วันจันทร์ที่ 22 ธันวาคม พ.ศ. 2557

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NEW YORK -- The zero-percent car loan is less than half as common as it was four years ago, but U.S. consumers who find such deals can expect to save $3,500 on average, an Edmunds.com analysis shows.

"Sometimes consumers think zero-percent loans are some sort of scam, but they're actually legitimate. It's not a 'bait-and-switch' situation," says Jessica Caldwell of Edmunds, a car-buying site that recently studied zero-percent deals in depth.

Sometimes consumers think zero-percent loans are some sort of scam, but they're actually legitimate.
Dealers and automakers often use zero-percent financing to attract shoppers to certain car brands or models, typically offering buyers with good credit three to five years to pay off purchases using interest-free loans.

These deals can cost manufacturers less money than cash rebates or special leases, but still save consumers big bucks.

For instance, Edmunds estimates that shoppers who got zero-percent financing during 2014's first nine months will save $3,554 on average when compared with what those who got regular financing will spend on interest over their loans' lifetimes. (The firm found that the average loan taken out during the period had a 4.31 percent interest rate, a $28,000 principal and a 67-month term.)

Caldwell adds that this year's savings are actually small in historic terms because of today's low interest rates. For instance, consumers who got zero-percent deals in 2007 typically saved around $6,000 on financing, as regular loan rates averaged 7.3 percent then.

Fewer Zero-Interest Loans

But Edmunds also found that zero-percent loans are harder to come by these days, accounting for just 1zero-percent of all dealer-provided financing.

That's way down from the 23 percent that interest-free financing represented in March 2010, when Toyota offered lots of special incentives amid the Japanese automaker's "sudden-acceleration" scandal.

Caldwell attributes today's paucity of interest-free loans to the fact that financing deals usually give only automakers a brief sales "pop" rather than a sustained revenue increase.

Edmunds also discovered that the odds of getting a zero-percent deal vary greatly depending on where you live and what kind of car you buy.

For example, the firm found that 19 percent of dealer-financed van buyers got zero-percent financing during 2014's first nine months, compared with just of 3 percent of those who bought luxury vehicles.

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Caldwell says automakers offer lots of interest-free loans on vans to attract business customers, but tend to put more money into leasing deals when it comes to luxury cars.

Edmunds' analysis also found that:

Just 4 percent of pickup-truck buyers got zero-percent financing during 2014's first three quarters. Caldwell says that's because truck buyers typically prefer cash rebates to no-interest loans.

Demographic Differences

People in the Heartland get lots of zero-percent deals. Edmunds discovered that states with the largest share of interest-free loans during the study period were Kentucky (16.7 percent of all dealer-financed sales), Wisconsin (16 percent), Illinois (14.2 percent), Nebraska (13.9 percent) and Iowa (13.7 percent). Caldwell theorizes that financing deals appeal to Middle Americans who buy and hold cars for years and appreciate long-term zero-percent loans.

Interest-free deals made up the tiniest share of dealer-financed sales in Alaska (1.6 percent), Hawaii (4.5 percent), Louisiana (5.1 percent), Georgia (5.3 percent) and Florida (5.3 percent) during 2014's first nine months. Caldwell ascribes Alaska and Hawaii's low level of zero-percent loans to an overall dearth of incentives in those hard-to-reach markets. As for the other states, she suspects a below-average number of Southeasterners have good enough credit to qualify for zero-percent loans.

What about situations where automakers offer consumers their choice of zero-percent financing, a big cash rebate or a low-cost lease on a given car?

Caldwell says which deal to take depends on a consumer's individual circumstances.

"If you're a 'buy-and-hold'-type person, financing a car at zero-percent for 60 months might make more sense than taking a rebate or lease deal," she says.

The analyst says online tools can help consumers decide which offer to go for. For instance, Edmunds has a calculator that specifically compares rebates to low-interest loans.

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Loan Max Complaints

We all remember the subprime mortgage crisis. The financial system was thrown into chaos, and many homeowners lost their homes during these dark days.

Fortunately, the vast powers of the Federal Reserve were summoned to help stabilize the housing market, and along with it, the entire economy. The Fed worked its monetary magic, and the housing market is finally returning to normal.

However, there is another crisis brewing just under the economy's surface.

The sector this potential crisis is in isn't as large as the subprime mortgage sector, but it's still a $27 billion sector, according to Forbes magazine. In fact, Forbes reports that 1 in 4 Americans may be participants in this potential crisis.

Driving Toward a New Economic Cliff

I became aware of this potential time bomb last year. A close friend was financially destroyed by the subprime mortgage crisis. He is an investor and was overleveraged on more than a dozen investment properties. He was finally forced to declare bankruptcy to get out from under the mountain of debt.

Within a week of the bankruptcy filing, he started getting letters from companies like Wells Fargo (WFC) and General Motors (GM). While my friend was used to getting nasty letters from banks and finance companies, these letters were very different. These were not demand letters challenging his bankruptcy, threatening lawsuits or anything the least bit negative. Believe it or not, these letters were pre-approval letters for auto credit!

In fact, one financial company actually sent my bankrupt friend a check for $30,000 to be used at any participating auto dealer for the car of his choice. He took the check and bought a used BMW.

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I couldn't believe it. Here's a bankrupt guy with a credit score in the low 400s, working a menial labor job, with automobile credit being thrown at him by several large and reputable lenders. These were not the "buy here, pay here" sharks at the corner used-car lot.

While I was happy for my friend, I was reminded strongly of the subprime mortgage crisis. Folks with really bad credit and sketchy employment were able to get mortgages that they really couldn't afford during the subprime mortgage crisis.

Now the same thing is happening with auto loans.

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Millions of homeowners have garnered huge savings in recent years from one simple move: refinancing their mortgages. Now, the refinancing craze has spread to an unexpected industry: car loans.

Plunging interest rates have been bad news for savers, but borrowers couldn't be happier. Mortgage rates have dropped around 3 percentage points from their levels just four years ago. That has translated into hundreds or even thousands of dollars in monthly savings on mortgages.

But the idea of refinancing a car loan never even occurs to many borrowers. After all, with many owners choosing to buy new vehicles even before their loans are paid off, it's often easier just to take advantage of financing deals from new-car dealers. Moreover, cars typically lose their value so quickly that the loans turn upside down -- meaning that the outstanding loan is more than the car is worth, making refinancing a tough proposition.

Still, the practice is growing in popularity. A recent SmartMoney article cited figures that showed auto refinancing applications have risen by about 30% from year-ago levels. Even a modest drop in interest rate can create real savings, and unlike mortgage refinancing, the costs of getting a car loan refinanced are low. That lets borrowers reach the breakeven point on a refinance easily.

Should You Do It?

If you have a car loan with a fairly high interest rate, you have nothing to lose by attempting take advantage of low rates by refinancing. Doing so could cut your monthly payment significantly.

But beware of catches and gimmicks. If you try to refinance through a dealer, don't fall for sales pitches trying to sell you unrelated products like warranty protection. Instead, emphasize your value to the dealer, not just with this transaction but with the promise of future business. That way, you'll hopefully get the best deal you possibly can.

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Loan Max Reviews

Have you ever jumped the gun at a stoplight -- rolling into the intersection before the red light turns green? You might get away with it. Then again, you also risk getting a ticket.

Something similar can happen to car shoppers, too. Only the risk isn't getting caught in a moving violation -- it's getting entangled in a money violation.

It's called "yo-yo financing," and it's what happens to car buyers (particularly ones with so-so credit histories) who take possession of an automobile before their financing arrangements are complete. If their financing falls through, dealers can pressure the buyer into a revised deal with extra costs or fees -- or move to repossess the car.

The consequences of this dubious dealer practice are no fun: Either you pay more to keep the new car you thought you'd already bought -- or you lose it. It's an embarrassing, and potentially expensive, problem.

How Dealers Catch You in the Trap

The "yo-yo" is a byproduct of a dealer practice called spot delivery, in which a shopper is sent home in a new car on the same day without having to wait for formal financing approval.

Philip Reed, of industry-watcher Edmunds.com, recently noted that dealers like spot deliveries because they quickly turn shoppers into buyers. It's an effective sales tactic, and often a harmless one.

But, Reed says, consumer protection advocates have long tried to regulate the practice because it leaves buyers, particularly those with less-than-perfect credit, vulnerable to abuses.
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What kinds of abuses? Typically, something like this happens: You're at a dealer and you decide to buy a car. You sign some paperwork and maybe leave a down payment, and then drive the car home the same day. You think you're done: Happy new car!

But then, a few days later, the dealer calls with sad news: Your financing application was turned down. If you want to keep the car, you'll need to arrange other financing at a higher rate. You might even need to increase your down payment. If you don't, the dealer might tell you they'll repossess the car -- or maybe even report it stolen.

State laws vary: In some states, you can simply give the car back and get a refund. But in others, you might be liable for the complete balance due on the sale -- which leaves you open to the yo-yo problem.

Dealers say that this situation is a byproduct of the fact that many cars are sold at night and on weekends, when financing offices are closed, and not usually a scam. But dealers see an awful lot of financing applications. They should know before you leave the dealership whether yours is likely to be approved.

Simple Steps to Keep from Getting Snared

It's not hard to protect yourself from a yo-yo financing mess -- if you know what to do in advance. Reed's Edmunds.com colleague Carroll Lachnit says that the keys to staying clear of the yo-yo trap are simple:

Get financing before you shop. With pre-approved financing, you know what you'll be paying every month, and what the fees will be. It takes the whole financing question right out of the dealer's hands. This is especially important if your credit report has a few dings -- if you're in "subprime" financing territory, you're particularly vulnerable to the "yo-yo" problem. Your bank or credit union will be happy to help you arrange a car loan, so make this your first stop. Even if the dealer offers you better terms later on, you'll still have a financing plan to fall back on.
Always read the contract. "Car buyers should always get every element of their deal in writing," Lachnit says. Then, read carefully: Buyers should be especially wary, she notes, of any conditions in the contract that might allow the dealer to rewrite the deal or add extra charges after the sale.

Either way, the easy way out is to arrange your own financing before you shop. That way, you know what you can afford, and you know your loan options in advance. Ultimately, this will keep you free and clear of the yo-yo financing trap.

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Hulk Hogan Auto Loan

The savings rate in America is dismal, and it's heading in the wrong direction. According to the latest data from the Bureau of Economic Analysis, the personal savings rate in America is 4.5 percent, down from 5.6 percent the previous year.

But do you know what's the greatest hindrance to you increasing your savings? You. Your brain is the biggest thing holding you back from saving more, and one of the best ways to combat this is to trick yourself. You have to make savings a game. Here are five sneaky ways to do so.

1. Take the 52-Week Challenge and Increase Savings Weekly

The 52-week savings challenge helps you save more money without even realizing it. Starting with the first week of January, save $1 in a piggy bank or savings account of your choosing.

For every week, you increase your savings based on the corresponding number of that week. For example, during the second week of January you'll save $2 for that week. The third week you will save $3 in your piggy bank. And now you have $1, $2 and $3 for total of $6 saved over the first three weeks.

By December, you'll be saving $49, $50, $51 and $52. And at the end of one year, you will have saved $1,378.

Even though the year has already started, it's not too late to start the 52-week challenge. You won't have to add much money to your piggy bank for the initial few weeks.

There is a great 52-week challenge worksheet from Jeff Rose, a certified financial planner, on his website, Good Financial Cents.

2. Set Aside Your Savings from the Grocery Store

Every time I buy something at the grocery store, the cashier hands me my receipt and tells me how much I saved during my trip. The savings, of course, come from using my loyalty card.

My mother-in-law and father-in-law have a great system for their grocery loyalty cards. They take the amount listed on the bottom of their receipt that they saved with their loyalty card, and they put that in the savings account or piggy bank.

It's money that you would've spent anyway if you had been shopping without your loyalty card. And it is a fast way to build up your savings without even realizing that you're doing so.

3. Only Use Folding Money, and Drop the Change in a Coin Jar

Not only do my wife and I balance our family's monthly budget with a credit card, but we also do not spend coins. Instead we make as many cash purchases as we can by using only bills.
At the end of each day, we take all of the change that we've accumulated and put it in a coin jar. My coin jar sits on top of my dresser, where it reminds me to put my change in it.

You'd be surprised how much money you can save that way. My wife routinely saves more than $500 a year in change.

4. Find Debit Cards that Round Up Your Purchases

There are a host of credit cards and debit cards on the market today. You can find cards that provide you reward points, frequent flyer miles, double miles, membership in elite clubs, and the list goes on and on.

One interesting type of debit card rounds up your purchases to the nearest dollar. Your bank then deposits the amount rounded up into a savings account. At Bank of America, the programs called Keep the Change. Using such programs, your painless savings can quickly add up to a couple hundred dollars or more over the course of a year.

5. Keep Making 'Payments' After You Pay Off a Loan

What do you do after you have paid off your car loan? What should you do with cash you've dedicated to your mortgage payment after you own the deed to your house? Keep making the payment to yourself, of course, and put the same amount of money into a savings account.

What you want to avoid is lifestyle creep. You'll never know that it is missing from your budget. You already have it factored into your monthly spending. Simply keep making those payments to yourself.

Saving money doesn't have to be a long, laborious endeavor. It doesn't have to be a pain. In fact, you will have better success if you can make it a game.

Americans are not saving enough money. We are underfunding our retirement accounts and have inadequate emergency funds. But it doesn't have to be that way. We do not have to be victims. We can trick ourselves into saving more.

Hulk Hogan Auto Loan

Loan Max Careers

NEW YORK -- The zero-percent car loan is less than half as common as it was four years ago, but U.S. consumers who find such deals can expect to save $3,500 on average, an Edmunds.com analysis shows.

These deals can cost manufacturers less money than cash rebates or special leases, but still save consumers big bucks.

Fewer Zero-Interest Loans

But Edmunds also found that zero-percent loans are harder to come by these days, accounting for just 1zero-percent of all dealer-provided financing.

That's way down from the 23 percent that interest-free financing represented in March 2010, when Toyota offered lots of special incentives amid the Japanese automaker's "sudden-acceleration" scandal.

Caldwell attributes today's paucity of interest-free loans to the fact that financing deals usually give only automakers a brief sales "pop" rather than a sustained revenue increase.

Edmunds also discovered that the odds of getting a zero-percent deal vary greatly depending on where you live and what kind of car you buy.

Edmunds' analysis also found that:

Just 4 percent of pickup-truck buyers got zero-percent financing during 2014's first three quarters. Caldwell says that's because truck buyers typically prefer cash rebates to no-interest loans.

Demographic Differences

What about situations where automakers offer consumers their choice of zero-percent financing, a big cash rebate or a low-cost lease on a given car?

Caldwell says which deal to take depends on a consumer's individual circumstances.

"If you're a 'buy-and-hold'-type person, financing a car at zero-percent for 60 months might make more sense than taking a rebate or lease deal," she says.

The analyst says online tools can help consumers decide which offer to go for. For instance, Edmunds has a calculator that specifically compares rebates to low-interest loans.

Loan Max Careers

Where Can I Get A Loan For My Car Title

Buying a car brings on the stress no matter how you slice it -- especially if you wind up slicing a lemon.

From betting on a good price for your old car and scrimping dough for the down payment to picking out the make and model that best fits your family and lifestyle, you've got a lot to think about ... and a lot to watch out for. That "great price" you're getting for your old car may be nullified by inflated costs on the new one, or draconian loan terms, one of the sleaziest car-sales tactics in the book.
Indeed, consumer advocates say Americans often let their guard down too early and get taken for a ride when it comes to their car loan. Not ready to get the raw end of the deal? Read on to find out what you need to know to protect yourself from landing in a bad loan pothole.

Chris Kukla, senior counsel for government affairs at the Center for Responsible Lending, stresses that dealerships don't just make money on the car itself. "The dealer's going to try to sell you on a whole other host of products. The finance office is responsible for about 50% of dealer profits," Kukla says, so don't let your guard down when you sit down to sign the contract.

"They sell credit insurance, extended warranties, vehicle service contracts, security systems, tire and wheel protection and gap coverage," Kukla explains. "If you finance through the dealer, you're going to have to face that gauntlet."

These ancillary products are always pitched as ways to "protect" your new investment; dealerships bank on the fact that customers will feel so mentally worn out from the buying process that they'll think, "Gee, that sounds like a smart move." In reality, says Kukla, it's only a smart move for them.

Though recent legislation has cracked down on sneaky lending practices when it comes to mortgage loans and credit cards, auto dealers banded together and lobbied Congress for exemption from the new rules -- selling Washington on the idea as only car salesmen can.

"It's particularly unfortunate that the auto dealers were exempted," says Steve Verdier, executive vice president and director of congressional affairs at the Independent Community Bankers of America, who calls this a "Wild West" situation. "There really was no substantive justification for that at all from a consumer standpoint," he says. Patrick Keefe, spokesman for Credit Union National Association, confirmed to WalletPop that it's a buyer-beware market out there when it comes to car loans.

As a result, auto financing takes place without a lot of the oversight many Americans just assume is part of any financial transaction. Dealerships can -- and do -- mark up the rates they get from banks, and get to pocket the difference between the bank's rate and what you pay. "Car dealers can increase your rate, and they're under no obligation to tell you the markup exists," warns Kukla. Your best bet, he says, is to shop around so you know what the current rates are, then get approved for a loan on your own.

In my recent experience, that's exactly how things played out. My husband and I were looking for a new car, and the one we'd picked out didn't have any special financing incentives, so we did plenty of legwork to make sure we got the best rate we could find. Although the dealership assured us we could finance through them and get the same rates as by shopping around, we shopped around anyway, calling or visiting a handful of local bank and credit union branches in the two weeks leading up to the day when we decided to get the car. (We didn't share this schedule with the dealership, though, since we still wanted to haggle and didn't want to tip our hand too early.) We secured what we thought was a very good rate, lower than anything else we'd seen, at a credit union near our home.

We'd also figured out how much we wanted to pay for the car and how much we'd need to finance -- so we had a good sense of how much we'd need to borrow when we met with the loan officer at the credit union. After we got approved, we went back to the dealership and hammered out the purchase price of the car. Then the salesman ushered us into the financing office. Sure enough, we were subject to sales pitches for obscure kinds of insurance, extended warranties and applications of rust inhibitors and the like.

I switched my brain onto autopilot and said "no" numerous times. Then the finance guy (maybe I should refer to him as a salesman, too) ran our credit and came back with a handful of APRs, but the credit union one we'd found was nearly two percentage points lower, including the quarter-point discount we got by agreeing to have the payment taken out of our credit union savings account each month.

Two percentage points on the price of a new car adds up to a significant chunk of change over the life of the loan, and we were very glad we hadn't just taken what the dealership offered. We were lucky in that both of our credit scores were pretty good, so we had access to traditional financing. According to Kukla, Americans who don't have access to these channels and are forced to go through the dealer if they want to finance a vehicle are much more vulnerable to being victimized.

Kukla says one of the most common scams is what's referred to as "yo-yo financing."

What happens here is a dealer will give you the car to take home, assure you verbally that you'll get a particular interest rate but claim they need a day or two to finalize that rate. The contract will have a blank spot by the interest rate or use the word "conditional." A day or two later, the dealership calls the customer back and tells them they need to come into the dealership. Then they tell the customer that they can't get the promised financing and they have to pay a much higher interest rate if they want to keep the vehicle. Many people feel intimidated and trapped by this, so they agree to the higher rate.

Our experts all say: Never take a vehicle based on an incomplete or conditional contract.

Kathleen Keest, senior policy counsel at the Center for Responsible Lending and a former staffer with the Iowa Attorney General, says cars on the lot without prices signal another red flag. Keest says some shady dealers will suss out, through careful questioning, how much money you have and make that the starting point for negotiations. "The choice is based on your money capacity, not your car needs," she says. Often, she adds, dealers will use sneaky, even illegal tricks to pull your credit before you even start talking price. Knowing your financial situation gives them a leg up. If, for instance, they see you have blemished credit, they may feel bold enough to stick you with a higher interest rate if they believe you can't get financing at a bank or credit union.

To find out more about those tricks -- and how to avoid them -- WalletPop spoke with Thomas Domonoske, a lawyer with the Legal Aid Justice Center in Charlottesville, Va. First of all, Domonoske says, don't sign anything until you're ready to negotiate terms. Even if the dealer says a form is purely informational or will be used to enter you into a contest, there could be fine print in there that authorizes them to pull your credit report. Keep the conversation focused on the price of the vehicle, and don't talk about financing until after you've nailed down how much you're going to pay for it.

Also, while credit reporting agencies ideally like to have your name, address and Social Security number to provide a report, dealerships don't need all that info to get a tentative picture of your finances. "If they ask to see your driver's license, you've given them enough information," warns Domonoske. If you want to test-drive the vehicle, do so after you've hashed out the price. (After all, car dealers know that if you become emotionally attached to a vehicle, even in the slightest, you negotiate from a weaker hand.)

"The best way to buy a car is to negotiate one number and one number only," Domonoske advises. "How many dollars do I have to give you to drive the car off the lot?" If all you talk about is the price of the car, the dealer will have no way to illegally access your credit. Finally, Domonoske says, "Don't answer [if they ask you] 'How much can you afford?' That has nothing to do with how much the car dealer is willing to sell that car for."

Where Can I Get A Loan For My Car Title