Tag Archives: car affordability

Driver Leaves Maserati Running in Times Square, Surprised When It Gets Stolen

Note to Maserati owners: If you don’t want your car stolen, don’t leave it unlocked with the engine running in the middle of Times Square.

Chadwick Lange was new to the city, just moving to Manhattan from Florida. According to his account of the events, he saw a friend of his around the intersection of 47th Street and Broadway, so he pulled over his 2008 Maserati Gran Turismo to say hello. He must not have planned on staying long because he left the keys in the ignition and the engine running.

Two strangers approached Lange and asked if they could take some pictures of his Maserati. He obliged and went back to the conversation with his friend. After the two strangers took a few pictures, one of them jumped into the front seat and drove off, slowing down only to let his friend jump in the passenger side further down the street.

So far, there has been no sign of the car or the two thieves, but it seems like this crime could have been prevented with a little common sense. Most people know not to leave a car unattended with the keys still in the ignition, much less a Maserati, but some have speculated that Lange wasn’t just pulling over for a chat. A fact that has gotten buried underneath the shocking stupidity is that Lange’s car was stolen at 4:30 in the morning. He just happened to be driving around at 4:30 in the morning and ran into his friend (*cough* DEALER *cough*), and he decided that he should stop for a chat (*cough* FIX *cough). Well, whatever reason Lange decided to pull over that day, whether for a fix or for a conversation, I hope it was really, really good.

Need a new car? Approved Loan Store wants to help you! Bad credit, no credit, car got stolen in Times Square, we want to get you into a new or used car at terms you can afford! Fill out our secure auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Auto Loan: New FICO 8 Unnecessarily Complicates Credit Score

Maintaining a good credit score is a tough task that takes time, attention, and diligence on the part of the consumer. Most Americans don’t even know their credit score, much less what it means or how it is calculated. Consumer groups and government agencies like the Consumer Financial Protection Bureau are trying to demystify credit reports and credit scores for the general public, but unfortunately, the credit reporting industry is, perhaps intentionally, making credit scores more confusing.

FICO scores have been the credit industry standard for years, ranging from 300 up to 850. When lenders talk about your credit score, it is likely they are referring to your FICO score. Recently, the Fair Isaac Corporation, which produces the FICO score, touted that the number of consumers in the top tier of credit scores has increased, and the number in the bottom tier has decreased. This sounds like really great news until Ann Carrns of the New York Times took a closer look.

As it turns out, the numbers they were touting were not based on the FICO score but rather a new-and-improved FICO score, FICO 8. FICO 8 is a new formula used to calculate that all-important credit score which can mean the difference between getting approved for a higher amount on a car loan or getting a lower interest rate. Fair Isaac Corporation will disclose that over 76,000 creditors are using FICO 8, but they would not say how many creditors are using the older FICO score model or how a consumer can find out which model a particular creditor is using. Even more frustrating, the FICO 8 credit score is not available for purchase from Fair Isaac Corporation, so consumers are left in the dark as far as their FICO 8 score is concerned.

I’ve been writing about the credit industry and how it relates to the auto industry for a while now, and this is one of the most ridiculous stories I have ever heard. Through this blog, we are trying to simplify the car buying process and give our readers the most basic information that every consumer needs to know to improve their credit and get the best rates on an auto loan. When it comes to credit scores, we often tell people to stick with the original and the industry standard, their FICO score. Now, even that most basic tip has been complicated with the old model FICO score vs. the FICO 8 model. The Consumer Financial Protection Bureau has promised that they will be closely monitoring the credit reporting industry, and I sincerely hope that they crack down on this nonsense. One last message to FICO: Your actions are confusing consumers and making credit way too complicated. Please stop.

No matter if you have good credit, bad credit, or no credit, Approved Loan Store wants to help you get into the car you want at terms you can afford! Fill out our secure online auto loan application here, and keep up with the latest auto news and consumer alerts by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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Mazda Puts Line-Up on Strict Diet

Fuel efficiency and alternative fuels are becoming more and more important to car manufacturers, and Mazda hopes to improve their line-up with a bold goal: putting their line-up on a strict diet.

Last week, Mazda announced a plan to cut a minimum of 220 pounds with every vehicle model redesign. This is not an easy task for the company’s engineers who have to fulfill certain safety requirements as well as keep customers happy with newer technology and more comfortable interiors. Still, Mazda is dedicate to the lofty goal, even as the cars will eventually run out of weight to cut. Vehicle development engineer Dave Coleman commented, “Obvious that’s going to get harder and harder. We focused so much on the low-hanging fruit that we still have a lot of room.”

How does a car company go about lightening a car’s load? New lightweight materials play a big role, and frame redesigns require less steel, automatically cutting back the car’s weight. Of course, the problem with some of these new materials is availability and price. While they might be cheaper in the long run with higher fuel efficiency, consumers might end up paying a little more now for these lighter cars.

What do you think about Mazda’s weight goals? Would you be more or less likely to buy a Mazda after they drop some pounds? Leave a comment below, and tell us what you think!

Are you looking to get into a new or used vehicle but your credit is holding you back? Approved Loan Store wants to help you! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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GM Announces Major Breakthrough in Electric Car Batteries

This might be only the second full week of August, but already it is the month of hybrid and electric cars. Earlier this week, we told you about new technology out of Middle Tennessee State University that will transform normal vehicles into fuel-efficient hybrid cars.  Yesterday, GM continued the trend by making a major announcement about the future of electric cars.

GM CEO Dan Akerson announced at an employee meeting Thursday that there has been a breakthrough in the lithium-ion batteries used in electric cars. Right now, the Chevrolet Volt can go for about 35 miles per electric charge with a gas motor that kicks in if the battery power runs out. Akerson announced that the new batteries would be able to travel 100 miles per charge, nearly three times its current power, and he teased that the batteries would soon be able to travel up to 200 miles per charge. He called the increased battery power a “game changer” in the industry.

Even with this great news, though, GM is still being cautious and keeping their business in mind while exploring hybrids and electric cars. If it turns out that they can’t make 200-mile batteries, they are also working on hydrogen fuel cell vehicles and natural gas vehicles. Akerson compared focusing solely on electric cars to putting “all of our chips on one bet” and assured GM employees and the public that GM would explore all of their options.

If GM came out with electric cars that could go 200 miles on one charge, would you take one for a test drive? Leave a comment below, and tell us what you think!

GM’s new high-powered electric cars are still a ways off, but Approved Loan Store wants to help you get into a new or used car today. Good credit, bad credit, no credit, we want to help you! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Cops Catch California Craigslist Car Crook

Since the start of Craigslist, there have been horror stories of scam artists taking advantage of consumers looking for a good deal on an apartment, a stroller, or a car. It is impossible to know exactly what to expect when responding to a Craigslist ad. Sometimes, the poster is a perfectly normal human being who doesn’t want to pay to advertise their used furniture on another website. Other times, the poster is a predator looking for their next victim. Even with these warnings, though, people still use Craigslist in hopes of finding that one great deal, even when it comes to a major purchase like a car. If you needed another reason to stay away from Craigslist’s car ads, this story out of Belmont, CA will hopefully do the trick.

A family in Belmont responded to a Craigslist ad for a 2011 Nissan Altima. They wanted to be safe and make sure this ad was legitimate, so they met the seller Christopher John Prew in person to check out the car. Everything seemed to be in order, and they handed over a $500 cash deposit. From here, the deal started to seem fishy. Prew didn’t have the car title with him, and he agreed to meet the family later to hand over the title and receive the rest of the payment for the car. He left with the money, and the family called the police. As it turns out, the car didn’t belong to Prew at all. The Nissan Altima was a rental from Hertz.

Fortunately, Prew didn’t get away with it. The police set up a meeting with Prew, posing as another potential car buyer. When Prew showed up, he was taken into custody. He is being charged with one count of theft by false pretense, though the police believe that there might be other victims that have not yet come forward.

You don’t have to take a chance when car shopping. Approved Loan Store wants to help you get into a new or used vehicle, even if you have poor credit or no credit! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube.

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Tennessee Student Invention Changing the Future of Hybrid Cars

New green technology is becoming more of a necessity as every year goes by, and though hybrid cars are starting to become more popular, Americans have been slow to adapt to this new technology. A new invention out of the Middle Tennessee State University, though, promises hybrid car technology without having to buy a new car.

For five years, Dr. Charles Perry has been working with MTSU students to create an electric propulsion system that doubles a car’s fuel economy and can be installed for a reasonable price. He showed off a prototype of the system in a YouTube video which was posted to the MTSU YouTube channel a little less than two weeks ago. Already, they have four pending patents, and MTSU is exploring their options in commercializing this new technology.

Up until now, Americans as a whole have wanted better fuel economy, but at the same time, they have been wary of electric and hybrid cars. Maybe it was the price or technical bugs. Maybe they believed that buying a hybrid car would limit their options, or maybe they just hated the notion of trading in their powerful truck for an itty-bitty hybrid. Up until now, the idea has been to make whole new cars and make them appealing to the public, but with this new system from MTSU, drivers can have their car cake and eat it too. They can keep the car they love and upgrade its fuel economy for as little as $3,000.

It will probably be awhile yet until these systems are available for purchase, but if you are looking for a more fuel efficient vehicle now, Approved Loan Store wants to help! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

American Auto Makers Making Bank at Home

Recent numbers from the U.S. auto industry show that while sales are struggling internationally, auto sales here at home are still booming.

American auto buyers are spurred on by loosening auto loan requirements, increased quality in American-made cars, and a steadily improving economy. Also, new vehicles like the Dodge Dart are spurring excitement among car buyers, something that hasn’t been seen in recent years, and these new models are offering better fuel economy, even for their trucks and larger vehicles. LMC Automotive predicts that 14.5 million light vehicles will be sold in the United States this year alone, and 150 percent of Ford’s second quarter earnings came from U.S. auto sales.

Are these sales numbers sustainable? Probably not, but they are pretty amazing nonetheless. Even when the sales eventually plateau, I expect they will still pull in good numbers domestically. American auto makers have seen a comeback both in quality and sales, and car shoppers are much more likely to consider an American-made car now than they were just a few years ago. Plus, many drivers have held off on a new car for so long that their current ride is reaching the end of its road life, and soon it will make more sense to buy a new car instead of sinking more money into repairing the old one.

If you’re looking for a new or used car, now is the time to buy! Lenders are loosening their requirements, and Approved Loan Store wants to help you get the best deal possible on that new car! Fill out our secure online auto loan application here, and keep up with the latest news and trends in the auto industry by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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Compact Cars: Trading Down is Trading Up

A recent study released by J.D. Power and Associates had some interesting findings about car trade-ins and how people view a vehicle downsize as a trade up.

According to the study, more than a quarter of drivers trading in their car opted to go for a smaller vehicle while only 13 percent chose to go with a larger car. Compact cars aren’t only getting love from trade-in drivers, though. Across the board, more people are buying compact cars this summer.

Why is there such an interest in smaller cars? Well, compact cars today offer great features that at one time were only available in larger vehicles. Getting a compact car no longer means sacrificing comfort or new car technology. Cars like the Dodge Dart have digital dashboard displays, customizable interiors, and other high-demand add-ons like the wireless iPhone charger. To make the deal sweeter, compact cars tend to get better fuel economy than their larger counterparts, making it a greater value in the long run.

No matter what kind of car you are looking for, from compact cars to pick-up trucks, Approved Loan Store wants to help you! Good credit, bad credit, no credit, we work to get the best rates possible for our customers. Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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Will New Self-Cleaning Coating Mean the End of Car Washes?

Summer vacation holds a lot of great memories for me. I remember running around the neighborhood, playing baseball in someone’s backyard, or piling in the car for a trip to the local pool. Sometimes in the midst of vacation, though, my parents would rope my sisters and me into doing, heaven forbid, some chores. We spent many afternoons standing on a hot driveway with the garden hose and a couple of sponges, scrubbing down the family car.

Well, it seems that thanks to new technology, the traditional car wash might be a relic of the past. Researchers at the Netherlands’ Eindhoven University of Technology reported that a newly developed car coating will protect the car from small scratches as well as provide “self-cleaning” for the car. Soap and sponges or rags won’t be needed. Instead, the owner can simply hose down their car, and dirt will be washed away without extra work or effort.

If you are saddened that future generations will not understand Karate Kid’s wax-on-wax-off, don’t worry, and if a self-cleaning car sounds like a dream come true, curb your enthusiasm. The self-cleaning coat will probably not hit the market for at least another 6 to 8 years, and when it does, it is uncertain whether it will catch on. Until then, kids across America will still get the experience of washing the family car on a hot summer day.

Are you looking for a new or used car? Good credit, bad credit, no credit, Approved Loan Store wants to help! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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Four Ways to Avoid Car Thieves

No one expects to be the target of a car thief, but in 2010, over 700,000 cars were reported as stolen. Every car owner should know the proper steps to take to decrease the chance of car theft, but most people do not. At Approved Loan Store, we want to get people into the car they want, and we want them to hold onto those cars as well. For that reason, we wanted to share some tips from The Car Connection for deterring car thieves.

Pack up laptops, iPads, and other electronics: Around Christmas time, most drivers will keep their shopping bags out of sight for car thieves scoping for a target. Year-round, it is smart to store any electronics left in the car in the glove compartment or under a seat, or if you can, leave the laptop or iPad at home.

Park smart: Always park in well-lit areas, and watch for how many people walk or drive by. If the area gets a lot of foot or street traffic, a car thief will feel less comfortable trying to break into the car.

Get a car alarm (and advertise it): Get a real-time vehicle tracking system for the car, and make sure to keep it active. Also, a car thief might think twice about stealing a car if they know the car has an alarm system. If an OnStar system comes with a window sticker, keep it in the window. A thief might be deterred just knowing that the car is protected.

Be extra careful with popular cars: Popular cars are easier to steal because they blend into traffic, and their car parts are in higher demand. Obviously, it doesn’t make sense to tell drivers not to buy popular cars, but if drivers follow the other three steps, their car is less likely to be targeted by thieves.

Are there any tips you would add to The Car Connection’s list? Tell us below in the comments section!

If you are looking for a great new or used car, Approved Loan Store wants to help! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

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