Finance (FINC) Test 2 Practice

Before signing, verify that the contract matches the worksheet and that no additional fees have been added. The worksheet represents what you negotiated—the price, incentives, down payment, trade-in credits, and financing terms—while the contract is the binding record of final numbers. If there are any differences, you could end up paying more or receiving different loan terms than discussed. So review line by line: purchase price, taxes, title and license fees, destination charges, documentation fees, any add-ons or extended warranties, the amount financed, the interest rate, monthly payment, and the total loan cost. Also confirm the vehicle identification number matches the car you’re buying and that there are no blank spaces or unsigned amendments. If something doesn’t align, ask for corrections or walk away before you sign.