Financing for Purchasing Used Cars

There are many lenders out there that offer non-traditional auto loans and other types of loans that can be used for the purchase of used cars. Buy directly from the owner can save you thousands of dollars, but if you do not have the funds, you will need financing and this is while car loans can provide the help you need.

Car Loans for Used Cars

Obtain financing for the purchase of a used car can be difficult, most lenders do not like the idea due to the high risk involved in this type of transaction. The value of the car depreciates rapidly if it is a new car and therefore, if used as collateral, which do not serve the purpose. This is the reason why some traditional lenders offer loans for buying cars, but with shorter repayment programs to prevent the depreciation value of the vehicle.

However, there are non-traditional lenders willing to make loans secured and unsecured loans for the purchase of car, in exchange for an interest rate slightly higher provide the necessary funds to purchase a used car from the previous owner and adapt the loan to meet your needs. You will be able to get a higher loan amount, longer repayment programs, lower monthly payments, etc.

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Texas isn't open for Tesla sales, governor says

BY: Bloomberg

Texas Gov. Greg Abbott said that Tesla Motors Inc. shouldn’t expect to open Lone Star state sales outlets any time soon.

Tesla has been trying for two years to crack the nation’s second-largest automobile market. It has been stymied by a powerful dealership lobby that opposes allowing the company to sell its electric cars directly to consumers.

“Texas has a very robust, very open, very effective automobile sector that seems like it’s working quite well the way that it is,” Abbott told Bloomberg Radio today. “If you’re going to have a breakdown in a car, you need to have a car dealership there to make sure that the vehicle is going to be taken care of. We haven’t seen that from Tesla.”

For years, Tesla has been working to roll back state laws across the U.S. to allow the company to sell its $100,000 vehicle without a traditional dealership. Tesla decries the system as an unfair monopoly. Auto dealers say the practice protects family-owned businesses and their customers.

Ricardo Reyes, a spokesman for Tesla, said the company has four maintenance centers in Texas that have earned high marks for service. He said doing business in the state is a matter of when, not if.

“We look forward to working as a business in Texas,” he said. “It’s just a matter of time.”

Tesla has had success in Georgia, Maryland and New Jersey, where lawmakers this year allowed direct sales.

Currently, Texans who wish to own a Tesla can visit one of three “galleries” in major cities to view the cars, but they can’t test drive them or discuss price. Prospective owners must go to another state or order online and have a car shipped to them.

Courting Texans

Tesla has tried hard to win over Texas. CEO Elon Musk visited Austin lawmakers this year days after the legislative session convened in January. He also hired 20 lobbyists and spent more than $150,000 on campaign contributions.

Musk’s efforts fell flat. Pro-Tesla bills gained little traction, failing to make it out of committees for a full vote by the House or Senate.

Tapping the Texas market is key for Tesla. Texans buy more than $81 billion worth of cars every year, second only to California, according to the National Automobile Dealers Association.

Teslas compose only a fraction of cars on Texas roads. Of the 78,000 Model S vehicles on roads worldwide, only about 3,000 are in Texas, according to Tesla.

Tesla isn’t giving up. The company’s vice president of business development, Diarmuid O’Connell, said this year that the company will continue to work at swaying lawmakers before the next regular legislative session begins in 2017.

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Texas isn't open for Tesla sales, governor says

Texas isn't open for Tesla sales, governor says

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Advantage of Buying Used Car from Dealer

Buying a vehicle can be very interesting and processes of thought. Not only you determine what type of vehicle offers the best means of transport, you should also ensure that you choose a car that will be able to handle all of your personal and professional needs. It helps to improve your chances of getting the best means of transport, it is necessary to do some research and find out exactly what type of vehicle you can afford. You may be able to find exactly what you need for your car dealer occasion.

It is attractive to buy a new car but for lot of people buying new car is not an option. The fact that you cannot have the financial means to get a new car does not mean you'll never get a good car for your use. There are many used car dealers in the world offering different used cars deals. All you need is a little time, motivation and a little knowledge of what to look for.

Whatever type of vehicle you are in the market for; there is plenty for you to choose from, no matter where you go. If you do not really know where to start, you can visit various car used dealers and take a look at what they have in their inventory.

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NADA’s Koblenz Joins Industry Summit Roster

By: Admin

 

LAS VEGAS — Andy Koblenz, executive vice president of legal and regulatory affairs for the National Automobile Dealers Association (NADA), will deliver a keynote address at Industry Summit 2015, which will be held Sept. 8–10 at Paris Las Vegas.

“Andy Koblenz is a familiar face at Industry Summit and a great friend to dealers everywhere,” said David Gesualdo, show chair and publisher of F&I and Showroom. “His experience speaks for itself, and we anticipate a gripping and informative address.”

Since 2006, Koblenz has spearheaded critical efforts to protect franchised new-car dealers from federal regulatory overreach. He represents dealers before all federal regulatory agencies and is at the forefront of the NADA’s advocacy efforts to protect consumer choice in indirect auto financing. Along with the nation’s top dealer groups, he helped launch NADA’s optional Fair Credit Compliance Policy and Program, which helps dealers and lenders comply with fair credit rules while preserving robust competition for car buyers in the auto finance marketplace.

“The upcoming Industry Summit will provide an ideal forum to discuss a resolution of the challenges to the indirect vehicle financing model presented by the Consumer Financial Protection Bureau,” Koblenz said. “As a matter of principle, car buyers have the right to negotiate the rate on auto loans. And they have the right to seek a better deal. No government institution should deny that. That’s not what Washington is supposed to do.”

Koblenz directs a staff of six attorneys specializing in franchise and state law, corporate law and federal regulatory affairs. He helped navigate NADA through intensely challenging times, including the credit crisis, automaker bankruptcies and Great Recession. Previously, he served as NADA’s vice president of industry affairs.

More information about Industry Summit is available at the event's websites. Attendees who register by Aug. 7 will enjoy a $100 early-bird discount.

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NADA’s Koblenz Joins Industry Summit Roster

NADA’s Koblenz Joins Industry Summit Roster

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KBB Raises 2015 Sales Forecast to 17.1 Million Units

IRVINE, Calif. — Kelley Blue Book (KBB) issued today its prediction for June 2015 sales. The vehicle information site expects to increase 5.8% from a year ago to 1.5 million units, resulting in an estimated 17.4 million seasonally adjusted annual rate (SAAR).

If the firm’s June sales prediction is realized, total sales for the first half of 2015 would come in at 8.53 million — a 4.7% increase from the same time last year and the highest first-half total since 2005. It would also mean second-quarter sales will have increase 3.9% from a year ago to 4.58 million — the highest second quarter total since 2005. For the year, KBB’s June sales prediction would mean the industry is on pace to close out 2015 with 17.1 million units sold, a 3.6 year-over-year jump and the highest overall total since 2001. 

“With another month of new-car sales growth in June 2015, the sixteenth in a row, the auto industry continues its incredibly strong momentum. With a 17.3 million projected SAAR for June, it would mark the third month above 17 million out of the past four months,” said Alec Gutierrez, senior analyst for KBB. “However, heading into the summer months, sales should flatten out at a more sustainable pace.”

Including fleet sales, KBB expects June new light-vehicle sales to increase 5.8% from a year ago to 1.5 million units, which would be down 8% from May. The firm also estimates that the SAAR will be 17.4 million, up from 16.8 million in June 2014 but down from May’s 17.7 million SAAR.

The firm, which noted that the industry enjoyed 25 selling days vs. 24 in June 2014, also expects retail sales to account for 80.6% of volume in June 2015, up from 79.7 percent in June 2014.

“Kelley Blue Book anticipates positive numbers from nearly all manufacturers in June 2015, but Fiat Chrysler Automobiles could see the largest year-over-year gains,” said Gutierrez. “The surge in popularity of utility and truck models this year has been beneficial for Fiat Chrysler’s Jeep and RAM brands, helping push the manufacturer to its highest U.S. market share since 2007.”

The Volkswagen Group is another manufacturer poised to report solid growth, thanks to the full model lineup of its redesigned Golf. The Audi brand could also boost sales by double digits this year, while sales for the overall luxury market is trending 7.4% higher than last year.

As gas prices remain comparably low vs. last year, June should be another good month for utility and truck segment sales. Year to date, SUV sales are up 11.9%, and with new models on the market such as the Honda HR-V, Kelley Blue Book expects even higher totals in June.

Conversely, non-luxury cars will continue to lose share, with year-to-date sales down 5.2 percent. While the month should see slightly positive numbers for the compact and mid-size car segments, combined share is expected to drop by nearly a full percentage point.

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KBB Raises 2015 Sales Forecast to 17.1 Million Units
KBB Raises 2015 Sales Forecast to 17.1 Million Units

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