Tag Archives: advice

What’s Keeping Used Vehicle Sales so High?

Posted on by
Reply

ID-10074475

We’ve written about in the past about how the used market has seen a major uptick in late of sales. A major factor for the New York area is because of the impact of Superstorm Sandy. When the hurricane came through and wrecked havoc on the city, it hurt many car owners who found themselves the morning after without their vehicle and were forced back into the market. Nationally, there are even more factors at play. For example, one is that people have reached the end of their vehicles life and no amount of repair and wishing is going to keep it on the road. It’s time for most drivers to get into the dealerships.

Tom Webb is an economist at Manheim and he took at look at used retail sales. He found that in the first quarter of 2013, used-vehicle sales were 12 percent higher year-over-year while most other industries are slowing down. He believes that a big reason is because how available financing has been for vehicles.

“On any given day,” Webb says, “there are literally hundreds of thousands of vehicles with owners who would like to trade up to get something a little bit better if they could do so with an affordable monthly payment. Given the availability of retail financing, a natural changeover of those vehicles over time will occur.”

What I find interesting is that numerous blogs and other speakers have, at lengths, informed me that the recent surge of the market has been due to the age of the vehicle, as I mentioned earlier. While certainly a part of it, Webb sees things differently. He believes that people coming in wanting to trade-up being the biggest reason why the used-vehicle sales are staying as high as they are.

Other markets are in flux at the moment because of the recent rise in payroll taxes and fluctuations in gas prices. Yet while these spending segments dip and slump, used-vehicles are seemingly impervious. Webb even says so himself, “To a certain extent, the used-vehicle market has been impervious to these factors in terms of retail sales activity.

The point of Webb’s study was to show that used-vehicle sales will hit an all-time high before 2015. What I took away was that he identified some great reasons why vehicle sales have maintained a positive upswing in the face of major economic issues impacting consumers. Financing has been made much easier to obtain and it definitely looks to be helping.

If you’re in the market for a used or new vehicle and need to look into financing, that’s where Bayside Chrysler Jeep Dodge comes in. We offer the best customer service to work with you to help you get into the car you need. We love to say yes, so contact us today and let’s get started in making sure you drive away satisfied with your purchase. Make sure you like us on Facebook and follow us on Twitter for more financial tips and monthly service offers.

Image courtesy of nongpimmy / FreeDigitalPhotos.net

How to Avoid Online Auto Sale Scams

Posted on by
Reply

ID-10079656The internet is a great tool to use for people searching for anything.  Sites like E-bay and Craigslist have opened up new avenues for advertising for goods the world over.  That doesn’t mean it’s been a completely good thing for the consumer.  World-wide access has lead scam artists a new way of trying to con people in ways they never knew existed.  There’s plenty of scams to be on the look-out for and this is just another to keep in mind if you’re having credit issues and are looking for an auto loan.

The Internet Crimes Complaint Center, which is the partnership between the FBI and the National White Collar Crime Center, has a report on what is a common occurrence should you try to go online for an auto purchase.  Here’s the breakdown of what happens:

You find a nice car in your price range online and message the buyer that you’re ready to buy.  What you don’t know is that the person on the other end has made up this vehicle out of thin air.  The fraudster has constructed an elaborate lie with details and pictures lifted from legitimate websites.  When they hook in a buyer, they will then proceed to let them know that the vehicle is overseas.  The next step is to ask the victim to send a deposit via wire transfer to initiate the shipping process.

It doesn’t end there.  The fraudster will message the victim back and inform them of an issue with the transfer.  A cashier check is sent to the victim with the instruction to cash the check and resend a second wire transfer to a different account.  The victim, unaware that the check is counterfeit, has now been double duped by this scam tactic.

It’s scary how resourceful perpetrators are of US banking laws and know how to perfectly manipulate the average consumer.  That’s why it’s so important for buyers to know what they are getting into.  Education and being cautious is the only deterrent to scam-artist on the internet.  If you’re in the situation where you’ve been denied an auto loan and the internet seems like the only way you’re going to get a car, still be careful. When dealing with faceless people, you can’t ever be careful enough.

Avoid the scam artist by dealing with credible dealerships.  At Bayside Chrysler Jeep Dodge, we hate to turn people away.  We love to say yes.  Stop on by and see how we can help you purchase the vehicle you need.  Like us on Facebook and follow us on Twitter for more tips and news.

5 Reasons to Know Your Credit Score

Posted on by
Reply

ID-10058688One of the things that you’ll need to be aware of if you’re suffering from credit and looking to get yourself a car loan is your credit score.  It’s an incredibly important number that will be determining many aspects in your life, an auto loan being chief among those.  Experian has listed the 5 reasons why it’s so important to know this seemingly magic number.

First reason is that it is free.  Learn how to get a free credit report at least once every 12 months.

The next reason is that it’s important in rebuilding and maintaining good credit.  Knowing the number also means knowing what is on your report.  Nitpick it, scour it for any inconsistency.  You’ll want to make sure that everything listed is correct so that nothing is impacting your score in a negative way.

It’s important to know so you can manage personal finances.  In a way, it’s no different than a bank statement or a credit card bill.  You can keep track of where your credit is being spent at.  Know where your spending is going so you can construct a reasonable savings plan around what you find.

You can see if your identity has been stolen.  It’s a widespread crime these days.  Seems a day can’t go by without such a news story being mentioned somewhere.  Protect yourself and by knowing that score and reading your report, you can spy any fraudulent charges being made.  Make sure to stay ahead of any misuses.

Lastly, it’s the first step in correcting any information you see as inaccurate.  Like I mentioned earlier, identifying any misreporting so you can request the information to be removed is how you can improve your credit.  Find out how to submit a dispute and watch how it can really make a positive change on your report.

So much in life is governed by that number.  That’s why I cannot stress enough the importance of making sure you are aware of what is on your report.  When you apply to get a car loan, it can make all the difference.

Stop by Bayside Chrysler Jeep Dodge where we love to say yes.  We are looking to help place you in the car you need.  Contact us and see how we can work with you today.  Like us on Facebook and follow us on Twitter to see all the specials and offerings we have at the dealership.