Car Loans – MS Factory http://ms-factory.biz/ Fri, 17 Sep 2021 19:35:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ms-factory.biz/wp-content/uploads/2021/06/icon-10-150x150.png Car Loans – MS Factory http://ms-factory.biz/ 32 32 I went to a drive-through holiday lights show in N.J. And I survived. https://ms-factory.biz/i-went-to-a-drive-through-holiday-lights-show-in-n-j-and-i-survived/ https://ms-factory.biz/i-went-to-a-drive-through-holiday-lights-show-in-n-j-and-i-survived/#respond Sat, 19 Jun 2021 09:41:44 +0000 https://ms-factory.biz/?p=488 There’s nothing else to do, and it doesn’t cost much. That was how I initially justified purchasing a ticket for Magic of Lights at the PNC Bank Arts Center, a drive-through experience in which holiday light displays are assembled along a 2.5-mile route weaving through the iconic New Jersey concert venue. A friendly reminder to […]]]>

There’s nothing else to do, and it doesn’t cost much.

That was how I initially justified purchasing a ticket for Magic of Lights at the PNC Bank Arts Center, a drive-through experience in which holiday light displays are assembled along a 2.5-mile route weaving through the iconic New Jersey concert venue.

A friendly reminder to our attendees who are planning visit in the next couple of weeks during the Holiday Season ✨

Posted by Magic of Lights – New Jersey on Friday, December 18, 2020

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School bond funding better than ever expected when passed https://ms-factory.biz/school-bond-funding-better-than-ever-expected-when-passed/ https://ms-factory.biz/school-bond-funding-better-than-ever-expected-when-passed/#respond Thu, 17 Jun 2021 20:57:26 +0000 https://ms-factory.biz/school-bond-funding-better-than-ever-expected-when-passed/ L&T editor Earl Watt Mr Craig’s letter relating to the school bond had a lot of good questions and unfortunately some misinformation about the school bond project which received overwhelming public support seven years ago and since it mentioned that the paper supports the project, I thought that it would be important to explain his […]]]>

L&T editor Earl Watt

Mr Craig’s letter relating to the school bond had a lot of good questions and unfortunately some misinformation about the school bond project which received overwhelming public support seven years ago and since it mentioned that the paper supports the project, I thought that it would be important to explain his inaccuracies and also to answer some of his questions.

Let’s start with the number of votes. Craig claims that only 1,200 votes were cast in the special election.

Not true.

Visit Seward County’s website to go to the polls and the County Clerk Stacia Long does a good job of keeping all election records for at least 20 years or more. The Special Education Loan election is listed there, and the total number of votes cast was 2,581, a very strong turnout for any Seward County election. Of these, 2,033 supported the bond, which is 78.77 percent, and 548 opposed the bond, which was 21.23 percent.

Craig also said the bond replaced “all” schools in Liberal.

Again not true. Cottonwood Elementary, Sunflower Elementary, and Liberal High School continue to serve the students and were not built with the bond. Five new schools were built – two new middle schools and three new elementary schools. These schools replaced South Middle School, West Middle School, Garfield Elementary, Washington Elementary, Lincoln Elementary, McKinley Elementary, McDermott Elementary, and MacArthur Elementary. These eight locations were combined to form the five new schools.

Craig also wants to know to whom we owe the remaining $ 125 million in bonds.

Keep in mind that once the bond was approved, all existing school bonds were refinanced. The loans used to build Cottonwood and Sunflower schools, as well as the South and West Middle School expansions, still owed money. The new bonds made it possible to refinance that debt along with the new $ 128 million bond at a lower interest rate.

The district owes the bondholders. This is a general bond issue. To raise the money to build the schools, bonds were issued at a percentage rate, down from 4.02 percent seven years ago according to the budget posted by the school district on its website. A link to this budget is placed online with this column.

The bonds were originally intended for 25-year payouts to bondholders.

But the bonds have been refinanced twice since they were issued, including the January refinancing, which brought the interest rate down to 1.56 percent. This reduced the payout of the 25-year bond by around four years.

Craig, wanting to know what the bonds bought, bought five fully furnished new schools.

Mr. Craig might believe the county owes that money directly to the companies that built the school. It doesn’t. Similar to a loan to buy a car, the lot is paid in full while a bank or other credit institution borrows the money for the purchase and the car owner repays the bank or lender. It is no different when it comes to building schools. All contractors have been paid in full and the district pays the bondholders or bondholders.

Here’s the nice thing about the school bonds, and it’s gotten a lot better than those of us who supported the initiative ever imagined:

The state of Kansas had a timeframe to approve a bond and provide state aid before it ran out of funds. Our bond passed and qualified for state aid.

At the time we were working on the issue, it was estimated that about 50 percent of the bond payments would be funded by the state of Kansas, about 15 percent paid from half a cent sales tax, and the remaining 35 percent paid by property taxes.

For the 2019-2020 school year, the state paid 6.5 million

This year the state is expected to pay $ 7.3 million, sales tax is valued at $ 1.75 million, but it appears that it will actually be higher while the rest is accounted for by property tax which is roughly Should be 20 percent or possibly even lower.

It turns out that property tax doesn’t pay the expected 35 percent of the loan, but actually less. This is available on page 66 of the budget.

Does the state pay its share? Definitely, and even higher than expected, as the district’s poverty rate is co-established to determine the land’s share.

To say that the schools were approved on the premise of state aid is absolutely correct, and that state aid fulfills its promised and expected obligations.

Half a cent sales tax exceeded forecasts even in a pandemic, and that too reduces the property tax burden on bonds.

As someone who supported the bond, that support was not easy. I fully expected that I would reject the plan from the start.

But when I saw how the public had contributed to the plan, how the plan was limited in cost and scope, and the district had to sacrifice needs and when it was possible, the lion’s share of the cost to sources other than property tax, I supported it.

If I had to do it all over again, I would because we’d never get such a good deal today. And yes, I am proud of it.

SCHOOL BUDGET

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Giant auto lender did not grant borrowers a moratorium during Covid https://ms-factory.biz/giant-auto-lender-did-not-grant-borrowers-a-moratorium-during-covid/ https://ms-factory.biz/giant-auto-lender-did-not-grant-borrowers-a-moratorium-during-covid/#respond Thu, 17 Jun 2021 20:57:26 +0000 https://ms-factory.biz/giant-auto-lender-did-not-grant-borrowers-a-moratorium-during-covid/ Monique Williams lost her job as a receptionist in a Detroit apartment building during the Covid-19 pandemic last year. Now she is learning how difficult it is to get back on track with her debts. Perhaps her biggest challenge was the expensive car loan she received from Credit Acceptance Corp. in 2016. Williams said that […]]]>

Monique Williams lost her job as a receptionist in a Detroit apartment building during the Covid-19 pandemic last year. Now she is learning how difficult it is to get back on track with her debts.

Perhaps her biggest challenge was the expensive car loan she received from Credit Acceptance Corp. in 2016.

Williams said that when she and her husband struggled to meet their obligations last year, she asked Credit Acceptance if she could temporarily pay a smaller amount or defer her payments. While the company offered some Covid-19-related safeguards – the suspension of late fees and withdrawals – deferrals weren’t an option.

“I paid for this car for four years – over $ 12,000 – and I couldn’t even get a reprieve,” Williams said. The car died in December 2019, she said, but the roughly $ 2,000 loan is still outstanding.

PICTURE: Monique Williams (NBC News)

Cars are essential for people to get to jobs, grocery stores, and vaccination centers, but the government did not provide federal aid for car loans during the pandemic. Of course, stimulus checks helped borrowers stave off defaults, and some states stopped redemptions, but providing other arrangements, such as deferrals, was left to the lenders themselves.

There’s no direct support for auto loans, in part because, unlike student loans and mortgages, there isn’t any federal regulation of auto lending, said John Van Alst, an attorney at the National Consumer Law Center, a nonprofit advocating for low-income American. Now that the country is reopening for business, lender accommodations are starting to disappear, and Van Alst said car confiscations among subprime borrowers are on the rise. And when it comes to costly subprime auto loans, “there isn’t a huge margin and the smallest thing can get someone into default,” he said.

At the start of the pandemic, many lenders filled the void left by the government, offering postponements and dropping late fees; As a result, auto loan defaults fell last year to their lowest level in 15 years, said Jonathan Smoke, chief economist at Cox Automotive, a company that provides services to the automotive industry.

However, Credit Acceptance did not offer any such deferrals. The company says it has frozen reporting of borrowers’ credit reports and suspended late fees and collection activities such as phone calls and withdrawals for 90 days for Covid-19 damaged customers. After that, however, the borrowers have to make their monthly payments; If it doesn’t, the lender’s website says, the company can resume redemptions and late fees.

Credit Acceptance was founded in 1972 and is the largest self-contained subprime car lender in the country; it had sales of $ 1.7 billion last year. Since the pandemic began, the company’s stock has risen over 50 percent. Credit Acceptance has granted stock grants to seven top executives valued at an estimated $ 55 million, according to regulatory filings.

Massachusetts Attorney General Maura Healey sued Credit Acceptance last summer, saying her credit and collection practices were predatory and illegal in the state. The company announced Thursday that it had reached a settlement with Healey and will pay $ 27.2 million.

“Loan acceptance granted borrowers high-interest loans that the company knew they couldn’t repay,” Healey told NBC News before the settlement was announced. “What I find predatory about these practices is that they specifically target people at risk, people who may not qualify for regular loans or funding arrangements.”

In the course of announcing the settlement, Credit Acceptance also announced the resignation of its longtime CEO, Brett A. Roberts. In a conference call with investors and analysts on Thursday, Roberts said he was retiring for “personal reasons”. Chief Financial Officer Kenneth Booth, a former director of internal audit, will replace him, the company said.

Credit Acceptance did not immediately respond to a request for comment on the settlement.

Credit Acceptance’s regulatory records show that it is being audited in 43 other states outside of Massachusetts and by the Consumer Finance Protection Bureau (CFPB). A spokeswoman for Credit Acceptance said before the settlement that the company would not actively discuss litigation, but would defend itself vigorously.

BILD: Monique Williams with her 2008 Pontiac.  (NBC News)

BILD: Monique Williams with her 2008 Pontiac. (NBC News)

Williams isn’t the only borrower unhappy with the loan acceptance. As of March 24, the company had generated over 150 customer complaints on the CFPB website, including complaints about its credit report.

From January 2018 through the middle of last month, the company said CFPB data showed that there were 585 complaints about its loans alone. That made it number 5 on the list, behind Santander Consumer USA, Ally Financial, Wells Fargo and Capital One. all of them much larger companies.

The spokeswoman for credit acceptance said: “With over 1.7 million managed accounts, complaints are extremely rare,” a total of less than 4 per 10,000 customers per year.

In addition to Williams, NBC News spoke to eight other dissatisfied credit acceptance borrowers; their loan records show how costly it is to fund the business.

For example, Williams and her husband bought a 2008 Pontiac with 70,000 miles on it for about $ 18,500. Together they put $ 1,000 in cash and borrowed the rest from Credit Acceptance at 22.9 percent interest. The cost of the car was $ 10,500, the contract shows. During the five-year term of the loan, Williams’s financing cost would add an additional $ 7,140.

BILD: Monique Williams bought her car at Great Deal Auto Sales in Detroit.  (Google Maps)

BILD: Monique Williams bought her car at Great Deal Auto Sales in Detroit. (Google Maps)

The Williamses interest rate of nearly 23 percent is common among borrowers and is well above the average of 17.8 percent subprime borrowers last year, according to Experian.

But the interest rate is only the beginning of a borrower’s expense, according to the Massachusetts lawsuit. Loan acceptance charges a hidden fee that increases loans by 37 to 68 percent for low credit customers. The lawsuit also alleges that loan acceptance required many borrowers to purchase vehicle service contracts, which added an average of $ 2,500 to their loans.

These practices add to the final cost of a vehicle, according to the Massachusetts lawsuit. From 2013 to 2019, the average credit acceptance customer in the state paid about $ 20,000 for a used car, more than two and a half times the cost of the car for the dealer of about $ 7,800.

When customers dropped out, Massachusetts investigators claimed Credit Acceptance’s policy was to call them eight times a day to try to collect money. Massachusetts law only allows two calls for collections per week, the lawsuit said.

In addition to high costs and aggressive collection practices, credit acceptance was also high in the case of redemptions. In a conference call with equity analysts in 2015, Credit Acceptance’s chief treasury officer Doug Busk said the company typically repossesses cars on 35 percent of the loans in its most popular loan program.

No official source tracks the volume of vehicle seizures in the US, so the number is difficult to estimate. But it certainly seems high; According to an estimate by Cox Automotive, only 2.06 percent of auto loans resulted in redemptions in 2015.

The Credit Acceptance spokeswoman declined to provide updated numbers on withdrawals. Of the nine credit acceptance customers surveyed by NBC News, three said their cars had been repossessed; two had applied for bankruptcy protection in part to prevent repossession.

When Credit Acceptance repossesses a car, the borrower must keep paying the amount owed. This may include payments for a vehicle service contract that the borrower can no longer benefit from. While filing for bankruptcy protection helps stop repossession, such a move hurts a consumer’s creditworthiness.

Even as Covid-19 put its borrowers at risk, Credit Acceptance was awarding stock option grants valued at an estimated $ 55 million to seven top executives in late December. Regulatory records show that awards exceeded the number of shares eligible for issuance under the company’s active compensation plan by a quarter of a million shares.

The recipients were Busk, the chief treasurer, who discussed redemptions; Booth, the former CFO and new CEO; Charles A. Pearce, the chief legal officer; Arthur L. Smith, the chief analytics officer; Daniel A. Ulatowski, the chief sales officer; and Jonathan Lum, the chief operating officer.

The men declined an interview through the company spokeswoman.

Scott Vassalluzzo is Chairman of the Compensation Committee of the Credit Acceptance Board and an executive member of Prescott General Partners, an investment firm that is the largest shareholder in Credit Acceptance. He said in a statement, “The options awarded represent 100 percent of the incentive compensation. The Compensation Committee and CEO believe this is a good deal for shareholders and a fair deal for executives, given the composition, experience and track record of the team is.”

Credit Acceptance shareholders will be asked to approve the share plan at their annual meeting later this year.

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Can I cancel my car financing for medical reasons? https://ms-factory.biz/can-i-cancel-my-car-financing-for-medical-reasons/ https://ms-factory.biz/can-i-cancel-my-car-financing-for-medical-reasons/#respond Thu, 17 Jun 2021 20:57:26 +0000 https://ms-factory.biz/can-i-cancel-my-car-financing-for-medical-reasons/ One of the questions we are asked a lot comes from people who have had unexpected medical problems and want to unload their car, either because they cannot drive or they need to save some money. It’s usually quite a stressful situation and understandably people get frustrated if they don’t get clear answers from their […]]]>

One of the questions we are asked a lot comes from people who have had unexpected medical problems and want to unload their car, either because they cannot drive or they need to save some money.

It’s usually quite a stressful situation and understandably people get frustrated if they don’t get clear answers from their auto finance company or other sources. Then of course there are privacy issues that prevent family members or loved ones from receiving information about a car financing account on your behalf if you cannot sort it out yourself.

But what are your rights and what can you realistically expect? There is a lot of misunderstanding about this and the myth that claiming “medical reasons” allows you to easily return your car and cancel your contract. This is just not true as I’ll explain below.

If your financial troubles are related to Covid-19, there are specific guidelines for auto finance companies that you must follow. However, this is not limited to medical reasons related to the coronavirus. It covers anyone whose financial situation has been affected by the complete upheaval in society over the past year.

The short answer

In almost all cases, there is nothing in your car finance contract that allows you to terminate your contract for medical reasons, no matter how serious the situation is. Even in the event of death, the finance company expects to get its money back from your estate.

There are also no real legal regulations that you can resort to to evade your debt.

Protecting your financial situation from medical problems is usually covered by either credit protection insurance (LPI) or payment protection insurance (PPI). After the PPI scandals in the early part of the last decade, it’s a far less popular product today than it used to be, though it’s never been that popular with car finance contracts anyway.

So the answer is superficial: No, you cannot terminate your car finance contract for medical reasons. They still owe money to the finance company and they still expect you to pay it back.

The longer answer

Unfortunately, the answer here is still no. However, there are steps you can take to reduce your costs, or at least make them manageable, which may be enough to help you get through a difficult financial period.

Even if the finance or leasing company has the right on their side on your contract, they still have an obligation to help a customer in trouble. Medical financial difficulties are certainly covered by this obligation, although the financial company’s definition of “help” is likely to be very different from yours.

Car financing and car leasing in the UK are regulated by the Financial Conduct Authority (FCA), a government-appointed agency whose job it is to ensure that financial affairs are handled fairly and responsibly.

All of the major UK companies that sell car finance or manage vehicle leasing are not only regulated by the FCA, but are also members of the Finance and Leasing Association (FLA) and / or the British Vehicle Rental & Leasing Association (BVRLA). Both organizations have codes of conduct that relate to how their members should treat customers during difficult times. For example, here is the FLA loan code.

In conclusion, your debt is unlikely to go away easily, but the financial company is committed to providing you with some solutions to help you ease your burden. You can also suggest solutions to the lender.

The type of assistance that the finance or leasing company is likely to offer or accept may include:

  • a payment leave to temporarily suspend your loan, usually for a period of three months
  • Reduce or waive interest and fees on the loan in order to reduce your monthly payments
  • Restructuring the loan to reduce payments (usually by extending the loan period by several months)
  • Accepting a reduced settlement amount for early repayment of the loan
  • the ability to sell the car to pay off your loan (if the value of the car is likely to cover the debt)

As you can see, none of the above suggestions will simply allow you to cancel the contract and get away with no further payments.

Relief now can cost you later

It is important to note that while some of the above offers sound helpful, they can also result in higher costs on your loan in the longer term.

For example, if you take three months of payment leave on your finance contract, you will accrue interest for the three months in which you do not make any repayments. This can add hundreds of pounds to your aggregate debt by the end of your contract. Likewise, there is a chance that you will pay more interest overall if your financial company offers to reduce your monthly payments but extend your term.

Another important point to note is that accepting changes to your loan can be recorded in your borrowing, which can affect your ability to borrow in the future. The fact that the help was requested for medical reasons does not protect you from it, even though your credit report does not reveal the reason for the contract change.

If you are in financial straits and cannot make your payments, getting your finances under control now is probably a much more pressing concern. But it’s still something to be aware of if you think it’s likely just a passing issue.

What about voluntary resignation or voluntary surrender?

These two things sound very similar, but are actually very different. They also only apply to secured car finance contracts such as PCP or hire purchase. They do not apply to leasing (contractual rent) or unsecured loans such as a personal loan with your bank. Again, “medical reasons” will not change your rights when it comes to minimizing your financial obligations.

Voluntary termination

We have a comprehensive guide to volunteering here at The Car Expert (it has been our most popular article over the past seven years!) So I won’t repeat it in detail here. The benefits to you will depend on the type of auto finance contract you have. If you have a PCP, you can usually only return your car free of charge in the final months of your contract. As you get closer to your TT point, it can still be a relatively inexpensive way to close your finance contract.

If you have an installment purchase (no balloon payment at the end), your voluntary walk-away termination point will be closer to half of your contract, depending on how much down payment you made at the beginning and whether you had a part-exchange.

When calling your financial firm on the voluntary termination process, make sure that you want to voluntarily terminate in accordance with your contract and the Consumer Credit Act 1974 (Section 99). That way they can’t “accidentally” misinterpret you and assume that you meant voluntary surrender, which you definitely don’t want …

Voluntary surrender

Voluntary surrender may sound very similar to voluntary termination, but it is a completely different matter. It really is the last resort when you have absolutely no other option to deal with your troubles.

Basically, you are handing the car over to the finance company and you do not agree to your agreement. You pick up the car and sell it at a commercial auction. The sale price of the vehicle will pay off some of your outstanding debt, but it almost certainly won’t cover all of it, so the finance company will be after you for whatever is outstanding. It also adds management fees, the cost of picking up the car, any damage beyond normal wear and tear, auction costs, and anything else you can think of.

The net result of all of this is that you may still owe the finance company thousands of pounds and your debt may not have been reduced at all. Also, if you disagree with the loan, you will have a large black mark on your borrowing. Plus, by the time they volunteer their car, most customers have already missed some payments and have to deal with debt collection agencies and negotiations with the finance company.

It’s all deeply uncomfortable in every way, so like I said, it’s definitely the last resort and claiming medical reasons isn’t going to help you. Really, the only scenario that’s worse is doing absolutely nothing and waiting for the financial company to send collection agents to repossess the car and bully you for money you don’t have.

Act early to minimize the pain

As annoying as it may be to try and choose the worst-case option to sort out your auto financing when you are already dealing with medical issues, one of the most important things you can do is act early – am best before you start missing out on payments and your account will fall into bad standing.

The finance company is much more likely to be responsive to the medical problems you cause when your account is still up to date and no payments are missed. They are required to show you ways to settle your debts or manage your payments, but if you’ve already defaulted on payments and the money has been turned over to a debt collection company, it will be much more difficult to sort things out.

Falling behind on your payments can also affect your ability to voluntarily terminate the contract, potentially cutting you off another potential solution to your problem.

Finally, since we are talking about this primarily because significant medical issues have impacted your household finances, finding an early resolution will help keep your stress under control and prevent further harm to your health. Having peace of mind, even when it’s not the solution you want, can also help your family deal with whatever comes your way instead of waiting for debt collectors to knock on your door to deal with it.

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How Copart Makes Money From Car Accidents https://ms-factory.biz/how-copart-makes-money-from-car-accidents/ https://ms-factory.biz/how-copart-makes-money-from-car-accidents/#respond Thu, 17 Jun 2021 20:57:26 +0000 https://ms-factory.biz/how-copart-makes-money-from-car-accidents/ Have you ever wondered what happened to your car after it was totaled? You may be surprised to learn that an entire economic ecosystem is built around what happens to cars after an accident. Copart (NASDAQ: CPRT) plays a significant role in this ecosystem and has found a way to make money from car accidents. […]]]>

Have you ever wondered what happened to your car after it was totaled? You may be surprised to learn that an entire economic ecosystem is built around what happens to cars after an accident. Copart (NASDAQ: CPRT) plays a significant role in this ecosystem and has found a way to make money from car accidents.

In this video from the Industry focus Podcast, recorded on March 11th, Motley Fool contributor Luis Sanchez and Industry focus Moderator Nick Sciple talks about Copart and the market for used and totalizers.

Nick Sciple: Absolutely. I want to touch on the companies in this ecosystem that we wanted to talk about today. One of the most important is Copart. If the insurance company decides to put your car up for auction, Copart will help them do it. Your ticker is CPRT. Well, where does Copart fit into this process? After you’ve added up your car, you’ve decided that the repair will cost more than it’s worth, what happens to your car afterwards and where does Copart get into the process?

Luis Sanchez: Copart is essentially an industrial marketplace. Your customers are essentially the people trying to get rid of their cars, so really insurance companies. There are a few other potential sellers of cars, but insurance companies are the vast majority who will take possession of the write-off cars. Essentially, totally destroyed cars are shipped to these huge lots that are outside of the big city areas and they basically just run an auction that is done online and in person and there are all kinds of people trying to get those broken down cars to buy . I think the other question is who the buyers are and why they might be interested in the car. There are really all possible participants. There is a large participation of overseas buyers, about a quarter of the people who buy totaled cars. There is an interesting reason for this, because the definition of a total write-off car may actually be different in the US than in any other country. Indeed, it might be more economical for a buyer in another country to buy a broken or totaled car in the United States, and the cost of repairs might be lower in that other country, or it might just be more difficult to buy that make of car in this one other country. There are also so-called dismantling companies that actually buy the car, sell all the car parts that are still valuable and then simply scrap the car. There might just be a few scruffy repair shops out there that just know they can fix the car and sell it for a profit.

Scheme: So basically, Copart connects these sellers who have cars they don’t want, or insurance companies, to all of these different buyers out there who for some reason have some interest in those products. Be it because you want to arbitrate repair costs in different countries, or you are looking for a classic car that is only offered for sale because you get one from a truck with a total write-off, or something like that. Copart really helps connect buyers and sellers in this market. Where does Copart get value for itself from this process?

Sanchez: They primarily make money by taking a commission from the auction. It’s roughly a 10% commission they take and that depends on what the car stands for. The really interesting thing about this, as mentioned above, is the value of the used cars has gone up a lot and that was actually a benefit for Copart as they benefit from a higher auction price. So your interests coincide with your customers, you could say. It’s the primary way of making money. There are also some minor matters. They sell access to the data to potential buyers, they sell technology that could be used to bid at auctions. An example of this could be when you are a foreign buyer and want to use more advanced techniques to bid on cars. Say you want to have a price monitor, much like an algorithmic trading robot, it may charge a little more for it. They also do the inspection or deal with the title, transfer the car. It is also interesting that there is a service that automatically repays the car loan as soon as the proceeds from the sale of the car have been offset. They help the insurance company automate the process of getting the car loan and transferring ownership. So there are a few little ancillary services here and there that can make them some extra cash, but the vast majority of their finances are really driven by the income from the sales.

Scheme: Absolutely. The more cars that are sold and the higher the value of those cars, the better it is for Copart. I think part of the driver for this is the speed at which vehicles are summed and that has been some tailwind for the business. If you look back on the last 10 years or so, the rate at which cars were totally or totally damaged has been a benefit to them. In addition, there may be fluctuations in used car prices.

This article represents the opinion of the author who may disagree with the “official” referral position of a premium advisory service from the Motley Fool. We are colorful! Questioning an investment thesis – even one of our own – helps us all think critically about investing and make decisions that will help us get smarter, happier, and richer.

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Car loans are cheap, but do your research https://ms-factory.biz/car-loans-are-cheap-but-do-your-research/ https://ms-factory.biz/car-loans-are-cheap-but-do-your-research/#respond Thu, 17 Jun 2021 20:57:26 +0000 https://ms-factory.biz/car-loans-are-cheap-but-do-your-research/ The interest rates on cheap auto loans are currently hovering around 3% 25 or so You need a good credit score to get one Some loans now run for up to seven years It’s hard to beat the thrill of jumping behind the wheel of a new car at the North American International Auto Show, […]]]>
  • The interest rates on cheap auto loans are currently hovering around 3% 25 or so
  • You need a good credit score to get one
  • Some loans now run for up to seven years

It’s hard to beat the thrill of jumping behind the wheel of a new car at the North American International Auto Show, especially if your Klunker is already 9 or 10 years old.

But how exciting is a car loan? Itching just for one more monthly payment? Yes, exactly.

However, the hot news about auto loans this year is that interest rates are lower than last year – so shopping for auto loans could prove invigorating if you can get a real deal.

“We have never seen interest rates this low in surveys of banks and credit unions,” said Greg McBride, senior financial analyst at Bankrate.com.

The cheap car loan rates – for both used and new cars – are currently around 3% with banks and credit unions.

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We make $ 80,000 a year but owe $ 120,000 in auto and student loans. Shall we get a new car? https://ms-factory.biz/we-make-80000-a-year-but-owe-120000-in-auto-and-student-loans-shall-we-get-a-new-car/ https://ms-factory.biz/we-make-80000-a-year-but-owe-120000-in-auto-and-student-loans-shall-we-get-a-new-car/#respond Thu, 17 Jun 2021 20:57:25 +0000 https://ms-factory.biz/we-make-80000-a-year-but-owe-120000-in-auto-and-student-loans-shall-we-get-a-new-car/ Dear Dave, My wife and I are in our 20s and together we make about $ 80,000 a year. Our first baby will be born in early 2022 so being debt free is my top priority. At the moment we have two cars. The one I drive is paid for and has a lot of […]]]>

Dear Dave,

My wife and I are in our 20s and together we make about $ 80,000 a year. Our first baby will be born in early 2022 so being debt free is my top priority. At the moment we have two cars. The one I drive is paid for and has a lot of kilometers on it, but it’s in really good shape. On the flip side, we still owe $ 30,000 and the rest of our debt is about $ 90,000 in student loans. My wife covers 40,000 miles a year on the other car that goes to work. I talked to her the other day about getting a little smaller in car size, but she really cares about what she drives. I even found out that she has her eye on a newer vehicle that costs around $ 48,000. I do not know what to do. Can you help?

Zach

Dear Zach,

Okay, let’s start slowly. Glad you saw the wisdom to take control of your money and get rid of debt. This is the first step towards financial peace.

Well, as far as the car goes, there’s no way in the world that I would do that. And to be honest, I don’t care what is special about your wife. You are broke! You’re in debt to the limit, and now she’s talking about buying a $ 48,000 car – if you still owe $ 30,000 for one – then put 40,000 miles a year on it and get its value faster destroy than you can say “quick”.

This whole idea and attitude is dumber than a rock. Absolutely not! You may have seen the light when it comes to your finances, but it sounds like your wife is still groping in the dark and needs to grow up a bit. The two of you should have a long, serious conversation about things and be financially on the same page – especially when a baby is out. Your family’s future depends on it.

I hope I wasn’t unclear.

—Dave

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MONEY CLINIC | What debts should I pay first to improve my credit score? https://ms-factory.biz/money-clinic-what-debts-should-i-pay-first-to-improve-my-credit-score/ https://ms-factory.biz/money-clinic-what-debts-should-i-pay-first-to-improve-my-credit-score/#respond Thu, 17 Jun 2021 20:57:25 +0000 https://ms-factory.biz/money-clinic-what-debts-should-i-pay-first-to-improve-my-credit-score/ credit cards and have been reluctant to take on new unsecured debt, according to Nedbank. Photo: Getty Images” height=”767″ width=”1024″ class=”img-lazy”/> Consumers have turned down their credit cards and have been reluctant to take on new unsecured debt, according to Nedbank. Photo: Getty Images A Fin24 user would like to know whether the disbursement of […]]]>
credit cards and have been reluctant to take on new unsecured debt, according to Nedbank. Photo: Getty Images” height=”767″ width=”1024″ class=”img-lazy”/>

Consumers have turned down their credit cards and have been reluctant to take on new unsecured debt, according to Nedbank. Photo: Getty Images

A Fin24 user would like to know whether the disbursement of a car loan or a credit card makes her creditworthiness “look better”.

She writes:

Which debts should I pay first? What Makes My Credit Look Better? Car loan or credit card?

Tessa Verwoerdt, Head of the Money Solutions Department at Bayport Financial Services, answers:

Car loan or credit card?

The two products are designed for different purposes, with vehicle finance being a secured loan for buying a vehicle on credit and credit card being a revolving loan that gives you easy access to cash when you need it. You can’t compare the two products right away. The customer should rather get the designed product, in this case the vehicle financing.

What Makes My Credit Look Better?

When it comes to improving your credit score, the main consideration is servicing your debt on time, regardless of the product. Because of this, your creditworthiness should be affected in the same way if the risks / amounts are the same.

Which debts should be settled first?

The answer to this question is a combination of many factors, including the total cost of borrowing (made up of the interest rate, management fees, enrollment fees, and / or credit life insurance, which vary by product) and commitment / amount. When the total cost of the loan and the amount are the same, there is no preferred choice between the two. If there are differences, first of all, stay away from the debts with the highest borrowing costs.

Because interest rates are calculated on the outstanding balance, the higher exposure results in a higher absolute amount (the total calculated interest rate) paid on the interest rates when the interest rates of the two products are the same but the risks are different. It makes most sense to identify the product with the higher absolute interest amount and pay it out first. However, there are different scenarios to answer this question and it depends on your personal circumstances.

Questions can be edited for brevity and clarity.

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Study: Tesla dominates electric car sales, but buyers are open to other electric vehicles https://ms-factory.biz/study-tesla-dominates-electric-car-sales-but-buyers-are-open-to-other-electric-vehicles/ https://ms-factory.biz/study-tesla-dominates-electric-car-sales-but-buyers-are-open-to-other-electric-vehicles/#respond Thu, 17 Jun 2021 20:57:25 +0000 https://ms-factory.biz/study-tesla-dominates-electric-car-sales-but-buyers-are-open-to-other-electric-vehicles/ Tesla is almost synonymous with electric cars in the minds of most Americans. But that can change quickly. A new survey by JD Power shows America’s best-selling EV brand is cracking. Right now, Tesla’s dominance is undisputed – 79 percent of the electric vehicles sold in America last year were Teslas, and four of the […]]]>

Tesla is almost synonymous with electric cars in the minds of most Americans. But that can change quickly. A new survey by JD Power shows America’s best-selling EV brand is cracking.

Right now, Tesla’s dominance is undisputed – 79 percent of the electric vehicles sold in America last year were Teslas, and four of the top five best-selling electric cars are Tesla products.

JD Power’s new US study on electric vehicles, published for the first time on Thursday, shows that only four percent of electric vehicle buyers limit their purchase decision to Tesla products today.

Stewart Stropp, JD Power’s senior director of automotive retail, commented that Tesla’s market dominance “is not absolute and could be replaced by a worthy alternative.” About 27 percent of those who were likely to buy an electric vehicle named Tesla as their first choice, and in that group, performance was the number one selling point.

EV buyers tend towards luxury

Those who shop for luxury brands are more than twice as likely to consider an electric vehicle (36 percent) than those who shop for mainstream name badges (15 percent). Notice that it’s easy are more luxury electric vehicles than affordable electric vehicles in the market. That number can change as technology moves into more mainstream segments. We expect more than 100 electric cars to hit the US market by the end of 2021, many of them from cheaper brands.

Analysts surveyed over 9,000 buyers planning to buy a new car in the next 12 months. They found most electric vehicle buyers lukewarm. Only 59 percent consider themselves “rather likely” or “rather unlikely” to buy an electric vehicle.

First-hand experience increases openness to electric vehicles. Those who have ridden an electric vehicle are almost three times more likely to consider buying an electric car than those who have never driven it.

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Exposing the car loan crisis “crisis” https://ms-factory.biz/exposing-the-car-loan-crisis-crisis/ https://ms-factory.biz/exposing-the-car-loan-crisis-crisis/#respond Thu, 17 Jun 2021 20:57:25 +0000 https://ms-factory.biz/exposing-the-car-loan-crisis-crisis/ OBSERVATIONS FROM THE FINTECH SNARK TANK You need a driver’s license, an operation license, an anesthesia license … I guess because lying with statistics is as American as motherhood and apple pie. And lying (or twisting the truth) is exactly what some people are doing with the Fed’s recently released data on auto loan defaults. […]]]>

OBSERVATIONS FROM THE FINTECH SNARK TANK

You need a driver’s license, an operation license, an anesthesia license … I guess because lying with statistics is as American as motherhood and apple pie.

And lying (or twisting the truth) is exactly what some people are doing with the Fed’s recently released data on auto loan defaults.

The headline: Overdue auto loans have reached record highs. Seven million people are now over 90 days in arrears with their car loans.

This has become the fodder for people who want to prove that the economy is unhealthy and that countless people are suffering.

Here’s what these people won’t tell you: The proportion of car borrowers whose payments were three months in arrears peaked at 5.3% at the end of 2010. The proportion is actually lower now – 4.5% – because the total number of borrowers has grown so much in recent years.

The numbers are wrong

A recent article on the Knowledge @ Wharton site entitled Is a Subprime Auto Loan Crisis Brewing? includes an interview with Wharton finance professor David Musto and Christopher Peterson, a former advisor to the Consumer Financial Protection Bureau and law professor at the University of Utah. In response to the question: “Are we possibly observing a small crisis in the future?” Peterson replies:

We’re talking about seven million people who are faced with the loss of their vehicle. These are families, so they live in households with an average of 2.5 people per household. So you expect around 17 to 18 million people to be affected. When you put yourself in the shoes of all of these families, losing a car is very traumatic for a family. Imagine you are a single mom or dad and you need to take your kids to soccer practice this week. But you can’t tell them whether to leave or not because you don’t know if the car will be there or if it will be repossessed. “

My opinion: Not correct. Take a look at the graphic below. Crime rates are far higher among 18 to 29 year olds than among older consumers. This would also mean that delinquency rates are higher among 18 to 24 year olds than among 25 to 29 year olds.

New York Fed

According to Flowing Data, only 1% of 18-year-old men and 2% of 18-year-old women are married. Of the 25-year-old men and women, 21% and 32%, respectively, are married. And according to the Urban Institute:

Millennials have babies at the lowest rate of any generation in American history. The birth rate of women in their twenties fell 15 percent between 2007 and 2012. “

That said, it is impossible for a significant number of 18-25 year olds to live in households of 2.5 people and have children old enough to attend soccer practice!

In the age groups that are more likely to have children playing soccer, crime rates are much lower. More importantly, these crime rates have not increased significantly in the past two years.

And even among the 18 to 29 year olds the increase in default rates occurred between 2014 and 2016 – and not in the last two years.

Who is to blame

Here is another quote from Mr. Peterson:

Car finance company [are] the lenders who really drive these high default rates. We have many auto finance companies that I believe are aware that they provide loans that have a high probability of default. “

My opinion: Wrong again. While it’s true that 50% of loans from auto finance companies go to subprime borrowers (who have higher default rates), overall these lenders account for only 12% of all outstanding auto loan balances and only 26% of outstanding loans to subprime borrowers. It is simply impossible for these lenders to experience “high default rates” when three-quarters of the outstanding subprime loans have been made by other lenders.

The second part of the statement also makes no sense. If the loans have a “high” probability of default, then why are only 6.5% of car finance company loans over 90 days in arrears?

What is it? real Problem here?

According to Peterson:

It is clear that the public must have access to car finance in order to buy cars. But they have to buy affordable cars. “

My opinion: I agree with Peterson on this point, although I would have worded it differently. I would have said, “You have to buy cars that you can afford.”

The bottom line anyway: The absolute number of defaulting car loan borrowers is not the crisis some would come out as. As the Fed itself wrote:

In the fourth quarter of 2018, 30% of the outstanding debt of $ 1.27 trillion was loaned to borrowers with a credit score greater than 760. The proportion of total outstanding auto loans given to subprime borrowers dropped to 22%. TThese percentages would suggest that the total auto loan inventory is the highest quality we’ve observed since our data began in 2000. “

Added bold and italic for emphasis. 🙂

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