It’s easy to get on your high horse and look down on people who have found themselves in a tough financial spot because they didn’t do the math before they bought their car, or because they need a car so badly they had to take on a rough deal. But this loan term on a six-figure Porsche Cayman GT4 reveals that money…
There are all kinds of websites, platforms and startups that are supposed be “disrupting” the whole car buying process, yet every day people end up with bad deals. But the most powerful tool is something buyers have had for a while, and they don’t even have to download it.
Buying a car shouldn’t be that complicated. You shop around, you get a quote, and make your purchase. Still, we all know it’s not simple because some dealers will use various deceptive and tiresome tactics to make it seem like their quote is the best when it may not be—including pairing a crazy low price with a…
Wells Fargo has said it set aside $80 million to reimburse more than 570,000 customers who were forced by the bank to purchase auto insurance they didn’t need. But a confidential report from the Office of the Comptroller of the Currency suggests Wells has likely underestimated how much it would cost to reimburse…
A week after New York resident Juan Thomas bought a 2004 BMW 745i, in December 2012, the bank that financed the purchase—Wells Fargo—contacted him to say that he needed additional auto insurance for the vehicle. This was a bit odd, mainly because the car was already insured. “It didn’t sound right to me,” Thomas said.…
There is a battle happening on dealer showrooms right now. Right now, heavily discounted new cars are facing off against an excessive inventory of pre-owned models. The winner of this fight could be you, if you play your cards right. In order to help move used cars, automakers and banks are offering incredibly cheap…
It’s unfortunate that some people get buried in debt. I frequently get emails from folks underwater on their car loans and most are hoping for some solution that defies the laws of mathematics. Here’s the real answer: there is no real answer.
Automakers have come up with some creative incentives and rebates in order to make the sale price a bit more palatable. One of the more, uh, interesting ones is a rebate offered by a Fiat Chrysler dealer for having a low credit score. I can’t say I’m surprised.
Buying a new car can be exciting. The chance to score a great deal is especially alluring and right now seems to be the perfect time to buy a car. Car sales are down, incentives are up and used car prices are falling. A good chunk of you should probably hold off for awhile, however.
For the most part, car buyers have wised up to the fact that extended warranties are usually a waste of money. This is bad news for the dealers selling the extras, so many of them are changing their vocabulary. Don’t be fooled, though: most finance products are rarely worth the cost.
Good morning! Welcome to The Morning Shift, your roundup of the auto news you crave, all in one place every weekday morning. Here are the important stories you need to know.
Knowing your FICO score—essentially, how your credit stacks up—is a powerful tool for getting the most competitive rate on a loan for a new car (or anything else, really), but the number that a lot of web services show you and the number that the lenders really use may be very different.
Millennials! The youths. Such a silly bunch, with their Instagram Stories about artisanal bacon. According to a recent report, they are so accustomed to monthly subscription costs, is that they look at buying a car the same way. Sounds good in theory, but not the best practice.
For only the second time in a decade, the Federal Reserve is raising interest rates. If you have a major purchase coming up like a home, it’s likely you will be paying more for that loan. How the increase will affect your car loan depends on how the manufacturers react.
Jay Leno knows a lot about cars, way more than I will ever know in my lifetime. He knows the modern cars, the classics, the weird stuff and everything in between—but when it comes to paying for them his advice is a bit limited.
Negotiating the price of a car is relatively easy. However, actually getting a loan for your car can get a bit murky due to the nature of the lending industry and how “credit” is determined, which can lead to some dishonest practices.
It’s not like we didn’t see this coming. With several years of record car sales, low-interest rates, longer loan terms and rising transaction prices, the number of car buyers with that will have to roll over negative equity with their trade has reached record levels. The picture’s not pretty.
We all make mistakes, and sometimes small mistakes lead to bigger ones—especially when it comes to debt. It’s easy to get on a high horse and tell someone what they should or shouldn’t have done; coming up with solutions can be a lot harder, and this debt-saddled car owner needs a fix and not more judgment.
When it comes to car buying, the advice of focusing on total cost instead of monthly payments has been around for a while. But people are creatures of habit and get help but get caught up in the monthly payment mindset. There is, however, a right and a wrong way to do this.