Assignment 1: Discussion Car Loans and InsuranceThe most common methods for financing automobiles are through car loans or car leases. Car loans are personal loans provided by banks and credit unions and can be repaid over a period of years. However with a car lease a person never owns the car. The bank or credit union selected purchases the car and rents it to you for a fixed period. Once the fixed period of the lease expires the financial institution takes back the car and sells it. In this assignment you will compare the differences between car loans and car leases.A car loan is one of the most significant investments made by a typical American family. An alternative to the traditional auto loan is the auto lease.Using the readings for this module the Argosy University online library resources and the Internet respond to the following:Write your initial response in 200 300 words. Apply APA standards to citation of sources.By Saturday October 19 2013 post your response to the appropriate Discussion Area. Through Wednesday October 23 2013 review and comment on at least two peers responses. Consider the following when posting your responses: