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MAINE BUREAU OF CONSUMER CREDIT PROTECTION

35 SHS, Augusta, Maine 04333

 
Phone: 207-624-8527
Fax: 207-582-7699
Consumers-only toll-free: 1-800-DEBT-LAW (1-800-332-8529)

State Officials Offer Auto Buying and Financing Guide Specially Designed for Presidents' Day Sales

 

February 7, 2019

 

 

FOR IMMEDIATE RELEASE Contact: David Leach, MPA, Principal Examiner February 7, 2019 Phone: 207-624-8527

AUGUSTA - With the annual Presidents' Month auto sales upon us in February, Maines Bureau of Consumer Credit Protection, an agency within the Department of Professional and Financial Regulation, is reminding Mainers of the availability of the States 32-page consumer protection booklet, Downeaster Common Sense Guide: Automobile Buying and Financing. The guide is available free of charge to Maine residents by calling 1-800-332-8529, or can be viewed online on the Bureaus website.

David Leach, a Principal Examiner at the Bureau of Consumer Credit Protection who co-authored the guide, stated, "The purchase of a new or used vehicle at a dealership remains one of the largest financial decisions many Mainers make every few years. It is not unusual to find new units, especially full sized four-wheel drive trucks, that sell for amounts in excess of $50,000. Vehicles are a necessity for many of our states residents -- much of Maine remains rural, with a high percentage of vehicle ownership due to the distance between towns and the limited availability of public transportation."

The purchase of a new or used vehicle should never be an impulse buy, but rather a well thought-out purchase, balancing the need for a new car or truck, finding a vehicle with the practical features that fit that persons lifestyle, and a transaction that will not negatively impact that person or familys ability to meet current and future expenses, said Leach. With the February new and used vehicle sales incentives, it can be an excellent time for consumers to purchase a car or truck, if done so in a responsible, financially-sound manner.

The booklets contents include sections on 1) planning for the financial impact of the proposed purchase; 2) annual percentage rate (APR) credit comparison shopping; 3) how to utilize auto buying guides for reviews and fair pricing; and 4) how to negotiate the best deal on the purchase and trade in starting from the sales floor to the dealers closing room. Also addressed are topics such as auto leasing, proper down payments, length of loan terms, the dangers of no-money-down financing, and the importance of reading loan documents before you sign.

This online auto buying guide, and several other Downeaster Common Sense financial publications addressing topics such as Credit Cards, Student Loans, Mortgage Financing, and a Financial Guide for Maine Veterans, can be found at www.Credit.Maine.gov by clicking Publications. Copies can also be ordered by calling the Bureau of Consumer Credit Protection at 1-800-332-8529 (toll-free in Maine) or 624-8527.

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The Maine Bureau of Consumer Credit Protection was established in 1975 to enforce a variety of credit-related consumer laws. The Office licenses lenders, creditors and collectors; conducts periodic examinations of creditors to determine compliance with state laws; and responds to consumer complaints and inquiries. The Office also conducts educational seminars and provides speakers to advise consumers and creditors of their legal rights and responsibilities.

Last Updated: July 2, 2019 1:54 PM