As many out there know, this blog is new to the Internet, and its author is new to the automotive industry. As I learn things I've never known before, I will share them with you, so you will be prepared next time you enter a dealership or prepare to buy a car, hopefully at Payne Chevrolet.
Below you'll find a glossary of terms I have learned thus far. Probably most people will know about these terms, but do not know the exact meaning. I may not be as good of a teacher as Mr. Feeny, but hopefully I can teach you some valuable life lessons about car buying.
%APR or Total Cash Allowance: You hear this phrase on commercials all the time. However, I think most people have never paused to think about what it means. Basically, it translates to the discount you get on a new vehicle, either you get a good interest rate for the first few months (the %APR) or a discount off the total price (Total Cash Allowance). You choose which one works best for your payment plan.
GM Certified Used: You hear this a lot on commercials for GM dealerships. It refers to vehicles that are 2005 or newer, contain the GM warranty, have passed a 117-point inspection, and have a vehicle history report available. Basically, these are the used cars that are as good as new and even still have some or most of their warranty left.
Doc Fee: I had to answer this question to a customer today, so I thought I would offer an honest answer, one you won't get from most dealers. I've seen a lot of places online that say this fee is a scam and a total rip off. That's not true. The fee is meant to cover the cost of the paperwork, such as credit checks, vehicle history reports, etc, that we have to run for nearly every vehicle and customer. All of these things cost money to file and to request. So while it's true that some dealerships out there charge a lot for their doc fees and make a profit, there really is a point to these fees, it's not just pure profit. However, if your dealership is charging you upwards of $500 or is charging you several seemingly pointless fees, you might want to ask why. Here at Payne we have one flat processing fee and we keep it low.
GM: I have realized that some people still do not know what makes up General Motors. The cars that are GM are Chevrolet, GMC, Buick, and Cadillac. Previously, it ran Saturn, Hummer, Saab, and my favorite, Pontiac. When all the craziness in the auto industry happened, GM decided to discontinue Saturn, Hummer, and Pontiac (I did not like the decision to close Pontiac, but that's for another post), and it sold Saab to Spyker Cars, which I think was a good decision. In Asia, GM also operates the Korean car company GM Daewoo Motors.
LS/LT/LTZ: These are the trim levels Chevrolet offers on their vehicles. Special items like the Camaro have different trims (for example, the SS), but these are the main ones. LS is the standard package, LT is the second best, and LTZ is the luxury-style trim. LTZs almost always will have leather interior and all of the bells and whistles.
MSRP: Manufacturer's Suggested Retail Price. This is also called the "List Price," and basically is the standard price for most vehicles assigned by the maker. Unless the vehicle is in very high demand (like the Camaro or Equinox), you will likely get some form of discount on a new car from the MSRP. But don't tell anyone I told you that.
Rebuilt Title: This is the term for a title belonging to a car that has been previously totaled, and then rebuilt. At Payne, we would never have anything on our lot with a rebuilt title. All of our vehicles have "clean titles," which refers to a car that has never been totaled.
Short Box/Standard Box/Long Box: These are truck bed sizes. Most people know these terms, but don't know the size in feet. A Short Box is 6 feet (seen mostly on Crew Cabs). A Standard Box (the one on most trucks out there) is 6 1/2 feet. A Long Box is 8 feet long.
Tranny: A way of referring to a car's transmission. I haven't figured out if the service guys get the double-entendre, though.
Work Truck: A basic trim for a truck. There are no bells and whistles on these trucks whatsoever, they are manufactured that way, often to be sold to businesses. However, if you are not picky about wanting lots of features, these trucks are much cheaper than their fancy counterparts and do the same job.
Hope you have found this "insider information" to be helpful! I will post new glossaries as I come across terms I think people would like to know.
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