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In the News: Current Articles
Millions of Americans Include Financial Fitness in their 2006 New Year's
Resolutions, Survey Finds
Industry Leaders Offer "Top 10" Tips for Choosing, Financing a Vehicle
With the season of New Year's resolutions upon us, more than 58
million Americans aged 18 and older say they resolve to better manage their
finances in 2006. Additionally, 29 million say they plan on making a major
purchase, such as buying a car, next year, according to a nationwide consumer
poll conducted by Americans Well-informed on Automobile Retailing Economics
(AWARE), a group of automotive industry leaders providing free tips and
resources on vehicle financing.
To help consumers be wise shoppers and keep their finances in shape throughout
2006, AWARE offers 10 suggested "resolutions" for those shopping for a new or
used vehicle:
1) Know what you want and can afford. Before visiting the dealer, determine
what type of vehicle best meets your needs and set a realistic price range that
fits your budget.
2) Do some research. Use the Internet, auto buying guides and consumer
publications to learn about the vehicles that are on your short list.
3) Review your credit report. That way, you know what creditors will see, plus
you can correct any errors you find. You can obtain a free copy of your
credit report once every 12 months from each of the nationwide consumer credit
reporting companies (Equifax, Experian and TransUnion) via the Internet at
www.annualcreditreport.com, by calling 1-877-322-8228 toll-free, or by writing
to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA
30348-5281.
4) Comparison shop. Check annual percentage rates and other financing terms
from multiple sources, such as banks, credit unions, finance companies and
dealers.
5) Understand the difference between buying and leasing a vehicle. "Keys to
Vehicle Leasing," a publication of the Federal Reserve Board, provides useful
information on this topic and can be downloaded from the Internet at
www.federalreserve.gov/pubs/leasing.
6) Educate yourself. Make sure you are familiar with common terms you're likely
to hear or read in the course of purchasing or financing a vehicle, such as down
payment, fixed- and variable-rate financing, and on- and off-site financing.
Many of these terms can be found at
www.autofinancing101.org/resources/glossary.asp.
7) Negotiate. This applies to the finance rate you are offered as well as the
price of the vehicle.
8) Understand the value and price of optional services. Examples include credit
insurance, guaranteed auto protection, and extended service contracts. If you
do not want such services, do not sign for them.
9) Read any contract carefully before signing it. Ask questions about anything
you do not understand.
10) Make your payments on time. Late or missed payments incur late fees and can
even cause your vehicle to be repossessed, permanently. A bad payment record
will also appear on your credit report, damaging your ability to get credit in
the future.
The national poll, conducted by KRC Research on November 17-21, questioned 1,030
Americans aged 18 and older. Additional information on AWARE, along with other
vehicle financing tools and resources, is available in English and Spanish at
www.autofinancing101.org.
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AWARE, formed by a group of auto dealer and financial services company leaders
involved with vehicle financing, provides consumers with the information, tools
and resources they need to make informed decisions when financing a vehicle.
AWARE's membership includes the American Financial Services Association,
National Automobile Dealers Association, National Association of Minority
Automobile Dealers, American International Automobile Dealers Association,
American Honda Finance Corporation, DaimlerChrysler Services North America,
General Motors Acceptance Corporation, Ford Motor Credit Company, Toyota
Financial Services, Wells Fargo Auto Finance, AutoNation, Lithia Motors and
other auto dealers.
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10 Questions to Check Your Financial Health for the New Year
With the New Year quickly approaching, millions of Americans are preparing to make resolutions to improve both their waste line and their bottom line. If you’re looking to improve your financial fitness this year, it’s important to first understand how you’re already doing. The following quiz will help you understand how you’re doing financially, and where you can improve.
Nine New Years Resolutions to Get Your Finances in Order
No. 1:Automate your finances. If it’s not easy, most of us simply won’t do it. Make it easy on yourself by using a secure online budgeting system, like Mvelopes Personal, to track and categorize your expenses. Use online bill pay to save time and money.
How to Avoid Holiday Scams and Make Your Donations Count
America is the most “kind and giving” nation on the planet. Last year, Americans gave more than $240 billion to the more than 700,000 charities that solicit your donations each year. People also tend to give more during the holiday season, which makes the holiday period a favorite target of scam-artists, hoping to funnel your good will for their own selfish gain. How can you avoid becoming a victim of a holiday scam?
The Real Magic of The Holiday Season: 9 Practical Tips to Stay Debt-Free This Year
There’s something magical about this time of year when everything is trimmed with tinsel and various shades of red and green. But if you don’t have a spending plan for the holidays, you’ll likely end the year with too little green and deep in the red.
Identity Thieves are Looking for a Gift From You This Holiday Season
How to keep your personal information and finances safe.
For many consumers, the biggest threat this holiday season isn’t overspending. identity theft which is one of the fastest growing crimes in America, costing $52.6 billion in 2004, and the hectic holiday season presents an opportunity too good for many thieves to pass up.
Industry Leaders Offer "Top 10" Tips for Choosing, Financing a Vehicle
With the season of New Year's resolutions upon us, more than 58
million Americans aged 18 and older say they resolve to better manage their
finances in 2006. Additionally, 29 million say they plan on making a major
purchase, such as buying a car, next year.
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