehicle price, taxes, registration fees, and any additional dealer fees. It provides a complete picture of what the buyer will actually pay.","simplifiedExplanation":"The out-the-door price is the final amount you need to pay to buy a car. It includes everything like taxes and fees, so you know the total cost upfront."}},{"startTime":254.4,"endTime":256.4,"type":"term","title":"monthly payment calculator","url":"/glossary/monthly-payment-calculator","quote":"Here's your monthly payment calculator. In this case, it's $854 a month for $42,127 financed.","canonicalId":"term:monthly-payment-calculator","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A monthly payment calculator is a tool that helps potential car buyers estimate their monthly payments based on the vehicle price, down payment, loan term, and interest rate. It assists in budgeting for a car purchase.","simplifiedExplanation":"A monthly payment calculator helps you figure out how much you will pay each month if you buy a car. You can enter how much the car costs and how much money you can put down to see your monthly payment."}},{"startTime":267.1,"endTime":275.2,"type":"term","title":"trade equity","url":"/glossary/trade-equity","quote":"Put in the exact offer from CarMax that you're getting, your trade payoff, and that'll ultimately calculate if you have trade equity or negative equity.","canonicalId":"term:trade-equity","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Trade equity refers to the value of your current vehicle when you trade it in towards the purchase of another vehicle. If your trade-in is worth more than what you owe on it, you have positive equity; if it's worth less, you have negative equity.","simplifiedExplanation":"Trade equity is how much money you can get from your old car when you trade it in for a new one. If your old car is worth more than what you still owe on it, you have extra money to put towards the new car."}},{"startTime":332.2,"endTime":337.2,"type":"term","title":"loan amounts","url":"/glossary/loan-amounts","quote":"Normally, you're not talking about loan terms or loan amounts.","canonicalId":"term:loan-amounts","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Loan amounts refer to the total sum of money borrowed to purchase a vehicle. This amount, along with the interest rate, determines the monthly payment and total cost of the loan.","simplifiedExplanation":"Loan amounts are how much money you borrow to buy a car. This number is important because it affects how much you will pay each month and the total cost of the loan."}},{"startTime":368.4,"endTime":371.9,"type":"term","title":"monthly budget","url":"/glossary/monthly-budget","quote":"So just never answer what's your monthly budget. And then I say something about that contract you pulled up a moment ago, which I have looked at.","canonicalId":"term:monthly-budget","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The monthly budget refers to the amount a buyer is willing to spend each month on a car payment. This figure can significantly influence financing options and the overall cost of the vehicle over time.","simplifiedExplanation":"Your monthly budget is how much money you can afford to pay each month for a car. It helps determine what kind of car you can buy and how much you'll pay in total."}},{"startTime":403.9,"endTime":408.9,"type":"term","title":"six-year loan","url":"/glossary/six-year-loan","quote":"And you're talking about a seven-year-old car with more than a six-year loan. It is abject financial suicide.","canonicalId":"term:six-year-loan","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A six-year loan refers to a car financing agreement that spans six years, typically resulting in lower monthly payments but potentially higher total interest costs over the life of the loan.","simplifiedExplanation":"A six-year loan means you agree to pay for the car over six years. This can make your monthly payments smaller, but you might pay more in interest overall."}},{"startTime":403.9,"endTime":408.9,"type":"term","title":"seven-year-old car","url":"/glossary/seven-year-old-car","quote":"And you're talking about a seven-year-old car with more than a six-year loan. It is abject financial suicide.","canonicalId":"term:seven-year-old-car","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A seven-year-old car refers to a vehicle that was manufactured seven years prior to the current year. Older cars may have different values and financing considerations compared to new cars.","simplifiedExplanation":"A seven-year-old car is a car that was made seven years ago. It usually costs less than a new car but might have more wear and tear."}},{"startTime":418.5,"endTime":424.6,"type":"term","title":"financial suicide","url":"/glossary/financial-suicide","quote":"It is abject financial suicide. And this is, I think, a perfect example of going to the dealership and answering the what's your monthly budget question.","canonicalId":"term:financial-suicide","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"'Financial suicide' is a colloquial term used to describe a poor financial decision that can lead to severe financial consequences, such as excessive debt or loss of assets.","simplifiedExplanation":"Financial suicide is when someone makes a really bad money decision that can lead to a lot of problems, like being in debt for a long time."}},{"startTime":442.0,"endTime":444.8,"type":"term","title":"dealer fees","url":"/glossary/dealer-fees","quote":"...it's a $13,000 vehicle that you're spending before $2,000 on, but you hit your payment goal.","canonicalId":"term:dealer-fees","priority":0.5,"confidence":0.7,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealer fees are additional charges that a dealership may add to the price of a vehicle, which can include documentation fees, preparation fees, and other costs associated with the sale.","simplifiedExplanation":"Dealer fees are extra costs that car dealerships might add to the price of a car. These can include things like paperwork fees or costs for getting the car ready to sell."}},{"startTime":518.1,"endTime":521.0,"type":"term","title":"down payment","url":"/glossary/down-payment","quote":"How much are you planning on putting down? Because if you do that, then you have shifted the focus from getting an out-the-door price understanding...","canonicalId":"term:down-payment","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A down payment is an upfront payment made when purchasing a vehicle, which reduces the amount financed. It can influence the terms of the loan and the overall cost of the vehicle.","simplifiedExplanation":"A down payment is the money you pay upfront when buying a car. It lowers the total amount you need to borrow, which can help with monthly payments."}},{"startTime":562.9,"endTime":568.9,"type":"term","title":"payment buyers","url":"/glossary/payment-buyers","quote":"Now, let's face it, 85% of customers out there are payment buyers, and that's the most important thing to them. But you have to, as a customer, understand what makes up that payment...","canonicalId":"term:payment-buyers","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Payment buyers are customers who focus primarily on the monthly payment amount when purchasing a vehicle, rather than the total price of the car. This approach can lead to misunderstandings about the overall cost and financing terms.","simplifiedExplanation":"Payment buyers are people who care more about how much they will pay each month for a car instead of how much the car costs in total. This can sometimes lead to confusion about the true cost of the car."}},{"startTime":724.4,"endTime":724.4,"type":"term","title":"Alpador price","quote":"...this thing is just dead set on getting an Alpador price. If any of you are using the AI negotiator, this thing is just dead set on getting an Alpador price.","canonicalId":"term:alpador-price","priority":0.5,"confidence":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The term 'Alpador price' seems to refer to a specific pricing strategy or target price in negotiations, possibly a typo or mispronunciation of 'out-the-door price' or a similar concept. It indicates a price that the buyer is aiming for, excluding additional costs.","simplifiedExplanation":"The 'Alpador price' is likely a target price that someone wants to pay for a car, not including extra fees or add-ons."}},{"startTime":733.9,"endTime":733.9,"type":"term","title":"dealer installed add-ons","url":"/glossary/dealer-installed-add-ons","quote":"...removes all the dealer installed add-ons, including the Desert Protection package.","canonicalId":"term:dealer-installed-add-ons","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealer installed add-ons are additional features or packages that a dealership may add to a vehicle before selling it. These can include things like paint protection, upgraded audio systems, or other enhancements that are not part of the standard vehicle package.","simplifiedExplanation":"These are extra features that the car dealer adds to the car before selling it, which can increase the price."}},{"startTime":737.5,"endTime":737.5,"type":"term","title":"Desert Protection package","url":"/glossary/desert-protection-package","quote":"...removes all the dealer installed add-ons, including the Desert Protection package.","canonicalId":"term:desert-protection-package","priority":0.5,"confidence":0.7,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Desert Protection package typically refers to a set of features or modifications designed to protect a vehicle from harsh desert conditions, such as sun damage or sand erosion. This may include special coatings, window tinting, or enhanced cooling systems.","simplifiedExplanation":"This is a package that helps protect a car from damage caused by hot and sandy environments, like deserts. It might include things like special coatings or treatments."}},{"startTime":936.8,"endTime":942.0,"type":"term","title":"trade-in","url":"/glossary/trade-in","quote":"...we can discuss my trade in if I agree to trade it as a separate transaction.","canonicalId":"term:trade-in","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A trade-in is when a buyer offers their current vehicle as part of the payment for a new vehicle. The value of the trade-in is deducted from the price of the new car, making it a common practice in car sales.","simplifiedExplanation":"A trade-in is when you give your old car to the dealership to help pay for a new one. The dealership will give you money off the new car based on how much your old car is worth."}},{"startTime":1134.6,"endTime":1140.2,"type":"term","title":"pre-approval","url":"/glossary/pre-approval","quote":"If you have bad credit, then get pre-approved somewhere before you go to a dealership so that you don't end up paying 29.99% interest on a loan for 75 months.","canonicalId":"term:pre-approval","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Pre-approval is a process where a lender evaluates your creditworthiness and determines how much they are willing to lend you before you go car shopping. This gives you a better idea of your budget and strengthens your negotiating position at the dealership.","simplifiedExplanation":"Getting pre-approved means a bank or lender checks your credit and tells you how much money they can lend you for a car. It helps you know what you can afford before you start looking."}},{"startTime":1158.6,"endTime":1164.5,"type":"term","title":"finance manager","url":"/glossary/finance-manager","quote":"Then you can discuss that with the finance manager when you're closing the transaction. I think it also goes back to always coming in with a pre-approval.","canonicalId":"term:finance-manager","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A finance manager at a dealership is responsible for handling the financing and leasing options for customers. They help buyers understand their financing options, negotiate terms, and finalize the sale of the vehicle.","simplifiedExplanation":"The finance manager is the person at the car dealership who helps you figure out how to pay for the car. They talk to you about loans and payment plans when you're ready to buy."}},{"startTime":1206.7,"endTime":1206.7,"type":"term","title":"taxes and fees","url":"/glossary/taxes-and-fees","quote":"It was at $13,500, something like that price for the vehicle that ultimately taxes and fees got to $18,767.","canonicalId":"term:taxes-and-fees","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Taxes and fees are additional costs associated with purchasing a vehicle, which can include sales tax, registration fees, and dealer fees. These can significantly increase the total price paid for the vehicle.","simplifiedExplanation":"Taxes and fees are extra costs you have to pay when you buy a car, like sales tax and fees for registering the car. They can make the car more expensive than just the sticker price."}},{"startTime":1368.64,"endTime":1380.8,"type":"concept","title":"aged units","url":"/glossary/aged-units","quote":"And one dealership will sell one of their aged units to another dealership and in return buy one of that dealership's aged units so that everybody can go away happy. You know, the idea is you have to turn the inventory in a timely fashion.","canonicalId":"concept:aged-units","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Aged units refer to vehicles that have been in inventory for a longer period than desirable, often leading dealerships to take measures to sell them more quickly. This can involve trading vehicles between dealerships to refresh their inventory appearance.","simplifiedExplanation":"Aged units are cars that have been sitting on a dealership's lot for too long. Dealerships might swap these cars with each other to make it look like they have newer inventory."}},{"startTime":1380.8,"endTime":1386.4,"type":"concept","title":"turn the inventory","url":"/glossary/turn-the-inventory","quote":"You know, the idea is you have to turn the inventory in a timely fashion. And if you can't, sometimes you play games like this in order to make it appear as if you have.","canonicalId":"concept:turn-the-inventory","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Turning the inventory refers to the process of selling vehicles quickly to maintain a fresh selection on the dealership lot. This is crucial for maximizing sales and minimizing the holding costs associated with unsold vehicles.","simplifiedExplanation":"Turning the inventory means selling cars quickly so that the dealership always has new options for customers. It's important for keeping the business running smoothly."}},{"startTime":1400.6,"endTime":1403.3,"type":"term","title":"sister store","url":"/glossary/sister-store","quote":"Moving a unit to a sister's store restarts the clock. Exactly. Doesn't improve the value of the vehicle, but it does restart the clock.","canonicalId":"term:sister-store","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A sister store refers to another dealership that is part of the same ownership group or franchise. Dealerships often collaborate with sister stores to manage inventory and sales strategies more effectively.","simplifiedExplanation":"A sister store is another car dealership that is owned by the same company. They can help each other out with selling cars and managing inventory."}},{"startTime":1437.2,"endTime":1438.2,"type":"term","title":"collateralized loans","url":"/glossary/collateralized-loans","quote":"But this is saying that almost half 40% of 70,000 active loans for Tri-Color customers were collateralized to multiple lenders.","canonicalId":"term:collateralized-loans","priority":0.5,"confidence":0.8,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Collateralized loans are loans secured by an asset, which means the lender can take the asset if the borrower fails to repay the loan. In this case, the vehicles are the collateral for the loans.","simplifiedExplanation":"Collateralized loans are loans where you promise something valuable, like a car, to the lender. If you don't pay back the loan, they can take that car."}},{"startTime":1776.0,"endTime":1779.0,"type":"term","title":"financially ignorant","url":"/glossary/financially-ignorant","quote":"You know, it's just a shining example of a dealership taking advantage of financially ignorant customers.","canonicalId":"term:financially-ignorant","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Being financially ignorant refers to a lack of understanding or knowledge about financial matters, which can lead to poor financial decisions, such as taking on high-interest loans without fully understanding the implications.","simplifiedExplanation":"Financially ignorant means not knowing enough about money and finances, which can cause people to make bad choices, like signing up for expensive loans."}}],"speakers":[{"id":"s1","name":"Ray","role":"host"},{"id":"s2","name":"Zach Shefska","role":"host"},{"id":"s3","name":"Bleav","role":"host"}],"transcripts":[{"url":"http://getcarcurious.com/episodes/never-answer-these-questions-at-the-car-dealership-episode-939/transcript.vtt","type":"text/vtt"}]}