My Vehicles () |
Sales: 574-306-4944
Service: 574-306-0581
Parts: 574-306-4416

Finance Terms You Should Know

When you’re shopping for a new car, you might know what model you want to buy and how much you’d like to pay for it, but it’s a whole new ballgame when negations with your sales rep begin. It might sound like the contract is written in another language! To avoid signing anything you don’t agree with, learn these common financial terms you’ll hear at our dealership.

• APR: The total interest you will pay on your auto loan averaged over the term of the loan.

• Cap Cost: The total cost of a vehicle; reducing the cap cost is done through an initial down payment.

• Credit: Your financial “score” which lenders use to determine how much money to loan you, based on your likelihood of repaying it.

• Depreciation: The financial gap between the initial cost of the car and its residual value after time passes.

• Destination Charge: The cost of transporting a vehicle from the factory to the dealership, which is paid by the car buyer.

• Gap Insurance: Insurance for the difference between the actual value of a car and how much money you still owe on it.

• Interest: The amount you’re charged to finance your loan, usually expressed as a percentage.

• MSRP: The manufacturer’s suggested price for the car, also known as the sticker price or base price.

• Pre-Approval: Getting approved by a financial institution for a certain amount/term of a loan.

• Principal: The total amount owed on an auto loan, not including interest.

• Residual Value: How much a car will still be worth after the lease term concludes.

Request Info

Welcome to Warsaw Chrysler Jeep Dodge Ram!

Warsaw Chrysler Dodge Jeep Ram

2771 N Detroit St, Warsaw, IN46582
Get Directions

Call us today!

Sales: 574-306-4944

Service: 574-306-0581

Parts: 574-306-4416

Sales Department Hours
Monday: 9:00am-8:00pm
Tuesday: 9:00am-8:00pm
Wednesday: 9:00am-8:00pm
Thursday: 9:00am-8:00pm
Friday: 9:00am-6:00pm
Saturday: 9:00am-5:00pm
Sunday: Closed