Car Buying Terminology

Annual Percentage Rate (APR): rate charged by the bank or lender for you to borrow money to buy a car. Typically calculated monthly despite being an “annual” rate. 

Example: In January you borrow 15,000. At 2.4% APR, that is 360$ a year (15,000 X 2.4%). Divide that by 12 months and your monthly finance charge for January is $30.00. Next month, the finance charge will be recalculated using the new amount still owed on your car. 

A car loan calculator will break down payments on a month to month basis.

Car loan calculator: http://www.thecalculatorsite.com/finance/calculators/carloancalculator.php

Acquisition Fee: Financing institutions (such as banks) charge car dealers a fee to begin financing on a lease. This fee usually is charged to the car lessee and is usually between $300 and $1000. The amount depends on the value of your car. You might see the fee standing alone or hidden under “gross capitalized costs.” 

Balloon Payment: A type of loan where only a part of the vehicle is paid off during its term and demands a large sum (the balloon) to be paid at the end of the term. These keep monthly payments low by paying off interest. 

Base model: The most standard model of the vehicle with no added options. Usually the least expensive version of the vehicle because all equipment is standard meaning it is included in the base cost of the car. 

Buy Rate: The rate (APR) that the dealer can get to finance your car purchase. They can mark this rate up to make a profit on financing (Sell Rate). 

Cost of Funds: Financing costs. Cost of using a bank or lenders money to buy your car.

Dealer Holdback: Funds paid as a percentage of the vehicles cost back to the dealership by the manufacturer after a car has been sold. This allows them to sell at invoice or below and still make a profit in dealer holdback. 

Dealer Incentives: Manufacturers offer dealers special bonuses or discounts to encourage sales during slow times or when inventory is too high. These special offers usually get passed to the customer.

Dealer Invoice: Amount manufacturers charge dealers for a car.

Dealer Prep Fees: After the car arrives from the manufacturer, it must be prepped to be ready to go on the lot. Plastic covers must be removed, fluid levels must be checked, and other tasks performed to get the vehicle ready for sale. 

Documentation Fee: Fees to cover the cost of processing the paperwork involved in the sale of a car.

Down Payment: When borrowing money, the up-front payment made on the loan. A large down payment can reduce the amount finances in a loan resulting in lower monthly payments. 

Early Termination Fees:  Fees you have to pay as a penalty for getting out of a loan or lease before the contract ends. 

Extended Service Contract (Service Contract): covers specific serves and repairs for a set number of years (or miles).

Gap Insurance: Insurance that covers the gap in case you are in an accident and your insurance pays you less than what you owe on the car. 

Lien: A lien on your car means that you borrow or financed to purchase your vehicle. 

Monroney Sticker: The “window sticker” or price tag that lists the base price, standard features and optional features.

MSRP: Manufacturer Suggested Retail Price

Options: Optional equipment that you can pay to have installed in your vehicle. Example: heated seats, navigation, sunroof etc.

Principal: Actual amount borrowed.

Rebate: A type of dealer incentive that offers a discount or as money back on a purchase of a vehicle.

Registration Fees: You’ve probably heard “Tax, Title and Registration Fees.” A registration fee is what the DMV charges you to register your car, which involves ordering the license plates.

Subprime Loan: Loans that typically have a higher interest rate and down payments because the borrower is a high risk to the lender. 

Term: The length of a lease of loan

Trade In Value: The price the dealer will pay you for your old car when making a deal to sell you a new one. 

Upside Down: When you owe more on your loan than your car is worth.

Chevy Sparks Green!

No emissions, and no gas! The all-new 2014 Spark EV is stunning fans of the electric plug as Chevy brings a whole new name to electric cars. Previously being gas-fueled, the Chevy spark has undergone a change that will give drivers a safe, noiseless, and still fun experience every time they enter their Spark EV!

The lithium-ion battery, similar to Chevy's best-selling plug-in car of 2012 the Volt, has been engineered to give the vehicle all and more of the safety precautions other gas-fueled cars sometimes lack; an air conditioning system designed to fit the driver's needs under ANY weather conditions, decelerating, and even braking. And don't think that just because this car is safe, it isn't fast. Reaching 0-60 mph in under 8 seconds, this new Spark's size isn't just good for parking, it can give you the sporty ride you desire as well.

In order to charge up your ride, you have three ways in doing so. SAE is the first out-of-home charging option where charging stations can power your car fully in just twenty minutes! An optional 240V system can be purchased and installed in your home so you can park and charge during the night. And if none of these options Spark your interest, then the standard 120V cord is able to plug into any household outlet. With the at-home options, the charging duration is calculated at just 7 hours!

The interior of this car is just as impressive! With the Chevrolet MyLink, you are in command of everything with just one touch; music, climate, navigation, and even your phone! By connecting to MyLink, you don't even need to take your eyes off the road in order to do what you want. If your one who constantly wishes to check up on your car, then MyLink will give you all the information you need if you so desire.

Now, the interior is not all for looks. Well, it is but the outside of the car is designed to reduce drag and essentially "push" the incoming air out of the way. The bold and muscular look of the car allows the Spark to essentially glide through the air with ease. The size of the car enhances the "going green" trend that Chevy is following, allowing the driver to ultimately drive and park anywhere they desire in the tightest situations the come across. And, as always, safety is always on Chevy's mind. The technology embedded in the car will give you total control on the road and assist you on certain situations such as uphill inclines. This technology not only makes the ride safe, but quiet as well. This all new 2014 Spark is expected to start selling sometime this summer; Chevy has not posted an official sticker price, but people are still anticipating the future of Chevy cars!

The Cruze from Unleaded To Turbo Diesel!

     Chevy makes history by producing the 2014 Cruze; this car will be marked as the first US made car to run on clean diesel fuel! Equipped with a 2.0L turbocharged engine, the Cruze is expected to be the most fuel efficient car Chevy has yet produced. The estimated 46 MPG highway allows one to get approximately 700 miles on a single tank of diesel gas, giving them around 10 hours of driving on the highway!

  

     There is technology installed including exhaust gas recirculation, an advanced fuel system, and many more make this car possible. A new wave of clean diesel standards was made in order to be qualified as clean diesel! This stunning new car is expected to come out very, very soon, starting at $25,695. As soon as we get more information about this revolutionary vehicle it will be posted soon. Be sure to stay in touch to find out more!

O'Rielly Chevrolet

Chevy’s Corvette C7 Drawing Closer!

Earlier on in the year, when the new 2014 Chevy Corvette C7 was unveiled, sports car lovers were anticipated to see the new designs made to the famous Corvette. Although, in the past, the complaints and compliments of the Chevy Corvette have been repetitive, the Corvette teams is confident in saying that the new Corvette Stingray is going to resolve all the dislikes and give people something new to talk about when the Corvette comes up. 

The frame for ALL models, not just the higher performing ones, is aluminum tailored to stiffness and strength. The stiffness reduces the weight of the vehicle by 99 pounds. The aluminum spreads to the suspension system, improving the turning radius. The power steering has not only improved to increase the stiffness of the car, but it is all electronically powered. This gives a variable resistance to every possible circumstance the car or driver may be under. Another improvement to increase handling is the carbon fiber roof. So basically, this car is lighter and easier to control with the aluminum and carbon fiber. 

There are both automatic and manual transmissions available for the Stingray; a seven-speed for the manual and a six-speed for the automatic. For the manual, you can either do the shifting in between gears with the “paddle” OR a computer can do it for you! It is insane how advanced technology is no a days. The computer within the C7 will monitor every time the shifter is moved and predict when you would like to shift gears; then the computer will “prep” the engine to match your needs! 

Resurrecting the LT1 moniker, the updated engine displaces 6.2 liters and pumps out at least 450 hp and 450 lb-ft of torque. Helping to produce the extra grunt is direct fuel injection, continuously variable valve timing, and completely redesigned combustion chambers. On the other side of the spectrum, cylinder deactivation allows it to run in four-cylinder mode, a proven technology with the automatic and a first for a manual transmission car. Believe it or not, these improvements were made to improve the fuel economy. A suggested addition, the twin-turbo V6, was rejected by Chevy because it failed to improve the fuel economy!

New headlight elements are more complex and narrower. The double-bubble roof returns, although the space between the bumps is wider, and the panel appears to be slightly flatter. The exhaust pipes on the back of the vehicle are not spread apart like the C6; they are bunched up and closer to one another in one central row.

This sleeker, Stingray-looking car is stunning all race car lovers and it hasn’t even come to the US to be sold yet! The amazing technological advancements made to the car cannot be anticipated enough. The Chevy team who put the 2014 Corvette together says it is designed to be quickest, most powerful and most capable Corvette ever put together. The new Stingray is to come to the US to sell sometime this fall! Not soon enough, but the Chevy team make it sound worth the wait. Keep in touch for more updates to be posted at a later date. You can also look online and see what other sources are reporting about this revolutionary Corvette

2014 Chevrolet Camaro Z28

The new 2014 Camaro is not only stunning in its model, but also in the new features that come along with the new Z28 package. Although the interior is similar to that of the 2013 Camaro, the 2014 is outfitted with Recaro racing seats and a top notch air conditioning system. The seats do, in fact, have cut outs so racing seat belts can be installed, giving the driver the real life, race track feel! For the time being, the only transmission available for the new Camaro will be a Tremec six-speed manual.

The new Z28 Camaro has undergone a few tweaks, giving the car thinner rear view windows and lighter wheels. The wheels are equipped with state of the art Brembo brakes that provide a 1.5G stopping force, Spool-valve dampers enable tuning for high-speed and low-speed bump and rebound. Along with the quality brake pads, these 19 inch wheels are cased in Pirelli PZero Trofeo R tires.

Other features of the new Z28 2014 Camaro include a hood with a functional heat extractor, a rear spoiler with tail lamps, and a shift from the retro theme of the continuous super sport design to a more modern, squared off look. It will be interesting to see how Chevy starts to change the look and design of the Camaro. Sources say that the new Z28 will be available to Chevrolet Dealers later this year, hitting the race tracks in early 2014. The further layout of the vehicle will be posted as it comes closer to roaming the streets. Welcome to the future of the Chevy Camaro!

Coming soon to www.orielly.com