วันอาทิตย์ที่ 21 ธันวาคม พ.ศ. 2557

Auto Title Loan In 90069

Americans have set another record. It's not a good one, though.

U.S. consumer debt hit an all-time high in October, with borrowing rising by $14.2 billion over September levels, to total $2.75 trillion. But there's a little silver lining in the news: Most of the gain -- 76 percent of it -- came from auto loans and student loans. Only 24 percent reflected a rise in credit card borrowing. That's worth noting, because all debt is not equal.

The bright side
Some debt is not only good, but critical. Without the ability to take out mortgages, for example, most people couldn't afford to buy their own homes. Without student loans, many couldn't afford the educations that can help them earn more throughout their lives. Even car loans have their place.

Better still, these types of loans typically carry relatively low interest rates, at least compared with credit cards. In recent years, of course, interest rates have been near record lows, taking much of the sting out of some of these debts. Consider that the prime rate, which influences many interest rates, has recently been 3.25 percent, but was as high as 11.5 percent in 1989, 13 percent in 1984, and 20 percent in 1980.

The dark side
Then there are other kinds of debt that are more problematic. Even in our current environment of ultra-low interest rates, when a 30-year fixed-rate mortgage features rates of 3.5 percent, the average interest rate on credit cards is about 15 percent. Those mired deep in credit card debt are fighting a tough battle as they try to pay off what they owe while also paying steep sums in interest. A $20,000 debt that's charged 15 percent in interest will eat up a whopping $3,000 annually.

That's the problem with high-interest rate debt: If you don't manage to keep up with your payments, it can snowball, making a bad situation much worse.

So as you consider your overall debt picture, be mindful of taking on these other troublesome kinds of debt:

Borrowing from a 401(k) account is one way to get your hands on money that you want or need, but you can be short-changing your future. All the time that that money is out of the account, it's not growing for you.
Taking out a home equity loan can also be a regrettable move, especially if you use the money to pay off credit card debt. Yes, you can end up with lower rates and payments, but the loan might be stretched out so long that you still end up paying too much. And while credit card debt is unsecured, home equity loans are secured by... your home.
Investors with brokerage accounts can borrow money "on margin" and invest with it. The upside is that you get to invest more money overall. The downside is that you pay for the privilege, and your gains have to exceed your interest cost in order for you to come out ahead. Using margin amplifies your gains, but also your losses. At the Charles Schwab brokerage, recent margin interest rates were 8.5 percent for those with a debit balance of up to $25,000, and 8 percent for balances between $25,000 and $50,000. Considering that the average long-term return for the U.S. stock market has been around 9 percent to 10 percent, with many periods below that, investing on margin is clearly risky.

As you go through life, borrowing now and then in order to buy a home or car, go to school, fix up your house, or just buy a new TV, be smart about it. Avoid all high-interest rate debt, and pay any you have pronto. And only take on low-rate debt when it really makes sense and you can afford it.

Auto Title Loan In 90069

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TV ads promising extra money each month through an auto loan modification may be tempting, but be wary of scams, warns the Delaware chapter of the Better Business Bureau.

"Auto loan modification companies are following in the footsteps of unscrupulous mortgage modification companies which have long targeted struggling families who are just trying to stay above water," Delaware chapter president Christine Sauers said. "Some companies may make it look like they are tossing out a life preserver, but they end up pulling many borrowers deeper underwater."

Manheim, an international reseller of vehicles, says in its used car report that 1.9 million vehicles were repossessed in 2009; it expects that rate to drop slightly in 2010.

BBB has complaints nationwide against one Florida-based company, Auto Relief Group. Some consumers allege they paid hundreds of dollars in upfront fees to get their monthly payments reduced, but that didn't happen. That same company has been sued by the Florida attorney general's office.

Before you enlist the services of an auto loan modification company, the BBB recommends that you:

Start with the lender and see if a more convenient payment plan is available.
Check out the company with the local BBB chapter which can tell you if there are any complaints, government actions or lawsuits against the business.
Ask about advance fees. Some states don't allow companies to charge upfront fees for financial services and requiring money first should be a red flag even if the company offers a money-back guarantee.
Get the deal in writing and make sure the company tells you what its services are and its terms including refund policies.

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Auto Title Loan Los Angeles

Millions of homeowners have garnered huge savings in recent years from one simple move: refinancing their mortgages. Now, the refinancing craze has spread to an unexpected industry: car loans.

Plunging interest rates have been bad news for savers, but borrowers couldn't be happier. Mortgage rates have dropped around 3 percentage points from their levels just four years ago. That has translated into hundreds or even thousands of dollars in monthly savings on mortgages.

But the idea of refinancing a car loan never even occurs to many borrowers. After all, with many owners choosing to buy new vehicles even before their loans are paid off, it's often easier just to take advantage of financing deals from new-car dealers. Moreover, cars typically lose their value so quickly that the loans turn upside down -- meaning that the outstanding loan is more than the car is worth, making refinancing a tough proposition.

Still, the practice is growing in popularity. A recent SmartMoney article cited figures that showed auto refinancing applications have risen by about 30% from year-ago levels. Even a modest drop in interest rate can create real savings, and unlike mortgage refinancing, the costs of getting a car loan refinanced are low. That lets borrowers reach the breakeven point on a refinance easily.

Should You Do It?

If you have a car loan with a fairly high interest rate, you have nothing to lose by attempting take advantage of low rates by refinancing. Doing so could cut your monthly payment significantly.

But beware of catches and gimmicks. If you try to refinance through a dealer, don't fall for sales pitches trying to sell you unrelated products like warranty protection. Instead, emphasize your value to the dealer, not just with this transaction but with the promise of future business. That way, you'll hopefully get the best deal you possibly can.

Auto Title Loan Los Angeles

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Have you ever jumped the gun at a stoplight -- rolling into the intersection before the red light turns green? You might get away with it. Then again, you also risk getting a ticket.

Something similar can happen to car shoppers, too. Only the risk isn't getting caught in a moving violation -- it's getting entangled in a money violation.

It's called "yo-yo financing," and it's what happens to car buyers (particularly ones with so-so credit histories) who take possession of an automobile before their financing arrangements are complete. If their financing falls through, dealers can pressure the buyer into a revised deal with extra costs or fees -- or move to repossess the car.

The consequences of this dubious dealer practice are no fun: Either you pay more to keep the new car you thought you'd already bought -- or you lose it. It's an embarrassing, and potentially expensive, problem.

How Dealers Catch You in the Trap

The "yo-yo" is a byproduct of a dealer practice called spot delivery, in which a shopper is sent home in a new car on the same day without having to wait for formal financing approval.

Philip Reed, of industry-watcher Edmunds.com, recently noted that dealers like spot deliveries because they quickly turn shoppers into buyers. It's an effective sales tactic, and often a harmless one.

But, Reed says, consumer protection advocates have long tried to regulate the practice because it leaves buyers, particularly those with less-than-perfect credit, vulnerable to abuses.
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What kinds of abuses? Typically, something like this happens: You're at a dealer and you decide to buy a car. You sign some paperwork and maybe leave a down payment, and then drive the car home the same day. You think you're done: Happy new car!

But then, a few days later, the dealer calls with sad news: Your financing application was turned down. If you want to keep the car, you'll need to arrange other financing at a higher rate. You might even need to increase your down payment. If you don't, the dealer might tell you they'll repossess the car -- or maybe even report it stolen.

State laws vary: In some states, you can simply give the car back and get a refund. But in others, you might be liable for the complete balance due on the sale -- which leaves you open to the yo-yo problem.

Dealers say that this situation is a byproduct of the fact that many cars are sold at night and on weekends, when financing offices are closed, and not usually a scam. But dealers see an awful lot of financing applications. They should know before you leave the dealership whether yours is likely to be approved.

Simple Steps to Keep from Getting Snared

It's not hard to protect yourself from a yo-yo financing mess -- if you know what to do in advance. Reed's Edmunds.com colleague Carroll Lachnit says that the keys to staying clear of the yo-yo trap are simple:

Get financing before you shop. With pre-approved financing, you know what you'll be paying every month, and what the fees will be. It takes the whole financing question right out of the dealer's hands. This is especially important if your credit report has a few dings -- if you're in "subprime" financing territory, you're particularly vulnerable to the "yo-yo" problem. Your bank or credit union will be happy to help you arrange a car loan, so make this your first stop. Even if the dealer offers you better terms later on, you'll still have a financing plan to fall back on.
Always read the contract. "Car buyers should always get every element of their deal in writing," Lachnit says. Then, read carefully: Buyers should be especially wary, she notes, of any conditions in the contract that might allow the dealer to rewrite the deal or add extra charges after the sale.

Either way, the easy way out is to arrange your own financing before you shop. That way, you know what you can afford, and you know your loan options in advance. Ultimately, this will keep you free and clear of the yo-yo financing trap.

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Refinance Title Loan

The savings rate in America is dismal, and it's heading in the wrong direction. According to the latest data from the Bureau of Economic Analysis, the personal savings rate in America is 4.5 percent, down from 5.6 percent the previous year.

But do you know what's the greatest hindrance to you increasing your savings? You. Your brain is the biggest thing holding you back from saving more, and one of the best ways to combat this is to trick yourself. You have to make savings a game. Here are five sneaky ways to do so.

1. Take the 52-Week Challenge and Increase Savings Weekly

The 52-week savings challenge helps you save more money without even realizing it. Starting with the first week of January, save $1 in a piggy bank or savings account of your choosing.

For every week, you increase your savings based on the corresponding number of that week. For example, during the second week of January you'll save $2 for that week. The third week you will save $3 in your piggy bank. And now you have $1, $2 and $3 for total of $6 saved over the first three weeks.

By December, you'll be saving $49, $50, $51 and $52. And at the end of one year, you will have saved $1,378.

Even though the year has already started, it's not too late to start the 52-week challenge. You won't have to add much money to your piggy bank for the initial few weeks.

There is a great 52-week challenge worksheet from Jeff Rose, a certified financial planner, on his website, Good Financial Cents.

2. Set Aside Your Savings from the Grocery Store

Every time I buy something at the grocery store, the cashier hands me my receipt and tells me how much I saved during my trip. The savings, of course, come from using my loyalty card.

My mother-in-law and father-in-law have a great system for their grocery loyalty cards. They take the amount listed on the bottom of their receipt that they saved with their loyalty card, and they put that in the savings account or piggy bank.

It's money that you would've spent anyway if you had been shopping without your loyalty card. And it is a fast way to build up your savings without even realizing that you're doing so.

3. Only Use Folding Money, and Drop the Change in a Coin Jar

Not only do my wife and I balance our family's monthly budget with a credit card, but we also do not spend coins. Instead we make as many cash purchases as we can by using only bills.
At the end of each day, we take all of the change that we've accumulated and put it in a coin jar. My coin jar sits on top of my dresser, where it reminds me to put my change in it.

You'd be surprised how much money you can save that way. My wife routinely saves more than $500 a year in change.

4. Find Debit Cards that Round Up Your Purchases

There are a host of credit cards and debit cards on the market today. You can find cards that provide you reward points, frequent flyer miles, double miles, membership in elite clubs, and the list goes on and on.

One interesting type of debit card rounds up your purchases to the nearest dollar. Your bank then deposits the amount rounded up into a savings account. At Bank of America, the programs called Keep the Change. Using such programs, your painless savings can quickly add up to a couple hundred dollars or more over the course of a year.

5. Keep Making 'Payments' After You Pay Off a Loan

What do you do after you have paid off your car loan? What should you do with cash you've dedicated to your mortgage payment after you own the deed to your house? Keep making the payment to yourself, of course, and put the same amount of money into a savings account.

What you want to avoid is lifestyle creep. You'll never know that it is missing from your budget. You already have it factored into your monthly spending. Simply keep making those payments to yourself.

Saving money doesn't have to be a long, laborious endeavor. It doesn't have to be a pain. In fact, you will have better success if you can make it a game.

Americans are not saving enough money. We are underfunding our retirement accounts and have inadequate emergency funds. But it doesn't have to be that way. We do not have to be victims. We can trick ourselves into saving more.

Refinance Title Loan

Loan Against Car Cape Town

TV ads promising extra money each month through an auto loan modification may be tempting, but be wary of scams, warns the Delaware chapter of the Better Business Bureau.

Manheim, an international reseller of vehicles, says in its used car report that 1.9 million vehicles were repossessed in 2009; it expects that rate to drop slightly in 2010.

Before you enlist the services of an auto loan modification company, the BBB recommends that you:

Loan Against Car Cape Town

Title Lending

Once you lose your home in foreclosure, the logic goes, you are kicked to the curb financially. Popular wisdom says that nobody will lend you a dime, let you co-sign on your son's college loan, finance a new car or issue you a new credit card. And certainly nobody will again loan you money to buy another house. Well, let's bust that myth today.

While the typical FHA and Freddie Mac-backed loans can take 48 months or longer to forgive you your financial indiscretions, Michigan loan broker Jeff Tufford of Monarch Mortgage Consulting just got Greg Bailey a 4.5% 30-year fixed rate loan on a new home in Fenton, Mich. just 18 months after Bailey lost his house in a foreclosure.Bailey, a master plumber, had had solid credit before his foreclosure and had mitigating circumstances for falling behind in his payments: His wife got the house in their divorce and although his name was still on the loan, he said he was unaware that she had fallen behind in making payments. Bailey, 42, kept up with all his bills, made all his payments on time, and he continued to hold his job. He was able to restore his credit rating quickly to the magic number of 620. At 620, you get to play ball again. It was that simple. He bought a new house for $85,000 and was able to get a 30-year fixed-rate loan at 4.5% interest for $93,000 that rolled all the closing costs into it.

Greg Bailey in front of his new houseWhile Bailey's case indeed happened, it is clearly the exception, not the rule.

Laurie Giles, attorney and author of the "What Now?" series of financial guides, says that even up to a year ago, a foreclosure was a financial black eye that didn't heal for up to seven years. Now, she says, things are different. Mitigating factors -- the loss of a job, a death in the family, divorce -- in the foreclosure are looked at, as is how the borrower has handled his money post-foreclosure.

"The market simply has had to respond differently because of the sheer number of people in this situation," Giles said. "There is just no way it can hurt for seven years."

The key, she said, is convincing lenders that you didn't just cavalierly walk away from your mortgage obligation, and that you have rebuilt your finances in a responsible way: saving up, living within your means, paying bills on time.

But don't kid yourself: Life post-foreclosure can mean life without credit. Foreclosure affects everything. You likely can't even rent a car unless you pay cash. It impacts your auto insurance (you will pay a higher rate), and may even be a red flag to potential employers who check your credit.

Giles suggests that people in the foreclosure pipeline keep current on their credit cards. You won't be able to open a new credit card account once you foreclose, but you can keep the ones you have -- assuming you aren't overextended there too.

Forget getting a car loan -- auto loans generally require a higher credit score than mortgage loans -- and you won't likely be putting away any major appliances on lay-away at Sears. If your child is looking for a government-backed college loan, your foreclosure could easily get in the way.

None of this comes as news to Los Angeles film-maker Kenny Golde. He lost his home in foreclosure last April, after three attempted loan modifications. He had owned it for five years. He managed to pay off his $200,000 in credit card debt and is now renting a home. His credit score plummeted but he already owned his car and hasn't had to try and use his credit score for anything since the foreclosure.

The biggest lesson he says he learned was how to "let go of the emotional side of financial troubles -- the fear, stress, guilt and shame that comes from missing credit card payments or losing a home."

He turned the experience into a book called The Do-It-Yourself Bailout, and now coaches others on how to move past the experience emotionally.

Jason Biro, founder of Saving Your American Dream, a group that provides counseling and aid to those suffering from housing hardships, adds this idea to the mix for those who are navigating the post-foreclosure waters.

"Consider a lease purchase," he said. A lease purchase is a contract that includes the option of buying the home you are renting at a later date at a predetermined agreed-upon price. Each month, a portion of your rent is applied toward the sale price.

Another option is to find a seller willing to hold a loan for you when the banks won't. An uphill quest, for sure, but remember that most sellers today are eager to move on just as much as you are. You might find one more sympathetic than the institutional lender -- and at least you can plead your case that you've financially reformed to someone without hours on hold.

Title Lending