How to Deal with Auto Insurance Claims Adjusters

By ronhayo | Posted in Uncategorized on Monday, May 13th, 2019 at 8:15 PM

No matter how cautious of a driver you happen to be, a collision can still happen at any time. This is why it’s essential to have reliable car insurance. When one of these accidents take place, you will most likely begin receiving calls from one or more insurance adjusters within a matter of days, and how you interact with those individuals could have a major impact on what type of compensation you receive. Here are a few simple tips that will help you deal with claims adjusters so that you are fairly compensated after your accident.

Don’t Speak Directly to an Insurance Adjuster

Insurance adjusters use various tactics to trick you into saying something on the record that can be used against you during the adjustment process. It’s generally recommended that you refer them to your attorney for any statements that need to be made. The buffer between you and the company can alleviate the risk of accidentally saying something that will undermine your claim or impact your adjustment.

Notify Your Own Insurance Company

While every insurance provider is slightly different, most of those companies require their clients to contact them within 24 hours of an accident. During that initial call, you don’t need to tell the company anything more than the basics of the accident. That includes where it took place, who was there, and the contact information for any other drivers that were involved. Once you have given them that information, you can then tell them that your attorney will answer any other questions.

Don’t Settle Immediately

It is an unfortunate fact that many drivers struggle with their finances after auto accidents, and those individuals often settle right away so that they can start paying medical bills and other expenses. While it might be tempting to settle immediately, the initial offer could be very low. Your attorney can negotiate on your behalf so that you don’t have to haggle with multiple parties.

Only Give Them Basic Personal Information

The only information that you are required to give a claims adjuster is your full name, address, and contact number. Some insurance claims adjusters will ask other questions such as a driver’s income or medical history, and that information could be used against them at a later time. Before you give them any personal information, you should also ask for their name, their contact number, and the company that they work for.

One of the biggest mistakes that a driver can make after an auto accident is assuming that their insurance provider is going to fight for them. Claims adjusters want to save their companies as much money as possible, and drivers need to be careful about what they tell those employees.

4 Mistakes People Make with Their Luxury Cars

By ronhayo | Posted in Uncategorized on Tuesday, March 5th, 2019 at 4:41 PM

Buying your first luxury car is exciting, and you want to keep it in good condition. Luxury cars are prime targets among criminals whether for theft or vandalism, so you need to have suitable insurance to protect your expense. You should also know how to take care of your car, and you should be aware of your financing choices before you make a purchase. Consider these typical mistakes that people make with their luxury cars.

Choosing the Wrong Financing Option

Aside from paying cash, financing options for a luxury car include dealer financing, secured loans, unsecured loans, and business loans. Because you can afford a higher monthly payment, it’s best to choose a loan in which you pay the least amount overall for the car. How much your monthly payment will be depends on your credit score and your car model. Monthly payments can be as low as $300 to $400 per month for a luxury car. A rule of thumb you can use is to not exceed 10 percent of your income on your new car’s monthly payment.

Using Tap Water to Cool the Engine

You should never use tap water in the cooling system because it can damage the car, corrode the engine, and make the car more likely to overheat again. According to Applied Speed, “there are certain radiators or other components that can handle tap water, but for the most part it’s more dangerous than not. If you have to use water, use distilled water.” For optimal performance and protecting your expensive vehicle, only add the manufacturer’s recommended coolant. Even using the wrong coolant in your car can damage it. Another problem with using water is that it could freeze inside the cooling system during cold weather. And a frozen cooling system can break the engine.

Failing to Fight Speeding Tickets

Luxury car drivers are more likely to get tickets. Some people may want to pay traffic tickets to not be hassled with the problem. When you pay the fine for a traffic ticket, the court views your payment as an admission of guilt. As a result, your insurance premiums can skyrocket. According to Eric Ramos, “it is never recommended you pay a citation without fighting the charge you are facing.” Having a traffic citation dismissed is easier than many people think.

Failing to Obtain Adequate Insurance

You’ll need luxury auto insurance when you have a luxury car. Minimum auto insurance often doesn’t cover most types of damage that may occur to a luxury car. Luxury cars are more likely to be stolen or vandalized than other cars. Repairs for luxury cars are more expensive as well. Luxury auto insurance is designed specifically for protecting these types of cars as minimum auto insurance policies don’t cover such expensive damages. According to The Zebra, “luxury car insurance is often more expensive than insurance for a standard vehicle. Because car insurance is designed to protect your vehicle, the high price of a luxury car inevitably leads to higher insurance costs. The average annual insurance premium for a luxury car was about 34% higher than the cost of insuring a moderately priced sedan.”

Avoid making the four mistakes listed above to protect your luxury car and keep more money in your bank account. Although you may have more money at your disposal, it’s good to minimize costs as much as possible. Minor costs add up over time, and that money could have gone into your investment account or been used for another purpose.

How Long Will Your Used Luxury Car Last?

By ronhayo | Posted in Uncategorized on Tuesday, February 12th, 2019 at 10:25 PM

When you buy a car, especially a luxury car, you expect it to last you a long time. Your car is a very complex machine that requires regular maintenance to keep it running at an optimal level. While not designed to last forever, a properly maintained vehicle can last well over the average 150,000 miles. Other factors, such as how the vehicle is used, driving conditions, manufacturer, and the climate you live in, can also affect how long your car will last. Below is some additional information on how long you can expect your car to last and some things to look for as your car ages.

What’s the Average Lifespan?

This page says, “the average car lasts eight years or 150,000 miles. This is just the average and may not account for your car specifically. They also say Japanese cars tend to be higher quality and last measurably longer.” It depends greatly on how well you take care of your car whether it lasts under or above the average lifespan. You should follow the manufacturer’s scheduled maintenance to extend the life of your car. Depending on how you use your vehicle, it may require maintenance more frequently or additional service items.

Parts Most Likely to Give Out

The following are a list of parts that are most likely to fail as your vehicle ages plus some early warning signs:

Brake pads: The pads should be inspected at least once a year and can fail between 30,000-70,000 miles. Early warning signs are noises when braking or increased stopping distance.

Battery: Typically lasts between 3 to 5 years depending on the climate and type battery. Signs of impending failure are hard starts and a low voltage reading.

Alternator: Can last for the life of the car or fail anytime after five years depending on the vehicle and driving conditions. Signs of failure are the battery fails to properly charge or a charging light.

Fuel pump: Can last for the life of the car or fail after 70,000-100,000 miles. Signs of failure are rough idling, hard starts, stalling, and poor acceleration.

Drive Smarter

How you drive has a dramatic effect on how long your car will last and how frequent maintenance will be required. Things such as hard braking, fast acceleration, and heavy towing should be avoided. This page explains, “reckless braking does many things to damage or ruin your car: it causes wear and tear on the braking system, reduces braking efficiency, and increases the chance of rear collisions.” These actions typically have a negative effect on the engine and transmission which are very expensive and can outweigh the value of the vehicle if they require repair or replacement.

Keep it Covered

This page explains, “keeping your car in a garage, carport or under a cover can protect it from the sun and moisture that can harm the paint and lead to rust and corrosion.” A car that is kept out of the harmful environment as much as possible tends to last longer.

A well-maintained car will typically exceed its expected life expectancy and will also be more enjoyable to drive. It is also important to pay attention to early warning signs of certain parts that are prone to failure so that they can be repaired or replaced before bigger issues arise.

Maintaining Classic Cars for Beginners

By ronhayo | Posted in Uncategorized on Monday, December 17th, 2018 at 4:40 PM

A classic car is typically defined as any car that is older than 20 years old; however, most classic cars that are older than 50 are considered antique cars. There are a lot of great classic cars, including the 1966 Shelby 427 Cobra, the 1961 Jaguar E-Type and the 1969 Maserati Ghibli 4.7. Regardless of the type of classic car that you are blessed to own, there are three key factors to consider when taking care of it.

Keep it Protected

While you will definitely want to keep insurance on the vehicle, you also want to make sure to protect it from the elements. If the car is exposed to rain or snow, then it can start to rust. Wind can blow things into your car, leaving dents that you will need to repair. Paint oxidation caused by exposure to direct sunlight or ocean air can require you to repaint the entire car. When you have to repaint the car and replace original parts, it can lower the car’s value substantially. Therefore, make sure to keep your car stored in a secure location.

Image credit: Wheels.ca

Check the Fluids

It is essential to check the fluids in the car regularly. Know the type of engine oil used by the car and check it regularly. It is also essential to keep an eye on the transmission fluid, water level, and brake fluid. If the car has air conditioning or power steering, then you will need to watch those too. With so many fluids to check, keeping your garage clean and organized for car maintenance is essential.

Image credit: Monkey Bars Garage Flooring

Detail the Car

Along with protecting the car from the elements, you need to detail it often. Start by cleaning the engine components and undercarriage as you may accidentally splatter grease as you work. Work in the shade from the top of the car to the bottom as you do not want to spread brake dust across your clean automobile. Always use a product specifically made for automobiles. Finally, dry the car with a chamois or high-quality microfiber towel and apply tire dressing if you desire.

After you have done all the hard work to take care of your classic car, then make sure to drive it regularly. Letting it sit for too long encourages the motor to lock up, hoses to become brittle and other parts to wear faster. Additionally, having a classic automobile means you can show it off to your pals or at a classic car show.

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Buying a Used Mercedes? Check These Things First

By ronhayo | Posted in Uncategorized on Thursday, November 8th, 2018 at 8:27 PM

Buying a used car can be a risky move, even if you are buying a Mercedes. These vehicles are known for good workmanship and durability, but that does not mean issues cannot pop up, especially if the vehicle has not been taking care of properly. By knowing exactly what to look for during your car search, you will be ahead of the game in terms of preparation and finding the right vehicle for you. Consider making a checklist of these items and taking it with you as you go on your test drives.

Know That Rust is a Common Problem

Mercedes are meticulously designed to give drivers good aerodynamics and to look visually appealing, but there is a flaw that the company has not been able to work out. This flaw deals with the car’s crevices where rust can easily develop without the owner’s knowledge until it is too late. Rust can be very expensive to repair, and it can eat up the entire chassis given enough time.

What you need to do is inspect the vehicle, especially the problem areas, before purchasing the car. Concentrate on underneath the car’s body and under the car’s doors. You might also want to look behind the license plate where rust has been known to develop. When you find the right Mercedes with little or no rust issues, you need to take the proper steps to prevent rust from forming in these areas. Be sure to clean the car often, and apply rust protection just to be safe.

Be Wary of a Shaky Ride

Image credit: Mercedes Benz Medic

One thing that Mercedes cars can sometimes develop are faulty engine mounts. The problem is that these mounts sit under the engine and are difficult to see without removing them, but that does not mean you cannot see signs of faulty engine mounts. What you want to do is turn on the car and drive around for a bit while paying attention to the way the car drives.

The purpose of these mounts is to reduce vibrations, but faulty mounts will no longer be able to do this as well as they could when they were new. You might begin to feel vibrations under your seat or on the steering wheel. The reason you want to pay attention to this particular issue is because the labor required to replace engine mounts is tedious and expensive. It can take a mechanic about six hours to complete this task, and that means you’ll end up paying this mechanic for those long hours.

Check the Suspension

Some models from the Mercedes brand seem to have trouble maintaining aspects of the suspension system after an extended period of time. The ball joints, the sway bar link, and the control arm bushings can all wear out. This is especially true if the suspension was not taken care of properly.

A Mercedes car that has over 100,000 miles will likely have this problem. If you are familiar with the suspension system, you should definitely inspect it before you purchase this type of car. If you do not know much about the suspension system, you should definitely consider having the car inspected by a professional. There are some signs that you can look for when driving a car with a suspension problem, such as the car pulling to one side or feeling bumps on the road.

Hear the Rumble in the Car’s Engine

Image credit: Brown Book Mercedes Specialist

Many Mercedes enthusiasts know that the maker ensures that each vehicle is made with true attention to detail. This is part of the reason these vehicles are beloved by many around the world; it is also the reason why the brand’s engines stand the test of time better than many other vehicles. Still, this does not mean that the car’s engine cannot hit a snag from time to time, which is especially true for cars that were not treated well. An issue that some Mercedes tend to develop is hidden within the transmission.

The transmission is one of the strongest parts within these cars, which means that it does not fail often, but parts inside of it can. The 13-pin connector and the valve can sometimes develop problems, which could seem like transmission problems. Do not fret; both of these issues are normally easily repaired without costing you an arm and a leg.

Before you jump to major transmission issues, you should also know that another reason why a check engine light might turn on in Mercedes vehicles is simply because the gas cap is not properly sealed. For some reason, the design of the cap can sometimes make it easy for a person to make a mistake when closing it, which can cause the light to switch on, so make sure you check the cap.

Beware of Issues with Stubborn Windows

Long gone are the days when car windows were rolled up and down manually. Now, most cars use regulators, and this includes Mercedes. These little devices are quite handy, but they do perform the difficult job of lifting and pulling windows whenever you want. After years of use, these devices are bound to go out on you. You want to make sure you pay attention to the operation of every window before you purchase the car.

It may not seem like regulators are that big of a deal, but the truth is that replacing these devices can cost a lot of money, especially if you go to a Mercedes-certified repair shop. The regulators themselves do not cost much money and can be purchased online, but the labor takes some time, which is the reason it can cost you a lot to repair.

Realize That the Performance May Not Be Great

Image credit: Money

A used Mercedes that has been driven beyond 60,000 miles could have a defective catalytic converter. This is another one of those car parts that may not be easy for you to inspect with a naked eye, but a mechanic could inspect it for you if you can afford to hire one as you car shop. Still, you can look out for signs of a problem with the catalytic converter when you test drive the car.

What you want to pay attention to is the appearance of any performance issues, like misfires or hesitation. Both of these problems only get worse should they be ignored long enough, so make sure you pay attention and find even the slightest performance problem. You do not want to get a car with this issue because replacing this part with another one can cost a few thousand dollars, and no one wants to deal with that soon after purchasing a vehicle.

See Issues with Mistreatments

Image credit: Prescott Import Car Service

Buying a car from a private seller can be tricky. Ideally, this seller is great with records and will show you the vehicle’s service history along with a CARFAX, but that is not always the case. You will probably not see this kind of information if you are going to be buying a car off the streets, but this also means you have to pay more attention to the way the car has been cared for. Doing this helps you determine whether the car owner has properly cared for the car.

Of course, there are cosmetic signs of care that you can easily see; for example, you can pay attention to the car’s paint and to the overall condition of the cabin. A little wear and tear is to be expected, but it shouldn’t be excessive. You should also make sure you inspect the engine. This is a little more difficult if you do not know what to look for, but you can always just check the oil fill cap on the car’s valve cover. Think of that fill cap as a small window into the car’s engine.

If you see any foam near or on the cap, this is telling you that the vehicle may not be in tip-top shape. There are a few reasons why foam will form, such as a head gasket leak, or it could mean that the car is not used a lot. A problem with the head gasket can be costly, and a car that is not driven often might be a sign that this issue with the car makes it pretty much un-drivable.

This guide only focuses on some of the most common issues connected to purchasing a used Mercedes, but you should still inspect all things you normally would inspect on used cars. This should include the vehicle’s tires, the brakes, and even the steering. It might be a good idea for you to write down or to print out an entire checklist to use as a guide while inspecting every Mercedes that you are considering. Be sure to collect maintenance receipts from the car owner as well. Learning some basics of car maintenance might go a long way in your search for a better ride. Finally, hiring a private mechanic might be a good idea, at least to further inspect some of the cars you are considering.

3 Types of Car Insurance, What They Are & How They Help You

By ronhayo | Posted in Uncategorized on Friday, October 19th, 2018 at 4:47 PM

While many people buy the minimum in car insurance, there are many reasons that this may not be the best move for you. Learning about the different types of car insurance available allows you to choose the one meeting your needs the best. States may require you to have certain insurance if you have broken laws while other policies are designed to protect your finances. According to this lawyer, distracted driving, drunk driving, and speeding are all among the most common causes of serious motor vehicle collisions, and insurance is one of the key ways to protect yourself in these situations. Thinking about your situation in life often helps you arrive at the decision that is right for you. Here are three types of car insurance you may want to consider.

Personal Umbrella Policy

A personal umbrella policy offers additional coverage above other coverage that you carry on your automobile. It also covers recreational vehicles and your home. It also covers rental units that you may own. The purpose of a personal umbrella policy is designed to protect you against lawsuits, property damage, and liability above the provisions of other insurance that you carry. In some cases, this policy may also cover any damages done by your family pet.

Uninsured Motorist Protection

Uninsured motorist coverage is an addition to standard car insurance that compensates you in case you’ve been involved in an accident with an uninsured or underinsured driver. Because if you get hit by an uninsured driver, it is unlikely that you can recover sufficient compensation from that person. You can always file a lawsuit, but since they’re uninsured, the other driver probably doesn’t have the cash or assets to compensate you for any legal judgment you might obtain. There’s no magic number for how much you should get, but accepting the maximum amount of available coverage is generally wise.

SR 22

SR 22 is car insurance for individuals who are considered high risk. The necessity of buying this type of insurance varies by state, but you may need it if you have a driving under the influence conviction on your record. You may also need it if you have a car accident while you have no auto insurance. An SR 22 is often required by the Department of Motor Vehicles before your license can be reinstated. You can expect to be required to purchase other auto insurance in addition to the SR 22 policy. No one really wants to be in a situation where they have to file for SR 22 insurance, but sometimes life goes that way. Just like with any other insurance, you need to do your research before getting SR 22 insurance.

Guaranteed Auto Protection

Often called GAP insurance, this insurance is designed to cover the amount between the cash value of the vehicle and the balance owed on an auto loan. Buyers of vehicles with loans greater than 60 months, high-interest rate loans and low down payment loans are the main groups targeted for this insurance. While buying it is optional, it is required to be offered at car dealerships in many different states along with being available from numerous insurance agencies. Some policies have a limit to the amount of coverage offered under the GAP policy.

Understanding the different types of car insurance available helps you make a smart buying decision. You may be required to purchase certain types of insurance by your state government. Other policies are designed to protect your financial future if you are sued or are involved in an accident.

Learning about different auto insurance that is available to you is a great way to begin your search for a new vehicle and shopping with us is a great way to end it satisfied. Take a look at what we have to offer!

 

4 At Home Car Fixes You Can Do On The Cheap

By ronhayo | Posted in Uncategorized on Thursday, October 4th, 2018 at 2:05 PM

Maybe you have a luxury car for the smooth way it handles. Maybe you like it because of the sleek reflection you see when you drive past a glass building. Whatever it is, part of that is making sure that your car is well-maintained. Regular maintenance goes a long way toward helping you to keep your car in great shape, but there are times when repair work is also needed. Of course, going to the shop costs a pretty penny, so here are some quick fixes that you can do at home rather than having to shell out.

Repair a Chipped Windshield

Most drivers will have to deal with windshield chips multiple times over the years. Pebbles and other items can strike the windshield and take a divot out of the glass. This must be repaired quickly to avoid the need for a full windshield replacement. A replacement can cost a small fortune, and a do-it-yourself chip repair project may avoid it. There are easy kits available that can help you to create an almost-flawless repair. When the chip is patched, the likelihood of damage spreading is dramatically reduced. Then, the odds of a several hundred-dollar full windshield replacement drop significantly.

Apply Touch-Up Paint

A small scratch in your paint job can be bothersome to look at, but it also can have a significant effect on your vehicle’s condition. Any exposed metal could eventually rust. Rust damage may require the entire part to be replaced. For example, a small paint scratch on the bumper could result in the need to purchase a new bumper due to rust. Applying touch-up paint is a fast and affordable alternative, depending on the depth of the scratch.

Remove a Small Dent

There are around 1.7 million rear-end accidents every year in the United States. While some of these are major accidents that inevitably require professional auto repair services, most only yield minor dents. Depending on the type of material your dented area is made out of, you may be able to pop the dent out without having to pay for professional help.

Replace the Car Battery

Another easy at-home fix that you can do on your own is to replace a dead battery. Batteries can be purchased at many local stores, and drivers can quickly swap them out. Some auto parts stores even replace the batteries for you free of charge with the purchase of a battery. You can see that there is no need to pay for labor on a car battery replacement. If the cost of the battery is still beyond your budget, then a short-term installment loan could help cover the emergency expense. Without the cost of labor, you’ll be able to borrow a lesser amount and pay it off faster.

Some automotive repair services are essential and should be completed by a professional as soon as possible. However, there are likewise many minor fixes that drivers can do on their own. Before you pay for professional services, research quick-fix solutions that may work for your situation. Whether your car is old or you’re looking to buy a new vehicle, knowing these tips can help you handle anything your car throws at you.

For more car care and maintenance tips, check out our blog!

Resources:

Your Guide to Shopping Smart for Car Accessories on Amazon

By ronhayo | Posted in Uncategorized on Wednesday, September 26th, 2018 at 10:36 PM

Maintaining your vehicle is an effective way to save money on transportation costs for as long as you drive. Keeping a car in working order can make it possible to own it for months or years after you finish paying it off. Furthermore, following the recommended maintenance schedule can help catch problems before they become large and expensive to fix. If you do need to repair or upgrade your vehicle, buying parts on Amazon can be an affordable and convenient way to do so.

Recognize the Signs That a Sale is Coming

Have your list of car mods that you are searching for on hand because there are many signs of an impending sale that you can look for when you are interested in getting the best price on a car accessory. In addition to shopping during the Christmas holiday season, look for products that are being discontinued by the manufacturer or seller. Typically, a discontinued product will be deeply discounted to make room for other products that a private seller or manufacturer would rather offer to consumers.

If you are a Prime member, you may want to wait until Prime day to buy your car accessories. This is because most of the products on the site will be discounted as a thank you to the site’s members. Therefore, it could be possible to buy a new radio, chrome kit or LED headlights at that time.

Time Your Purchase Wisely

As a consumer, you should develop an understanding of how to time a purchase to get the best value. Ideally, you will buy car parts or other accessories during the holiday season where discounts are most likely to be offered. Many online retailers including Amazon will discount items at some point in November and extend them through the end of the Christmas holiday season. According to Business Insider, “April is National Car Care Month, which brings in deals on car parts, tires, and services. Also car dealers generally try to pick up used vehicles at auction around this time of year, and aim to move them quickly.” Products may also have their prices cut if they are currently out of season. For example, snow tires could cost less in July when there is no snow on the ground.

Comparison Shop Ahead of Time

To make sure that you are getting the most value for your money, research your purchase ahead of time. Doing so can make it easier to find trusted brands that you can rely on to make a quality product. While you should opt for OEM parts whenever possible, those who want to customize their ride can find a variety of products that are advertised as durable and made for your vehicle.

Researching these custom part makers helps you feel confident that you won’t waste your money or ruin your car or truck by installing a mediocre product. Doing your homework prior to making a purchase helps you determine if you are paying more or less than what other retailers are charging for a product. This is important because most people shop on Amazon to save money, and you don’t always know if you’re getting a good price unless you check multiple retailers first.

Search for Coupons

Both Amazon and the maker of whatever part you are looking for will have coupons to make your purchase less expensive. In some cases, they can help you save a certain amount off of your overall purchase or make certain parts or accessories cheaper on their own. According to Plus Voucher Code, “Often, manufacturers or distributors will offer coupons that are even cheaper than some of their biggest sales.” While some of these discounts display on the item page, you may also be able to find them by going to third-party sites and then applying the coupon at the time of the sale.

Use Filters to Find the Products That You Want Quickly

Filters can help you find products based on the brand that you want, the type of product that you need and the price that you want to pay. If you are looking for the least expensive item, be sure to filter by price in order from the lowest priced item to the highest priced item. It may be possible to save money on Amazon by choosing to look at only used or refurbished items.

Top Buyers May Receive Discounts

Like other online retailers, Amazon may reward its top buyers with discounts in their inbox otherwise linked to their account. If you frequently buy goods from Amazon, you may receive a voucher or some other offer that can help save money on your automotive needs. This Medium author explains that Amazon also rewards it’s frequent users in other ways than just giving them discount codes and coupons. That’s one of the reasons Amazon has done so well.

Shopping for car parts on Amazon can be a fast and convenient way to find the products that you need at prices that you can afford. By looking for sales and using coupons, you could find items for less than what a retailer or local private seller is charging. That can help you get the most from your car without breaking the bank to do so.

What is Negative Equity and How Can I Get Rid of It

By ronhayo | Posted in Uncategorized on Friday, August 31st, 2018 at 9:43 PM

If you’re stuck with a car payment you can’t afford or need to change the type of vehicle you drive; you may be out of luck if you owe more on it than it’s worth. It’s called having negative equity, and if you’re at risk of losing your vehicle, the lender can sue you for the difference if the sale of the repo doesn’t bring more than you owe. CrediReady gives the following example: “Let’s say you owed $13,500 on your auto loan before you defaulted. If the lender repossesses the vehicle and sells it for only $11,000, the lender can sue you for the remaining balance of $2,500, plus all fees.” The good news is that there are five solutions to being upside down on your car loan.

Refinance It with a New Loan

If you’re trading in, you can roll negative equity into a new loan if you qualify. The downside is that your payment and interest costs will be higher, and you may be starting out underwater with your new vehicle.

Absorb It with a Lease

To avoid committing to another car, incorporate your loan balance into lease payments. At the end of the term, exercise a buy-out option if you want to keep it, or walk away free and clear from both the car and negative equity.

Beg the Lender for a Short Sale

If a lender knows their money is at risk, they may settle for less than the full balance you owe. Gather proof of hardship and present a cash offer to the bank in writing. Do it before you miss a payment and make the offer generous enough to be attractive. It will negatively impact your credit for a while, but not as much as repossession.

Pay the Difference in Cash

If you have cash, find a buyer who will pay top-dollar. Add your own funds to the kitty and pay off the full amount on the loan. It’s going to hurt, but it frees you up to purchase the new vehicle you need without financing more than you have to.

Make the Math Work

Sometimes the best option is to dig deep and find a way to make the payments until the value of the car and the balance of the loan equalize. It takes time, but if you’re not danger of repossession, it could cost you less in the long run.

The circumstances that cause negative equity are tough to avoid, but understanding how to deal with it is the first step on the road to freedom. Explore your options carefully, and you may be able to get both the vehicle you need and keep your head above water.

If you have more questions regarding refinancing your car or wonder how to qualify for financing for a new car with negative equity, contact our professionals who can help you.

Who is Responsible For a Truck Accident?

By ronhayo | Posted in Uncategorized on Wednesday, August 29th, 2018 at 5:09 PM

When a passenger vehicle collides with a truck, it generally means significant injuries for those in the vehicle. The accident can also result in significant damage to the vehicle and items inside of it. To be compensated for your injuries and other damages, it will be necessary to show that the truck driver was responsible for causing the accident to occur.

Did the Truck Driver Admit to Wrongdoing?

According to this lawyer, in many cases, the trucker could be the responsible party and would be held accountable for the crash. If the truck driving admitted to being tired, impaired or distracted when the accident occurred, he or she will likely be considered at fault for the accident. Additionally, if the truck driver was found to have issues with their CDL permit, then there could be a possibility to establish fault on the truck driver. This is because this person had a duty of care to everyone else on the road to drive safely. Driving in a manner that is reckless or illegal breaches that duty.

Is There Evidence of Negligence on the Driver’s Part?

Any accident in which someone else’s irresponsible decision results in an injury to an undeserving victim can open the door for a lawsuit, says this personal injury lawyer. Let’s say that there is evidence that the truck driver failed to slow down prior to a collision. In many cases, the trucker could be the responsible party and would be held accountable for the crash. The same could be true if a chemical test showed that this person was drunk or high on an illegal substance. This evidence could be used in court to prove that the trucker was in the wrong even if he or she doesn’t directly admit to causing an accident.

Could the Other Driver Have Done Anything to Prevent the Crash?

In some cases, both parties will be deemed liable in an accident involving a truck and a passenger vehicle. For instance, if the passenger vehicle made an unsafe lane change, it could be deemed that it contributed to the accident happening. The driver of the passenger vehicle could also be deemed partially liable for the accident if he or she was impaired, distracted, or driving too fast for road conditions when the collision took place.

Poor Conditions Could Play a Role In an Accident

There are accidents in which neither driver is ruled to be primarily at fault for causing them. Instead, other factors like poor roads or bad weather are blamed. For instance, an icy road that wasn’t properly salted could be to blame for a crash.

Determining who is responsible for a truck accident depends on many different factors unique to a given incident. Regardless of how a crash happens or how serious you believe it to be, be sure to call the police for help and seek medical treatment as soon as possible.

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