TALLAHASSEE, Fla., Feb. 17, 2020 (GLOBE NEWSWIRE) -- Besides hearts and flowers, February is the month for car deals – and dealerships everywhere are attracting consumers with lower sticker prices, cash-back offers, and special financing. To avoid getting a broken heart, car-buying consumers can make smart steps to protect their investment.
The buyer is ultimately responsible once that perfect set of new or used wheels is driven off the lot. Tim Meenan, executive director for the Service Contract Industry Council (SCIC), Motor Vehicle Protection Products Association (MVPPA), and Guaranteed Asset Protection Alliance (GAPA), shares three ways car buyers can keep their vehicles and wallets protected.
Beware of the GAP.
Many consumers are unaware that they could be left holding the bag if their vehicle is totaled or seriously damaged while they still owe money. No one wants to have to pay off a loan for a vehicle they can no longer drive. GAP waivers can avoid that nightmare, covering some or all of the difference between the car’s actual value and the balance on the car loan.
Prepare for the worst; hope for the best.
According to the auto repair website CarMD, the No. 2 vehicle repair for American consumers when the “check engine” light comes on is replacing a catalytic converter, which can cost well over $1,000. Service contracts can help cover the cost of vehicle repairs and necessary replacements. They can be purchased anytime, and many states require contracts to have a free-look period so consumers can decide if the service contract is beneficial.
Cover those expensive accessories.
Many expensive replacements and repairs can take an unexpected bite out of your budget. Some key fob replacements can cost upwards of $500. Motor vehicle protection products offer multiple protection options, from tire and wheel road hazard coverage to windshield and key fob replacement.
“The fact is, there’s no way to calculate just how much a car will end up costing,” Meenan said. “GAP waivers, service contracts, and motor vehicle product protection plans can help combat those unexpected budget-busters.”
For more information, visit go-scic.com. To learn more about GAP waivers, visit gapalliance.org. For more on motor vehicle protection products, visit mvppa.org.
Media Contact:
Kiana Montgomery, 850-222-1996
kiana@sachsmedia.com
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