Tag Archives: Bayside Chrysler Jeep Dodge

How to Spot ID Theft on Your Credit Report

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ID-10060832An important aspect of qualifying for an auto loan, even with troubled credit, is your credit score.  One of the best ways an applicant can prepare for the process is to go over their report and ensure that everything listed is correct.  Any number of things can work against you, which is why everyone always recommends a look over before making any major financial decisions.  Be on the lookout for anything that doesn’t match up with your own records.  If you see something wrong, get it taken care of.  Another thing to be aware of if you see something unfamiliar on your credit report is that you may be a victim of identity theft.

TransUnion has some tips to help make sure you can avoid being a victim.  There are certain signs in your report that may point to fraud.  Here’s what you need to keep an eye out for:

  • If you see any accounts, payment histories, addresses, inquires, or Social Security Numbers that you don’t recognize.
  • If an unknown creditor tells you they got an application with your name and Social Security on it that you were unaware of.
  • If you’re getting calls or letters informing you of being approved or denied for credit but never applied.
  • If you have gotten credit card, utility, or telephone statements that are in your name but you never applied.
  • If you notice that your mail, including credit card statements, is not always being delivered to you.
  • If there are credit card purchases you don’t recognize.
  • If a collection agency contacts you about collecting on an account you never opened.

These are all important signs that someone has gotten ahold of your information and are using it for malicious purposes.  Make sure you are aware so that you can work to protect yourself.  Don’t let a thief drag down your credit and along with it the ability to apply for credit.

If you’re in the market for a vehicle then contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.

Auto Loans Surge As Market Recovers

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ID-100130602What a difference four years can make.  Not that long ago, with the economy in the gutter due to the recent collapse, car buyers were unable to find banks to fund them the money needed to purchase.  Since then, the economy has bounced back and so has the lending.  What was a mere fantasy years ago is now a better reality with interest rates that are finally returning to where they were before the recession.

Bloomberg writes that lenders are very optimistic about the year to come.  In February, the U.S. light-vehicle sales had an up-tick of 3.7 percent.  “The availability of consumer credit is plentiful, “says Kurt McNeil, the VP of US sales operation for GM.

Low interest rates and the availability of credit are the biggest reasons that the US auto sales have gotten a boost.  It rose 13 percent just last year which marks that as the largest annual increase since 1984.  Another reason is that employment has increased, which has caused dealers to increase their leasing, knowing that buyers will be better on paying off loans.

The market is recovering and car buyers are finding the necessary loans readily available.  Interest rates are low and are coming down to the point of where they were before the recession took its toll.  All around the nation, banks and lenders are doing their best to grab attention to let buyers know that dealerships are open for business in the best way.

That includes Bayside Chrysler Jeep Dodge.  Serving the Queens, Bronx, Manhattan, and Long Island Area with quality customer care and experts that work diligently to get car buyers the loans they need.  We love to say yes.  Like us on Facebook and follow us on Twitter for tips on purchasing a vehicle and for special monthly offers.

Auto-Loans Market Healthy Despite Rise in Delinquencies

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ID-10056516Today, Experian released their analysis of the current automotive credit trends for the fourth quarter of 2012.  What they found was very interesting considering the upward state the industry has been in as of late.

For the first time in quite a while, there was a rise in delinquencies.  Being late by 60-days increased from the same quarter in 2011.  It rose from .72 to .74 in Q4 of 2012.  That kind of increase in loan delinquencies hasn’t occurred since 2009.

Still, Experian assures that it’s nothing to worry about.  “Overall, our Q4 analysis shows that the auto lending market is extremely health,” said Melinda Zabritski, Experian Automotive’s direct of automotive credit.  “Of course you never want to see an increase in delinquencies, but when you take a step back and look at the market compared to where it was three years ago, we still have remarkable stability.”

A way to look at this increase is due to more loans being issued.  When the finical crisis hit, banks reeled in their lending in fear of the market.  Now that things have finally rebounded for the better, banks have reopened that door and are letting people in.  There’s been a rapid increase in the amount of people asking for a receiving auto loans.  In fact, the market of auto-loans has been one of the fastest growing parts of consumer-finance recently.

Interested in getting an auto-loan for a vehicle?  Contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.