Tag Archives: new car

Auto Loan Delinquency Rates Fall in Second Quarter

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ID-100144151There’s good news in the auto loans world courtesy of a new research from Experian. Turns out that car buyers in the US are doing a good job of paying back their loans.

The data collected by Experian Automotive is promising as it shows that in the second quarter of this year there were fewer vehicles repossessed for non-payment of an auto loan. Not only that, but it’s the fewest amount of vehicles since the company started keeping track in 2006.

Experian wasn’t planning on seeing such a decrease of this size. Melinda Zabritski, Experians senior director of Automotive credit put out a statement saying, “Repossession and delinquency rates seen this quarter were lower than expected. The seasonality of the market usually has the first quarter showing the lowest 30-day delinquency rates, but even with the total automotive loan portfolio growing, consumers in the second quarter have done an exceptional job of meeting their financial obligations to keep the market strong.”

The auto loan market has been booming of late thanks in part to a recovering economy and sales for Chrysler running on a consistent high. We here at Bayside Chrysler Jeep Dodge love to put everyone who walks in through our doors into the vehicle, new or used, that best suits their lifestyle. Stop on by and speak to a customer service representative and see what we can do to help you. We love to say yes!

What to Consider Before an Auto Lease

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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

What to Do With Your Tax Refund

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ID-100111818That time of the year has finally come and gone for the majority of Americans. I hope you weren’t one of the people rushing to get to the post office on April 15th because you waited till the last possible second to file that return. Luckily, it’s done for another year. Now a hefty tax return could be heading your way and a new problem comes with it. What do you spend it on?

Ebay conducted a survey to find out just what people were going to be using that tax refund money on. About a third of the people polled plan on using putting their check towards purchasing a vehicle. 25 percent plan on purchasing a vehicle. Thirty-one percent plant to use the money to add a second vehicle to their household or buy it for a child.

More people were planning on using the money for something auto-related that wasn’t necessarily a new or pre-owned vehicle. 57 percent were going to use it for service and maintenance of a current vehicle. 36 percent are going to buy tires. 13 percent plan on using the refund to pay off a car loan they already have.

What are you planning to do if you’re receiving a refund? If you’re interested in a vehicle, the amount of money you’re potentially getting can make a good down-payment to help with your rates and monthly payments. There’s a reason why you see a number of auto-finance blogs write about how fantastic tax refunds are at this time of the year.

Getting a tax refund and need a new vehicle, contact us at Bayside Chrysler Jeep Dodge. We provide the Queens area with top quality customer service and want to work with you to satisfy your car-purchasing needs. We love to say yes! Like us on Facebook and follow us on Twitter for more financial advice and monthly parts and service specials.