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Used Car Warranty Companies List
If you are considering buying a used car from a dealer, a common fear among buyers is being exploited by a used car dealer. Make sure there are federal and state laws that protect buyers who buy used cars.
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In this guide, we examine how to buy a used car from a dealer, look at your rights as a buyer, and discuss the smart way to choose a used car. We'll also look at how you can respond if you think your dealer is being dishonest about the value or condition of your vehicle.
The Federal Trade Commission (FTC) defines a dealer as any person or business that sells five or more used cars in a 12-month period, and all dealers are subject to certain rules about disclosing information to buyers. Private sellers who sell fewer than five cars are not required to follow the same federal rules for disclosing information to consumers.
Federal law requires that all used vehicles purchased or inspected by consumers must be marked with a buyer's guide. Customer guides should usually be posted in an easily visible area, such as a side window or dashboard. Two states, Maine and Wisconsin, may use their own forms rather than the FTC's.
A buyer's guide can be one to two pages long. If the car has no warranty and is being sold "as is", that option will be selected on the front page. If your car has an express warranty, that option will be selected instead. Both versions include:
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The Buyer's Guide also has a back or separate page that provides consumer education information, including information on major problems that can occur with a used vehicle, and dealer contact information.
The buyer's guide may indicate that the car is being sold as is. This means that they are sold without any express or written warranties. You are responsible for any problems that arise when you close the ad with the seller. If you check the "as is" box, find a written promise in the buyer's guide, such as the seller promising to fix any visible problems or allowing you to return the car. Verbal promises are difficult to keep.
Some states do not allow dealers to sell cars as they are. Instead, these terms require an "IMPLIED WARRANTY".
For example, in Maine, even if a car is sold as-is, it must be inspected within 60 days of sale and must have a valid inspection sticker. If the car fails the inspection, the dealer must repair it free of charge to pass the national inspection.
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An implied warranty is a written, unspoken promise by the seller to the buyer that the vehicle will do what it is supposed to do. Here the seller takes responsibility for the condition of the vehicle. In other words, if you buy something, it has to work. While the specified qualifications vary from country to country, there are two common ones:
The seller promises that the car will run and will be driven. It doesn't cover every possible problem, but at least the car should work. If the engine overheats or the tires fall off, the vehicle is in poor condition and cannot be sold. However, if your car breaks down while driving home, you still need to prove to the dealer that the problem was at the dealership.
This type of warranty applies when you tell the dealer that you want the vehicle for a specific use. Maybe you're looking for a truck that can tow a 3,500 pound RV trailer. When a dealer makes an offer, there is an implied warranty that the truck will tow a trailer. A warranty of fitness for a particular purpose may apply if the truck is found to be able to tow only 2,000 pounds.
An express warranty is a written warranty of the manufacturer or seller. The Federal Magnuson-Moss Warranty Act requires sellers to disclose information about the manufacturer's warranty and any applicable seller warranties to protect consumers' rights. The buyer's guide should indicate whether the vehicle comes with a dealer warranty or the remainder of the factory warranty.
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Dealers may offer full or limited warranties on certain parts and systems from time to time. For example, a dealer may offer a six-month warranty on the engine and transmission. The warranty may also indicate if there is a deductible for repairs and how much they will pay.
The full warranty applies to everyone who owns the vehicle during the warranty period. All necessary services are provided free of charge, and vehicle owners should have the option of a replacement or refund if their vehicle cannot be repaired in a timely manner. A limited warranty, on the other hand, is a repair service.
Depending on the age and mileage of the vehicle, the manufacturer's warranty may apply. In this case, the seller checks the "Manufacturer's warranty is still valid" box in the buyer's guide, and the warranty should be free.
An extended warranty is a service agreement from the manufacturer, dealer, or third-party service company. An offer to perform or pay for repairs or service on a particular system.
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If the seller offers a service contract for an additional fee, it should be noted in the buyer's guide. However, some countries regulate service contracts like insurance, so the Consumer Guide box may not be checked.
If you sign a service contract within 90 days of buying a used vehicle as is, you automatically have an express warranty on the engine that goes beyond the scope of the service contract.
An extended warranty may not be necessary if the used vehicle you are purchasing is still under the manufacturer's warranty. For older vehicles, service contracts may cover more expensive repairs. You should compare the condition of the vehicle and the potential repair costs against the costs of your service contract.
All 50 states and Washington, D.C. they have lemon laws that allow customers to return or get a refund for vehicles that still have problems that can't be fixed, but in most cases these laws apply to new vehicles.
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Some states, such as Arizona, have lemon laws that apply to used cars. In Arizona, the Lemon Law applies to used vehicles if major parts are damaged within 15 days or 500 miles of purchase. You'll have to pay up to $25 for the first two repairs, but if the dealer can't fix it, you'll get a refund of the car's value.
If you are buying a used vehicle that you believe is covered by a warranty or service contract, follow the instructions on the contract. If the manufacturer supports the warranty, contact your dealer.
You can learn more about your rights by contacting a consumer protection agency or your state attorney general's office. You may be able to sue the seller or manufacturer, but the terms of your warranty or service contract may require you to first use a dispute resolution body.
Buying a used car from a dealer is like buying a new car, but with added maintenance and reliability concerns. You don't want to buy someone else's problem car, but you can avoid buying a lemon with a little research beforehand. Here are some important steps to follow when buying a used car.
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Use our car loan calculator to determine how much you can afford to spend on your car and what your expected monthly payment will be. Don't forget to factor insurance, gas and maintenance costs into your budget.
Lenders rely heavily on credit scores and reports to determine credit quality, so it's a good idea to check your credit report before applying. Visit AnnualCreditReport.com to get a free copy of your credit report and correct any errors you find that could lower your score.
When choosing a car, think about what features are most important to you, and research the models that meet those needs. Search online for the car you are interested in and visit a local dealer who has the car in stock. Industry guides such as Kelley Blue Book (KBB) and Edmunds can help you determine the fair market value of the vehicle you are interested in.
You can compare car loan terms by applying for financing from banks and credit unions before visiting the dealer. You can get up to 5 car loans without affecting your credit score.
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Drive many different cars to compare. Test your car in traffic, highway and uphill roads.
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