Finance Rules to Watch For
When you purchased your last car from Marketplace Suzuki, were you aware that there are some very specific rules in place that your salesmen and finance people must follow? It turns out that something even as simple as letting you touch the paper is a rule commonly violated and the company could be in trouble because of that. While we like the idea of someone protecting consumers from possibly mishap at places like Ford Collision Service in San Diego, you have to wonder if sometimes the rules need to be re-written and updated. If a paper is in front of me and I can clearly read it, then I don’t see the need to pick it up in my hands. Now that the Body Shop San Diego is aware of all these laws, it is time for consumers to know as well.
When you are out shopping, don’t be fooled by the terms “best” or “lowest” when it comes to prices and loan rates. Businesses know that they shouldn’t use these terms for fear of false advertising, but sometimes they still do. The bottom line is that these terms are ambiguous and open up the dealer to a lawsuit. Another common mishap occurs when a finance manager or salesman will encourage their buyer to exaggerate their income. If you only make $35,000 per year, then don’t put down $44,000 on the credit application just to get a higher loan. There are a lot of emotions when you are buying a vehicle, and you don’t want to end up with something you can’t pay for.
Before you agree to any payments, you will want to see all the details of your loan documents. Take some extra time to read them with a fine tooth comb. Dealerships are professionals and they will sometimes quote you a higher price and then “throw in” all this extra equipment “free of charge.” Really what just happened is you were financed for a higher price than you were aware and now the dealership looks good by giving you all these so-called free upgrades, when in reality, you did pay for those upgrades.
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Lincoln’s Sneaky Pricing Tactics
If you are in the market for a new hybrid, then you will find good deals at Louisville KY Used Cars. But if you want luxury in your hybrid then go no further than AZ Ford Dealerships to have a look at the 2011 Lincoln MKZ Hybrid, a sedan that is priced the exact same as the gas model. How is that even possible? Well, for only $34,440, you can drive home in either sedan. But some consumers are realizing that you do have to read the fine print; there are tons of incentives for the gas model.
Auto companies need to give consumers more credit! We all know that you can get great prices from Auto Body Shop Salem when you are in need of repairs, and we know when something is too good to be true. You can’t deny that getting a quality luxury hybrid from Lincoln for $34,440 is still a great deal, but why would Ford even think to price them the same? If the company never planned on selling them for the same price, then why make such claims. This is not a case of false advertising, rather it is just good press.
On the 2011 Lincoln MKZ traditional gas model, there are a handful of incentives being offered. First there is the $1000 Retail Customer Cash, then there is the $1000 Ford Credit Retail Bonus Customer Cash, and finally the $1000 Promotional Retail Bonus Customer Cash. Plus, there are $500 Ford bonuses for Military Appreciation or Police Association. None of these are being offered on the Hybrid MKZ. Both models of the MKZ do have the $325 maintenance plan available, but there are no rebates with the hybrid. Perhaps this is just because the hybrid is a new release? No matter how you look at it, the MKZ Hybrid still costs a few thousand dollars more than the gas model, as it should.
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Where is Your Car Built?
For a country that is trying to get back on its economic feet, it is entirely frustrating to learn that not even the cars at Alexandria Chevrolet are 100% made in America. It used to be so obvious which cars were from America (Chevy, GM, Ford) and which cars were imported, like the Japanese cars from Virginia Nissan Service. Now that the auto industry has become a truly global market, there is not one single vehicle that is being produced today that is 100% American made.
What is even more frustrating is that some of the popular cars from Hyundai Dealership Springfield might be more American than some of our favorite Ford models. That is because parts are manufactured all over the world (China, Mexico, France, etc) and then they are assembled at various plants across the globe. The American auto companies are also known as the Big 3 (Chrysler, Ford, General Motors) and they have expanded their production so much that they have factories all across the globe. It makes sense to assemble the vehicle near the region it will be sold to cut back on shipping costs for the final product.
Likewise, many import companies have set up shop on our soil. BMW, Mercedes-Benz, and Toyota are just a few of the examples that have assembly plants in the U.S. Not all of the “Big 3” auto brands are even built on U.S. soil, yet they are sold here and lead us to believe that by purchasing them we are helping our own economy. Ford outsources the assembly of the Fiesta, Fusion, Edge, Flex, to Mexico and Canada, as well as Lincoln’s MKX, MKT, and MKZ models. GM assembles the Camaro, Impala, Equinox, and Terrain in Mexico and Canada. For Chrysler, they are proud that 61% of their parts comes from the U.S. and only the Chrysler 300, PT Cruiser, Dodge Challenger, and Dodge Charger are built in Canada or Mexico.
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New Crash Test Scores Will Lead to Confusion
As much as we have to learn to accept change, the fact that the NHTSA has changed their crash test ratings is a bit annoying. Just because so many cars at Buy New Car Millington and other dealerships across the country were earning perfect 5-star ratings more often than not does not mean that it is time to completely change the whole scoring system. Car makers are continually working hard to create technology that helps drivers avoid collisions and trips to Body Shop Columbus, and there is plenty of statistical data to show that Americans have less fatal accidents now than ever before.
What will be more frustrating to consumers is that their beloved car from a place like Healy Ford might have gotten 5-stars for the 2010 model year but now will only earn 4-stars. Consumers look at data superficially a lot of the time, and they might not realize that 4-stars is still a great score and that the 2011 model is likely just as safe, if not more so, than the 2010 model. Consumers need to remember that as the new scores are becoming publicized and places aren’t getting the highest possible score anymore does not mean that they are not producing safe cars and you should definitely still shop there.
As of right now, the NHTSA has tested 34 of the 2011 model cars. Only two (the BMW 5-Series and Hyundai Sonata) received a perfect overall score of 5-stars. The Nissan Versa earned 2-stars, the Toyota Camry earned 3-stars, and 22 other models have earned 4-stars. The new tests incorporate crash test dummies of different sizes to better represent what would happen to the occupants of a vehicle in a collision rather than using one size dummy. Additionally, there is a side-pole crash test that will go hand-in-hand with the side impact crash information to help engineers better improve the structure of the vehicle to protect its occupants.
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Traffic Fatalities Decrease!
It may be shocking to hear, but the total amount of people killed in a motor vehicle collision is the lowest its been in 60 years! This data is cumulative for 2009 and the current year statistics have not been compiled yet. One of the main reasons the road is a safer place has to do with auto makers like Peoria Chevrolet. The safety technology of vehicles has greatly increased over the past decade. Even the cars at Bethlehem Kia that used to offer air bags as an option now come standard with a long list of safety features.
In 2009, there were 38,808 people killed in motor vehicle crashes. That is still a high number, but it is 10% lower than 2008, and the lowest number in 60 years. St. Louis Nissan offers some great and affordable safe car choices for drivers. These numbers are even more impressive when you take into consideration that there are more drivers on the road and that Americans probably drove more in 2009 than they did in 2008. Even though the economy isn’t perfect yet, people are returning to their ways of life and taking family vacations and road trips again. Part of that could be that gas prices have stabilized, even during this current summer they didn’t skyrocket like we might have guessed.
To paint an even clearer picture of how impressive these numbers are, there were 33,186 people killed in America in 1950 from motor vehicle accidents. There were about 62 million people driving around 50 million cars. In the present day, there are 250 million cars on the road and 210 million drivers, but only 5,000 more deaths! Based on the ratio of increased drivers, we would expect to see a lot more car fatalities. Factors that go into this are better and stricter driving laws; drunk driving, seat belt offenses, and red light cameras. So, Americans can pat themselves on the back for being more cautious drivers, and auto manufacturers can be proud that they make safer vehicles.
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Don’t Get Scammed on Maintenance!
Vehicle ownership can be expensive, even if you don’t own an expensive luxury car from BMW Dealer Oakland. In fact, several of the luxury lines offer “free” maintenance for a set period of time when someone buys one of their new models. Sadly, not everyone in this country is honest and trustworthy, so as a consumer, you need to be on the look out for scams and being overcharged. When you take your car from Honda Dealer Trenton to the local shop for your routine oil change, chances are that they always come back saying you have a few other minor things they would like to fix. The shop will tell you it is imperative you fix them now and it will only be a couple hundred dollars for all of it! Ouch.
Below are some of the key terms consumers need to watch out for. These services are low cost for the mechanic to perform and also high profit, meaning you are getting scammed. If you get your car from GMC Buick Dealer Dallas in for a routine oil change and haven’t had any problems with your car’s performance, remember that when the mechanic comes back to tell you their findings. If they suggest you need an engine flush, which can run upwards of $200, say no thanks. When you get home, look at the oil cap and if you see deposits then they might be correct, and you can get your engine flushed next time. Another common service scam has to do with cleaning your fuel injectors. Again, it will cost upwards of $200 and if you haven’t noticed a problem, then don’t bother fixing what isn’t broken!
Lastly, be cautious of the gimmick gadgets. By this, we mean the “premium” low cost upgrades that they will try to up-sell to you. Similar to high octane gas, sure it definitely won’t hurt your vehicle and may or may not improve longevity and performance; but at what cost is it really worth it? Oil and fuel additives can be as low as $10 each time, but it really adds up over time. Unless you are going for synthetic oil, the regular run of the mill stuff will do just fine.
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Red Light Cameras: Yay or Nay?
As citizens of this country, there is a certain amount of blind faith that we put in our government to protect us. But what if some of the laws and regulations that are in effect actually end up doing more harm than good? Here is a scenario to ponder: you are pulling out of Brandon Chevrolet Dealer after just buying your new car and get pulled over by the police for speeding. They then find that you don’t have current registration and hassle you about that, but you just got the car and you haven’t gotten your registration in the mail yet. This is a mild scenario, but still it happens and is frustrating for consumers. What about those pesky red light offense cameras that several cities have installed? You are driving in your new car from Nissan New York when the light changes quickly to red and then you receive a ticket in the mail. Maybe you did or didn’t run the red light, but in this economy is it right for cities to be scraping every cent out of their citizens in this manner?
Having recently gotten one of these red light tickets, I can tell you first hand how infuriating the process was. The traffic court was full of other drivers there to contest their tickets, some driving cars from Acura Pittsburgh. One woman was contesting her ticket because she stopped at the red light but then inched out to see if she could safely make a right turn; the camera interpreted this as running the light. She contested and won, but the judge cautioned her to stop at the line next time and stay there.
What is even more interesting is that some cities have begun removing their red light cameras because the revenue from tickets decreased as people became more aware of their locations and thus changed their driving habits. We can all appreciate efforts to make the streets safer for all, but is this really the right way to do it?
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More FICO Confusion.
Anyone who has ever purchased a vehicle from Indiana Chevrolet Dealer or some other dealership knows how long and how much of a hassle the whole process can be. They take and take and take from you; all your personal information, your patience, and your time. The whole process can be incredibly frustrating, and if you are shopping at a higher end place like Acura St. Louis you might find yourself negotiating more than you care to. Well, the folks at Fair Isaac Corp. have made that process hopefully a little easier. It might be confusing at first, but once the dust settles, it should be a good thing for everyone, consumers and dealerships like VW Arizona alike. The credit score inventors have decided to revamp their scoring process once again, this time hopefully making it easier for dealers and lenders to finance more people.
FICO 8 is already being used by about 2,500 banks, dealerships, and other financial places of business. Corporations still have their choice of using either the new system or the older one, but sooner rather than later everyone will convert to the new scoring system. FICO 8 will still work off of a 300 to 850 point scale range, with people who fall in the 300 to 499 area considered high risk. The new system will say that low risk people are those with scores of 800 to 850.
But, the accuracy of the new scores has increased so much that lenders can be more confident lending to a greater population of people because the new system is able to predict risk much more accurately. Or some lenders and dealerships may choose not to change their cutoff score and thus they will incur less losses over time. But, turning people away will not help you sell cars! With how reliant our society has become on computers, payment histories are able to change more quickly and are far more accurate. As consumers are able to change their credit score quicker, lenders can feel more confident lending to people and know that hopefully they will not default on loan payments.
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Ford Initiating Simplified Auto Loan Forms;
As a form of consumer protection, Ford and other automakers will begin to offer simplified auto loan forms. The latest Ford model prices can be see at Cincinnati Ford Quotes. Ford is looking to initiate nation-wide consumer protection measures that the Obama administration has overseen. Consumer protection is of the utmost concern after the recent mortgage market collapse and the large number of bad loans that were given. There are several Volkswagen models that can be purchased with loans on good terms with Volkswagen Specials, and many automakers have now begun to only offer financing to the prime financial market.
Mazda Boston and other dealers may be willing to work with consumers with less than perfect credit, but now financial regulations are limiting the types of loans that can go out to that group. There are now also limitations on credit scores, for instance it has become very difficult for those with a credit score of less than 640 to get an auto loan. In the past, this was possible with subprime loans.
The new regulations are designed to protect consumers from complicated auto loan forms in which details about the loan may be difficult to spot or even hidden. In the past, some dealers used forms that had verbose material about the terms of the loan, so much that the consumer would not take the time to adequately examine the terms and would become stuck with a loan that was not good for them.
The auto loan form plan is a part of a broader initiative to regulate the consumer credit and mortgage industry which was more of the problem behind the recession as opposed to subprime auto loans. The new U.S. consumer protection agency would be behind the efforts to make the auto loan forms more simplified, and the program will be implemented over the next few months.
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Distracted Drivers!
There is no argument against the fact that Americans are increasingly busy and our laundry lists have just gotten longer. We can all agree that 24 hours in one day simply isn’t enough sometimes! We do our part and lend a helping hand when we can. One example is choosing to drive a Ford Escape Hybrid so that there are less emissions going into the environment. Or perhaps you visited Seattle Nissan and checked out their used car inventory. It is a great time to buy used, especially with places like VW Arizona carrying less new inventory and trying not to flood the market with new cars that won’t sell. There are many things that you can successfully multi-task, such as household chores or tasks at work. But one thing that state governments are passing laws on are multi-tasking while you are behind the wheel. Several states already have legislation on the books against talking on a cell phone or texting while driving, but what are some other sources of distraction that driver’s need to be a little more cautious of.
This problem has become so common that the U.S. Department of Transportation has an entire website devoted to the topic of distracted drivers! They break it down into three main sources or types of distraction that drivers fall victim to. First, there is visual distraction, which simply involves taking your eyes off the road. Think about how often you do that and the reasons you find yourself doing that. Second, there is manual sources of distraction. This could be as simple as changing the radio station, but the U.S. DOT says it is manual distraction whenever your hands are removed from the steering wheel. Lastly, there are cognitive sources of distraction, and this involves whenever your brain is not focused on what you are doing, which in this context is driving. Think of how many times you have driven someplace familiar and not really been conscious of what you are doing because your brain goes into auto-pilot and suddenly you are at your destination; it can be scary!
