What are TTL Fees that You Pay While Buying Used Cars?
You will often hear car buyers say that the figure you hear from the salesperson at the dealership is never the same as the price you see in the finance and insurance office. And that is because most used car dealers negotiate with you to make a profit, not caring the least about your finances. What the salespeople leave out during the sales negotiation are the TTL fees that all car buyers have to pay during the purchases. You have already agreed on the rate and you cannot say no to these extra charges.
At Family Auto, we believe in complete transparency. We believe in treating you as our family and do not do business unethically. Here, we educate you about TTL fees and equip you with the knowledge to stay clear from unscrupulous deals.
So, what are TTL fees?
TTL stands for tax, title, and license fees. They are also called “out-the-door” figures as they are imposed on the price that you just settled on with the dealer. Typically, over the cost of your car, you pay state and local taxes, a documentation fee, DMV title and registration fees, and ultimately the interest charged on the credit you take. As evident, you cannot say no to any of these. And that becomes an opportunity for the dealer to show you a car that fits your budget exactly.
Family Auto car dealerships are very transparent with tax, titles, and license fee and as you state your budget, they try to get you a car right in that range with the entire TTL included.
Low monthly payments do not equal affordability
Another way small-time dealers try to mask the TTL and charge you a hiked sum is by distracting you with low-monthly premium payments for the credit you take for your used car. Family Auto buy here pay here have an in-house financing department. So, does most other buy here pay here dealers in South Carolina. But what we do not do is drag out your loan to over 5 years to take that much interest from you and earn a hefty profit.
Most dealers ask you about your monthly budget, how much can you afford to pay in premiums every month? Then, they extend the loan span to fit the monthly amount within that figure, selling you a pricey car, inflating your TTL, and charging a massive amount just in interest. With Family Auto cars, we extend just 3-year loans. This keeps the interest in check and gets you the exact car you want, capping off the TTL as well.
Be on your guard
And do not get swayed by what the salesperson says in the dealership or what the finance manager shows you as a monthly figure. Visit Family Auto of Spartanburg for a transparent transaction. Know at every step what you are paying for. You have a budget because that is what you can afford right now and no dealership has the right to exceed that without your informed permission. So, the next time you are in a dealership and settling on a used car price, ask what is the added TTL. If you get a clear answer, only then go ahead with the deal.
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