Bureau of Consumer Credit Protection PRESS RELEASE
GARDINER – With annual Presidents’ Day auto sales ongoing, Governor Paul R. LePage joined staff at Maine’s Bureau of Consumer Credit Protection, an agency within the Department of Professional and Financial Regulation, in offering an auto buying publication. The Downeaster Common Sense Guide: Automobile Buying and Financing is a 32-page booklet available online or in paper copy free to Maine residents.
“Maine consumers have many reputable auto dealers throughout the state who treat customers well and contribute to their communities,” Governor LePage said. “Purchasing a car or truck, however, can be complicated. This guide offers important information and guidance to assist buyers in making sound financial decisions when considering a new vehicle.”
David Leach, the Bureau of Consumer Credit Protection Principal Examiner, who coauthored the guide, emphasized that purchasing or leasing an auto is a significant financial commitment that often involves a large number of considerations. He outlined the topics covered in the guide:
- Determining how much vehicle you can afford;
- Understanding how to conduct auto buying research;
- Learning how to check your credit reports before applying for an auto loan;
- Determining the lowest Annual Percentage Rate or APR for your vehicle loan;
- Learning the pros and cons of leasing an auto;
- Understanding why “No money down” financing can be an expensive decision;
- Learning how to negotiate the best price for your new vehicle and trade in;
- Preparing yourself for the “closing room” at the auto dealership; and
- Evaluating the pros and cons of add-ons like extended warranty programs and credit insurance.
“This guide explains the many important steps involved in responsible auto buying and financing,” Leach said. “The purchase and financing of a vehicle is a significant economic decision, and one that should be made with as much thought as possible, and not an impulse decision.”
An online copy of the auto buying guide, and several other Downeaster Common Sense financial publications, can be found at www.Credit.Maine.gov by clicking “Publications.” Copies can also be ordered by calling the Bureau of Consumer Credit Protection at 1-800-332-8529 (toll-free in Maine) or 624-8527.