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About to purchase 1st time, what to watch out for in sales contract

rlaprlap Member Posts: 16
edited December 2014 in Honda
I'm about to purchase a new car for the first time in my life.
I intend to purchase Monday or Tuesday.

I am paying cash in full.
With NO financing
No trade-in.


What should I watch out for??

I've been to several dealerships and negotiated prices, they always bring out a purchase agreement that is clearly not a sales contract and so far I have NOT signed anything.
But this is what it looks like:

Vehicle Year, model, VIN #, Stock #, Color, Milage

Manager Signature is blank - he didnt sign it.

This is clearly not the sales contract. Its a sales agreement, with no wording, only prices listed.

Should I sign this?
What should I watch out for?

Followed by when I actually do get the sales contract, what wording or tricks should I watch out for.

I am extremely nervous and frightened.
I have NOT yet seen the actual sales contract.

Many thanks in advance for any advise or links.

Comments

  • isellhondasisellhondas Member Posts: 20,342
    If you are seriously THAT nervous I would bring along a friend with more experience.
  • rlaprlap Member Posts: 16
    edited December 2014
    @isellhondas,

    I wish I had ANYONE willing to help.
    I have no family living in the States except for an uncle and aunt, but to put it kindly, they are not business savvy at all.
    I recently graduated university and moved here for work.

    Of all my friends, NONE have ever purchased a car on their own in their life. Everyone in my little group of friends had their parents buy their car for them.
    My friend drove me around to different dealers because my car is in poor condition, he was even more clueless than I am, and he was born here.
    I'm not close enough with any of my friends parents to ask the parents for help.

    I had a Grandfather who purchased my current used car for me. He is no longer around.

    I am seriously in this dilemma on my own. I need a car by next Monday for work.
  • isellhondasisellhondas Member Posts: 20,342
    Wow...you ARE nervous!

    This should be a very simple thing for you to do considering you are paying cash, have no trade etc.

    It is highly unlikely that a store will try to cheat you somehow.

    Make sure you agree on a price. Make sure they list all charges such as destination, doc. fees if any. Make sure all accessories are listed if there are any.

    You will have to pay sales tax and license.

    You will be escorted to a Business Office where all of your documents will be typed up and presented to you. At that time, you can go through the numbers line by line.

    You will probably be offered an extended warranty. It's up to you to decide if this is important for you.

    You will also have to have car insurance in place before you can drive the car away.

    Relax. This doesn't have to be difficult at all.
  • rlaprlap Member Posts: 16
    edited December 2014
    @isellhondas

    Thank you for your advice.

    Can I please ask you 3 things that are my biggest fear.

    1.)
    Can they somehow scam me in the sales contract and make me do financing or leasing, instead of paying cash?
    I'm worried that somehow on the sales contract they will lie and make it a financing loan.
    (I have education debts, hospital debts, and credit card debts, I cannot add any financing)

    2.)
    Should I even sign the purchase agreement I pictured above?
    From reading blogs I understood this is not a contract of any kind and I should not even bother signing it, only the actual sales contract.

    3.)
    When presented with the actual sales contract (not the purchase agreement I have pictured)
    Should I make certain the sales manager or dealer owner signs it first?
    If you notice in the purchase agreement I have pictured, the sales manger did not sign it, but the salesman said I have to sign it first.

    P.S.
    Thank you for informing me of the insurance. I did not even consider that.
  • isellhondasisellhondas Member Posts: 20,342
    edited December 2014
    Question 1. No, but if they are offering a crazy low interest rate they may suggest hanging on to your cash and taking advantage of that. Actually, since you carrying such a debt load that probably wouldn't be a bad idea! Pay off those high interest credit cards with all of that cash you have. Finance the car at a very low rate.

    You only need to sign the actual sales contract.

    The Sales Manager doesn't need to sign your Sales Contract at all.

    Your Insurance Company will need the VIN number of the car you are buying.

    Again, I think your are worrying WAY too much here.

    Good Luck! What are you buying?
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