{"version":"1.0.0","episode":{"title":"Why the monthly payment on your potential new car is the LEAST important number to know","url":"http://getcarcurious.com/episodes/why-the-monthly-payment-on-your-potential-new-car-is-the-least-important-number-to-know","audioUrl":"https://www.buzzsprout.com/2021673/episodes/17972823-why-the-monthly-payment-on-your-potential-new-car-is-the-least-important-number-to-know.mp3","description":"Send us a textEmail Lennie at lennielawson2020@gmail.com"},"annotations":[{"startTime":62.6,"endTime":67.2,"type":"term","title":"finance office","url":"/glossary/finance-office","quote":"Well, we'll get into that so that you understand how you can negotiate a little bit in the finance office, because everything's negotiable, right?","canonicalId":"term:finance-office","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The finance office in a car dealership is where customers finalize their vehicle purchase, including financing options, warranties, and additional services. It's a critical part of the car buying process, often where dealers can add extra fees or products that increase their profit margins.","simplifiedExplanation":"The finance office is the place at a car dealership where you handle the money part of buying a car. This is where you decide how to pay for the car, whether through loans or other options, and where you might be offered extra services."}},{"startTime":68.2,"endTime":73.6,"type":"term","title":"negotiation","url":"/glossary/negotiation","quote":"Well, we'll get into that so that you understand how you can negotiate a little bit in the finance office, because everything's negotiable, right?","canonicalId":"term:negotiation","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Negotiation in the context of car buying refers to the process of discussing terms and prices between the buyer and the dealer to reach a mutually agreeable deal. Understanding negotiation tactics can help buyers save money and avoid unnecessary fees.","simplifiedExplanation":"Negotiation is when you talk to the dealer about the price of the car and try to get a better deal. It's important because you can often lower the price or avoid extra charges if you know how to negotiate."}},{"startTime":142.2,"endTime":146.4,"type":"term","title":"negative equity","url":"/glossary/negative-equity","quote":"...to eliminate some of the negative equity that you have in your trade-in, that's how much more you owe on your vehicle than it's actually worth. That amount doesn't just go poof into the stratosphere...","canonicalId":"term:negative-equity","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Negative equity occurs when the amount owed on a vehicle is greater than its current market value. This situation can arise when a car is financed for more than it's worth, often due to depreciation or high loan amounts.","simplifiedExplanation":"Negative equity means you owe more money on your car than it's currently worth. If you try to sell or trade it in, you might still have to pay off the remaining loan amount."}},{"startTime":160.4,"endTime":167.5,"type":"term","title":"refinance","url":"/glossary/refinance","quote":"...I've seen people refinance or basically buy a new car, roll in $15,000 or more of negative equity.","canonicalId":"term:refinance","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Refinancing involves taking out a new loan to pay off an existing loan, often to secure better terms such as a lower interest rate or monthly payment. This can be beneficial for managing negative equity.","simplifiedExplanation":"Refinancing means getting a new loan to replace your old one, usually to get a better deal. It can help if you're struggling with payments or owe more than your car is worth."}},{"startTime":175.24,"endTime":182.4,"type":"term","title":"MSRP","url":"/glossary/msrp","quote":"...many banks that will finance 130% of MSRP. So on a $50,000 car, you could finance $65,000.","canonicalId":"term:msrp","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"MSRP stands for Manufacturer's Suggested Retail Price, which is the price that the manufacturer recommends a dealer sell a vehicle for. It serves as a guideline for pricing but can vary based on dealer markups and market demand.","simplifiedExplanation":"MSRP is the price that the car maker suggests dealers sell the car for. It's like a starting point for how much you might pay for a new car."}},{"startTime":187.4,"endTime":191.6,"type":"term","title":"depreciation","url":"/glossary/depreciation","quote":"...the minute you drive off the lot, let's say the car depreciates $5,000. So you're $20,000 upside down...","canonicalId":"term:depreciation","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Depreciation is the reduction in the value of an asset over time, particularly due to wear and tear. In the context of cars, it refers to how much a vehicle's value decreases after purchase, often most significant in the first few years.","simplifiedExplanation":"Depreciation is how much a car loses its value over time. For example, a new car might be worth less as soon as you drive it off the lot."}},{"startTime":211.3,"endTime":216.4,"type":"term","title":"finance products","url":"/glossary/finance-products","quote":"...you go to the finance office and tack on another $6,000, $8,000 worth of finance products.","canonicalId":"term:finance-products","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Finance products refer to additional services or products that can be added to a car loan, such as extended warranties, gap insurance, or service contracts. These can increase the total amount financed and may provide added protection or benefits.","simplifiedExplanation":"Finance products are extra services you can buy when you get a car loan, like insurance or warranties. They can help protect your investment but also add to the cost."}},{"startTime":385.7,"endTime":392.3,"type":"term","title":"dealer rebate","url":"/glossary/dealer-rebate","quote":"I had a dealer that was a competitor that was creating dealer rebates which really don't exist. It's just a discount. A rebate is something you can actually use as down payment to reduce the purchase price of the car.","canonicalId":"term:dealer-rebate","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"A dealer rebate is a discount offered by the dealer to encourage sales, which can sometimes be used as a down payment on a vehicle. However, not all dealer incentives qualify for this, and it's important to understand the difference between a rebate and other forms of dealer assistance.","simplifiedExplanation":"A dealer rebate is money the dealer gives you off the price of the car to help you buy it. Sometimes you can use this money to lower what you owe when you get a loan, but not always."}},{"startTime":392.3,"endTime":399.1,"type":"term","title":"down payment","url":"/glossary/down-payment","quote":"A rebate is something you can actually use as down payment to reduce the purchase price of the car. If it's a dealer assistance of some kind or some type of a dealer rebate, you can't use that as down payment.","canonicalId":"term:down-payment","priority":0.5,"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 total amount financed. It is typically a percentage of the vehicle's purchase price and is often required by lenders to secure a loan.","simplifiedExplanation":"A down payment is the money you pay upfront when you buy a car. It helps lower the amount you need to borrow from the bank to pay for the car."}},{"startTime":399.1,"endTime":403.8,"type":"term","title":"dealer assistance","url":"/glossary/dealer-assistance","quote":"If it's a dealer assistance of some kind or some type of a dealer rebate, you can't use that as down payment. The bank will not like that if they find that out.","canonicalId":"term:dealer-assistance","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealer assistance refers to various forms of support or incentives provided by a dealership to facilitate a sale, which may include financing options, promotional offers, or other financial incentives. However, not all forms of assistance are applicable as down payments.","simplifiedExplanation":"Dealer assistance is help that car dealers give to make it easier for you to buy a car. This can include special deals or financing options, but not all of it can be used to lower your loan amount."}},{"startTime":443.8,"endTime":452.2,"type":"term","title":"rebates or incentives","url":"/glossary/rebates-or-incentives","quote":"The dealer's own price discount from the manufacturer's suggested retail price and rebates or incentives provided directly by the manufacturer or distributor, I like saying it that way, that are available to all consumers.","canonicalId":"term:rebates-or-incentives","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Rebates or incentives are discounts offered by manufacturers to encourage sales. These can include cash rebates, low-interest financing, or special lease offers that reduce the overall cost of purchasing a vehicle.","simplifiedExplanation":"Rebates or incentives are discounts that car makers offer to help sell their cars. They can lower the price you pay or make financing cheaper."}},{"startTime":443.8,"endTime":452.2,"type":"term","title":"manufacturer's suggested retail price","url":"/glossary/manufacturer-s-suggested-retail-price","quote":"The dealer's own price discount from the manufacturer's suggested retail price and rebates or incentives provided directly by the manufacturer or distributor, I like saying it that way, that are available to all consumers.","canonicalId":"term:manufacturer-s-suggested-retail-price","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The manufacturer's suggested retail price (MSRP) is the price that the manufacturer recommends that the dealer sell the vehicle for. It serves as a guideline for pricing but can vary based on dealer discounts, market demand, and other factors.","simplifiedExplanation":"MSRP is the price that the car maker suggests dealers should sell their cars for. It helps buyers know what a fair price might be, but dealers can charge more or less than this amount."}},{"startTime":525.6,"endTime":528.8,"type":"term","title":"addendum sticker","url":"/glossary/addendum-sticker","quote":"Now sometimes you'll have the sticker beside the sticker. Some dealers call it the addendum sticker or the add-on label or whatever.","canonicalId":"term:addendum-sticker","priority":0.5,"confidence":0.85,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"An addendum sticker is an additional label placed on a vehicle's window that lists extra features or options added by the dealer, often resulting in a higher price than the MSRP.","simplifiedExplanation":"An addendum sticker is a label that some car dealers put on a car to show extra costs or features that aren't included in the original price. It can make the car more expensive."}},{"startTime":533.6,"endTime":538.6,"type":"term","title":"dealer markup","url":"/glossary/dealer-markup","quote":"Now sometimes you'll have the sticker beside the sticker. Some dealers call it the addendum sticker or the add-on label or whatever. You know, there's some dealers around here that will add on $5,000 and all that does is give them extra markup...","canonicalId":"term:dealer-markup","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Dealer markup refers to the additional amount that a dealership adds to the MSRP of a vehicle, often to increase their profit margin. This can sometimes lead to higher prices for consumers.","simplifiedExplanation":"Dealer markup is when a car dealer adds extra money to the price of a car beyond what the manufacturer suggested. This can make the car more expensive for buyers."}},{"startTime":559.3,"endTime":563.8,"type":"term","title":"invoice price","url":"/glossary/invoice-price","quote":"every car has an MSRP and every car has an invoice price, which is what the dealer pays for the vehicle.","canonicalId":"term:invoice-price","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The invoice price is the amount that the dealer pays the manufacturer for the vehicle. This price is typically lower than the MSRP and can vary based on manufacturer incentives.","simplifiedExplanation":"The invoice price is what the dealer pays to get the car from the manufacturer. It's usually less than the price you see in the dealership."}},{"startTime":680.32,"endTime":688.08,"type":"car","title":"Nissan Z","url":"/cars/nissan/z","image":"https://upload.wikimedia.org/wikipedia/commons/c/cd/2023_Nissan_Z_RZ34_in_Granite_Black%2C_front_left%2C_05-05-2024.jpg","quote":"It's a Nissan Z and it's a 2024 model, yeah. That doesn't even want to come out of my mouth and the cars are just really slow sellers.","canonicalId":"car:nissan:z","priority":0.5,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Nissan Z is a sports car that represents the latest generation of Nissan's long-running Z series, known for its performance and styling. The 2024 model features a powerful engine and modern technology.","simplifiedExplanation":"The Nissan Z is a new sports car from Nissan that is known for being fast and stylish. The 2024 model has a strong engine and many updated features.","imageAttribution":"Ethan Llamas (CC BY-SA 4.0)"}},{"startTime":697.7,"endTime":703.8,"type":"term","title":"400 horsepower","url":"/glossary/400-horsepower","quote":"It's a seven-speed, I think it's a seven-speed transmission, 400 horsepower. Beautiful car.","canonicalId":"term:400-horsepower","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Horsepower is a unit of measurement for engine power. A car with 400 horsepower is considered powerful, allowing for quick acceleration and high performance.","simplifiedExplanation":"Horsepower is a way to measure how strong a car's engine is. If a car has 400 horsepower, it means it can go very fast and perform well."}},{"startTime":871.8,"endTime":875.7,"type":"term","title":"taxes and fees","url":"/glossary/taxes-and-fees","quote":"...the selling price of the car, the trade, and all the taxes and fees. And shows any add-ons that you guys have in there.","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 added to the selling price of a vehicle, which can include sales tax, registration fees, and documentation fees. Understanding these costs is crucial for budgeting when purchasing a car.","simplifiedExplanation":"Taxes and fees are extra costs you have to pay when buying a car. They can include things like sales tax and fees for registering the car."}},{"startTime":871.8,"endTime":875.7,"type":"term","title":"selling price","url":"/glossary/selling-price","quote":"...the complete breakdown of the selling price of the car, the trade, and all the taxes and fees. And shows any add-ons that you guys have in there.","canonicalId":"term:selling-price","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The selling price is the final amount a buyer pays for a vehicle, including the base price and any additional costs like taxes, fees, and add-ons. It's important to understand this figure to ensure transparency in the car buying process.","simplifiedExplanation":"The selling price is how much you pay for a car in total. It includes the car's price plus any extra costs like taxes and fees."}},{"startTime":871.8,"endTime":875.7,"type":"term","title":"trade value","url":"/glossary/trade-value","quote":"...the selling price and the trade value. And they've not added anything else in there.","canonicalId":"term:trade-value","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Trade value refers to the amount a dealership offers for a customer's current vehicle when they are purchasing a new one. This value can significantly affect the overall cost of the new vehicle.","simplifiedExplanation":"Trade value is how much a dealership will pay you for your old car when you buy a new one. It helps reduce the price you need to pay for the new car."}},{"startTime":875.7,"endTime":878.0,"type":"term","title":"add-ons","url":"/glossary/add-ons","quote":"...and all the taxes and fees. And shows any add-ons that you guys have in there.","canonicalId":"term:add-ons","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Add-ons are optional features or services that can be included in a vehicle purchase, such as extended warranties, paint protection, or aftermarket accessories. They can increase the overall cost of the vehicle.","simplifiedExplanation":"Add-ons are extra features or services you can choose to include when buying a car, like warranties or special coatings. They can make the car more expensive."}},{"startTime":918.3,"endTime":918.3,"type":"term","title":"gap insurance","url":"/glossary/gap-insurance","quote":"...you're not buying any extended warranty, gap insurance, any kind of protection packages,...","canonicalId":"term:gap-insurance","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Gap insurance covers the difference between what you owe on your car loan and the car's actual cash value in the event of a total loss. This is particularly useful for new cars that depreciate quickly.","simplifiedExplanation":"Gap insurance helps you if your car is stolen or totaled. It pays the difference between what you owe on your car loan and how much your car is worth now, which can be less than what you owe."}},{"startTime":918.3,"endTime":918.3,"type":"term","title":"extended warranty","url":"/glossary/extended-warranty","quote":"...you're not buying any extended warranty, gap insurance, any kind of protection packages,...","canonicalId":"term:extended-warranty","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"An extended warranty is a service contract that provides coverage for vehicle repairs after the manufacturer's warranty expires. It can help cover unexpected repair costs, but it's important to understand what's included and any limitations.","simplifiedExplanation":"An extended warranty is like insurance for your car that helps pay for repairs after the regular warranty runs out. It can save you money if something goes wrong, but you need to know what it covers."}},{"startTime":969.9,"endTime":972.6,"type":"term","title":"gap protection","url":"/glossary/gap-protection","quote":"...that's got an extended warranty and a gap protection. It's got prepaid maintenance and what else?","canonicalId":"term:gap-protection","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Gap protection is an insurance policy that covers the difference between what you owe on your car loan and the car's actual cash value in case of a total loss. This is particularly useful if your car is financed and depreciates quickly.","simplifiedExplanation":"Gap protection helps you pay off your car loan if your car gets stolen or totaled and is worth less than what you owe. It covers the gap between the loan amount and the car's value."}},{"startTime":969.9,"endTime":972.6,"type":"term","title":"prepaid maintenance","url":"/glossary/prepaid-maintenance","quote":"...It's got prepaid maintenance and what else?","canonicalId":"term:prepaid-maintenance","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Prepaid maintenance is a service plan that allows car owners to pay for scheduled maintenance in advance, often at a discounted rate. This can include oil changes, tire rotations, and other routine services.","simplifiedExplanation":"Prepaid maintenance is when you pay for your car's regular check-ups and services ahead of time. It can help you save money and ensure your car stays in good shape."}},{"startTime":975.9,"endTime":979.1,"type":"term","title":"paint and dent repair","url":"/glossary/paint-and-dent-repair","quote":"...this paint and dent repair. Okay, take all that out and","canonicalId":"term:paint-and-dent-repair","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Paint and dent repair services focus on restoring a vehicle's exterior by fixing scratches, dents, and paint damage. These services can help maintain the car's appearance and resale value.","simplifiedExplanation":"Paint and dent repair is when you fix scratches and dents on your car's surface to make it look new again. It helps keep your car looking good and can increase its value when you sell it."}},{"startTime":1136.8,"endTime":1140.1,"type":"term","title":"extended service contract","url":"/glossary/extended-service-contract","quote":"extended service contract slash warranty. I mean, if you're at a Ford dealership","canonicalId":"term:extended-service-contract","priority":0.9,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"An extended service contract is a type of warranty that provides coverage for repairs and services beyond the standard warranty period of a vehicle. It can help protect against unexpected repair costs after the manufacturer's warranty expires.","simplifiedExplanation":"An extended service contract is like an extra warranty for your car that covers repairs after the original warranty runs out. It helps you avoid paying for expensive repairs out of pocket."}},{"startTime":1140.1,"endTime":1146.1,"type":"term","title":"Ford ESP","url":"/glossary/ford-esp","quote":"if you're at a Ford dealership and it's a Ford ESP, then it's good because you're covered in any Ford dealer.","canonicalId":"term:ford-esp","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Ford ESP stands for Ford Extended Service Plan, which is a specific type of extended warranty offered by Ford. It covers repairs and services at authorized Ford dealerships, ensuring that customers receive consistent service and support.","simplifiedExplanation":"Ford ESP is a special warranty plan from Ford that helps pay for repairs after the regular warranty ends. It works at any Ford dealership, so you can get help wherever you go."}},{"startTime":1186.2,"endTime":1191.6,"type":"term","title":"labor charges","url":"/glossary/labor-charges","quote":"but they're wanting to charge me $600 extra in labor that over and above what the warranty company will pay,","canonicalId":"term:labor-charges","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Labor charges refer to the costs associated with the work performed by mechanics or technicians when repairing or servicing a vehicle. These charges can vary based on the complexity of the job and the labor rate of the shop.","simplifiedExplanation":"Labor charges are the fees you pay for the work that mechanics do on your car. This can include fixing problems or doing regular maintenance."}},{"startTime":1211.3,"endTime":1214.0,"type":"term","title":"aftermarket warranty","url":"/glossary/aftermarket-warranty","quote":"...that dealership is trying to rip her off, and it's because it's an aftermarket warranty. It's not Ford ESP, sorry,...","canonicalId":"term:aftermarket-warranty","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"An aftermarket warranty is a service contract that covers repairs and maintenance for a vehicle, typically offered by third-party companies rather than the vehicle manufacturer. These warranties can vary significantly in terms of coverage and reliability compared to manufacturer-backed warranties.","simplifiedExplanation":"An aftermarket warranty is like an insurance plan for your car that you buy from a company other than the car maker. It helps pay for repairs if something goes wrong, but the details can be very different from the original warranty that comes with the car."}},{"startTime":1216.0,"endTime":1217.9,"type":"term","title":"Chevy protection plan","url":"/glossary/chevy-protection-plan","quote":"...she's going to Chevy store. It's not the Chevy, whatever their protection plan is.","canonicalId":"term:chevy-protection-plan","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"The Chevy protection plan refers to various warranty and service plans offered by Chevrolet to cover repairs and maintenance for their vehicles. These plans can include extended warranties and other services designed to protect the owner from unexpected repair costs.","simplifiedExplanation":"The Chevy protection plan is a warranty option from Chevrolet that helps cover repair costs for your car. It’s like having insurance for your vehicle, so you don’t have to pay for everything out of pocket if something goes wrong."}},{"startTime":1272.2,"endTime":1273.5,"type":"brand","title":"Audi","url":"/glossary/audi","quote":"...and you're in Savannah, Georgia at an Audi dealership, and that's your only choice...","canonicalId":"brand:audi","priority":0.5,"confidence":0.9,"source":"hybrid-fuzzy+gpt-4o-mini","data":{"explanation":"Audi is a German automotive manufacturer known for its luxury vehicles, advanced technology, and performance-oriented models. The brand is part of the Volkswagen Group and is recognized for its Quattro all-wheel-drive system and sleek designs.","simplifiedExplanation":"Audi is a car brand from Germany that makes fancy and high-quality cars. They are known for their stylish designs and advanced technology features."}}],"speakers":[{"id":"s1","name":"My Car Guru...Lennie Lawson","role":"host"}],"transcripts":[{"url":"http://getcarcurious.com/episodes/why-the-monthly-payment-on-your-potential-new-car-is-the-least-important-number-to-know/transcript.vtt","type":"text/vtt"}]}