Web Extra: What You Need to Know About Buying GM or Chrysler

Monday, 18 May 2009 | 4:54 PM ET

Afraid that if you buy a vehicle from a GM or Chrysler dealership that eventually closes you may run into problems down the road? Brian Moody from Edmunds.com is back, and he has the things you need to know about buying a GM or Chrysler car if your original dealership closes its doors.

OTM Web Extra: What to Know About GM or Chrysler
Brian Moody from Edmunds.com discusses what could happen if your Chrysler or GM dealership closes after you buy a car, with CNBC's Carmen Wong Ulrich.

Warranty: Your warranty is dealership-dependent. If your car is under warranty and your dealership closes, you have to find another dealership to service the car. Moody recommends making sure that there are other dealerships of that brand in the area, so that if you needed to bring the car in, there is a “back-up” dealer in the area.

Title: In most instances, the title his held by the finance company, not the dealership. However, if you buy the car within several days of the dealership closing, you want to make sure to follow up with them, or the DMV to make sure you get the title quickly.

A word of caution: Make sure the warranty you sign up for is factory-backed. That way, it will be good at any dealership. Also, don’t get caught up in the lure of a good deal. First, find a car that fits your needs. Then start negotiating.

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