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.
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. 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?
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.
Did you find this article useful? Then maybe you’d like some of the other related articles on our blog!
Many people are intimidated when it comes to doing any maintenance on their vehicle. Also, some car owners are unaware that their driver’s manual has a section dedicated to do-it-yourself maintenance. These tasks are geared towards owners with no mechanical experience. Whether you want to save time, money or improve your skills, performing minor maintenance on your vehicle can be a rewarding experience. Below, I will discuss a few jobs you should and shouldn’t do on your car. If you have a garage, I will also recommend ways to keep it organized.
Do: Oil and Oil Filter
Image Credit: The Family Handyman
Changing your oil and filter is one of the easiest, yet most important tasks you can do on your vehicle. Typically, it takes less than 40 minutes to complete. You will need some basic tools like a ratchet, sockets, oil catch pan and an oil change wrench. Most oil filters can be removed by hand, so the wrench may not be required. Also, depending on your vehicle height, it may need to be jacked slightly.
Do: Wiper Blades
Image Credit: Allstate Insurance
Wiper blades are probably one of the most straightforward jobs you can do on your vehicle. Most wipers simply slide or snap in place without any tools. They are inexpensive at your local parts store and come with detailed instructions.
Do: Engine Air Filter
The engine air filter is another critical item that is simple to replace. In most cases, the filter can be changed in under 15 minutes. Most vehicles don’t require tools to do this job.
Don’t: Timing Chain or Belt
Image Credit: Angie’s List
The timing chain or belt requires expert skills and in most cases should be left to professionals. Also, this job involves a variety of tools and possibly more than one person.
Don’t: Shocks and Struts
Shocks and struts are a crucial part of a vehicle’s suspension and are not considered a novice task. They require raising the car and using special tools in most cases to replace them. It’s recommended that you get your shocks and struts checked by a professional every 40,000 to 50,000 miles. Most of the time they don’t need to be replaced that often, but checking every so often is better than having them stop working or cause a more serious problem down the road.
Don’t Air Compressor
Image Credits: Buy Auto Parts
The compressor is the heart of the car’s air conditioning system. Special tools and equipment are required to remove and reinstall the refrigerant during replacement. Expert knowledge is needed to get your system back to factory specifications.
Helpful Tips: Garage Organization
Image Credit: Dragonfire Tool Cabinet
One of the best ways to keep your garage neat is to purchase cabinets to keep your tools organized. Cabinets allow you to have a designated space for all your tools. Also, take advantage of your walls and hang tools, bikes or other large items using hooks or pegboards. Invest in stacking bins to maximize space vertically. Use the most of your ceiling by installing track storage racks or hooks for bicycles and other larger items.
If you’re looking for ways to keep your car in top condition without breaking the bank, make sure you check out some of our other blog posts! Here are a couple to get you started:
Many people do not know where to start when they want to modify their car. For the ordinary person who is seeking to make their car stand out from other vehicles on the road, they will often choose a variety of parts that do not work well together or work well for their car. Not all modifications are good for your car, and some may actually worsen how your vehicle performs. You should refer to this list as a starting guide when you are looking to make your car more unique and more suitable to your tastes.
One of the most commonly modified parts of a car are the wheels. Many people want to place different wheels on their vehicles to give them their own unique identity. However, people often do not pay much attention to the wheels that they are putting on their cars. If you want to modify your wheels, you should purchase high-quality, lightweight wheels that are an upgrade from the manufacturer’s wheels.
Ceramic coating is a liquid coating that is applied externally and internally to protect your paint and engine parts from typical wear-and-tear. According to Jet-Hot High Performance Coatings, “When you coat the external and internal surfaces of your exhaust system with ceramic coating, you’ll improve their performance and longevity—and possibly avoid costly repairs later. These coatings improve horsepower output and protect other components in and around the engine from the heat that emits from exhaust components.” While you may think ceramic coating sounds expensive, it’s obvious that the cost is well worth it when considering potential costs for extensive repairs in the future.
Bushings are located all over a car, from the engine mounts to the ends of a car’s suspension linkages. Though they are commonly overlooked, worn bushings can create a variety of small issues that can lead to more significant matters. If you feel as if something is misaligned, making a strange noise, or vibrating more than usual, it may be time to replace your bushings.
Car manufacturers optimize their parts to be both reliable and fit within their budget. When you are deciding to choose which parts you want to put on your car, make sure that you do research and purchase quality parts from manufacturers who are reputable. These reputable companies have gradually built their reputation off of providing durable and tested products. Though modifying your car may seem like a stressful process that requires a lot of research, it should be fun and rewarding for you. After installing each modification, you should be able to sit back and enjoy the work that you have done to make your car more unique. For more car maintenance tips, check out our blog!
Staying safe on the road is the best way to avoid injury. Still, some cars do much better than others when it comes to keeping you safe in the event of an accident. Typically, car manufacturers are required to crash test their vehicles to obtain an accurate safety rating. Cars are then graded based on their performance. There are many factors that go into judging the safety of a vehicle, and a few of the most critical parts of a car when it comes to crash safety are the seatbelts, airbags, and the impact absorption rate. Here’s some quick info on each:
- Seat Belts
A seat belt is designed to keep people in their seat upon crashing. A functioning seatbelt should be able to lock up quickly enough to prevent you from flying forward and suffering serious injury. Many consumers worry about children safety when it comes to seat belts, and in those cases, there are many child seat belt modifications available for just about every car model.
Airbags are essentially padded areas for your body to hit if you are in a crash. Safe vehicles have high-quality airbags located in ideal spots. Properly functioning airbags can prevent injuries due to rapid deceleration. Many modern car models include smart Airbags, which are triggered by weight, and have been found to be quite effective for many consumers, especially where children were concerned.
- Impact Absorption
Ever wonder why cars dent so easily? This is because they are made to fold in and absorb impact during a wreck. The more impact that the vehicle absorbs, the less that your body does. Cars with decent “crumple zones” have often been linked to higher survival rates for accident occupants, and can even help to limit injuries.
Five Safest Cars
Through safety testing and test crash data, scientists have come to learn which vehicle models are the safest to be in during a wreck based largely on the above safety feature performances. Below is a list of the five safest luxury model cars.
5. Lexus ES
The Lexus ES 350 has been identified as one of the safest luxury vehicles on the road. Not only did it perform exceptionally well in test crashes, but it also has forward collision warning, blind spot assistance, an auto-brake system.
4. Mercedes-Benz E-Class
The Mercedes-Benz E-Class is very reliable when it comes to crash safety. Test dummies suffered minimal injury when crashing in this car. The vehicle has collision warning and auto-braking as well.
3. Volvo V60
The Volvo V60 performed surprisingly well during crash tests, earning itself the title as one of the safest luxury models on the market. The car packs lots of useful safety features like a lane keeping system and rear cross traffic warnings.
2. Genesis G90
This vehicle has outperformed all of its competitors in test crashes and has proven to be a very safe vehicle to ride in. The Genesis G90 also has an exceptional performing forward auto-braking system.
1. Audi A4
The Audi A4 is arguably one of the safest luxury sedan vehicles you can find. Both the Insurance Institute for Highway Safety (IIHS) and the National Highway Traffic Safety Administration (NHTSA) gave this vehicle a very good crash-safety score. Collision warning, auto-breaking, and more safety features come standard with the Audi A4.
Of course, these are only 5 of the highest safety rated luxury cars. Many other models have received high safety ratings and might be more affordable for you and your family, like the Audi A3 model for example. A little research will help you to decide what car is best for you and your family, and if you need a few more options to consider while browsing, check out our website for more.
Many people are so excited about getting a muscle car that they forget about the maintenance basics. However, compared to cars with standard engines, a specially fitted car has higher risks of breaking down on the road. There are 5 mistakes that occur when you don’t maintain this car effectively.
1. Not Checking the Brakes
Many drivers have squeaky brakes but turn the other cheek. It’s rare for brakes to fail completely on modern cars, but the risks are still present for old ones. It’s worse when you’re driving a high-performance car that frequently goes 100 mph or more. The car takes longer to slow down and you have to pay more attention as you drive.
2. Not Cleaning the Glass
Auto maintenance is more than changing the oil, checking the brakes and maintaining the engine. Also, maintain the look of the vehicle’s exterior and interior. Clean the glass regularly, which includes the windshield and windows. Some of the best car glass cleaning products include Invisible Glass, Meguiar’s Perfect Clarity, and SprayWay.
3. Skipping Oil Changes
When you know the benefits of an oil change, and the frequency at which it should be done, you know that skipping it is a bad idea. Next to gasoline, the oil is the most crucial fluid to your car. Without it, the metal car parts dry out and wear down more quickly. The oil also protects the engine from building up debris. According to Cascade Collision, while newer cars may not require oil changes as frequently as some older vehicles, it’s still important to follow your vehicle manufacturer’s instructions in order to maximize your engine’s life. This is especially true for muscle cars.
4. Ignoring the Tires
At first glance, your car’s tires look fine on the outside. You cannot see the amount of pressure inside and don’t know if the tires are properly inflated. Low tire pressure makes it harder to remain balanced on the road. The tires are more likely to blow out and break down without proper care. When choosing tires for your muscle car, you’ll need to factor in your ride’s tire size, power, and grip for maximum performance.
5. Ignoring the Less Important Fluids
Any fluid that is deliberately placed into a vehicle is important. Although motor oil is the most important one, there are other types like coolant and brake fluid that also need attention. A professional checks that the fluid levels are adequate and is able to detect leaks.
Maintaining a hot rod is just as important as enjoying one. Without regular maintenance, you will mourn the muscle car when it becomes a useless, undrivable heap. Review the owner’s manual to know how and when to follow a maintenance schedule. Make sure that you or someone else is able to drive the car properly.
Ready to get the luxury car of your dreams? Browse our inventory here!
Year after year, countless scams sweep the nation, leaving millions of unsuspecting Americans counting their losses. It is unfortunate that the progress made in digital technology makes it easier for fraudsters to get important data from consumers and use it to perpetuate their crimes. It is essential to always be on the lookout for these scams because most of the times, they are presented as very ordinary and useful services.
When you are having financial difficulties, you might be tempted to look for payday loans. While there are some payday loans service providers who are legitimate, there are also a lot of other scams pretending to offer this service. The critical thing to note is that you end up paying between fifteen to thirty dollars for every one hundred dollars that you borrow. Fake payday loan providers will ask for an upfront fee, invite you to fill out an online form or call claiming to be a debt collector. Any information given to these impersonator could lead to substantial financial losses.
False Extended Warranties on Cars
This scam is usually executed so craftily that very few people know what has happened till they lose their money. A person calls pretending to be affiliated with your car dealer. They inform you that your warranty is about to expire and offer a warranty extension which will come at a fee. They go ahead to list the benefits of getting the extension and naturally, you feel the need to extend the warranty and give out your credit card information or agree to make a payment. The fraudsters will coerce you into making a purchase by telling you that the warranty extension is available on discount for a short period.
Phishing scams exploit social engineering skills whose aim is to induce panic and compromise one’s ability to reason logically. A typical scam of this kind is one where you get an email from someone posing as your bank, university or insurer. They claim that they noticed fraudulent activity on your account and they need verification. Clicking the link compromises your information. To avoid these scams, always read suspicious emails in basic HTML to sniff out the forgery.
It is important to always watch who you divulge your important financial information to. People are losing millions of dollars each year to these fraudsters, and despite government efforts to crack down on them, they keep getting new ways to defraud unsuspecting consumers.
When you change the oil of a car, you will often have two primary choices. The two main choices for oil are synthetic oil and regular oil. As a vehicle owner, you may wonder about the benefits of each option. You will wonder if either option is worth the money spent as well. With regular conventional oil, you will be getting a lubricant that is from crude oil which has excellent properties. This type of oil will be able to provide lubrication at very high temperatures. It will also maintain stability over a long period of time as well.
With synthetic oil, consumers will be getting a type of oil that began its life as conventional oil but was later modified. It is then made to make improvements on its protective and lubricant properties. Synthetic oil is also designed to increase the performance of high mileage cars as well. The synthetic oil is also meant to help run cars with high performance engines. You will also be able to increase the fuel mileage of your car as well with advanced lubricants.
CONVENTIONAL MOTOR OIL
Conventional motor oil consists of base oils that are blended with a number of different chemical additives. These are used to help meet the basic needs of the vehicle engine. It comes at a range in viscosity levels and provides consumers with a range of quality levels. This includes both adequate to high quality lubricants. This type of oil is used in a number of late model vehicles that are driven in normal situations such as commutes and errands. This oil is ideal for those who are just looking to do vacation driving at cruise speeds and drive a low amount of mileage during each year.
SYNTHETIC MOTOR OIL
Synthetic motor oil uses a certain formula that is commonly developed by lab researchers. These oils are often made up of numerous high performance additives. These additives provide a high level of protection for the engine both while starting up and when running. The synthetic oil is also ideal for protection against heat buildup and for the enhancement of engine durability. With this oil, you will also be able to clean up the engine deposits as well.
While both conventional and synthetic oil are very beneficial options to choose from, the synthetic oil has a number of differences and advantages. When you need a lubricant container that’s easy to handle as well as safe to use and store, synthetic oil is the better option. With synthetic oil you will be able to get improved lubrication, more stability, a reduced amount of breakdowns and also fewer deposits in the engine. All of these enable vehicle owners to avoid significant problems with their vehicles as we result.
Synthetic oil have a number of additional lubricants that will increase the ability of the engine parts to maintain a slickness when used in high temperatures. This will help decrease the wear on the engine and help make it last longer.
With synthetic oil, you will be able to have more thickness of the oil. As a result this will help you avoid too much wear on the engine. This type of oil will also stick to the engine parts and make them more ready to move.
Whenever you put synthetic oil in your car, you will have a reduced amount of breakdowns. Synthetic oil is less likely to break down and allow drivers to get oil changes less often. With durable features, your engine will be protected for longer periods of time.
Vehicle owners who use synthetic oil will have fewer deposits build up in their engine. This will result in no deposits compared to conventional oil. You will not get sludge and scaling with synthetic oil either. Synthetic oil will not stick to the engine surface like conventional oil and therefore make it last longer. Therefore, synthetic oil is ideal if you are looking for a type of oil that will not leave deposits.
Those who own a vehicle will need to get their oil changed every 3,000 miles. When looking to get the oil changed, you will have the option to choose either conventional oil or synthetic oil. Conventional oil is ideal for those who are looking to get basic oil for everyday tasks with a vehicle. While this is usually sufficient for vehicle owners, synthetic oil is different in terms of its makeup and benefits. The synthetic oil is made out of lab researched formulas which are longer lasting. As a result, you will be able use your vehicle more frequently without getting a change of the oil. Synthetic oil differs from conventional oil in terms of cleanliness such as no deposits left over, less breakdowns, and more lubrication of the engine. Therefore, synthetic oil has a number of key differences compared to conventional oil.
Driving in New York City is very different than driving anywhere else in the United States. When driving in the city, you will have to follow basic laws of the road but also keep in mind some other things that can make driving a bit more difficult compared to other places. As a driver in New York City, you will have to understand that New York traffic is among the most crowded. There are approximately 375,000 vehicles on the road in the city every day. As a result, you will have to be very alert and mindful of navigating through many vehicles at any given time. There are a few other things you will have to be mindful of such as knowing the boroughs, using bridges and tunnels to get to certain locations, paying attention to signs and also watching for pedestrians.
Pay attention to important signs
There are some major streets and avenues where drivers are not able to make a left turn during certain hours of the day. In New York City, it is important to look for such signs to avoid getting a ticket and into an accident.
Watch out for pedestrians
In New York City, there are a lot of people walking on the street all the time. Some of these people are habitual jaywalkers. As a driver in New York City, it is important that you pay close attention to these pedestrians to avoid hitting them. The best thing to do is to drive very slowly down busy streets and let people cross before proceeding.
Prepare to pay the meter
When driving in New York City, you will need to pay meters to park your vehicle in most places. This may require keeping change in your car. The city has now adopted muni-meters that allow you to use a card instead of quarters. In this situation, you will need to swipe a card at a meter to park your car.
Driving in New York City can be quite challenging compared to other places. When you own a luxury car in the city, there are things that you will have to be aware of. In the state of New York, luxury cars will usually have high insurance premiums, especially if they are sports cars. You will also need to keep in mind that your car can be targeted for theft. As a result, it will be important to make sure you park your car in safe areas such as garages.
Between custom parts and accessories and ongoing maintenance, owning a luxury car costs more than just what you ended up paying for it when you bought it. The good news is that, with a little ongoing investment, you can keep your vehicle in great condition and maintain as much of its value as possible.
Use the Best Products
Luxury cars require high quality maintenance products. This is because the materials, surfaces, and parts that you’re maintaining are of higher quality. For example, a luxury car probably has fine leather upholstery whereas a regular car does not. You might be able to get away with using generic cleaners on a regular car, but you’ll want to use special leather care products for your luxury car. Try talking to a mechanic who is familiar with your type of car. They will be able to advise you on products for maintaining the engine, interior, and body of your car.
Have It Serviced Regularly
Perhaps the best thing you can do to maintain your luxury vehicle’s value is to have it serviced regularly by a company familiar with luxury cars and your make and model specifically. In addition to checking the battery, fluid levels, and tires, have them review the smaller components of your vehicle. Small issues with the wiper blades, heating or air conditioning systems, and sound system should be taken care of before they become major problems.
Make Sure It’s Properly Insured
Choosing to go without adequate insurance coverage is an unnecessary gamble when it comes to your luxury car. Your repairs will probably cost much more than the average car, so making sure that you have comprehensive coverage is important in guaranteeing immediate and quality repairs in the event of an accident.
Drive It Around Occasionally
If you’re a car collector, you may have just purchased your car to store or display it. A lot of people do this, and it’s understandable: you take pride in your cars and your collection, and that’s great. However, your car needs to get out every once in a while and be driven to maintain its value. You don’t have to drive it every day but driving it occasionally will prevent breakdowns and other problems like rust.
Be Religious About the Maintenance Schedule
This is important because every car and its parts were built with regular maintenance in mind to keep all the individual parts running smoothly. Take your car in for regular maintenance according to the schedule and your car will be more likely to retain its value.
While every car needs regular maintenance to make sure it runs smoothly and retains its value, this is even more important when you own a luxury car. Taking care of your luxury vehicle may require additional investment, but the payoff will be well worth it.