Category: Warranty

Understanding a Vehicle Purchase Contract

Understanding a Vehicle Purchase Contract

When reading through any type of contract, whether it’s a legally binding contract or not, it is important that you grasp the concepts that are being presented through the use of the contract. In order to properly understand a contract, there are certain terms that you will need to be familiar with in order to ensure that you understand what you are agreeing to. There are many basic terms that are used in contracts that are legally binding, and these terms are perhaps the most important part of the contract, which means that the line that one of the following terms is included in should always be given special attention. This article will cover the basic terms that are used often in contracts that you will encounter.

Acceptance – Acceptance is the agreement to any terms listed in the contract. Until acceptance has been given, any terms in the contract can be taken back.

Conditions – Conditions of a contract are the basic terms of a contract that will be agreed to. When conditions are given, the individual signing the contract will read the conditions and either accept them or deny them.

Exemption Clauses– Exemption Clauses are terms of a contract that protect the party from liability in the terms of specified outcomes that may happen. Exemption Clauses are often included in a contract in order to ensure that the individual signing the contract cannot place blame for any negative outcome on the party writing the clauses.

Express Terms – Express Terms are the terms and conditions that are specifically stated in the contract.

Jurisdiction – Jurisdiction usually states the state or country in which the legal laws will be placed on the terms of the contract.

Liability – Liability is defined as the legal obligation of a party to cover any damages or blame that happens during the period in which the contract is effective.

Subject to Contract – Usually, this term will be used by any parties who are involved in the writing and signing of a contract. This term means that the discussion that is currently being held does not concern the overall acceptance of a contract.

Void – A contract becomes void when the individual or party who has accepted the terms of the contract can no longer abide by the terms listed in the contract.

Warranty – Warranties are defined as promises that are laid out in a contract, but are not on the same level as conditions. When a warranty is given, the party creating the contract is liable for damages to the individual or item listed in the contract.

Used Car Warranty

Used Car Warranty

Used Car Warranty

Every car purchased at Lucky’s Auto Credit includes a 24-month/24,000-mile used car warranty with a $100 deductible.  This warranty is serviced by Olympus Reinsurance Ltd. and covers a wide array of mechanical issues that may prevent a car from operating properly.

Why is a warranty needed?

Since it is nearly impossible to know exactly when or if a car is going to stop running, we wanted to ensure the car is covered in case of mechanical breakdown. Sometimes it feels like they seem to break down at the most inopportune times (family vacation, road trip, when you’re late for work, ect…). To help with the costs of the repairs, the used car warranty covers (after deductible) the most important parts of the car’s vital mechanical features (i.e. Engine, Transmission, Alternator, ect..).

Who does it cover?

As mentioned above, any car purchased at Lucky’s Auto Credit includes this used car warranty.  What most people may not know, is that we’ve extended the coverage to any past customers who purchased a car and are within the ranges mentioned above.  For example, if a customer bought a car 14 months ago and have driven 18,000 miles, they would be eligible for the new warranty coverage until they hit 24,000 miles or 24 months, whichever comes first.

What does it cost?

The warranty is automatically included with every car purchased.

What does the warranty NOT cover?

A used car warranty typically does not cover minor or cosmetic issues such as body or interior damage, broken windows, headlights, tires, normal brake wear and tear, lock issues, radio or sound, heat/cooling

Ok, I’m ready to buy now!

If you’re in need of a car you can apply online or come into any one of our awesome car dealerships located in Utah.  Lucky’s Auto Credit has very low down payment minimums and the approval process is very simple.  Everyone gets approved for a plan, but your situation, ability to pay, and stability dictate which cars you can afford in your budget.  Our goal is to help those who get turned down elsewhere and we strive never to sell a car to a customer that can’t afford it.

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No information contained herein can be relied upon as legal, tax or any other type of professional advice. It is for general informational purposes only and does not apply to your particular set of circumstances.
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