Category Archives: Used Car News

Chrysler Capital Opens Strong as Auto Loans Remain Easily Available

Posted on by
Reply

UntitledIt’s only been a month since Chrysler switched their preferred lender from Ally Financial Inc to their own Chrysler Capital and it already looks to be a success. The opening month for the new auto lending service is off to one strong start.

Back in May, Chrysler parted ways with Ally to focus on the creation of their own lending group, Chrysler Capital. Since then, Chrysler Capital has worked on about 21 percent of the loans given out at the 2,500 Chrysler dealerships across the nation. That makes them the top loan writer at Chrysler dealerships.

“”I consider that pretty strong right out of the chute,” said Reid Bigland, Chrysler Group’s head of US sales. “There’s a pretty thick Rolodex of financial providers that is now available to dealerships.”

Bigland went on to say that he thinks lenders are so aggressively pushing into auto loans because the value of a car has held up much stronger than homes during the recent economic downturn. Credit availability is now the best it’s been in the history of automotive financing.

Are you looking to get a vehicle? Contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style. We operate in the Queens area and help all those in New York drive away in the car they need. We love to say yes! Like our Facebook page and follow us on Twitter for more news and monthly specials.

What to Consider Before an Auto Lease

Posted on by
Reply

ID-100107576The San Francisco Gate recently authored an article indicating the best tips to follow to get the best out of an auto list.

Leasing has been increasing as the market has returned, according to Experian.  The first three months of this year saw a rise to people leasing out their new vehicle.  Leasing a vehicle certainly has its upsides.  If that’s the route a buyer decides to take, there are the tips that are recommend to use so that you wind up with the best possible deal.

First off is understanding just what the difference is between leasing and buying.  Leasing means that you geta car for a fixed period of time.  The payment you make is put “towards paying for the depreciation in the vehicle, not the ownership.”

There are some benefits by going this way in getting your vehicle.  The monthly payment will usually be lesser than the amount if you have to borrow to afford the car.  Also, having a shorter commitment enables you to drive away in a newer car after just a couple of years.  It’s really aimed to benefit people looking at a short-term financial situation.

The next tip is not to forget to haggle.  Talking a price down is typically stereotyped over the price of a car.  You can do that with leasing as well.  Know the sticker price of the car you’re interested in and talk down the price on the vehicle before applying the lease terms.

Make sure you’re realistic about mileage.  Leasing sets limits on how many miles you can have on the car.  Breaking that limit can have a big impact on the amount of money you owe, since then you’ll be charged per-mile.  Understand how much you drive before leasing.

Avoid leases that are longer than three years.  The majority of leases are between two and three years.  A dealership can offer longer leases, but the longer you have a vehicle, the more likely you are to have to pay for costly repairs.

Think twice about buying your leased vehicle.  When the lease is over, you have the option to buy the vehicle.  According to the writer of the article, it’s best to get an estimate on the value of the vehicle when the lease is coming to end to best decide if it’s right to buy.

Check out the full article for more details on each of the tips.  It definitely provides some food for thought for those looking to lease a vehicle rather than out-right buy.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Jeroen van Oostrom / FreeDigitalPhotos.net

How an Auto Loan Can Help After a Bankruptcy

Posted on by
Reply

ID-100142021Bankruptcy is an ugly thing.  Just the word alone makes people shutter.  Even in this economy, as that word gets flung around left and right, people still have a lot of misunderstandings concerning it.  One of those places where people have confusion about it is when it comes to acquiring an auto loan even after having a bankruptcy occur.

Auto Credit Express shows how bankruptcy can affect an application for an auto loan. When the two common types of bankruptcy, a Chapter 7 or a Chapter 13, are completed, it ends with either a discharge or dismissed.

Having the bankruptcy dismissed is what leads to problems.  This is common during a Chapter 13.  Dismissal means that the court-ordered payment schedule wasn’t met.  You missed a payment and this will lead to a lender or any kind of loan, auto-loan included, being denied.

On the other hand, a discharge on the bankruptcy means that it was completed successfully.  This is what allows a person to properly start reestablishing credit afterwards.

Now that you’ve entered the healing portion of the process, a good question is what to do afterwards.  The most obvious answer is to start mending your credit.  A great way of doing is by looking for different types of credit, such as an auto loan.  This is a form of installment credit that can go a long way in aiding you get back on the right track.

For more help in getting an auto loan, contact us at Bayside Chrysler Jeep Dodge and we’ll work with you to find the appropriate car to suit your life-style.  We operate in the Queens area and help all those in New York drive away in the car they need.  We love to say yes!  Like our Facebook page and follow us on Twitter for more news and monthly specials.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net