WHAT IS A
SIGN & DRIVE SALES EVENT ?
A SIGN & DRIVE SALES EVENT IS WHEN:
- THERE IS NO DOWN PAYMENT
REQUIRED
- THERE IS NO SECURITY DEPOSIT
REQUIRED
- THERE IS NO 1ST MONTHS PAYMENT
REQUIRED
USUALLY THESE KIND OF PROMOTIONS
ARE SPONSORED BY THE VEHICLE
MANUFACTURER NOT THE
LOCAL CAR DEALER
AND ARE ON TV.
THE FREE FIRST PAYMENT IS A
REBATE FROM THE MANUFACTURER
TO THE CUSTOMER AND IT IS REAL.
IF THE DEALERSHIP IS OFFERING
A SIGN & DRIVE BUT NO OTHER
DEALER OF THE SAME VEHICLE
MANUFACTURER IS OFFERING A
SIMILAR PROGRAM, THERE IS A
PROBLEM. THE DEALERSHIP
IS SIMPLY PAYING THE FIRST
MONTHS PAYMENT OUT OF THE
PROFIT OF THE SALE WHICH
ULTIMATELY MEANS YOU ARE
PAYING FOR IT.
DO NOT FORGET THAT THERE ARE
OTHER FEES AND TAXES TO BE
COLLECTED IN ORDER TO KEEP
THE MONTHLY PAYMENT
AS ADVERTISED.
NO AUTOMOBILE ADVERTISEMENTS
INCLUDES SALES TAX,
MOTOR VEHICLE FEES
OR DOC FEES.
THERE IS A GREY AREA
WHEN IT COMES TO THE BANK FEE.
THERE REALLY IS A BANK FEE
AND IT MUST BE PAID.
A BANK FEES RANGES FROM
$495 - $895 AND ARE PAID
DIRECTLY TO THE LEASING
COMPANY OR BANK.
IT IS LIKE POINTS ON A MORTGAGE.
NOTE:
GAP INSURANCE IS USUALLY FREE
WHEN A BANK FEE IS CHARGED
THE GREY AREA STEMS FROM THE
VEHICLE MANUFACTURER.
BECAUSE IT IS A SIGN & DRIVE,
THE BANK FEE IS BUILT INTO THE ADVERTISED LEASE PAYMENT
MAKING IT A TRUE SIGN AND DRIVE.
ONLY TAX, M.V. AND DOC FEE
IS ADDITIONAL.
HOWEVER, SOME VEHICLE
MANUFACTURERS WANT TO
ADVERTISE A LOWER MONTHLY
PAYMENT AND DO NOT INCLUDE
THE BANK FEE IN THE ADVERTISED
PRICE FORCING THE CONSUMER
TO PAY IT.
THE ONLY WAY TO KNOW FOR SURE
IS TO SHOP AT LEAST 3 NEW CAR
DEALERS. DO NOT ASK IF YOU HAVE
TO PAY A DOC FEE BECAUSE THE
ANSWER WILL BE YES. SIMPLY ASK
FOR A BREAKDOWN OF THE START
UP COSTS. (INCEPTION FEES)
YOU WILL FIND OUT IF YOU REALLY
MUST PAY THE BANK FEE.
