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Finance Department
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Welcome to Gorman - McCracken's Finance Department! |
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We offer a wide range of financing and credit protection choices for your convenience. Our menu of finance choices provides pre-approved one stop shopping. We utilize MAC, East Texas Federal Cu, and several other banks in order to provide the best possible rates and terms, whether leasing or financing your vehicle. An application may be completed by you or we will be happy to acquire the information from you over the telephone. |
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Our current financing rate on new vehicles can range from 0.0% to 9.90% simple interest (depending on the vehicle and number of months financed). Down payments for financing are very flexible and no down payment is required for leasing. Rates are subject to change and all financing is subject to prior credit approval. |
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If rates are comparable, it most often makes good business sense to not finance a vehicle through your local bank or credit union. The reasons are simple:
- It is smart not to "use up" bank credit lines with vehicle loans.
Preserve your bank borrowing power for future important needs.
- We can handle everything by mail saving you valuable time.
- It is smart to establish a variety of financing sources.
This makes your bargaining power greater than if you have "all your eggs in one basket." It also enhances your "credit worthiness" by establishing another verifiable creditor. |
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Leasing
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As the cost of vehicles continues to escalate, we here at Gorman - McCracken have found a way to give you the monthly payment you desire and still drive the new vehicle of your choice. Lease it! |
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Advantages to Leasing |
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- Lower Monthly Payments and Low Down Payment.
Payments on a lease are less expensive than financing because you are only paying for the depreciation, which is the difference between the price of the vehicle and the residual value.
- Upside Down
Never have to worry about being upside down where the value of the vehicle is less than the amount owed.
- Always have a payment
For most people, a car payment is like a house payment. You will always have one so why not be driving a new vehicle of your choice every 3 years
- Asset sense
You should buy items that appreciate and lease items that depreciate. For example, most people would not be too excited about buying stock for $30,000 if they knew that it would only be worth $15,000 in 4 years.
- Low Risk
A bank or lease company is assuming the total risk of what the vehicle will be worth in the future
- Flexibility
You do not give up the option of owning the vehicle, you just postpone it. This gives you time to make sure this is the vehicle for you. This makes great sense with advances in technology that have the potential to make your vehicle outdated
- High Mileage
Drivers can benefit by applying for extra miles up front at a reduced price. The auto industry deducts 23 - 30 cents per mile over your mileage limit when trading in a vehicle
- Win! Win!
In many instances, the residual value is comfortably high resulting in lower monthly payments. At the end of the lease, the lease company absorbs the loss, not you
- Warranty
The short-term lease leaves you covered under your factory warranty, allowing you to be worry-free about unexpected repair bills
- Get a nicer vehicle
High residuals allow you to lease a $5,000 - $10,000 more expensive vehicle for about the same payment as financing
- Tax Savings
In states with sales tax, you only pay tax on your monthly payment, not on the whole vehicle. And in some cases, the entire lease payment may be tax deductible. Consult your accountant for more information |
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Your Options at the end of your lease |
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- Return it to the bank and pay only a small disposition fee
- Sell the vehicle and keep any amount over the residual
- Trade it in on a new vehicle
- Buy the vehicle for the residual amount
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Lease Terminology |
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- Cap Cost the purchase price of the vehicle plus the acquisition fee
- Acquisition Fee a fee charged by the lender for doing the lease
- Cap Cost Reductions any trade equity, cash or rebates used as a down payment to reduce the cost of the vehicle
- Residual a predetermined estimate of the market value of a vehicle at the end of the lease term
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Maximum Care Service Contracts
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The factory warranty for most vehicles is 3 years or 36,000 miles covering any manufacturer defects in material or workmanship. Gorman - McCracken offers a fantastic value with their Maximum Care Service contract programs. This plan takes the worry away from unexpected auto repairs and the cost is just pennies a day. |
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Covered vehicle components and other added benefits: |
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- Extensive Coverage on 5000+ vehicle components plus Protection for high-tech components including electrical systems, computers, and other advanced technology in your new vehicle
- $50 deductible per repair visit, including parts, labor and sales tax.
- Portable Coverage is effective anywhere in the US, Canada and Mexico
- Car rental allowance of $30 per day or $150 per occurence.
- Auto Valet Concierge Service Provides a wide range of specialty services and 24 hour assistance.
- Towing and roadside service of $100 for flat tires, dead battery, lock-out, etc.
- Trip Interruption protection up to $1000 for lodging, meals & car rental expenses if your vehicle is inoperable due to a covered failure more than 100 miles from home.
- Protection from increases in parts and labor charges
- Dependable Backed by the Mazda reputation
- Great Value Would probably pay for itself in 1-2 visits
- Customize your coverage by selecting from 3-7 years and 50, 60, 75 or 100 thousand miles
- Transferable or Refundable
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Maintenance and Parts NOT covered: |
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- Maintenance services and items used in those services
- Glass and plastic lenses
- Body and paint items, including soft trim
- Snow plows, winches and trailer hitches
- Wearable items such as manual clutch assembly, brake pads, shoes, rotors, drums and belts are not covered.
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Accident - Health Insurance
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Through the Finance Department at Gorman - McCracken, we offer fully secured loans to protect you, your family, and one of your most valuable assets - your credit rating.
Through no fault of your own, your credit can be ruined due to an accident or illness. |
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A common cause of repossession in the US is an illness in the family. |
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- Expenses normally go up with a disability
- Income usually goes down with a disability
- Hospitalization insurance seldom pays 100% of the expenses while you are sick or injured
- Hospitalization insurance does not pay your loan payments while you are sick or injured
- Workman's Compensation only covers work-related injuries
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When you purchase an Accident Health Insurance Policy... |
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In the event that you would become sick or injured, a fully-secured loan that includes accident health insurance means: |
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- Your loan payment is made for you while you are unable to work due to any covered accident or illness
- You do not have to be hospitalized to collect
- Payments made on your behalf do not have to be repaid
- Your policy becomes effective on the date of your loan
- The cost is not rated according to age or occupation
- There is no lump sum cash outlay. The premium is included in your monthly payment
- Benefits are tailored to the amount financed. You are not paying for more insurance than you need.
- There are no limits on the number of times that you can collect
- Benefits are in addition to any other protection you may have
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Credit Life and Accident-Health Insurance endorses the philosophy that "no debt should outlive the debtor". |
Life Insurance
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In the event of your death, a fully-secured loan that includes credit life insurance means: |
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- Your family inherits an asset, not a liability
- You protect your family's credit rating following the loss of your income
- You protect your family's standard of living after your death
- The co-signer is relieved of the obligation
- The creditor is paid directly
- A single premium means no annual increase in rates
- Benefits are not taxable
- You protect your other assets from being used to satifsy this obligation
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Credit Life and Accident-Health Insurance endorses the philosophy that "no debt should outlive the debtor". |
For a quick response, you can apply for credit online. It only takes a moment to complete our secure application.
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