Car buyers falling behind on loans

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Posted in Auto Loans & Financing News

The state of the economy is causing many drivers with car loans to fall behind on payments, according to credit reporting agency TransUnion.

TransUnion’s report finds that the number of car owners whose auto loans have gone past 60 days due or more rose 8.9 percent in the fourth quarter of 2008.

States with the highest rates of delinquency were Mississippi (1.62 percent), California (1.46 percent) and Louisiana (1.37 percent). Bucking the trend were Alaska (0.19 percent), North Dakota (0.34 percent) and Wyoming (0.41 percent) which had the lowest rates.

Although the delinquency rate rose during the end of 2008, the amount Americans owed on car loans actually fell 0.2 percent according to the agency. The average amount of auto loan debt fell to $12,713 during the fourth quarter which TransUnion attributes to the decrease in lending from banks.

Because of the state of the economy, many Americans are turning to used cars to help make ends meet and save some money. But it appears many are also increasing the length of their loans in order to decrease monthly payments. A recent study from Cars.com found that the median length of car loans rose to 60 months in a February survey – up from 48 months in October.

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Best to do homework before buying a used car

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Posted in Auto Loans & Financing News

Statistics show that as the economy continues to struggle more Americans are buying used cars. But according to U.S. News & World Report, there are some things car buyers should consider before even heading out the door to look at cars.

One of the first things the magazine says to do is to sit down and come up with how much you can afford to spend. With that figure in mind, it suggests checking out the going prices of cars you’re interested in through the websites of the Kelley Blue Book or National Automotive Dealers Association.

The price of the car is not necessarily the only monetary factor to consider, as the news provider says car buyers should also consider the cost of insurance for the vehicle they’re looking at purchasing.

Even before heading to the car lot, the magazine also recommends doing some homework on the used car you intend on looking at. Checking websites like J.D. Power and IntelliChoice can give buyers more insight on the reliability and depreciation rate of the car of their choice.

One type of vehicle used car buyers may want to consider is a hybrid. Because of the drop in gas prices in recent months, the demand for these cars has waned which may give sellers more of a reason to offer incentives.

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Best used cars for under $10,000

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Posted in Ford

During trying economic times, Americans are doing everything they can to make ends meet. But according to some experts, there are some late model used cars that can be had for a relatively low price.

In checking price, reliability, crash scores, safety feature, gas mileage and a number of other features, Boston.com came up with the top cars that can be had for under $10,000.

Ford came out as the big winner, according to the list, with five of the automaker’s cars making the top 10 – including the 2005 Ford Taurus.

According to the news provider, although the 2005 Taurus was predominantly a rental car, that may be one of the car’s positive features as it was able to stand up to daily driving. A car buyer should be able to get base model with 50,000 miles, antilock brakes and side airbags for around $8,000, with a more equipped version going for about $9,300.

Another car maker ranking on the list was Hyundai which had three of the top 10 including the Tucson, XG350 and Santa Fe models.

Earlier this year Cars.com also listed the 2005 Ford Taurus as one of its top buys for used car shoppers, but warned it may be difficult to find a model with side airbags as only 10 percent of the cars came with the feature.

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2,000 auto dealers to shut down in 2009

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Posted in Auto Industry News

Although news of car dealers closing is not a good sign for the state of the economy, it may mean savings for used car buyers across the country as many car lots will be overfilled with vehicles.

According to Lang Marketing, at least 2,000 car dealers will shut their doors in 2009 with an estimated 32,000 dealer service bays also shuttering.

However, the company said the exact number of dealer closings can fluctuate as some may shift to the growing used car market.

Jim Lang, president of the company, said the shift will cause an increase in sales to independent automotive dealers and will be the largest change in the auto industry in about 60 years.

“This is part of the greatest restructuring of the automotive aftermarket competitive landscape since World War II, which will extend over a number of years,” said Lang.

The used vehicle market is already seeing growth as more Americans are turning to used cars as the recession continues. A recent survey from Cars.com found that 32 percent of car buys who would have normally purchased a new car in better economic times shopped for a used car instead last month.

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Deathmobile from Animal House being sold

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Posted in Lincoln

Although most people are buying used cars these days to save money, some might be able to use their cash to buy a car that is also a piece of history – like the Deathmobile from the 1978 film Animal House.

According to a post on the online classified website Craigslist, the Barris Star Car Collection is selling the 1966 Lincoln Continental made famous in the John Belushi film which has become a staple for college students around the country.

“The Deathmobile is by far one of the most easily recognized movie cars ever made,” says the ad. “People flock to this car wherever it goes, people 30 and up all remember the car, people younger than 30 still get a kick out of the wild creation!”

In addition to a 462 340 horsepower engine and automatic transmission, the car comes with a tank style turret which is made of plexiglass to allow for safe driving for quick trips to the grocery store or maybe even destroying a parade or two.

The car, which is currently in Orlando, Florida, can be yours for $19,998.

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Avoiding the repo man

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Posted in Celebrity Auto News

As the recession continues, many Americans are struggling to make their used car payments which is causing many to lose their car to the dreaded repo man. But according to Edmunds.com, there are some steps drivers can take to avoid getting towed away.

Tom Webb, chief economist at vehicle auction giant Manheim told Edmunds.com that 1.67 million people in the U.S. had a car repossessed last year and the numbers are only expected to increase this year.

The news provider says if a car owner is having trouble making payments, the amount of time they have until the repo man shows up depends on how they’ve made payments in the past. If they’ve been relatively up-to-date, a credit agency may work to help set up a payment plan. But if payments are chronically late or not made altogether, a car owner may have only days after the due date.

Another option for some car owners would be to try to sell their vehicle and purchase a more inexpensive used car.

Because of the economy more people are looking for used cars, which is driving the price for many makes and models.

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Tips for getting the best car loan

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Posted in Auto Loans & Financing News

As more Americans are looking to save money during the recession, many are turning to used cars. But there are still tips used car shoppers can take to save even more money when it comes to getting a loan.

Jesse Toprak, analyst for car research and buying website Edmunds.com, told the Associated Press that car buyers should attempt to get preapproved for a loan before heading out and looking for the vehicle they want to purchase. He says by doing this a used car buyer will know how much they can spend and can potentially work out a better deal.

The Associated Press also says car buyers should be aware of their credit score before negotiating deals. A better credit score is most likely going to result in lower interest payments which could potentially save thousands of dollars over the life of the car.

Anyone can receive a free credit report once per year at www.annualcreditreport.com, according to the AP.

It seems that in an attempt to reduce monthly car payments, some used car buyers are also increasing the length of their loans. According to a recent study from Cars.com, the median length of loans increased from 48 months last October to 60 months in the most recent survey in February.

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Former VP driving again

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Posted in Celebrity Auto News

It seems that getting used to a life outside of the White House isn’t the only change for Dick Cheney as the former vice president says he’s now learning some new technology and driving his own car.

In an interview with CNN, Cheney said he’s stepping into the modern technological age by working on a Blackberry and reading books on the Kindle. But another change for the man who was at one time the second most powerful man in the world is getting behind the wheel of his own car.

Cheney told CNN he’s taken to driving around his Virginia suburb, just outside of Washington, D.C.

Although it seems that while Cheney – who was barred from driving for the past eight years by the secret service – is much more like a regular citizen today than he was two months ago, he still gets a little more company on a trip to the store than the rest of Americans.

“Driving myself now,” Cheney told CNN. “Secret Service follows me around, but they now let me drive myself.”

It’s something current president Barack Obama is getting used to. Last year Obama sold his 2005 Chrysler 300C, which later appeared on the car auction site eBay selling for more than $150,000.

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Playmate sells her used car on auction site

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Posted in Celebrity Auto News

Playmate sells her used car on auction site

The demand for used cars is increasing and one former Playboy Playmate of the Year is hoping she can cash in on someone looking for a low mileage used car which once had a Playmate behind the wheel.

Sarah Jean Underwood, the 2007 Playboy Playmate of the Year is selling the 2007 convertible Mini Cooper S she received from Hugh Heffner for winning the 2007 award. The car, which has 12,900 miles, is currently available on eBay for the “Buy It Now” price of $34,999.99.

The eBay listing features numerous pictures of Underwood with the car (along with five sans Mini) and says that since moving back to Oregon, she no longer has use for the convertible.

Prospective buyers can test drive the car – which was featured in an issue of Playboy magazine and on the show The Girls Next Door – but would have to get to Scappoose, Oregon in order to see how well it handles.

Although eBay currently features four other 2007 Mini Cooper S convertibles which sell for as low as $17,500, Underwood’s price does not appear to be that much higher than the Kelley Blue Book suggested retail price of $29,875 for a car in similar condition.

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Saving money and staying green when buying a used car

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Posted in Lincoln

According to thedailygreen.com, there are some tips to consider when searching for a used car that will save you some money, while being environmentally friendly.

The site says that most people believe that buying the used car with the least amount of miles on it is the best bet for a car with a long life. But it says that a car with 200,000 highway miles that was driven daily is likely to last longer than a car with 25,000 city miles that was parked in a garage for 10 years.

There is also one somewhat shocking suggestion for staying green and in the green – buying a big used car. The suggestion is to buy a huge Lincoln Town Car, which is likely to be on the inexpensive side and while gas mileage will be low, there will be other benefits.

“The Town Car’s V-8 engine will be so under-stressed on the highway, loafing along at 2,000 rpm, that it will last for 20 years,” says thedailygreen.com. “And since manufacturing represents approximately 10 percent of a car’s lifetime emissions, your long-term ownership will eventually pay green dividends.”

Another option not mentioned is to buy a used hybrid. Because of falling gas prices, demand for hybrids has waned in recent months, which means drivers could possibly find a used hybrid at a cheap price.

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