Discover the expert in you.
Discover the expert in you.
If your low oil pressure light comes on when you start your car, you may have a serious issue. Find out about low pressure lights and what to do if one comes on when you start your car with help from an expert in the automotive industry in this free video clip.
The higher the octane the slower the fuel burns. High-octane fuel -- 93 octane or above -- is 3 percent denser by volume than 87 octane. High-compression carbureted engines have a fixed amount of spark advance. These high-performance engines use much more fuel and need to ignite it much sooner to burn as much as possible. With a longer burn time they experience much higher cylinder head temperatures. Slower-burning high-octane fuel decreases cylinder head temperatures reducing susceptibility to pre-ignition (spark knock).
At the beginning of the automotive era, a vehicle’s chassis was no more than a skeleton that supported the rest of the components. Times have certainly changed. Today’s car frames are precisely engineered to extremely high standards, and dispersing impact is as important a facet of their role as creating a rigid structure on which to build the rest of the vehicle. For this reason, more than any other, a damaged frame is very bad for a car.
Knowing the gross cost of a product or service can save you money. The gross cost includes the cost of product or service itself, along with any other costs incurred in the purchase process. The term gross cost is sometimes used in relation to certain goods and services, but it can be used more broadly to refer to just about any industry. Assessing the gross cost of any product depends on the industry itself and type of product.
The idea you should warm up your car before driving in really cold weather is so ubiquitous, it almost seems like an urban legend. In fact, until the mid-1980s, it was beneficial. Today’s gas engines are so advanced, the practice is all but unnecessary; diesel engines have warming plugs and anti-freezing external plug-ins that the operator must know how and when to use.
There is a large difference between not having an employer and not having an income. People without employers can be contractors, entertainers, salespeople, consultants and retirees. Others may have earnings from interest or benefit payments. People with alternative sources of income often need to lease cars for business and personal use. Many lenders serve this demographic due to substantial demand and quality of borrower. Disclosing your employer on a car lease application is much less important than disclosing your source of income and your ability to pay your bills.
When a lender tries to repossess a car, he's exercising his rights under a legal document known as a lien. When a lender provides money for a car purchase, there is a possibility that the borrower may not pay him back. A lien provides security against this risk. It is important for borrowers to understand the basics of liens and to know their rights in the event of a repossession.
The air pump operates for a short period of time upon starting your vehicle to introduce air into your vehicle's emissions. While a bad air pump may not have a negative impact on the overall performance of your vehicle, it does have a negative effect on the emissions your vehicle produces. Poor emissions results in more air pollution. To help reduce the amount of pollution your vehicle produces, it is important to know and recognize the signs of a bad air pump.
When you default on a vehicle loan, the lender may repossess the vehicle by force to recover the debt. Some borrowers may request that the lender repossess the vehicle when they fall behind in payments, but most repossessions are not voluntary. In most cases, either the primary borrower or the co-borrower can authorize a lender to repossess a vehicle if the loan is in default.
In order for a business to carry out its activities satisfactorily, the business needs resources to facilitate this. The resources the business uses to generate revenues are known as assets. Examples of assets include property, the physical plant, cash and equipment. Assets further classify into current or fixed. Current assets include cash and any asset that can quickly convert to cash, such as stocks or debts to the company. Fixed assets are those resources a business uses for long periods of time, and cannot quickly convert into cash. Fixed assets further classify as tangible or intangible. Tangible assets include land,…
If you work in a position that requires frequent use of your vehicle, such as route sales or field service work, your employer may provide you with mileage reimbursement or a car allowance. Both options are designed to help you offset vehicle expenses, but they do so in slightly different ways.
Repossession has significant consequences. If your vehicle was recently repossessed and you paid the lender to get the car back, it will repossess the vehicle a second time if you stop making payments. Your credit becomes further damaged and obtaining another lease may prove impossible until you reestablish your credit. If you reaffirmed your car loan after bankruptcy and then stopped making payments, the leasing bank will likely sue you soon after repossession.
Many consumers believe that a car payment is a necessity, especially considering the high prices of automobiles and the lack of cash reserves to pay for transportation. When you are at the car dealership negotiating a purchase, it is not the time to determine how much you should pay each month for auto financing. By following some guidelines, you can buy a car and not place yourself at financial risk due to payments that are too high.
Marrying someone in the military means getting used to uncertainty. Not just uncertainty about your spouse's safety but about her financial affairs as well. Congress passed a law that helps diminish some of this uncertainty. It may help your military spouse hold onto her car after defaulting on the loan.
If you are unable to make payments to your lender after a repossession, a court judgment likely entitles the lender to collect the balance due on the loan. While your lender may still accept a payment plan if you act quickly, it can garnish your wages to collect the money you owe.
If you need to buy a vehicle for your business, buying a used vehicle with a lien can save you money. When a consumer finances a vehicle purchase through a loan, the lender places a lien against the title of the vehicle until the loan is paid off. This gives the lender a legal right to reclaim the vehicle if the consumer cannot pay off the loan. By negotiating with a consumer who cannot pay off his loan and with the lien holder, you may be able to purchase a vehicle at a discount from retail prices.
While you may have agreed to stay in your rental throughout the term by signing a lease, things do come up; maybe you found a house to buy, or your job has plans to move you to another state. If you need to terminate your lease early, your landlord may have options to help you, such as an early termination fee or the option of subletting. However, the laws on what a landlord can do if you terminate your lease early vary by state.
Some financial websites regularly publish average interest rates for the various types of debts, including auto loan interest rates, to keep the public updated. Check on these averages to see if the rate quote you’re getting from your bank is normal and fair considering your current credit situation.
If you die before your car loan has been paid off, your estate must settle the debt with the lender. If your estate doesn't have any money to pay back the loan, the creditor is generally out of luck and won't be able to get the loan repaid. Probate laws and creditor repayment hierarchies vary in different states, so talk to an attorney in your area if you need personalized advice.
An auto loan maturity date is a date when the loan balance is paid off if a borrower makes payments according to the schedule. However, when an auto loan matures, it does not necessarily mean that it is paid off. In some situations, an auto loan may have a remaining balance on the maturity date.
Your payment history and lines of credit, such as car loans or credit cards, are reported to the credit bureaus and affect your credit score. Late payments occurring before repossession are reported to the credit bureaus and reduce your credit score. A repossession, once reported to the credit bureaus, quickly decreases your credit score and increases your lending risk.
If you are looking to buy out your automobile lease, you might need a new loan. A vehicle lease buyout is a predetermined buyout price agreed upon at the signing of the lease that allows the lessee to buy the car for that price at the end of the agreement. An individual can capitalize, or pay for, the new loan in a number of ways.
Buying a rental house or apartment building can result in the need to raise the rents to market rates. If you purchased the property with the knowledge that the rent is low, you may be eager to increase the rates in order to realize more profit or just to break even. However, you must understand the law about lease agreements and when you can and cannot increase rents on a lease transfer.
Depreciation is a tax concept that provides taxpayers the ability to take a deduction for the depreciation of property utilized for business purposes, which means that taxpayers can recover the cost or other basis of the property during the period of time in which that property is being used for business purposes. Property must meet four requirements to be a depreciable asset: it must be owned; it must be used in business; it must have a useful life that can be determined; and the property must have utility for longer than a year. There are different methods of depreciation and…
Sometimes what seems like a good deal really is not. For example, you may have negotiated a good price for a new vehicle, but due to financing charges and interest, the true cost might be much higher than you thought. According to the Center for Responsible Lending, consumers will pay more than $25 billion in interest rate markups during the lives of their loans. Knowing how to estimate the interest that you will pay on your auto loan can prevent sticker shock.
When a lender seizes your vehicle for nonpayment, you might be offered an opportunity to purchase it back. If you don't, the lender resells the car and bills you for the amount due on the loan. Even though you don’t own the vehicle any longer, you must still pay any balance due on the loan, as you agreed to do when you signed your original contract.
The biggest risk of co-signing a loan is the possibility of credit damages caused by late payments or repossession. As a co-signer, you're equally as responsible for the auto loan payments as the borrower. Depending on the way your loan account was set up when you initiated the loan, you might not be contacted if the borrower defaults on payments.
The fact that your car has been repossessed does not mean that your problems are over. When a company repossesses your car, the company is likely to end up pursuing you for more than just back payments. By understanding what will happen when your car sells, you can take steps to protect your financial interests.
Leasing a car can often be a way to afford a car that you would otherwise not be able to get. When the owner of a car lease passes away, the executor of the estate must figure out what to do with the car at that point. If you find yourself in this situation, examine the lease agreement to see what your options are.
Approximately 1.6 million vehicles are repossessed yearly in the United States, according to a 2009 CBS News report. Repossessions are typically ordered by banks and loan companies when an individual falls behind on payments. The workers who actually seize a vehicle are typically independent contractors, and are not paid a set salary. Instead, people in this profession are paid on a per-vehicle basis.
Nevada state laws do not regulate grace periods for car loans. Typically, a grace period entitles the borrower to be 10 to 15 days late making a payment without having to pay a late fee. The availability of a grace period on a car loan in Nevada is totally dependent on the lender's willingness to offer it to the borrower.
People with financial difficulties sometimes turn to car title loans as a quick source of cash. While these loans may seem appealing, they can quickly turn bad and leave you worse off than before. If you take out a car title loan and subsequently experience car trouble that leaves your car inoperable, you still have to pay the loan. If you default, the lender can repossess the vehicle.
If you use your vehicle for business purposes can claim a valuable deduction for it's use on your federal tax return. The car must be owned or leased in order to qualify for the deduction. The method for figuring your deduction for a leased is a little different from that of calculating the deduction for a car that you own, so it is very important to follow the correct procedure. The Internal Revenue Service has set up guidelines to help you along the way.
Most lenders don't repossess a vehicle until car payments are significantly past due, often 60 days or more. Once your payments are reported as late and unpaid to the credit bureaus, it becomes difficult to obtain another car loan. Work with your lender before it seizes your vehicle or seek the help of a co-signer if you can't refinance the car on your own.
When your bills become too much to handle, you face the possibility of losing your property or filing for bankruptcy. While both options are legitimate and could rectify the issue, one may be better for you than the other. Before choosing a repossession or a bankruptcy, consider the long-term consequences.
Borrowers with bad credit score sometimes assume that having a cosigner for their auto loan automatically qualifies them for an account. However, even if your cosigner has great credit, the lender may not approve your loan application if your credit rating is too low. Thus, it is better in general for you to repair your credit history before looking for any type of credit.
When you enter into a lease agreement to rent a house or apartment, your part, as the renter, is to pay the rent on time and to abide by the provisions of the lease agreement. If you fall behind on the rent, your landlord has the right to evict you and obtain a judgment against you for any damages, including the past due rent. Once a judgment has been entered, your landlord may have the legal right to attach a lien to any personal property you own, including a vehicle.
Any account delinquencies can have a negative effect on your credit report. However, auto loan delinquency can be particularly problematic, because it’s a secured debt. Unsecured debt, such as credit cards, doesn’t have a piece of property to back it up if you default on your payments. Secured debt, such as home and auto loans, has your home and auto to back it up -- a fact your bank knows well.
Paying your bills on time, disputing negative or inaccurate information on your credit report and keeping your account balances low -- all these ideas can potentially raise your credit score. Simply getting an auto loan won't raise your credit score; in fact, it may lower it slightly at first since it will be a new account on your credit report. The way in which you approach the auto loan process, however, and your overall management of the loan are what counts.
After you return your vehicle to a dealership, the leasing bank takes the vehicle from the dealer. Once the bank receives the vehicle, it inspects the mileage, as well as checking for excessive wear-and-tear. You might avoid some lease-end fees by inspecting the vehicle yourself or allowing the leasing bank to provide a complimentary inspection.
Negative equity might impact your car loan's overall interest charges. You'll pay more for your vehicle loan if you add excess money to the total loan amount. Lenders increase interest rates for lending terms over 60 months, so if you try to keep your payment lower by extending your loan term, you'll pay more in interest charges.
Leasing the vehicles you will use for your business, as opposed to purchasing them, offers both advantages as well drawbacks. Commercial leases may result in tax savings over the short and intermediate term, although the long-term impact on your bottom line is slightly more complex.
Lenders require borrowers to have cosigners if they are not creditworthy on their own. The cosigner offers the lender some security by agreeing to be held responsible for repaying the debt if the primary borrower defaults. To avoid having a cosigner, you will need to meet the lender's standards for creditworthiness.
Every time your car goes over a bump or other irregularity in the road, it is the struts that absorb the impact and make for a comfortable ride. Struts are comprised of the springs, spring seat, bearings, knuckles and most importantly here, the shock absorbers. Shock absorbers are used to dampen the motion created by the moving springs and require lubrication for proper function. If you have noticed noise coming from your struts, get yourself a can of JB-80 and fix the problem yourself.
The term "lease residual value" describes a car's bank-determined future market value or purchase price at the end of a lease term. The residual value, expressed as a decimal, is a percentage of the car's sticker price, even if you negotiate a lower price or provide a down payment. Exact residual percentages often change monthly and differ by vehicle type and lease term, such as the vehicle's model level, mileage allowance and the length of the lease. These factors affect depreciation and future value.
If someone co-signed an auto loan with you, it means that your bankruptcy could leave that person 100 percent responsible for the debt. This is true in spite of the fact that your co-signer likely didn't get the benefit of driving the car. Whether your bankruptcy will leave your co-signer on the hook for the debt will hinge on the type of bankruptcy you file and whether you reaffirm the debt.
The amount of negative equity a borrower can roll over into a used car loan differs by individual credit history and lender-determined vehicle value. Some borrowers might be able to roll over thousands of dollars into a used car loan, while others might have trouble financing the cost of a used car without providing a down payment to increase vehicle equity.
Car loans make it easier to purchase an automobile. Financial institutions offer a wide variety of loan terms, depending upon your circumstances. When you get a car loan, the automobile is used as security against the loan. The bank places a lien on the car title to secure its interest in the property. You can't sell the vehicle while the lien is on the title. When you pay off the loan, you need to get a clear title for your car.
Car title lenders offer quick, easy-approval loans using a borrower's vehicle as collateral. Loan amounts are based on a fraction of the car's resale value. Expect to leave your title, spare keys and a signed contract to obtain your loan. The USA.gov website warns that interest rates for car title loans are as high as 25 percent for a one-month term and are often difficult to pay back for borrowers with limited resources.
In business accounting, depreciation is a means of expensing the value of a major asset purchase over time. There are various ways to account for depreciation, but among the most popular is straight-line depreciation, owing in part to its simplicity. Distinguishing between straight-line depreciation and residual value helps clear up confusion when reporting this significant business expense.
