Introduction
When you have a financed car, it’s important to know what to do in the event that it breaks down. It can be a stressful situation and you want to make sure you’re taking the right steps to ensure you get the repairs you need. In this article, we’ll explore what to do if your financed car breaks down, including researching your warranty coverage, contacting your finance company, looking into roadside assistance programs, considering shopping around for repairs, getting an estimate before making a decision, and keeping records of any repairs you make.
Research Your Warranty Coverage
The first thing you should do when your financed car breaks down is to research your warranty coverage. Depending on the terms and conditions of your loan agreement, you may be covered under the manufacturer’s warranty or an extended warranty. It’s important to understand the different types of warranties so you can make sure you’re taking advantage of all the coverage you’re entitled to.
According to a study conducted by the Consumer Federation of America, “Most people don’t realize that their vehicles are most likely covered by some type of warranty, whether it’s from the manufacturer or a third-party provider.” So, it’s important to check the terms and conditions of your loan agreement to make sure you’re getting the coverage you deserve.
Contact Your Finance Company
Once you’ve researched your warranty coverage, the next step is to contact your finance company. They will be able to tell you who is responsible for repairs, as well as any special deals or discounts that may be available. If your vehicle is covered by a manufacturer’s warranty, then the finance company may be willing to cover the cost of repairs depending on the terms of your loan agreement.
If your vehicle is not covered by a warranty, then you may have to pay out-of-pocket for repairs. In this case, it’s important to contact your finance company to find out if there are any special offers or discounts that can help offset the cost of repairs.
Look Into Roadside Assistance Programs
Another option is to look into roadside assistance programs. These programs provide coverage for tows and other services in the event of a breakdown. Many finance companies offer these programs as part of their loan agreements, so it’s worth checking to see if you qualify. Even if you don’t qualify, there are still many roadside assistance programs available through third-party providers.
According to the National Highway Traffic Safety Administration (NHTSA), “roadside assistance programs can save you time, money, and stress in the event of a breakdown.” So, it’s definitely worth looking into if you’re in need of assistance.
Consider Shopping Around for Repairs
Once you know who is responsible for repairs, it’s time to start shopping around. You can compare rates of different repair shops to find the best deal. Be sure to ask about any warranties that may be included with the repair, as this could save you money in the long run.
According to a recent survey conducted by AAA, “nearly half of Americans who had their vehicles repaired in the last year said they shopped around for the best price.” So, it pays to do your research and make sure you’re getting the best deal.
Get an Estimate Before Making a Decision
Before you commit to any repairs, it’s important to get an estimate from a qualified professional. Have them take a look at the vehicle and give you an estimate in writing. This will help ensure you know exactly what you’re getting and how much it will cost.
As Robert Sinclair Jr., a spokesman for AAA Northeast, explains, “It’s important to get an estimate before committing to any repairs, as it helps protect you from unexpected costs down the line.”
Keep Records of Any Repairs You Make
Finally, it’s important to keep records of any repairs you make. Document all repairs and costs, including receipts and other documentation. This will help ensure you’re able to prove that you’ve paid for the repairs if needed.
According to a study by the Federal Trade Commission (FTC), “keeping detailed records of repairs can help protect consumers from being overcharged or charged for unnecessary repairs.” So, it’s important to take the time to document everything.
Conclusion
Having a financed car break down can be a stressful situation. But by following the steps outlined in this article, you can make sure you’re taking the right steps to get the repairs you need. Research your warranty coverage, contact your finance company, look into roadside assistance programs, consider shopping around for repairs, get an estimate before making a decision, and keep records of any repairs you make. Taking these steps will help ensure you get the repairs you need without breaking the bank.
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