| AUTO LOANS |
Great Car, Great Price…. but what about the Financing?
Auto dealers have a long history of using questionable
sales tactics to bilk consumers in the market for a new
car.
Many people keep their eye on the sale price and neglect scams involving
vehicle financing, which can add thousands of dollars to the price of a car.
Unscrupulous dealers often arrange financing for your
vehicle, but studies show that the interest rates on
these loans are often much higher than a consumer
could obtain on their own. The arranged financing ends
up costing a bundle, and dealerships often get a
kickback from the lender on the overpriced loan.
Although dealerships don’t have the authority to offer loans or act as bank agents,
many dealers claim that they will negotiate with the bank for you to get the lowest
payment schedule and interest rate. However, a dealer can only legitimately
negotiate the retail price of a car and any items added on during the sale price.
The dealers often direct a lot of business to certain banks, and some of these
banks offer the dealers a cut of the overpriced financing. The dealer cut usually
comes from increasing the original percentage rate of the loan sold to the
consumer. The consumer is unaware that they received a higher rate than they
would have received from outside financing and ends up paying thousands more
that goes to the dealership.
Sometimes auto manufacturers offer special financing
rates but may ask you to choose between the rate and an
up-front rebate.
Although it may seem a better deal to take the rebate, one should carefully
compare the actual cost over the life of the loan. Sometimes unscrupulous
dealers fail to mention the special manufacturer finance rate in order to steer you
towards the more expensive loans where they get a kickback.
Another shady tactic is to encourage consumers to take “on-the-spot” delivery of
a vehicle before the financing has been completed. Many sales of vehicles take
place outside of normal banking hours, and dealers can ask the buyer to sign
generic or blank forms, offering to “take care” of filling out the rest and dealing
with the bank after the consumer leaves with the car.
This is called the ‘right of rescission.’
Abusive terms written into the fine print can allow dealers to alter the terms of the
contract, including the number or payments and interest rate, without the
customer's further consent -- if the customer receives spot delivery by driving it
off the lot prior to receiving final approval from the bank. Customers should avoid
spot delivery and should never sign a writ of rescission clause or contract.
You should also double-check that the terms of the loan and the number of
payments have not been altered from the initial agreement. Look out for “balloon”
payments, which will mean a big final payment substantially larger than the
monthly payments. Often these payments are not disclosed up front or are buried
in the fine print.
So, what can you do to avoid falling prey to these shady financing schemes? Here
are a few key tips that will help protect you from being victimized by shady
dealers.
Don’t deal with any lending institutions (including credit
unions) offered through the dealership.
Find outside financing first, before you go into a dealership. Credit Unions usually
offer the lowest auto loan price for which consumers qualify, and outside
financing reduces the confusing paperwork shuffle that can conceal fraud at the
time of purchase.
Shop for the best loan and loan terms as carefully as you shop for the best sticker
price. Be sure of the exact number of payments, the total cost of your credit in
dollars, the name, address, and contact info for the bank that holds the loan, and
whether there is a balloon payment at the end.
Don’t give the dealership permission to pull your credit
information or your personal information
(such as a Social Security number) until you’re ready to negotiate the sale of a
vehicle.
Be willing to walk away.
Slow down and read the fine print, ask lots of questions. Negotiate away extras
and add-ons.
Stay away from spot deliveries. Dealers can take advantage of this by inserting
writs of rescission in the purchase contract, allowing a customer to drive the
vehicle off the lot, then change material terms of the contract later if, for example,
the deal is refused by the lender.
Auto dealers have a long history of using questionable
sales tactics to bilk consumers in the market for a new
car.
Many people keep their eye on the sale price and neglect scams involving
vehicle financing, which can add thousands of dollars to the price of a car.
Unscrupulous dealers often arrange financing for your
vehicle, but studies show that the interest rates on
these loans are often much higher than a consumer
could obtain on their own. The arranged financing ends
up costing a bundle, and dealerships often get a
kickback from the lender on the overpriced loan.
Although dealerships don’t have the authority to offer loans or act as bank agents,
many dealers claim that they will negotiate with the bank for you to get the lowest
payment schedule and interest rate. However, a dealer can only legitimately
negotiate the retail price of a car and any items added on during the sale price.
The dealers often direct a lot of business to certain banks, and some of these
banks offer the dealers a cut of the overpriced financing. The dealer cut usually
comes from increasing the original percentage rate of the loan sold to the
consumer. The consumer is unaware that they received a higher rate than they
would have received from outside financing and ends up paying thousands more
that goes to the dealership.
Sometimes auto manufacturers offer special financing
rates but may ask you to choose between the rate and an
up-front rebate.
Although it may seem a better deal to take the rebate, one should carefully
compare the actual cost over the life of the loan. Sometimes unscrupulous
dealers fail to mention the special manufacturer finance rate in order to steer you
towards the more expensive loans where they get a kickback.
Another shady tactic is to encourage consumers to take “on-the-spot” delivery of
a vehicle before the financing has been completed. Many sales of vehicles take
place outside of normal banking hours, and dealers can ask the buyer to sign
generic or blank forms, offering to “take care” of filling out the rest and dealing
with the bank after the consumer leaves with the car.
This is called the ‘right of rescission.’
Abusive terms written into the fine print can allow dealers to alter the terms of the
contract, including the number or payments and interest rate, without the
customer's further consent -- if the customer receives spot delivery by driving it
off the lot prior to receiving final approval from the bank. Customers should avoid
spot delivery and should never sign a writ of rescission clause or contract.
You should also double-check that the terms of the loan and the number of
payments have not been altered from the initial agreement. Look out for “balloon”
payments, which will mean a big final payment substantially larger than the
monthly payments. Often these payments are not disclosed up front or are buried
in the fine print.
So, what can you do to avoid falling prey to these shady financing schemes? Here
are a few key tips that will help protect you from being victimized by shady
dealers.
Don’t deal with any lending institutions (including credit
unions) offered through the dealership.
Find outside financing first, before you go into a dealership. Credit Unions usually
offer the lowest auto loan price for which consumers qualify, and outside
financing reduces the confusing paperwork shuffle that can conceal fraud at the
time of purchase.
Shop for the best loan and loan terms as carefully as you shop for the best sticker
price. Be sure of the exact number of payments, the total cost of your credit in
dollars, the name, address, and contact info for the bank that holds the loan, and
whether there is a balloon payment at the end.
Don’t give the dealership permission to pull your credit
information or your personal information
(such as a Social Security number) until you’re ready to negotiate the sale of a
vehicle.
Be willing to walk away.
Slow down and read the fine print, ask lots of questions. Negotiate away extras
and add-ons.
Stay away from spot deliveries. Dealers can take advantage of this by inserting
writs of rescission in the purchase contract, allowing a customer to drive the
vehicle off the lot, then change material terms of the contract later if, for example,
the deal is refused by the lender.
Five Tips for Getting the
Best Deal On a Car
From choosing the right type of car to comparing loans, there are five
important things you can do to maximize your car shopping experience. Get a
great deal on the car of your dreams!
Tip 1: Buy it used – We’ve all watched friends buy a brand new car.
They are really excited about their purchase…for a few months. After a year or
two, they usually complain about their high loan payments. Don’t make the
same mistake! Buying a used car, even if it is just a year old, can help you
save big.
A new car drops in value dramatically as soon as you drive it off the
lot. Plus, used cars these days can come with warranty and service
packages, just like a new car. If the car you want isn’t available used or
comes with a 0% APR offer, buying it new may make sense.
Tip 2: Research prices online – Buyers have the upper hand
now that they can easily research prices and features of cars online. Before
you go to a dealer, investigate the blue book price, MSRP, and other details of
the car you are interested in buying. Print out these documents and take them
with you. When a salesman tries to offer you a high price, you can use these
facts in the negotiations. You can also apply for no obligation auto price quotes
from dealers in your area using this online service.
Tip 3: Order a CARFAX report – Most sellers will give you a
free CARFAX report for the vehicle you are thinking about buying. If not, go
online and order one yourself. This $20 report will show you how many owners
a car has had, where it’s been located, if it was in an accident and other
“lemon” indicators. It is especially important to check out a car’s history, as
recent floods in the south have put a lot of damaged cars on the market.
Tip 4: Check your credit – Reviewing your credit standing before
you start to shop for a car can help you save big. If you have a high credit
score, you may be able to qualify for the dealer’s special financing offers. You’
ll also have extra bargaining power when negotiating a deal with a salesman.
If your credit score is low, work on improving it for a few months before your
application and take extra time to shop for the best loan offer.
Tip 5: Save on financing – The cheapest way to buy a car is in
cash, but there are also ways you can save if you buy with a loan. Put down
the largest down payment possible and choose the shortest-term loan in order
to reduce your loan costs.
Compare loan rates from banks, credit unions, and online lenders by using
their free calculators. Once you’ve found the best deal, apply for the loan and
take the financial paperwork with you to the dealer.
You’ll usually get a much better rate through a bank or online lender than from
the dealer’s financing office.
These five tips can help you save hundreds, if not thousands, on your next
auto purchase. Take control of the car buying process today!
Best Deal On a Car
From choosing the right type of car to comparing loans, there are five
important things you can do to maximize your car shopping experience. Get a
great deal on the car of your dreams!
Tip 1: Buy it used – We’ve all watched friends buy a brand new car.
They are really excited about their purchase…for a few months. After a year or
two, they usually complain about their high loan payments. Don’t make the
same mistake! Buying a used car, even if it is just a year old, can help you
save big.
A new car drops in value dramatically as soon as you drive it off the
lot. Plus, used cars these days can come with warranty and service
packages, just like a new car. If the car you want isn’t available used or
comes with a 0% APR offer, buying it new may make sense.
Tip 2: Research prices online – Buyers have the upper hand
now that they can easily research prices and features of cars online. Before
you go to a dealer, investigate the blue book price, MSRP, and other details of
the car you are interested in buying. Print out these documents and take them
with you. When a salesman tries to offer you a high price, you can use these
facts in the negotiations. You can also apply for no obligation auto price quotes
from dealers in your area using this online service.
Tip 3: Order a CARFAX report – Most sellers will give you a
free CARFAX report for the vehicle you are thinking about buying. If not, go
online and order one yourself. This $20 report will show you how many owners
a car has had, where it’s been located, if it was in an accident and other
“lemon” indicators. It is especially important to check out a car’s history, as
recent floods in the south have put a lot of damaged cars on the market.
Tip 4: Check your credit – Reviewing your credit standing before
you start to shop for a car can help you save big. If you have a high credit
score, you may be able to qualify for the dealer’s special financing offers. You’
ll also have extra bargaining power when negotiating a deal with a salesman.
If your credit score is low, work on improving it for a few months before your
application and take extra time to shop for the best loan offer.
Tip 5: Save on financing – The cheapest way to buy a car is in
cash, but there are also ways you can save if you buy with a loan. Put down
the largest down payment possible and choose the shortest-term loan in order
to reduce your loan costs.
Compare loan rates from banks, credit unions, and online lenders by using
their free calculators. Once you’ve found the best deal, apply for the loan and
take the financial paperwork with you to the dealer.
You’ll usually get a much better rate through a bank or online lender than from
the dealer’s financing office.
These five tips can help you save hundreds, if not thousands, on your next
auto purchase. Take control of the car buying process today!
Car Shopping Checklist
Hunting for cars can get complicated. Print this helpful worksheet
and take it with you to the dealership. From asking about the car’s
accident history to negotiating financing options, this checklist
makes it easy to stay on track while shopping for a car.
1. Set a target price – Start by looking at your budget. Decide on
a target price for your new car. This is the price you ideally want to
spend on the car, not the maximum amount you can possibly afford.
Along with the total amount you would like to spend, calculate how
much you want to pay each month for a loan and how long you
want your loan term to last. Knowing these figures can help you
avoid a dealer’s attempt to sell you a more expensive car. You can
estimate your auto loan options using this free calculator.
Target price: $____________
Monthly loan payment: $____________
Loan period: _____ months
2. Research car options – Take a few minutes to look online for
cars that fit your price range. Sites like Consumer Reports and Kelly
Blue Book provide a lot of free information about car features,
rankings, and prices.
You can also apply for online price quotes from dealers in your area
using this free service. Look at the gas mileage and compare
options for new and used cars. When you find a car that meets your
needs, write the information down here along with the most
important pros and cons:
Name Manufacturer Listed Price Pros
Cons
3. Start shopping – Visit your local dealers to test drive the cars
that interest you. Don’t buy the car on your first visit; wait until you
test-drive all of the potential contenders. Being determined not to
buy on your first trip to the dealer will help you avoid high pressure
sales tactics and will give you extra time to find the best deal.
Investigate what deals the salesperson is willing to offer and take his
or her business card with you for future reference. Ask for a CARFAX
report to review the accident history of any used car.
If the dealer declines, write down the VIN number so you can look it
up online. If you find other cars that you may be interested in while
you are shopping, add them to the list so that you can research
them online at home. Make notes about the prices and features
being offered for each car in the following chart:
Dealership Salesperson Dealer Price Pros
Cons
4. Explore your financing options – While you think about
which of the cars from Step 4 you should buy, start looking at
financing options. First check your credit score to see where you
stand. You’ll usually get the best car loan deal from a credit union
or online lender instead of a dealer.
Without actually applying, you can calculate your best option by
using the lender’s online calculators. You can also call to ask about
rates. Once you have found the best deal, apply for the loan.
Most lenders will send a check for you to sign and give to the dealer
when you buy your car. If you decide not to use the loan, you can
destroy the check and notify the lender. Write down your loan terms
here so you can compare them to a loan offered by the dealer:
Loan amount: $____________
Down payment: $____________
Interest rate: ________ %
Fees: $____________
Loan term: ________ months
Monthly payment: $____________
5. Negotiate and buy – Now that you have decided which car to buy
and you have your loan, go back to the dealership and negotiate a
good deal. Remember, you hold a lot of bargaining power at this
point.
You know exactly what car you want to buy and you have the loan
ready to go. A salesperson would be crazy to let you walk away.
Negotiate with the salesperson until you find a deal that works for
you. Sign the papers, and congratulations! You just bought yourself
a car!
KNOWLEDGEFINANCIAL.COM
Hunting for cars can get complicated. Print this helpful worksheet
and take it with you to the dealership. From asking about the car’s
accident history to negotiating financing options, this checklist
makes it easy to stay on track while shopping for a car.
1. Set a target price – Start by looking at your budget. Decide on
a target price for your new car. This is the price you ideally want to
spend on the car, not the maximum amount you can possibly afford.
Along with the total amount you would like to spend, calculate how
much you want to pay each month for a loan and how long you
want your loan term to last. Knowing these figures can help you
avoid a dealer’s attempt to sell you a more expensive car. You can
estimate your auto loan options using this free calculator.
Target price: $____________
Monthly loan payment: $____________
Loan period: _____ months
2. Research car options – Take a few minutes to look online for
cars that fit your price range. Sites like Consumer Reports and Kelly
Blue Book provide a lot of free information about car features,
rankings, and prices.
You can also apply for online price quotes from dealers in your area
using this free service. Look at the gas mileage and compare
options for new and used cars. When you find a car that meets your
needs, write the information down here along with the most
important pros and cons:
Name Manufacturer Listed Price Pros
Cons
3. Start shopping – Visit your local dealers to test drive the cars
that interest you. Don’t buy the car on your first visit; wait until you
test-drive all of the potential contenders. Being determined not to
buy on your first trip to the dealer will help you avoid high pressure
sales tactics and will give you extra time to find the best deal.
Investigate what deals the salesperson is willing to offer and take his
or her business card with you for future reference. Ask for a CARFAX
report to review the accident history of any used car.
If the dealer declines, write down the VIN number so you can look it
up online. If you find other cars that you may be interested in while
you are shopping, add them to the list so that you can research
them online at home. Make notes about the prices and features
being offered for each car in the following chart:
Dealership Salesperson Dealer Price Pros
Cons
4. Explore your financing options – While you think about
which of the cars from Step 4 you should buy, start looking at
financing options. First check your credit score to see where you
stand. You’ll usually get the best car loan deal from a credit union
or online lender instead of a dealer.
Without actually applying, you can calculate your best option by
using the lender’s online calculators. You can also call to ask about
rates. Once you have found the best deal, apply for the loan.
Most lenders will send a check for you to sign and give to the dealer
when you buy your car. If you decide not to use the loan, you can
destroy the check and notify the lender. Write down your loan terms
here so you can compare them to a loan offered by the dealer:
Loan amount: $____________
Down payment: $____________
Interest rate: ________ %
Fees: $____________
Loan term: ________ months
Monthly payment: $____________
5. Negotiate and buy – Now that you have decided which car to buy
and you have your loan, go back to the dealership and negotiate a
good deal. Remember, you hold a lot of bargaining power at this
point.
You know exactly what car you want to buy and you have the loan
ready to go. A salesperson would be crazy to let you walk away.
Negotiate with the salesperson until you find a deal that works for
you. Sign the papers, and congratulations! You just bought yourself
a car!
KNOWLEDGEFINANCIAL.COM
Credit and Car Insurance ---KNOWLEDGEFINANCIAL.COM
One of the biggest factors in determining your auto insurance rates has
nothing to do with your driving record. Lenders commonly use your credit
history to determine how risky a driver you will be. Read more about this
growing trend and how you can save on auto insurance.
The auto insurance industry
Nearly all auto insurance companies use credit data in their evaluations.
According to a study by Conning and Co., more than 90% of auto insurers
use a credit scoring system called an “insurance risk score” to determine
how likely you are to file an insurance claim.
Fewer insurance companies use this score to directly calculate your
premiums, but there is no denying that your credit may majorly impact your
auto insurance options. Insurance companies can also review the
insurance risk scores of current customers in order to adjust their rates.
Some states (such as Washington) have legal restrictions on how credit
data can be used by insurance companies.
Insurance risk scores
When you apply for auto insurance, the insurer will ask you for permission
to check your credit score under FCRA regulations. The insurer will then
pull your credit reports from one or more credit bureaus and calculate your
insurance risk score based upon this data. This credit inquiry will appear
on your credit report but does not usually harm your credit score.
An insurance risk score is calculated using a formula that is very similar
to the credit scores used for credit and loan evaluations. You can check
your credit score online here to get a basic idea of where your insurance
risk score stands. Age, income, gender, race, religion, marital status, and
geographical data are not included in this score. If your credit score is
below 650, you may have trouble finding auto insurance or you may be
forced to pay higher rates
How it works
Insurance companies reference numerous studies showing a correlation
between credit history and the likelihood that a consumer will file an
insurance claim. Having a good credit score or insurance risk score
indicates that you are a trustworthy person who uses your credit and loan
accounts responsibly. In turn, your responsible nature indicates to
insurers that you are a cautious driver and less likely to get in an
accident. Having a low credit score could also indicate that you are under
financial stress and this stress may increase your risky behavior. There
are many skeptics who insist that there is little correlation between your
credit and how good a driver you are, but the reality is that credit can and
often does impact auto insurance rates.
Improving your risk score
Like a standard credit score, the following factors influence your
insurance risk score:
Payment history:
The largest factor in your insurance risk score is your credit and loan
account payment history. A consistent record of on-time payments going
back several years demonstrates that you are a responsible person.
Debts owed:
This factor includes the number of debt accounts you currently have, the
types of accounts, and their balances. It is best to have a few active and
open credit accounts with low balances.
Length of credit history:
This factor calculates how long you have had credit and how long you
have kept your individual accounts open. The longer your credit history,
the better.
New accounts:
If you have recently opened or applied for several new accounts, this
activity could cause a temporary drop in your insurance risk score.
Limiting your applications for new credit can help improve your insurance
risk score.
Balance of accounts:
The last major factor in your insurance risk score is the balance of credit
and loan accounts on your credit report. It is best to have between 2-6
open credit cards on your report along with 1-2 loans. Negative records
such as collections, judgments, and bankruptcy filings will harm your
score.
If your credit score has negatively impacted your auto insurance, work on
improving these five factors. Once your credit score is above 650, you
can contact your insurance company to ask for a rate adjustment or shop
around for lower rates from a new insurer. Apply for no-obligation quotes
from competing insurance companies online today.
KNOWLEDGEFINANCIAL.COM
One of the biggest factors in determining your auto insurance rates has
nothing to do with your driving record. Lenders commonly use your credit
history to determine how risky a driver you will be. Read more about this
growing trend and how you can save on auto insurance.
The auto insurance industry
Nearly all auto insurance companies use credit data in their evaluations.
According to a study by Conning and Co., more than 90% of auto insurers
use a credit scoring system called an “insurance risk score” to determine
how likely you are to file an insurance claim.
Fewer insurance companies use this score to directly calculate your
premiums, but there is no denying that your credit may majorly impact your
auto insurance options. Insurance companies can also review the
insurance risk scores of current customers in order to adjust their rates.
Some states (such as Washington) have legal restrictions on how credit
data can be used by insurance companies.
Insurance risk scores
When you apply for auto insurance, the insurer will ask you for permission
to check your credit score under FCRA regulations. The insurer will then
pull your credit reports from one or more credit bureaus and calculate your
insurance risk score based upon this data. This credit inquiry will appear
on your credit report but does not usually harm your credit score.
An insurance risk score is calculated using a formula that is very similar
to the credit scores used for credit and loan evaluations. You can check
your credit score online here to get a basic idea of where your insurance
risk score stands. Age, income, gender, race, religion, marital status, and
geographical data are not included in this score. If your credit score is
below 650, you may have trouble finding auto insurance or you may be
forced to pay higher rates
How it works
Insurance companies reference numerous studies showing a correlation
between credit history and the likelihood that a consumer will file an
insurance claim. Having a good credit score or insurance risk score
indicates that you are a trustworthy person who uses your credit and loan
accounts responsibly. In turn, your responsible nature indicates to
insurers that you are a cautious driver and less likely to get in an
accident. Having a low credit score could also indicate that you are under
financial stress and this stress may increase your risky behavior. There
are many skeptics who insist that there is little correlation between your
credit and how good a driver you are, but the reality is that credit can and
often does impact auto insurance rates.
Improving your risk score
Like a standard credit score, the following factors influence your
insurance risk score:
Payment history:
The largest factor in your insurance risk score is your credit and loan
account payment history. A consistent record of on-time payments going
back several years demonstrates that you are a responsible person.
Debts owed:
This factor includes the number of debt accounts you currently have, the
types of accounts, and their balances. It is best to have a few active and
open credit accounts with low balances.
Length of credit history:
This factor calculates how long you have had credit and how long you
have kept your individual accounts open. The longer your credit history,
the better.
New accounts:
If you have recently opened or applied for several new accounts, this
activity could cause a temporary drop in your insurance risk score.
Limiting your applications for new credit can help improve your insurance
risk score.
Balance of accounts:
The last major factor in your insurance risk score is the balance of credit
and loan accounts on your credit report. It is best to have between 2-6
open credit cards on your report along with 1-2 loans. Negative records
such as collections, judgments, and bankruptcy filings will harm your
score.
If your credit score has negatively impacted your auto insurance, work on
improving these five factors. Once your credit score is above 650, you
can contact your insurance company to ask for a rate adjustment or shop
around for lower rates from a new insurer. Apply for no-obligation quotes
from competing insurance companies online today.
KNOWLEDGEFINANCIAL.COM
How good your credit report is. Insurers have found a
correlation between credit problems and claims
experience. If your credit is less than stellar, you may be
turned down or charged more.
How many other drivers are in your family. While a larger
family means more IRS deductions, the more drivers you
have, the more you'll pay for car insurance.
Whether you smoke or not. Since nonsmokers get into
fewer accidents, they pay less.
Better Safe than Sorry
Before you pick an insurance company, check its safety rating. Several
companies give insurance companies grades for overall financial
strength, for example, A.M. Best and Standard & Poor’s
Tell the Truth!
Insurers will pull your driving record and your claims history. If you lie,
you could be turned down for coverage. And if you're misleading
about how your car is used, who drives it, and where it’s garaged, and
the company finds out, it could reject your claim and/or refuse to
renew your policy.
Important: Since even garden variety clerical errors could cause you
to over-pay or to not have the coverage you wanted, look over quotes
(which should be made in writing) and your policy carefully.
Go for the Highest Deductible You Can
Afford -------KNOWLEDGEFINANCIAL.COM
The deductible is the amount of any loss that you're responsible for,
before the insurance kicks in. Most experts agree that it's wise to go for
the highest deductible you can manage. Over the years, your savings
on premiums will probably more than cover the deductible, if you ever
make a claim.
The Insurance Information Institute reports that increasing your
deductible from $200 to $500 could reduce your collision and
comprehensive coverage cost by 15-30%. Going to a $1,000
deductible can save you 40% or more. (Collision covers the repair or
replacement of your car, no matter who caused the damage.
Comprehensive covers the repair or replacement if your car is stolen or
damaged by fire, flood, or wind.)
Important: While raising the deductible can be a big money saver, be
sure not to raise it beyond what you could comfortably come up with,
should you be in an accident.
Drop Coverage You Don’t Need
When your car is well past its prime, you might want to save some
money by dropping the collision and comprehensive portion of your
policy. Some experts say to drop it when a car is 5-7 years old, or if the
premium represents more than 10% of the value of the car.
Important: It's the Kelley's Blue Book Value that the insurer will pay,
which may be much less than what you think you car is worth. Your
bank's loan department or your insurance broker can help you come
up with an accurate quote for the current value of your car.
For example, let's assume that Kelley's Blue Book lists the value of my
old clunker at $3,500, and I’m currently paying $300 a year for
collision/comprehensive, with a deductible of $500. Every year that I
don't total the car, I’m saving $800. I dropped the expensive coverage
a few years back, and continue to drive as safely as I can.
Keep in mind that insurance is designed to protect us from
unaffordable losses - not all losses. And while I’m taking a small risk, it’s
not a bank-breaking one, especially since the car's value will continue
to drop every year. (I do plan to get a car from this century in the not
too distant future.)
If you have roadside assistance through an auto club or a warranty,
you might want to drop coverage for towing. Similarly, if you have
alternatives, it may not pay to have coverage for a rental car if yours
ends up needing repairs.
In the Market for a New Car?
Buying the safest car you can afford is one of the best investments you
can make in your family’s future. Not only may your choice save your
life or the life of a loved one, but you may also get better insurance
rates.
Read Shopping for a Safer Car from the Insurance Institute for
Highway Safety (IIHA), which can also tell you how the new cars rate –
as well as how 371 older model cars –fare, in terms of injury, collision,
and theft losses.
KNOWLEDGEFINANCIAL.COM
correlation between credit problems and claims
experience. If your credit is less than stellar, you may be
turned down or charged more.
How many other drivers are in your family. While a larger
family means more IRS deductions, the more drivers you
have, the more you'll pay for car insurance.
Whether you smoke or not. Since nonsmokers get into
fewer accidents, they pay less.
Better Safe than Sorry
Before you pick an insurance company, check its safety rating. Several
companies give insurance companies grades for overall financial
strength, for example, A.M. Best and Standard & Poor’s
Tell the Truth!
Insurers will pull your driving record and your claims history. If you lie,
you could be turned down for coverage. And if you're misleading
about how your car is used, who drives it, and where it’s garaged, and
the company finds out, it could reject your claim and/or refuse to
renew your policy.
Important: Since even garden variety clerical errors could cause you
to over-pay or to not have the coverage you wanted, look over quotes
(which should be made in writing) and your policy carefully.
Go for the Highest Deductible You Can
Afford -------KNOWLEDGEFINANCIAL.COM
The deductible is the amount of any loss that you're responsible for,
before the insurance kicks in. Most experts agree that it's wise to go for
the highest deductible you can manage. Over the years, your savings
on premiums will probably more than cover the deductible, if you ever
make a claim.
The Insurance Information Institute reports that increasing your
deductible from $200 to $500 could reduce your collision and
comprehensive coverage cost by 15-30%. Going to a $1,000
deductible can save you 40% or more. (Collision covers the repair or
replacement of your car, no matter who caused the damage.
Comprehensive covers the repair or replacement if your car is stolen or
damaged by fire, flood, or wind.)
Important: While raising the deductible can be a big money saver, be
sure not to raise it beyond what you could comfortably come up with,
should you be in an accident.
Drop Coverage You Don’t Need
When your car is well past its prime, you might want to save some
money by dropping the collision and comprehensive portion of your
policy. Some experts say to drop it when a car is 5-7 years old, or if the
premium represents more than 10% of the value of the car.
Important: It's the Kelley's Blue Book Value that the insurer will pay,
which may be much less than what you think you car is worth. Your
bank's loan department or your insurance broker can help you come
up with an accurate quote for the current value of your car.
For example, let's assume that Kelley's Blue Book lists the value of my
old clunker at $3,500, and I’m currently paying $300 a year for
collision/comprehensive, with a deductible of $500. Every year that I
don't total the car, I’m saving $800. I dropped the expensive coverage
a few years back, and continue to drive as safely as I can.
Keep in mind that insurance is designed to protect us from
unaffordable losses - not all losses. And while I’m taking a small risk, it’s
not a bank-breaking one, especially since the car's value will continue
to drop every year. (I do plan to get a car from this century in the not
too distant future.)
If you have roadside assistance through an auto club or a warranty,
you might want to drop coverage for towing. Similarly, if you have
alternatives, it may not pay to have coverage for a rental car if yours
ends up needing repairs.
In the Market for a New Car?
Buying the safest car you can afford is one of the best investments you
can make in your family’s future. Not only may your choice save your
life or the life of a loved one, but you may also get better insurance
rates.
Read Shopping for a Safer Car from the Insurance Institute for
Highway Safety (IIHA), which can also tell you how the new cars rate –
as well as how 371 older model cars –fare, in terms of injury, collision,
and theft losses.
KNOWLEDGEFINANCIAL.COM
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Great Car, Great Price…. but what about the Financing? Explore your financing options!-----
THINGS EVERYBODY SHOULD KNOW ABOUT. SEE BELOW...
THINGS EVERYBODY SHOULD KNOW ABOUT. SEE BELOW...
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TAXES --- 2009-2010 TAX
INFORMATION CENTER. The More
You Know About Taxes; The Less
tax You Pay, and More Money You
Will Receive From IRS. TAX
ADVANCE CENTER --- FREE SERVICE...
INFORMATION CENTER. The More
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tax You Pay, and More Money You
Will Receive From IRS. TAX
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Discounts Great Car Discount You Can Ask For!
Don't wait for your agent or insurer to tell you about them. Many don't. Yet you
may be eligible for:
Car model discounts (and surcharges). Insurance companies rate cars based upon
their safety, repairability, and claims history for theft, fire, and vandalism.
Safe driver discounts can cut your premium by as much as 15%.
Multi-policy discounts (when your cars and home are insured by the same carrier).
Ask your current insurer, and ask others what their multi-deal would be.
Automatic seat belt and airbag discounts.
Anti-lock brakes discounts.
Theft control device discounts.
Carpooling discounts.
Low mileage discounts.
Nonsmoker discounts.
Group discounts (e.g. AAA)
Mature driver (from 50 to 65) discounts.
Defensive driving course discounts, which are often offered through local adult
education programs, can be life as well as money savers.
And last but not least, young driver discounts. Yes, there are actually ways to get
discounts on those expensive-to-insure teens!
Five Ways to Save on Car Insurance for Young
Drivers
Have them drive your car as an "occasional" driver.
Keep them on your policy, even after they have their own wheels.
Get a "good student" discount, if your child's grade average is B or better.
Ask for a discount if your child goes away to school (more than 100 miles away)
and doesn't have a car.
Make sure your teens take Driver's Ed.
KNOWLEDGEFINANCIAL.COM
Don't wait for your agent or insurer to tell you about them. Many don't. Yet you
may be eligible for:
Car model discounts (and surcharges). Insurance companies rate cars based upon
their safety, repairability, and claims history for theft, fire, and vandalism.
Safe driver discounts can cut your premium by as much as 15%.
Multi-policy discounts (when your cars and home are insured by the same carrier).
Ask your current insurer, and ask others what their multi-deal would be.
Automatic seat belt and airbag discounts.
Anti-lock brakes discounts.
Theft control device discounts.
Carpooling discounts.
Low mileage discounts.
Nonsmoker discounts.
Group discounts (e.g. AAA)
Mature driver (from 50 to 65) discounts.
Defensive driving course discounts, which are often offered through local adult
education programs, can be life as well as money savers.
And last but not least, young driver discounts. Yes, there are actually ways to get
discounts on those expensive-to-insure teens!
Five Ways to Save on Car Insurance for Young
Drivers
Have them drive your car as an "occasional" driver.
Keep them on your policy, even after they have their own wheels.
Get a "good student" discount, if your child's grade average is B or better.
Ask for a discount if your child goes away to school (more than 100 miles away)
and doesn't have a car.
Make sure your teens take Driver's Ed.
KNOWLEDGEFINANCIAL.COM
Four Keys to Driving the Best Bargain on Car
Insurance
The average U.S. car insurance premium was $2,259 last year. Depending upon
the state, the average could have be anywhere from a low of $1,587 in Maine to a
high of $3,165 in New York.
Regardless of where you live, chances are very good that you could pay less for
identical coverage … a lot less. According to various insurance sites, you can save
up to 50% on your car insurance – and they’re right! Here are the keys to saving a
bundle on car insurance:
1. Get competitive quotes.
2. Go for the highest deductible you can afford.
3. Drop coverage you don't need.
4. Ask for all possible discounts.
If you invest a bit of time and effort, it’s very likely that you can save hundreds of
dollars per year on car insurance. It’s really worth it to comparison shop, because
over time, those savings really mount up – to much more than you probably
realize. Not convinced?
KNOWLEDGEFINANCIAL.COM
Insurance
The average U.S. car insurance premium was $2,259 last year. Depending upon
the state, the average could have be anywhere from a low of $1,587 in Maine to a
high of $3,165 in New York.
Regardless of where you live, chances are very good that you could pay less for
identical coverage … a lot less. According to various insurance sites, you can save
up to 50% on your car insurance – and they’re right! Here are the keys to saving a
bundle on car insurance:
1. Get competitive quotes.
2. Go for the highest deductible you can afford.
3. Drop coverage you don't need.
4. Ask for all possible discounts.
If you invest a bit of time and effort, it’s very likely that you can save hundreds of
dollars per year on car insurance. It’s really worth it to comparison shop, because
over time, those savings really mount up – to much more than you probably
realize. Not convinced?
KNOWLEDGEFINANCIAL.COM
Open-end lease:
A type of vehicle lease program where the borrower must pay the
difference between the residual value and the market value of the
car at the end of the lease term. This type of lease is less
expensive than an open-end lease because the borrower
assumes more risk.
Rebate: A reduction in the price of a car set by the manufacturer in
order to boost sales. Rebates are commonly used as a down
payment when financing the vehicle.
Repossession: When a loan is significantly overdue, a lender can
claim ownership of the financed vehicle.
Residual value: The estimated value of a car when it is returned
from a lease. The actual market value is subtracted from this
amount to calculate fees at the end of a lease term.
Rule of 78’s: An obscure and outdated formula that is still
sometimes used by dealers to calculate a refund of finance
charges when a borrower pays back his or her loan early.
Title: Legal ownership of a specific car or property. Titles are
documented with “deeds” stored in record offices.
Trade in value: The amount a dealer will pay you for an old car
when you purchase a newer vehicle through its dealership. This
amount is usually lower than the wholesale value of the car.
Upside down: When the balance of a borrower´s loan exceeds the
value of the car. This is common during the first year of an auto
loan/lease because the car depreciates rapidly. A borower can
also be “upside down” in situations where a financed car has
been damaged.
Vehicle identification number: Also known as the
“VIN number.” This is the unique identification number of a vehicle
that appears on the registration, title, and VIN plate on the car’s
dashboard. You can use this number to look up a used car’s
records.
Warranty: A dealer or manufacturer’s guarantee about a car’s
performance. A warranty usually covers services and repairs for
a certain amount of time or mileage.
A type of vehicle lease program where the borrower must pay the
difference between the residual value and the market value of the
car at the end of the lease term. This type of lease is less
expensive than an open-end lease because the borrower
assumes more risk.
Rebate: A reduction in the price of a car set by the manufacturer in
order to boost sales. Rebates are commonly used as a down
payment when financing the vehicle.
Repossession: When a loan is significantly overdue, a lender can
claim ownership of the financed vehicle.
Residual value: The estimated value of a car when it is returned
from a lease. The actual market value is subtracted from this
amount to calculate fees at the end of a lease term.
Rule of 78’s: An obscure and outdated formula that is still
sometimes used by dealers to calculate a refund of finance
charges when a borrower pays back his or her loan early.
Title: Legal ownership of a specific car or property. Titles are
documented with “deeds” stored in record offices.
Trade in value: The amount a dealer will pay you for an old car
when you purchase a newer vehicle through its dealership. This
amount is usually lower than the wholesale value of the car.
Upside down: When the balance of a borrower´s loan exceeds the
value of the car. This is common during the first year of an auto
loan/lease because the car depreciates rapidly. A borower can
also be “upside down” in situations where a financed car has
been damaged.
Vehicle identification number: Also known as the
“VIN number.” This is the unique identification number of a vehicle
that appears on the registration, title, and VIN plate on the car’s
dashboard. You can use this number to look up a used car’s
records.
Warranty: A dealer or manufacturer’s guarantee about a car’s
performance. A warranty usually covers services and repairs for
a certain amount of time or mileage.
Dealer incentives: --------
KNOWLEDGEFINANCIAL.COM
Special programs offered by manufacturers to help dealers sell cars
or reduce inventory. These savings are sometimes passed on to
buyers.
Dealer invoice: The amount a manufacturer charges a dealer for a
car, delivery, and add-on features. This can be the amount the
dealership pays for the vehicle, but the dealer often reduces its costs
with rebates, hold-backs, and other incentives.
Dealer prep:
Charges that a dealer tries to apply to the buyer for its efforts to
prepare the car for sale. However, manufacturers already pay dealers
for preparation costs, so these fees are unnecessary.
Dealer sticker price:
The price of a car posted on the window, as required by law. This
summary includes the base price, standard features, add-ons with
their retail prices, fuel economy, delivery charges, and the
manufacturer’s suggested retail price (MSRP).
Destination charge:
Also known as “delivery charges“ or “transportation charges. “ This
is the amount a dealer charges you for the car’s delivery from the
manufacturer.
Disposition Fee:
A fee charged by a dealer to cover the cost of returning and selling a
car after it has been returned from a lease. This fee is disclosed on
the lease agreement.
Excess wear charge:
Fees charged by a dealer when a leased car is returned in poor
condition. Damages must exceed set wear-and-tear limits.
Extended warranty:
A special warranty covering specific services and repairs beyond the
basic warranty on a vehicle. These warranties are also known as
“service contracts.”
Finance rate: The annual percentage rate (APR) charged for an auto
loan.
Lease:
An agreement where a dealer allows a consumer to use a car for a
specific period in exchange for monthly payments. The car can either
be returned or purchased at the end of the lease term.
Lease extension:
An agreement to extend the term of the initial lease with the same
monthly payments.
Lease-like loan: Usually offered by credit unions, this loan acts much
a like an auto lease. The loan has reduced monthly payments, but
does not include traditional due-on-signing lease fees. At the end of
the loan term the car must be sold, refinanced, or returned to the
lender in order to pay off the remaining loan balance.
Manufacturer:
A company that designs, produces, and markets vehicles. A
manufacturer works with dealers to offer rebates, marketing support,
incentives, and financing programs to help sell its cars.
Mileage charge:
A fee charged by a dealer if a leased car exceeds its annual mileage
limits.
Monroney sticker: Named after the Oklahoma senator who wrote the
Automobile Information Disclosure Act, this is the official name for the
sticker required to be placed on a car’s window when it is being sold
by a dealer. The sticker shows the base price, standard features, add-
ons with their retail prices, fuel economy, delivery charges, and the
manufacturer’s suggested retail price (MSRP).
Mop and Glow:
A dealer term for add-ons such as paint sealant that add to the price
(and not really to the value) of a car posted for sale.
MSRP: Acronym for Manufacturers
Suggested Retail Price.
This amount includes the price of the vehicle and add-ons.
KNOWLEDGEFINANCIAL.COM
Special programs offered by manufacturers to help dealers sell cars
or reduce inventory. These savings are sometimes passed on to
buyers.
Dealer invoice: The amount a manufacturer charges a dealer for a
car, delivery, and add-on features. This can be the amount the
dealership pays for the vehicle, but the dealer often reduces its costs
with rebates, hold-backs, and other incentives.
Dealer prep:
Charges that a dealer tries to apply to the buyer for its efforts to
prepare the car for sale. However, manufacturers already pay dealers
for preparation costs, so these fees are unnecessary.
Dealer sticker price:
The price of a car posted on the window, as required by law. This
summary includes the base price, standard features, add-ons with
their retail prices, fuel economy, delivery charges, and the
manufacturer’s suggested retail price (MSRP).
Destination charge:
Also known as “delivery charges“ or “transportation charges. “ This
is the amount a dealer charges you for the car’s delivery from the
manufacturer.
Disposition Fee:
A fee charged by a dealer to cover the cost of returning and selling a
car after it has been returned from a lease. This fee is disclosed on
the lease agreement.
Excess wear charge:
Fees charged by a dealer when a leased car is returned in poor
condition. Damages must exceed set wear-and-tear limits.
Extended warranty:
A special warranty covering specific services and repairs beyond the
basic warranty on a vehicle. These warranties are also known as
“service contracts.”
Finance rate: The annual percentage rate (APR) charged for an auto
loan.
Lease:
An agreement where a dealer allows a consumer to use a car for a
specific period in exchange for monthly payments. The car can either
be returned or purchased at the end of the lease term.
Lease extension:
An agreement to extend the term of the initial lease with the same
monthly payments.
Lease-like loan: Usually offered by credit unions, this loan acts much
a like an auto lease. The loan has reduced monthly payments, but
does not include traditional due-on-signing lease fees. At the end of
the loan term the car must be sold, refinanced, or returned to the
lender in order to pay off the remaining loan balance.
Manufacturer:
A company that designs, produces, and markets vehicles. A
manufacturer works with dealers to offer rebates, marketing support,
incentives, and financing programs to help sell its cars.
Mileage charge:
A fee charged by a dealer if a leased car exceeds its annual mileage
limits.
Monroney sticker: Named after the Oklahoma senator who wrote the
Automobile Information Disclosure Act, this is the official name for the
sticker required to be placed on a car’s window when it is being sold
by a dealer. The sticker shows the base price, standard features, add-
ons with their retail prices, fuel economy, delivery charges, and the
manufacturer’s suggested retail price (MSRP).
Mop and Glow:
A dealer term for add-ons such as paint sealant that add to the price
(and not really to the value) of a car posted for sale.
MSRP: Acronym for Manufacturers
Suggested Retail Price.
This amount includes the price of the vehicle and add-ons.
Auto Loan Lingo
MSRP? Dealer invoice?
Monroney sticker? Car dealers often use complicated jargon while
selling you a car. Take control of the auto buying process by
reviewing these common terms and their definitions before you
visit the dealership.
Add-ons:
Optional features added on to a car, usually by the dealer.
Common add-ons include undercoating, CD Stereo, alarm system,
window tinting, chrome wheels, pin-striping, and leather seats.
These features are often overpriced and are used as a way to
increase the sale price of the car. Also know as “dealer charges”
and “options.”
Amount due at lease signing: The total sum of security deposits,
fees, and other costs that are due when a consumer leases a car.
Also known as “up-front costs.”
Annual percentage rate (APR): The interest rate charged on a loan,
expressed as a yearly rate.
Acquisition fee:
A fee charged by a dealer to a consumer leasing a car for the
costs of a lease application. This includes the costs of credit
reports, insurance verification, and document processing.
Asking price:
The amount a dealer or seller has posted as the price of the
vehicle.
Base price:
The cost of a vehicle before a dealer adds on options. This price
includes the standard equipment and the manufacturer's warranty.
Blue book:
A pricing guide used to research the fair value of a vehicle. Short
for “Kelly Blue Book“ and also used to refer to similar guides.
CARFAX report:
A detailed report of a car’s history based upon the VIN number.
This report includes information about the car’s ownership,
accident history, repairs, and mileage.
Certificate of title:
A statement provided by a title company or law office that
indicates legal ownership of a vehicle.
Closed-end lease:
A common type of vehicle lease program where the borrower can
return the car and pay certain fees at the end of the lease term.
This type of lease is more expensive than an open-end lease
because the lender assumes more risk. Also known as a “walk-
away” lease.
Dealer:
A business that buys and sells vehicles to the public. Dealers can
be franchised with a specific manufacturer or they can sell a
variety of vehicle brands.
Dealer hold-back:
An allowance given to a dealer by the manufacturer of the car.
This amount usually equals 2-3% of the car’s MSRP and is used so
that a dealer can make a profit, even if the car is sold below the
invoice price.
MSRP? Dealer invoice?
Monroney sticker? Car dealers often use complicated jargon while
selling you a car. Take control of the auto buying process by
reviewing these common terms and their definitions before you
visit the dealership.
Add-ons:
Optional features added on to a car, usually by the dealer.
Common add-ons include undercoating, CD Stereo, alarm system,
window tinting, chrome wheels, pin-striping, and leather seats.
These features are often overpriced and are used as a way to
increase the sale price of the car. Also know as “dealer charges”
and “options.”
Amount due at lease signing: The total sum of security deposits,
fees, and other costs that are due when a consumer leases a car.
Also known as “up-front costs.”
Annual percentage rate (APR): The interest rate charged on a loan,
expressed as a yearly rate.
Acquisition fee:
A fee charged by a dealer to a consumer leasing a car for the
costs of a lease application. This includes the costs of credit
reports, insurance verification, and document processing.
Asking price:
The amount a dealer or seller has posted as the price of the
vehicle.
Base price:
The cost of a vehicle before a dealer adds on options. This price
includes the standard equipment and the manufacturer's warranty.
Blue book:
A pricing guide used to research the fair value of a vehicle. Short
for “Kelly Blue Book“ and also used to refer to similar guides.
CARFAX report:
A detailed report of a car’s history based upon the VIN number.
This report includes information about the car’s ownership,
accident history, repairs, and mileage.
Certificate of title:
A statement provided by a title company or law office that
indicates legal ownership of a vehicle.
Closed-end lease:
A common type of vehicle lease program where the borrower can
return the car and pay certain fees at the end of the lease term.
This type of lease is more expensive than an open-end lease
because the lender assumes more risk. Also known as a “walk-
away” lease.
Dealer:
A business that buys and sells vehicles to the public. Dealers can
be franchised with a specific manufacturer or they can sell a
variety of vehicle brands.
Dealer hold-back:
An allowance given to a dealer by the manufacturer of the car.
This amount usually equals 2-3% of the car’s MSRP and is used so
that a dealer can make a profit, even if the car is sold below the
invoice price.
After selecting a car model,
call your bank or credit union for a rate quote. Then compare it to the dealer’s
quote.
If the dealer offers zero percent financing, the dealer will not give consumers a
rebate on the sale price. Ask the bank or credit union whether it makes sense
to take the rebate and finance the purchase at the regular rate. Then compare
those calculations with those of the dealer.
Don’t sign any contract with an auto dealer that
includes a binding arbitration clause.
More and more dealerships are adding binding arbitration agreements to
contracts for new and used vehicles, as well as to financing contracts. By
signing the contracts, the consumer is agreeing to binding arbitration to settle
any future dispute and also waiving the right to sue or appeal – even if the
dealership committed fraud.
By agreeing to binding arbitration, you waive your right to sue, to participate in
a class-action suit, or to appeal the arbitration decision. Dealerships use these
agreements as a way to avoid costly court judgments and often pick the
arbitration company.
A car buyer should also watch out for the shady practice of loan “packing” or
“loading”. This starts with a salesperson or manager calculating an inflated
estimate for a car loan. This creates "room" for the dealership to add in (or
"pack") the sale with other products, such as credit insurance, service
contracts, environmental protection packages, etc.
Although the manager is adding these optional services to complete the over-
calculation of the monthly estimate, he will often tell the consumer that the
services are "included" in the monthly payment. What isn’t clear is that these
are add-ons that you’re paying for.
Not only is the consumer charged for something he or she was led to believe
was free, but dealerships will often overcharge the consumer for those
optional services.
Also watch for unauthorized pulling of your credit reports. Under the Fair Credit
Reporting Act, dealerships are required by law to acquire a customer’s written
permission to obtain a credit report, unless it is clear to both the consumer and
dealer that the consumer is actually initiating the purchase or lease of a
specific vehicle and the dealer has a legitimate business need for consumer
report information.
However, whistleblower accounts reveal a widespread practice of pulling
credit reports on consumers without the consumer’s permission or knowledge
by obtaining information including name, address, phone number, date of birth,
and Social Security number through a number of devious tactics.
Dealerships pull a customer’s credit history to get as much information as
possible about the financial position of a customer in order to give the
dealership the upper-hand in purchase negotiations. Armed with a potential
buyer’s credit score, the dealer can compute the amount and a rate that banks
will most likely offer the customer. This gives them a great advantage in
negotiating payment options with the buyer.
Dealers also pull credit reports to see the consumer’s previous auto loans and
the terms of those loans. Dealers often use these numbers as a baseline on
which to add additional money and months when they begin payment
negotiations.
The balances of a customer’s credit cards are also in credit reports, and this
gives the dealership leverage in suggesting that a consumer use his or her
credit card to make a larger down payment.
Also remember that the Truth in Lending Act (TILA) applies to auto financing
and requires that the terms of the loan be clear and in a standard format. This
is intended to facilitate comparisons between the lending terms of different
financial institutions.
With regards to auto financing (or closed end loans where credit is advanced
for a specified time period), the lender must disclose:
The identity of the creditor
Amount financed
Itemization of amount financed
Annual percentage rate, including applicable variable-rate disclosures
Finance charge
Total of payments
Payment schedule
Prepayment/late payment penalties
If applicable to the transaction: (1) Total sales cost, (2) Demand feature, (3)
Security interest, (4) Insurance, (5) Required deposit, and (6) Reference to
contract
If a lender violates the Truth in Lending Act, a borrower has one year to sue
and, if successful, can recover Attorney’s fees, court costs, and double the
calculated finance charge (but not less than $100 or more than $1,000). Note
that creditors have 60 days from the time of the discovery of the error to
correct any errors made, and is not liable if the error was an honest mistake (i.
e. a bona fide error).
Protect yourself by understanding your rights before you shop for a car. If
something seems odd or suspicious, play it safe and walk away.
call your bank or credit union for a rate quote. Then compare it to the dealer’s
quote.
If the dealer offers zero percent financing, the dealer will not give consumers a
rebate on the sale price. Ask the bank or credit union whether it makes sense
to take the rebate and finance the purchase at the regular rate. Then compare
those calculations with those of the dealer.
Don’t sign any contract with an auto dealer that
includes a binding arbitration clause.
More and more dealerships are adding binding arbitration agreements to
contracts for new and used vehicles, as well as to financing contracts. By
signing the contracts, the consumer is agreeing to binding arbitration to settle
any future dispute and also waiving the right to sue or appeal – even if the
dealership committed fraud.
By agreeing to binding arbitration, you waive your right to sue, to participate in
a class-action suit, or to appeal the arbitration decision. Dealerships use these
agreements as a way to avoid costly court judgments and often pick the
arbitration company.
A car buyer should also watch out for the shady practice of loan “packing” or
“loading”. This starts with a salesperson or manager calculating an inflated
estimate for a car loan. This creates "room" for the dealership to add in (or
"pack") the sale with other products, such as credit insurance, service
contracts, environmental protection packages, etc.
Although the manager is adding these optional services to complete the over-
calculation of the monthly estimate, he will often tell the consumer that the
services are "included" in the monthly payment. What isn’t clear is that these
are add-ons that you’re paying for.
Not only is the consumer charged for something he or she was led to believe
was free, but dealerships will often overcharge the consumer for those
optional services.
Also watch for unauthorized pulling of your credit reports. Under the Fair Credit
Reporting Act, dealerships are required by law to acquire a customer’s written
permission to obtain a credit report, unless it is clear to both the consumer and
dealer that the consumer is actually initiating the purchase or lease of a
specific vehicle and the dealer has a legitimate business need for consumer
report information.
However, whistleblower accounts reveal a widespread practice of pulling
credit reports on consumers without the consumer’s permission or knowledge
by obtaining information including name, address, phone number, date of birth,
and Social Security number through a number of devious tactics.
Dealerships pull a customer’s credit history to get as much information as
possible about the financial position of a customer in order to give the
dealership the upper-hand in purchase negotiations. Armed with a potential
buyer’s credit score, the dealer can compute the amount and a rate that banks
will most likely offer the customer. This gives them a great advantage in
negotiating payment options with the buyer.
Dealers also pull credit reports to see the consumer’s previous auto loans and
the terms of those loans. Dealers often use these numbers as a baseline on
which to add additional money and months when they begin payment
negotiations.
The balances of a customer’s credit cards are also in credit reports, and this
gives the dealership leverage in suggesting that a consumer use his or her
credit card to make a larger down payment.
Also remember that the Truth in Lending Act (TILA) applies to auto financing
and requires that the terms of the loan be clear and in a standard format. This
is intended to facilitate comparisons between the lending terms of different
financial institutions.
With regards to auto financing (or closed end loans where credit is advanced
for a specified time period), the lender must disclose:
The identity of the creditor
Amount financed
Itemization of amount financed
Annual percentage rate, including applicable variable-rate disclosures
Finance charge
Total of payments
Payment schedule
Prepayment/late payment penalties
If applicable to the transaction: (1) Total sales cost, (2) Demand feature, (3)
Security interest, (4) Insurance, (5) Required deposit, and (6) Reference to
contract
If a lender violates the Truth in Lending Act, a borrower has one year to sue
and, if successful, can recover Attorney’s fees, court costs, and double the
calculated finance charge (but not less than $100 or more than $1,000). Note
that creditors have 60 days from the time of the discovery of the error to
correct any errors made, and is not liable if the error was an honest mistake (i.
e. a bona fide error).
Protect yourself by understanding your rights before you shop for a car. If
something seems odd or suspicious, play it safe and walk away.
...REAL ESTATE MARKET: TODAY'S
GREAT DEALS FOR FIRST-TIME
HOME-BUYERS & FOR EVERYONE
AS NEVER SEEN BEFORE!
WONDERFUL OPPORTUNITY TO
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WEALTH...
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CREATE TREMENDOUS AMOUNT OF
WEALTH...
..TERM INSURANCE ADVANTAGES, TERM INSURANCE GENERAL
KNOWLEDGE. Buy the term, and invest the difference.
.. INVESTMENT PRODUCTS: Investing & Money Management
Basics. FINANCIAL SOLUTIONS, TOOLS & RESOURCES. LEARN
MORE...
INSURANCE PRODUCTS: How to make profits with the insurance
companies?
..RICH GUIDE, WHY AREN'T RICH?
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM,
BECOME A RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial success. Rule
Of 72 is the most important and simple rule of financial success.
..MILLIONAIRE: How To Make Your First $1 Million? The
Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK MARKET LEARN
THIS FIRST!...
..GOVERNMENT: Government's general information; Local, State,
and Federal.
Housing Finance Authority of Miami dade, Monroe, Broward, and
Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to Save. THE
TRIANGLE OF SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING TECHNIQUES AND STRATEGIES TO
FIND MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE DIFFERENCE
WHEN AN INVESTOR DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE
PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW,
THE LESS YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator Problems
every investors should know about...--
-- BUILDING WEALTH
RICH GUIDE: WHY AREN'T YOU RICH? BUILDING FINANCIAL
WEALTH, OBTAIN FINANCIAL FREEDOM, BECOME A RICH
PERSON; YES YOU CAN... Learn More!
Financial Education - Financial Knowledge Everything You Need
To Know About Finance.
Dubai- The World Largest, Biggest, Tallest, Greatest of Almost
Everything. Learn more about this magnificent place and as well
as other countries.
COPYRIGHT-- What is Copyright? The Basics About Copyright
Registration. The procedure for copyright registration.
Do I need copyright protection? How do I register? Learn More!
..Dealership secrets revealed. Before you buy a car; read this
first... CAR BUYER'S WINNING PLAN!
..AUTO LOANS: Read this first before taking a car loan. What to
avoid when financing a car..
KNOWLEDGE. Buy the term, and invest the difference.
.. INVESTMENT PRODUCTS: Investing & Money Management
Basics. FINANCIAL SOLUTIONS, TOOLS & RESOURCES. LEARN
MORE...
INSURANCE PRODUCTS: How to make profits with the insurance
companies?
..RICH GUIDE, WHY AREN'T RICH?
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM,
BECOME A RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial success. Rule
Of 72 is the most important and simple rule of financial success.
..MILLIONAIRE: How To Make Your First $1 Million? The
Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK MARKET LEARN
THIS FIRST!...
..GOVERNMENT: Government's general information; Local, State,
and Federal.
Housing Finance Authority of Miami dade, Monroe, Broward, and
Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to Save. THE
TRIANGLE OF SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING TECHNIQUES AND STRATEGIES TO
FIND MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE DIFFERENCE
WHEN AN INVESTOR DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE
PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW,
THE LESS YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator Problems
every investors should know about...--
-- BUILDING WEALTH
RICH GUIDE: WHY AREN'T YOU RICH? BUILDING FINANCIAL
WEALTH, OBTAIN FINANCIAL FREEDOM, BECOME A RICH
PERSON; YES YOU CAN... Learn More!
Financial Education - Financial Knowledge Everything You Need
To Know About Finance.
Dubai- The World Largest, Biggest, Tallest, Greatest of Almost
Everything. Learn more about this magnificent place and as well
as other countries.
COPYRIGHT-- What is Copyright? The Basics About Copyright
Registration. The procedure for copyright registration.
Do I need copyright protection? How do I register? Learn More!
..Dealership secrets revealed. Before you buy a car; read this
first... CAR BUYER'S WINNING PLAN!
..AUTO LOANS: Read this first before taking a car loan. What to
avoid when financing a car..
.. AUTOMOBILE HISTORY--
The history of the automobile begins as early as 1769, with
the creation of steam-powered automobiles capable of
human transport. In 1806, the first cars powered by internal
combustion..
. LEARN MORE...
''THE WORLD AUTO-INDUSTRY''
The automotive industry designs, develops, manufactures,
markets, and sells the world's motor vehicles
''NADA - National Automobile Dealers Association ''
National trade association for new car and truck
dealerships. Includes a dealer guide.
-- LEARN MORE...
--[The World Automobile Association--]
( The American Automobile Association]
The history of the automobile begins as early as 1769, with
the creation of steam-powered automobiles capable of
human transport. In 1806, the first cars powered by internal
combustion..
. LEARN MORE...
''THE WORLD AUTO-INDUSTRY''
The automotive industry designs, develops, manufactures,
markets, and sells the world's motor vehicles
''NADA - National Automobile Dealers Association ''
National trade association for new car and truck
dealerships. Includes a dealer guide.
-- LEARN MORE...
--[The World Automobile Association--]
( The American Automobile Association]
'' ..''DEALERSHIP-- 7 Car Dealer Extras
You May Not Need, Or You Don't Need At
All... Car Dealer Secrets Revealed..! --
And [ 5] Five Common Car-Buying
Mistakes To Know About...
.AUTO-LOANS -- Great Car, Great Price….
But what about the Financing? What you
must know, What you must avoid. ...
Learn More !--- FINANCIAL EDUCATION
TOOLS AND RESOURCES; WAYS TO SAVE
MONEY, TO MAKE MONEY
#1-10 PLACES NOT RECOMMENDED TO
USE DEBIT CARDS:-- Financial Freedom.--
Seven Rules of Wealth Building Keys to
Amassing Investment Capital...
,, Start your own business EASY &
SIMPLE, be your own boss, make extra
money, secure your financial future,
obtain financial freedom.
You May Not Need, Or You Don't Need At
All... Car Dealer Secrets Revealed..! --
And [ 5] Five Common Car-Buying
Mistakes To Know About...
.AUTO-LOANS -- Great Car, Great Price….
But what about the Financing? What you
must know, What you must avoid. ...
Learn More !--- FINANCIAL EDUCATION
TOOLS AND RESOURCES; WAYS TO SAVE
MONEY, TO MAKE MONEY
#1-10 PLACES NOT RECOMMENDED TO
USE DEBIT CARDS:-- Financial Freedom.--
Seven Rules of Wealth Building Keys to
Amassing Investment Capital...
,, Start your own business EASY &
SIMPLE, be your own boss, make extra
money, secure your financial future,
obtain financial freedom.
IF YOU NEED HELP TO SELL YOUR PROPERTY IN SOUTH FLORIDA; PLEASE CALL Mr. ANTONY A
PROFESSIONAL REALTOR. AT: 786----
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Fortune Int. Realty. ----REAL ESTATE SERVICES-- HOME-BUYING -- REAL ESTATE INFO.---- MORTGAGE LOANS-
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| ''- UNCLAIMED MONEY, UNCLAIMED PROPERTY, THE FORGOTTEN TREASURE SEATING IN THE HANDS OF THE STATES GOVERNMENT COULD BE YOURS OR TO SOMEONE YOU MAY KNOW! ''HOW TO CLAIM THE UNCLAIMED MONEY? '',,Grant Money, free Money From the U.S. Government. You May Qualify For Real Government Funding. Find Out What You Need to Know to APPLY... Funding Opportunities Available for All United States Citizens. APPLY KNOW! FREE SERVICE: CLERK OF THE AND COUNTY COURTS. Search for: Mortgage Foreclosure Sales, Traffic Online Service, Buy Tax Deed Sales, Public Records Search, Documents SEARCHES, Buy Tax Liens Certificates, Marriage License Application & Wedding... ETC. FREE, FREE, FREE! LEARN MORE! Make a professional license, renew a license, check on a license, register a business in the State of Florida... FREE ACCESS CLICK HERE! |
'' ..''DEALERSHIP-- 7 Car Dealer Extras You May Not Need, Or You
Don't Need At All... Car Dealer Secrets Revealed..! -- WWW.
KNOWLEDGEFINANCIAL.COM
And [ 5] Five Common Car-Buying Mistakes To Know About...
.AUTO-LOANS -- Great Car, Great Price…. But what about the
Financing? What you must know, What you must avoid. ...Learn
More !--- FINANCIAL EDUCATION TOOLS AND RESOURCES; WAYS
TO SAVE MONEY, TO MAKE MONEY --
- FINANCIAL EDUCATION TOOLS AND RESOURCES; WAYS TO
SAVE MONEY, TO MAKE MONEY.
DEALERSHIP FINANCING SECRETS REVEALED. LEARN MORE...
KNOWLEDGEFINANCIAL.COM
South Florida, HOW TO OBTAIN AN INSURANCE LICENSE, AND
GET HIRED, START WORKING IMMEDIATELY WITH ONE OF THE
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-Auto Insurance: The More You Know, The Less You pay. The 10
Best Ways to Lower Your Car Insurance Bill!
''INSURANCE-- Everything You Need to Know About Insurance;
South Florida, Call The Insurance Representative At: 786-709-
6577 -
- Get an Insurance Quote, Look How much a Policy Can Cost You,
or See If You're Paying Too Much For a Policy.-- Get a Quote!--
#1-10 PLACES NOT RECOMMENDED TO USE DEBIT CARDS:--
Financial Freedom.-- Seven Rules of Wealth Building Keys to
Amassing Investment Capital...
,, Start your own business EASY & SIMPLE, be your own boss,
make extra money, secure your financial future, obtain financial
freedom.
Don't Need At All... Car Dealer Secrets Revealed..! -- WWW.
KNOWLEDGEFINANCIAL.COM
And [ 5] Five Common Car-Buying Mistakes To Know About...
.AUTO-LOANS -- Great Car, Great Price…. But what about the
Financing? What you must know, What you must avoid. ...Learn
More !--- FINANCIAL EDUCATION TOOLS AND RESOURCES; WAYS
TO SAVE MONEY, TO MAKE MONEY --
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SAVE MONEY, TO MAKE MONEY.
DEALERSHIP FINANCING SECRETS REVEALED. LEARN MORE...
KNOWLEDGEFINANCIAL.COM
South Florida, HOW TO OBTAIN AN INSURANCE LICENSE, AND
GET HIRED, START WORKING IMMEDIATELY WITH ONE OF THE
GREATEST INSURANCE COMPANY IN THE WORLD?
-Auto Insurance: The More You Know, The Less You pay. The 10
Best Ways to Lower Your Car Insurance Bill!
''INSURANCE-- Everything You Need to Know About Insurance;
South Florida, Call The Insurance Representative At: 786-709-
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- Get an Insurance Quote, Look How much a Policy Can Cost You,
or See If You're Paying Too Much For a Policy.-- Get a Quote!--
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| ''-Life Insurance Options, Benefits, Advantages & Profits'': ''-INSURANCE INFO / As an Insurance Representative, I'm Pride Myself in Delivering Excellence Service With Maximum Satisfaction . I Work Diligently to Provide Superior Products For A Minimum Cost.- CALL ANTHONY AT: 786--''- Be Properly Protected With a Good Life Insurance Policy. Affordable Life Insurance: Best Price, Best Plan With The Best Company. South Florida, Call Anthony At: 786- ---- Family Treasure; Life Insurance Can be a Great One. |
IF YOU NEED HELP TO SELL YOUR REAL ESTATE PROPERTY IN SOUTH FLORIDA; PLEASE
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CALL ANTONY A PROFESSIONAL REALTOR. AT: 786- --- Fortune Int. Realty
| FREE INTERNET ADVERTISEMENT FOR COMMERCIAL REAL ESTATE FOR SALE FREE AD. LEARN MORE! FSBO --- FREE ONLINE SERVICE TO SELL YOUR FOR SALE BY OWNER PROPERTY. CLICK HERE Your FOR SALE Advertisement could be seen by thousands of viewers HOMEOWNERS IN FORECLOSURE: SALE YOUR FORECLOSURE PROPERTY NOW. CLICK HERE SAVE YOUR EQUITY, SAVE YOUR CREDIT RATING WE'LL EMAIL YOUR FOR SALE PROPERTY TO OVER HUNDREDS OF PROSPECTIVE BUYERS AND INVESTORS FOR FREE! '' REAL ESTATE WANTED Private Investors Want Commercial Properties. Will Look at all income producing properties. We pay cash or terms, We pay for referrals CLICK HERE TO CONTACT US... ''- SALE YOUR COMMERCIAL REAL ESTATE AND INCOME PRODUCING PROPERTIES NOW! FREE ONLINE ADVERTISEMENT, FREE EMAIL MESSAGE TO MORE THAN 250 INVESTORS AND PROSPECTIVE BUYERS, FREE PROMOTION |
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| ''Insurance: Get a Free Quote With No Obligation. Low Cost Term Life Insurance, But Very Good. By The Term, Invest The Difference. ''FREE QUOTE, FAST & EASY''''Find Out How Much You Can Save On Life Insurance- 'REQUEST A FREE QUOTE TODAY'' Find Out If You're Paying Too Much For Life Insurance. ''AFFORDABLE LIFE INSURANCE: BEST PRICES, BEST PLAN, WITH THE BEST COMPANY. SOUTH FL. CALL AT: 786--- .-New Opportunities May be Only a Phone Call Away. This Financial Services Company is in the Business of Changing Lives by Helping Families to Be Be Properly Protected, -- |
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| ''Driver License Renewal'' FLHSMV- Check validity of a License, Obtain a Duplicate. Obtain An ID CARD License and motor vehicles general information- ''Government General Information: Federal, State, And Local. ''-50 STATE DRIVER LICENSE INFORMATION''- --US DEPARTMENT OF STATE, TRAVEL Information Dealership ''-INTERNATIONAL DRIVER LICENSE INFORMATION AND HISTORY -Auto Loans- |
50 states Drivers License Bureau
Web Sites.
Prepared & Presented By Anthony
Of: www.knowledgefinancial.com
Alabama Drivers Licenses
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Wyoming Drivers License--
Web Sites.
Prepared & Presented By Anthony
Of: www.knowledgefinancial.com
Alabama Drivers Licenses
Alaska Drivers Licenses
Arizona Drivers Licenses
Arkansas Drivers Licenses
California Drivers Licenses
Colorado Drivers Licenses --
Connecticut Drivers Licenses
Delaware DMV Driver Services -
www.knowledgefinancial.com-
District Of Columbia Drivers Licenses
Florida Drivers Licenses
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WWW.KNOWLEDGEFINANCIAL.COM-
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Oklahoma Drivers Licenses--
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Pennsylvania Drivers Licenses
Rhode Island Drivers Licenses
South Carolina Drivers Licenses
South Dakota Drivers Licenses
Tennessee Drivers Licenses
Texas Drivers Licenses
Utah Drivers Licenses
Vermont Drivers Licenses--
WWW.KNOWLEDGEFINANCIAL.COM
Virginia Drivers Licenses
Washington Drivers Licenses
West Virginia Drivers Licenses--
Wisconsin Drivers Licenses
Wyoming Drivers License--
| ''JOBS CAREER AND BUSINESS OPPORTUNITY: A Financial Services Company is Opening New Offices in Miami Dade, Broward County areas. Looking For New Agents. Call Anthony At : 786- - I Will Introduce You toThe Recruiter. Benefits, Compensation, Rewards Are great. Opportunity to Make Money is Real. |
| ''25 Questions That Every Woman Should Ask A Man: Essential Dating Advice For Women- '' Learn About The 10 Industries in Which the U.S. Is No Longer No.1 ? |
| ''Driver License Renewal'' Info- Check validity of a License, Obtain a Duplicate. Obtain An ID cARD License and motor vehicles general information- ''Government General Information: Federal, State, And Local. ''-50 STATE DRIVER LICENSE INFORMATION''- --US DEPARTMENT OF STATE, TRAVEL Information .- ''-INTERNATIONAL DRIVER LICENSE INFORMATION AND HISTORY -- ' FLHSMV-Florida Highway Safety and Motor Vehicles. - Florida License and general informatio--. Florida validity Driver License Check''. |
''50 States Insurance General Insurance,
Ways to Reduce Your Insurance Premium.-
''State Business Entity Registration.. State
Licenses and Permits . Steps to Registering a
Business.
Ways to Reduce Your Insurance Premium.-
''State Business Entity Registration.. State
Licenses and Permits . Steps to Registering a
Business.
| ''Investment Strategies Methods and Techniques; where, when, how to invest for success. ''What You Need To Know About Index Funds | Index Mutual Funds | Investing in Index Funds ''Immigration Information Center For United States And Canada. - Greencard, Citizenship, Visas, TPS, Workpermit etc.'' ''Wonders of the world - The Most Wonderful wonders Internationally Recognise You Must Know About. 'Investment: Make Yourself Richer By Investing The Right Way In The Right Products. 'Financial Solution: How to start your own business Easy & Simple, be your own boss, make extra money- . ''Governments general information: Federal, States and Local. |
''Investigating the Dreaded 'Check Engine' Alert-- "check engine," "service engine
soon" or "check powertrain."
How to turn off your check engine light
What to do if the "check engine" light goes on
These tips can help you determine whether your vehicle has a loose gas cap,a bad
sensor, or a serious engine problems
--KNOWLEDGEFINANCIAL.COM
Few automobile problems are more vexing than the "check engine" light. When the light comes on, it may
mean you simply minor or perhaps major problems -- tighten your gas cap -- or a bad sensor -- it could mean
there's trouble brewing in your catalytic converter etc.
Here's the list: ---KNOWLEDGEFINANCIAL.COM
1. Replace the oxygen sensor. The sensor is a device that measures oxygen in the car's exhaust and helps
regulate how much fuel the engine needs to operate. If it's faulty, it will make the car use more fuel than
needed - and end up raising your fuel costs as much as 40 percent, "The vehicle will run fine, but it will inject
more fuel and you'll buy it more often," he says. Replacing the sensor could be a good idea..
2. Inspect for a loose or cracked gas cap. If you don't tighten the gas cap enough, or if it's broken, gas can
evaporate into the air, wasting fuel.
3. Replace the catalytic converter. The catalytic converter reduces toxic emissions and can be expensive for
some vehicles. Typically, this part won't fail unless you repeatedly ignore problems with faulty oxygen sensors
or spark plugs. So its ranking suggests a lot of routine repairs aren't getting done.
4. Replace the mass air flow sensor. This device measures air coming into the engine. Problems here can be
prevented by changing the air filter when you have your oil changed - . If you don't, and dust builds up on the
sensor, you could end up spendind more for repair.
5. Replace the spark plugs. Changing spark plugs typically costs a few dollars a plug if you do it yourself. Again,
if not replaced, damaged spark plugs can cause the engine to misfire and lead to expensive catalytic converter
problems.
soon" or "check powertrain."
How to turn off your check engine light
What to do if the "check engine" light goes on
These tips can help you determine whether your vehicle has a loose gas cap,a bad
sensor, or a serious engine problems
--KNOWLEDGEFINANCIAL.COM
Few automobile problems are more vexing than the "check engine" light. When the light comes on, it may
mean you simply minor or perhaps major problems -- tighten your gas cap -- or a bad sensor -- it could mean
there's trouble brewing in your catalytic converter etc.
Here's the list: ---KNOWLEDGEFINANCIAL.COM
1. Replace the oxygen sensor. The sensor is a device that measures oxygen in the car's exhaust and helps
regulate how much fuel the engine needs to operate. If it's faulty, it will make the car use more fuel than
needed - and end up raising your fuel costs as much as 40 percent, "The vehicle will run fine, but it will inject
more fuel and you'll buy it more often," he says. Replacing the sensor could be a good idea..
2. Inspect for a loose or cracked gas cap. If you don't tighten the gas cap enough, or if it's broken, gas can
evaporate into the air, wasting fuel.
3. Replace the catalytic converter. The catalytic converter reduces toxic emissions and can be expensive for
some vehicles. Typically, this part won't fail unless you repeatedly ignore problems with faulty oxygen sensors
or spark plugs. So its ranking suggests a lot of routine repairs aren't getting done.
4. Replace the mass air flow sensor. This device measures air coming into the engine. Problems here can be
prevented by changing the air filter when you have your oil changed - . If you don't, and dust builds up on the
sensor, you could end up spendind more for repair.
5. Replace the spark plugs. Changing spark plugs typically costs a few dollars a plug if you do it yourself. Again,
if not replaced, damaged spark plugs can cause the engine to misfire and lead to expensive catalytic converter
problems.
| '''Investigating the Dreaded 'Check Engine' Alert-- "check engine," "service engine soon" or "check powertrain." How to turn off your check engine light What to do if the "check engine" light goes on These tips can help you determine whether your vehicle has a loose gas cap,a bad sensor, or a serious engine problems--- You're driving along in your car or truck and suddenly a yellow light illuminates on your dash telling you to check or service your engine. If you're like most car owners, you have little idea about what that light is trying to tell you or exactly how you should react. By ignore the warning, and you could end up damaging expensive components. It also can be a sign that your car is getting poor fuel economy and emitting higher levels of pollutants. What the Light Means ----KNOWLEDGEFINANCIAL.COM The "check engine" light is part of your car's so-called onboard diagnostics (OBD) system. Since the 1980s, computers increasingly have controlled and monitored vehicle performance, regulating such variables as engine speed (RPM), fuel mixture, and ignition timing. In some cars, the computer also tells the automatic transmission when to shift. When it finds a problem in the electronic-control system that it can't correct, the computer turns on a yellow warning indicator that's labeled "check engine," "service engine soon" or "check powertrain." Or the light may be nothing more than a picture of an engine, known as the International Check Engine Symbol, perhaps with the word "Check." In addition to turning on the light, the computer stores a "trouble code" in its memory that identifies the source of the problem, such as a malfunctioning sensor or a misfiring engine. The code can be read with an electronic scan tool or a diagnostic computer, standard equipment in auto repair shops. There are also a number of relatively inexpensive code readers that are designed for do-it-yourselfers. Exactly what the OBD system looks for depends on the make, model and year. The original systems varied widely in their capabilities. Some did little more than check whether the various electronic sensors and actuators were hooked up and working. That changed by 1996, when, under OBD II regulations, carmakers were required to install a much more sophisticated system that essentially acts like a built-in state emissions testing station. The computer monitors and adjusts dozens of components and processes. What to do ---KNOWLEDGEFINANCIAL.COM "check engine" light, your dashboard has other lights and gauges to warn you about those problems and probably a lot sooner. The best advice is to read your owner's manual beforehand and learn the purpose of the "check engine" light and every other gauge and warning indicator on your dashboard. Periodically, you also should test the "check engine" light and other dashboard warning lights. Usually, you can do this by turning the key to the key-on/engine-off position. Consult the owner's manual for more information. Replace any bulbs that aren't working. If the "check engine" light illuminates, it will either blink or remain constant, depending on the problem. Either way, you should have the vehicle checked by a mechanic, although a blinking light or, on some cars, a red light instead of a yellow/orange light indicates a problem that needs immediate attention. In late-model cars, a blinking light usually indicates an engine misfire so severe that unburned fuel is being dumped into the exhaust system, where it can quickly damage the catalytic converter, requiring an expensive repair. If that happens, you should reduce power and have the car or truck looked at as soon as possible. If the light is steady, the problem is not an emergency, but you should schedule an appointment as soon as possible. KNOWLEDGEFINANCIAL.COM Today's automotive computers often try to compensate when there's a problem; so you may not notice deterioration in performance, even though your fuel mileage is suffering and your vehicle is emitting unacceptable levels of hydrocarbons and other pollutants. "The customer is really, in the long run, potentially hurting their pocket book by leaving that light on and ignoring it," says Jim Collins, a national training team leader for Ford Motor Company. In some extreme cases, the car's computer may reduce power for you, as it tries to limit the risk of damage. If the check-engine light comes on, here are some tips on what you should do: ; Look for a serious problem that requires immediate attention. Check your dashboard gauges and lights for indications of low oil pressure or overheating. These conditions mean you should pull over and shut off the engine as soon as you can find a safe place to do so. On some cars, a yellow "check engine" means investigate the problem, while a red "check engine" means stop right now. --KNOWLEDGEFINANCIAL.COM ' Try tightening your gas cap. This often solves the problem. Keep in mind that it may take several trips before the light resets. Some vehicles have a separate indicator that warns of a loose gas cap before the condition sets off the "check engine" light. ; Reduce speed and load. If the "check engine" light is blinking or you notice any serious performance problems, such as a loss of power, reduce your speed and try to reduce the load on the engine. For example, it would be a good idea to stop towing a trailer. Have the car checked as soon as possible to prevent expensive damage. ' Have the code read and the problem fixed. If you want to diagnose the malfunction yourself, you can buy a scan tool at most auto parts stores. The tools come with instructions on how to hook them up and decipher the codes. But unless you have a good knowledge of automotive diagnostics, you're probably better off taking the vehicle to a professional. Some automotive parts stores will read and interpret the code for you without charge. Unless there is an easy fix, they may simply refer you to a mechanic. |
| ''Investment Strategies Methods and Techniques; where, when, how to invest for success. ''What You Need To Know About Index Funds | Index Mutual Funds | Investing in Index Funds ''Immigration Information Center For United States And Canada. - Greencard, Citizenship, Visas, TPS, Workpermit etc.'' ''Wonders of the world - The Most Wonderful wonders Internationally Recognise You Must Know About. 'Investment: Make Yourself Richer By Investing The Right Way In The Right Products. 'Financial Solution: How to start your own business Easy & Simple, be your own boss, make extra money- . ''Governments general information: Federal, States and Local. |
''What to do if "Your car
check engine" light goes on-
How to turn off your check engine light?
"check engine," "service engine soon"
or "check powertrain."
''Auto Insurance: The More You Know,
The Less You pay. The 10 Best Ways to
Lower Your Car Insurance Bill. Learn
More..
''.AUTO LOANS -- Great Car, Great
Price…. But what about the Financing?
What you must know, What you must
avoid. ...Learn More -
''..''DEALERSHIP-- 7 Car Dealer Extras
You May Not
Need, Or You Don't Need At All... Car
Dealer Secrets Revealed..! -- Learn
How to Negotiate on New & Used Cars..
check engine" light goes on-
How to turn off your check engine light?
"check engine," "service engine soon"
or "check powertrain."
''Auto Insurance: The More You Know,
The Less You pay. The 10 Best Ways to
Lower Your Car Insurance Bill. Learn
More..
''.AUTO LOANS -- Great Car, Great
Price…. But what about the Financing?
What you must know, What you must
avoid. ...Learn More -
''..''DEALERSHIP-- 7 Car Dealer Extras
You May Not
Need, Or You Don't Need At All... Car
Dealer Secrets Revealed..! -- Learn
How to Negotiate on New & Used Cars..
//-Auto Insurance: The More You Know, The Less You pay.
The 10 Best Ways to Lower Your Car Insurance Bill!
// '' ..''DEALERSHIP-- 7 Car Dealer Extras You May Not
Need, Or You Don't Need At All... Car Dealer Secrets
Revealed..! -- And [ 5] Five Common Car-Buying Mistakes
To Know About...
// 10 Steps to Buying Auto Insurance // The following
simple steps will help you determine how much car
insurance you need to carry. And it will also help you get
the best coverage at the lowest price.-
// .AUTO-LOANS -- Great Car, Great Price…. But what
about the Financing? What you must know, What you
must avoid. ...Learn More !--- FINANCIAL EDUCATION
TOOLS AND RESOURCES; WAYS TO SAVE MONEY, TO
MAKE MONEY --
// Important Car Insurance Issues to know about -
Understanding these lesser-known topics can help you
save big on your next policy, and Policy Cancellation also
Gap Insurance.-
// // Auto Insurance Checklist; 14 ways to save money on
auto insurance premium...
Basics Information about: policies, coverages, and how
to save. -
// Policy Cancellation, Standard practice for most
insurance companies.
What are the best ways to cancel a policy? Switching
Auto Insurance Companies Relatively Painlessly.-
// // Carfax Free Record Check and Car History Reports -
Don't buy a Used Car without a Carfax History Report
How to Get Free Carfax Information?-
// Outrageous New-Car Scams To Avoid..-Unbilievable
Information that every car buyer should know about... //
The 10 Best Ways to Lower Your Car Insurance Bill!
// '' ..''DEALERSHIP-- 7 Car Dealer Extras You May Not
Need, Or You Don't Need At All... Car Dealer Secrets
Revealed..! -- And [ 5] Five Common Car-Buying Mistakes
To Know About...
// 10 Steps to Buying Auto Insurance // The following
simple steps will help you determine how much car
insurance you need to carry. And it will also help you get
the best coverage at the lowest price.-
// .AUTO-LOANS -- Great Car, Great Price…. But what
about the Financing? What you must know, What you
must avoid. ...Learn More !--- FINANCIAL EDUCATION
TOOLS AND RESOURCES; WAYS TO SAVE MONEY, TO
MAKE MONEY --
// Important Car Insurance Issues to know about -
Understanding these lesser-known topics can help you
save big on your next policy, and Policy Cancellation also
Gap Insurance.-
// // Auto Insurance Checklist; 14 ways to save money on
auto insurance premium...
Basics Information about: policies, coverages, and how
to save. -
// Policy Cancellation, Standard practice for most
insurance companies.
What are the best ways to cancel a policy? Switching
Auto Insurance Companies Relatively Painlessly.-
// // Carfax Free Record Check and Car History Reports -
Don't buy a Used Car without a Carfax History Report
How to Get Free Carfax Information?-
// Outrageous New-Car Scams To Avoid..-Unbilievable
Information that every car buyer should know about... //