Buying a new car is an exciting time. Buyers spend time thinking about what make and model they’d like, which color they will pick, and which options they will add to make their new car their own. One thing they might not have been as excited about is actually paying for that new car! If they are new to credit or has poor credit scores, they may be looking to you – a parent, sibling, friend or significant other – to act as a cosigner on their auto loans. Here’s what you need to know before you sign on the dotted line.
Risk versus reward
When you cosign on a loan, you’re accepting all of the risk of the auto loan. The buyer will drive and use the vehicle and presumably will make monthly payments on time. These payments will offer slight benefit to your credit score, but on the flip side, missed or late payments will lower your score.
Impact on your scores
Know that how this auto loan is paid back will affect your credit score. Similarly, cosigning an auto loan may make it harder to apply for other loans you need. If you have too many loans out in your name, loans are more difficult to get. If you agree to cosign, make sure you won’t be applying for other new lines of credit for at least 12 months.
Use the opportunity to ensure your excited buyer has truly thought through the complete costs of car ownership. Financial expert Suze Orman recommends taking into account all costs associated with vehicle ownership before heading to the dealership. Make sure your buyer has considered gas, insurance, maintenance and repairs in addition to the monthly car payment.
Dave Ramsey, another well-known financial expert, suggests that the sum total of all your vehicles (cars, jet skis, motorcycles, etc) should not exceed 50% of your annual income. Because vehicles depreciate at a relatively fast rate, this practice keeps a budget in check.
Research available lenders and their rates. Your local bank or credit union likely offers auto loans. This doesn’t require you to borrow from them, but does give you options and knowledge of the rate market.
Pick the right vehicle
Choosing a certified pre-owned car is a great way for first-time buyers to get a great value. These cars are inspected and usually have limited warranties, so you know the buyer is getting a vehicle that performs well. Knowing the car’s history also helps you more accurately plan for maintenance and repair costs.
Watch loan length
Some buyers finance vehicles for six, seven, even eight years. This puts buyers in a better place financially month-to-month, but draws the lower payments out over the long term. Orman suggests keeping loan length to three years or less to be sure you can truly afford that vehicle.
At Chapman Payson, we’re eager to help you find the right new or certified pre-owned car that fits your lifestyle and your budget!
A vehicle warranty is always sticky business. There is always a myriad of legalese, fine print and sales gentlemen trying to get you to buy the extended warranty your crazy uncle warned you about. When you buy a vehicle that begs for modifications, like most Jeep products—for the most part, you are playing a very dangerous game with your warranty when you take it off-road.
Yes, Jeep understands what it builds and what people do with it. Jeep knows they build vehicles that will go places man should not oft venture, yet the company also understands that it cannot be caught shelling out thousands of dollars day after day for questionable repairs. If your dealership won’t cover the repair costs, check out a secondary dealership like Chapman Payson and see what they have to offer.
It is a catch 22 of sorts for the company, and many of these warranty repairs will come down to individual dealerships—which is far from fair, but the world we live in. Granted, Mopar has an approved and warrantied line of parts for Jeeps, including lift kits, bumpers, axles and other great parts.
Once you get the list of approved parts, ask your service advisor what modifications can be made that will not void your warranty. Develop a relationship with your local Jeep dealership. This way, you have an advocate on your behalf on the inside to defend your modifications if any conflict arises.
One safe way to guarantee that you don’t void your warranty is to just wait until the 3-year/36,000-mile warranty has expired, then you are guaranteed to get the problems you need fixed if anything was to occur without fear of having a voided warranty.
Understandably, Jeep has written itself some protection in the warranty manual. In a section entitled “What’s Not Covered,” it excludes warranty coverage for “conditions resulting from anything impacting the vehicle” plus damage caused by “abuse or negligence” and “misuse — for example, driving over curbs or overloading.”
This is where it comes down to the individual dealership and how they determine the damage was done. If they say it was caused by abuse, negligence or misuse, you won’t have a leg to stand on when asking to repair the damage under warranty.
If you want to be sure, talk to your service department, and see what they recommend you do when taking your Jeep off-road, or when you modify it. What they say isn’t a binding contract, but will give you good grounds to start your adventure on.
Dealing with fixing repairs under warranty is never fun…never something we want to do, but at times it is necessary. It never hurts to ask, and if your dealership says no to any warranty repairs, you can always check out the Payson Auto Center for more information.
The truth is that any car or SUV can roll if traveling to fast while turning to abruptly. The myth that Jeeps roll easier than other brands is just that, a myth. The misconception stems from the fact that SUV’s and vehicles that are higher off the ground are top heavy and roll easier than a low profile sports car. It also stems from competing brands using Youtube videos of reckless drivers as evidence that the vehicle somehow failed. No matter the brand, large SUV’s that are top heavy have a higher center of gravity, which leads to slower steering response and more g-forces which increase body roll. That is the downside to any large vehicle or SUV. The upside is that in a collision, the higher center of gravity and extra weight provide extra protection and make the passengers safer.
In short, there is no evidence that Jeeps roll more than other vehicle brands. In fact for the average driver who does not drive recklessly, the Jeeps at Chapman Payson and other Jeep dealers are just as safe or safer than any other car brand. But don’t just take it from me. US News and World Report gave the 2014 Cherokee a 9.3 out of 10 safety rating. It also gave the 2014 Grand Cherokee a 9 out of 10 safety rating, the 2014 Jeep Patriot a 7.8 out of 10 safety rating and the 2014 compass a 7.7 out of 10 safety rating, Those ratings include factors such as roll rate and if they were prone to rolling or any other danger, it would be reflected in those ratings.
The publication had only good things to say about the Jeeps and even awarded the 2014 Jeep Cherokee the #9 spot on its list of best affordable compact SUVs. To put a complete end to the myth is the award given to the 2014 Grand Cherokee. It was awarded the #2 spot on the US News list of best affordable midsize size SUVs and named one of the best vehicles for families. The 2014 Jeep Cherokee and 2014 Jeep Cherokee are available today at the Payson Auto Center.
You may think that antifreeze isn’t important to your car’s engine when you drive in Arizona. But, you’d be wrong. Contrary to its name, antifreeze is not designed just for cold weather driving. It is the fluid that keeps your radiator from overheating and causing a mechanical failure. At Chapman Payson Service Center, we make sure your vehicle has plenty of engine coolant to keep your drive smooth and uninterrupted!
What is anti-freeze?
Most anti-freeze (also known as engine coolant) is a mix of water and glycol. Additional additives in coolant keep your engine from cording or rusting. Because the mixture takes on heavy metal properties as it is used, it must be disposed of properly. Payson Service Center ensures your used coolant is kept safe after service.
How does it work?
The glycol in an engine coolant mix has two important and different roles: it keeps the water within the coolant from freezing in frigid temperatures and also keeps it from boiling in extreme heat. Pure water actually helps cool your engine better (and that’s why you’ll see some high-end race cars using just water as a coolant), but that’s simply not practical for real life driving conditions.
Your car’s engine heats up as it runs – the coolant works to remove heat from the cylinder, cylinder heads and exhaust system. It works by carrying heat away from the engine to the radiator, where it is cooled and then sent back to the engine to remove more heat.
Why is it important?
Without enough coolant or antifreeze in your vehicle, your engine may overheat. This can cause a catastrophic breakdown because the engine simply gets too hot to work properly. Checking your coolant levels is one of the most important maintenance tasks you can do. If you suspect your vehicle is leaking coolant, call Chapman Payson to schedule service.
While electric vehicles and fuel-efficient compacts attract the attention of plenty of drivers, half-ton trucks quietly remain very popular in the U.S. auto market. The popularity of trucks is bolstered by the fact that horsepower, hauling capacity, and creature comforts increase year after year. Three of the best to choose from in 2014 are the RAM truck, Chevy Silverado and the Ford F150, all of which are available at Chapman Payson.
Reviewers say the 2014 Ram 1500 is a class leader with its exclusive diesel engine option, good fuel economy and car-like ride. The base Ram 1500 comes with a V6 engine that reviewers say makes reasonable power. New for 2014 is an optional turbodiesel V6, which reviewers say delivers smooth, refined power. A V8 engine is also optional, and test drivers say it is a great engine for anyone who plans to do lots of towing and hauling. An eight-speed automatic transmission is available with all engines, and reviewers say it shifts quickly and helps maximize fuel economy. With the V6 engine, the Ram 1500 earns up to an EPA-estimated 18/25 mpg city/highway, which is good for the class.
With plenty of high-end materials, solid construction and overall quietness, the 2014 Ram 1500 has one of the best cabins in the class. A six-speaker stereo and a USB port are standard. Major options include Ram’s voice-activated Uconnect infotainment system with Bluetooth and an 8.4-inch touch screen, navigation and a seven- or 10-speaker stereo system. Reviewers say that the available voice-activated Uconnect infotainment system, which offers smartphone app integration, is one of the best in the business, with legible touch-screen buttons and redundant buttons and knobs for the stereo and climate systems.
Although its key rivals have been redesigned more recently, reviewers say that powerful engines and many trim level choices make the 2014 Ford F-150 a compelling full-size truck. The Ford F-150 comes standard with a V6 engine that reviewers write makes adequate power. For anyone planning on doing substantial towing or hauling, it is recommended to step up to one of the two optional V8s or the optional turbocharged EcoBoost V6. An automatic transmission is standard, with fuel economy at an EPA-estimated 17/23 mpg city/highway with two-wheel drive and the base V6, 16/22 mpg with the EcoBoost V6 and 13/18 mpg with the largest V8.
Inside, the F-150′s cabin has a somewhat industrial look and seats up to six. The base trim comes with a stereo and air conditioning and few other notable standard features, which is normal for the class. Features available on upper trims or as options besides MyFord Touch include dual-zone automatic climate control, a backup camera, a 10-speaker Sony stereo system, satellite radio, rear parking sensors and Ford’s voice-activated SYNC system.
Reviewers applaud the 2014 Chevrolet Silverado 1500 for its comfortable ride, well-designed interior and range of refined and powerful engine choices. The Silverado comes standard with a V6 engine that reviewers say provides ample power for towing light trailers and day-to-day driving. For those with greater towing and hauling demands, it is recommended to step up to one of the optional V8s, which improve the Silverado’s acceleration and make it better-suited to hauling and towing heavier loads The Silverado achieves up to an EPA-estimated 18/24 mpg city/highway, which is good for the class.
The Silverado’s interior is highly functional, with an abundance of storage cubbies and multiple USB ports for charging electronics. Reviewers note that Chevy’s MyLink infotainment system is easy to use, with straightforward menus and redundant switchgear for climate and audio adjustments. The base trim comes standard with a four-speaker stereo and dual USB ports. Major options include MyLink with Bluetooth and an 8-inch touch screen, a backup camera, a Bose stereo system, navigation, dual-zone automatic climate control, lane departure warning and forward collision warning.
For more information on the 2014 RAM, F150 or Silverado, visit Chapman’s Payson Auto Center.