Tag Archives: economy

Nissan Leaf Follows Volt’s Lead, Drops Price

In what is perhaps the most “No, Duh” moment of the year, Nissan has realized that they can sell more Nissan Leafs if they lower the price.

Sales for the Chevy Volt, one of the Nissan Leaf’s biggest competitors, were disappointingly slow this year until Chevy offered some major discounts totaling about $10,000, a substantial price cut. Since these discounts were introduced this year, the Volt has outsold every other electric car on the market, including the Leaf.

As 2012 is reaching an end, Nissan probably wants to boost sales across the board but particularly for the Leaf. They expected to sell 40,000 Leafs this year, and right now, they are not on track to meet that goal. The question isn’t quality. The Leaf has received solid reviews, and not paying out the nose at the pump is tempting to many drivers. The Nissan Leaf’s problem has always been its price tag. America’s economy might be in recovery, but its base price of $35,200 is still steep.

As of this publication, Nissan has not stated specifically what incentives or discounts will be offered, but we will keep you up to date when those discounts when that information is available. In the meantime, Approved Loan Store is ready to get you into an affordable new or used car today, whether you have good credit, bad credit, or no credit. Get started today by filling out our secure online auto loan application here, and get the latest news and auto buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Americans Getting Into Cars, Back to Work

In the past, we have written about the strong correlation between car ownership and the unemployment rate. When more people have cars, unemployment is usually down because more job opportunities are open to them. A job hunter who owns a car is not limited to places along public transit routes, and once they get the job, they can be more reliable than an employee who hopes the bus is running on time.

The latest jobs report, which was released this week, showed that this correlation still holds true. Unemployment has dropped to 7.8 percent while car sales have continued to go up throughout 2012.

Now, some people will say that this correlation doesn’t suggest that car ownership leads to better job security and will take the other side of this “chicken-or-the-egg” debate. They will claim that because more people are employed, more people have the money to spend on a new car, and they would be partly right. Yes, some car buyers are just looking to upgrade their ride or buy a car that is more luxury than necessity, but take a minute and look at the auto sales numbers for 2012. There are not that many people buying a car just for fun. The economy is better, but it is not that good.

Coming out of this recession, Americans are valuing car ownership. Millions of people have been out of work, and they know the frustration of riding the bus or relying on a friend to drive them to yet another job interview. With Americans going back to work and auto loans accessible to more consumers, even those with subprime credit, it makes sense that people are strengthening their job security by getting a car now.

Are you ready to get into a new or used car today? Approved Loan Store can help you! Good credit, bad credit, no credit, we want to get you in the car you want at terms you can afford! Fill out our secure online auto loan application here, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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September: U.S. Auto Industry Holds Strong Despite Japanese Comeback

2012 continues to be a strong year for the U.S. auto industry with September once again posting great sales numbers.

According to the Daily Beast, analysts expected that U.S. auto sales would hit an annualized pace of 14.5 million in September, but they exceeded that with 14.87 million. Chrysler saw a sales increase of 12 percent compared to September 2011, and Jeep saw a 10 percent increase. Also, fuel-efficient vehicles continued to perform solidly, and U.S. brands held their ground even as Japanese brands Toyota and Honda made a comeback.

How is the U.S. auto industry maintaining this pace? One of the biggest factors is that car shoppers with damaged credit are still getting approved for auto loans. In 2012 so far, 1 in 4 auto loans have been subprime loans, and the average amount financed for auto loans overall has increased while monthly payments have barely changed. Those are great conditions for buying a new or used car, even for consumers who thought they couldn’t afford a car or get approved for an auto loan.

At Approved Loan Store, we love getting our customers into great new or used cars at terms they can afford! Good credit, bad credit, no credit, we want to help you! Check out our testimonials to see real life Approved Loan Store customers with their new cars, and if you are ready to get started, fill out our secure online auto loan application here.

For more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

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Slackers Park in the Kitchen: Why Forbes’ Review of the Toyota Coms Misses the Point

Car companies have tried to appeal to young drivers with navigational systems, sound systems that sync with the driver’s iPod, and hands-free calling and texting. Toyota is trying a new tactic, though, by making their cars smaller than ever.

How small are these new Toyotas? Imagine parking in your kitchen.

Toyota’s new single-seater Coms are limited as far as space and weight. They can only fit a driver and 2 bags under a combined weight of 308 pounds, and the car’s top speed is 37.5 miles per hour. Still, this car could revive young drivers’ interest in car ownership.

In their review of the Coms, Forbes was more skeptical of the car’s appeal saying it “looks like it fell off a carnival ride.” Writer Michael Kanellos also makes a baffling observation that these cars are meant to “capitalize on the diminished expectations of global slackerdom.” This is such a cop-out answer to an industry-wide problem. Instead of blaming young people for not buying traditional cars and labeling them as slackers, maybe Kanellos should understand why cars like the Coms are so appealing to young drivers.

First off, more people are living in cities, and big cities can be costly for car owners. They have to pay for a parking space or a permit, and if they don’t get a designated spot, they have to spend lots of time searching for a spot. Also, many young people are still paying off student loans and working entry-level jobs, and they can’t justify the cost of a car plus insurance and parking fees. At this point, young people living in big cities would rather take public transit and rent a car only when they have to.

Imagine for a moment, though, how the industry would change with more cars like the Coms. The price ranges from $8,922 to $10,000, and they wouldn’t have to worry about paying $100 a month to park their car. Instead, they could drive it right into their apartment. It wouldn’t be able to handle a trip out of town, but they could take it down to the grocery store or out shopping. Young drivers would love it and would probably buy it. Kanellos thinks that driving is about feeling the “breeze blow back your hair,” and he believes that new drivers are a product of “global slackerdom.” I think these new drivers are money conscious and are waiting for a car to meet their needs, and the Coms could do just that.

The Coms are not for sale in the United States yet, but if they are successful in Japan, I could see them popping up in New York very soon. If you are looking for a car or your current car isn’t fitting your needs, Approved Loan Store can help! We want to help you get into the car you want at terms you can afford. Fill out our secure online auto loan application here, and get the latest news and buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Chevy Offers $10,000 in Discounts on Volt

If you’ve been thinking about picking up the Chevy Volt but were hesitant because of the price, right now might be the perfect time to buy.

The Chevy Volt has had a tough time in sales since its release, even with drivers who are environmentally conscious or loved the idea of paying only $1.50 to charge its battery. It was a great car, but the timing of its launch was completely wrong. People were looking to cut costs in the short term, and paying $41,000 for a compact car did not make sense, no matter if they saved money in the long run.

Now, Chevy is trying to move the Volt off its lots without too much of a loss. There has been a $7,500 federal tax credit attached to the Volt to encourage drivers to make the change to a hybrid, but Chevy has added on more incentives throughout 2012, adding up to a $10,000 discount. Since the discounts were put in place, Volt sales have seen a dramatic change. Chevy has already sold over 13,000 Volts this year compared to 7,700 last year. The Volt is beating out every other electric car on the market including the Prius Plug-in and the Nissan Leaf.

Chevy is not the only dealership moving last year’s models off the lot. At this time of the year, dealerships across the country are offering deep discounts on a wide range of makes and models. For the best deals, now is the time to buy that new or used car, and Approved Loan Store is ready to help you every step of the way. Good credit, bad credit, no credit, we want to help you get in the car you want at terms you can afford!

To get started today, fill out our secure online auto loan application here, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube for the latest auto news and buying tips!

Ford Focus Challenges Corolla for World’s Top Seller

For years, the Toyota Corolla has reigned as the world’s best-selling car, but this year, the reigning champ might have some competition.

Ford has projected that based on their current sales numbers, the Ford Focus will outsell the Toyota Corolla worldwide in 2012. According to their press release, the Ford Focus is leading the Toyota Corolla, 489,616 to 462,187. Volkswagen also has its sights set on the top spot with the new VW Golf, though it is not expected to overtake the Corolla this year.

While it would be exciting to see a shake-up with the top rankings, I think Ford is being a little premature in their celebrating. After all, they have been close to beating the Corolla before and have ultimately lost in the final sprint to the end of the year. I’m not a superstitious person, but I do believe that Ford might have jinxed itself with this press release. Maybe they should have focused a little less on press releases over a projected win and focused on selling their Focus.

Whether you want a Toyota, a Ford, a Volkswagen, or something else entirely, Approved Loan Store wants to help! Good credit, bad credit, we want to get you into a great car! Fill out our secure online auto loan application here, and be sure to like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

The Paris Motor Show: What’s New and Shiny from Land Rover

The Paris Motor Show is coming up later this week, and all the major car manufacturers are giving auto enthusiasts an early sneak peek at what they can expect to see from the show. Up until the show, we are going to bring you the latest news and announcements coming out of the Paris Motor Show.

The new Range Rover has already made Autoblog’s list of their top 10 Paris Motor Show debuts, but two weeks ago, Land Rover customers got a sneak peek of the new Range Rover at the beautiful former Frick estate.

Those who were lucky enough to get an invite got to preview the new vehicle, tour the grounds and mansion, and enjoy catered food and cocktails. For longtime fans, there was a lot to admire about the model’s updates. Changes to the Range Rover included the fully automatic “Terrain Response 2” system, a more aerodynamic design, and an all-aluminum unibody structure that is 700 pounds lighter than the previous model. Such a dramatic drop in the weight of the car will create better fuel efficiency for the Range Rover, making it more appealing to the environmentally conscious and those who would rather pay less at the pump.

Attendees at the Paris Motor Show will get to see the new Range Rover soon enough, but it was a nice gesture for Land Rover to show their appreciation to their most loyal customers by hosting this event prior to the show. Ultimately, they gave their fans exactly what they wanted, which was a new Range Rover that improved on the past model. Everything else (cocktail hour included) was just an extra perk.

To see more of the upcoming show, stay tuned to the Approved Loan Store and check out the event’s official site here. Also, get 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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Auto Loan vs. Cash: When a Loan is the Better Choice

Last Friday, guest blogger Lance from “Budgets are Sexy” was featured on MSN Money and stirred up some controversy with the headline “Why a car loan can beat paying cash.” As expected, many cash-only advocates got very upset and all but called for the authors head to be served on a silver platter to Dave Ramsey. We wanted to take a quick look at why he took out a car loan instead of paying cash and then open it up to our readers for feedback.

First, he wanted to get an installment loan on his credit history. At this point, he had several credit cards which he paid off regularly and on-time, and he did not take out any student loans in college. With such a sparse credit history, he thought that an auto loan that was paid on time would make a good addition to his credit report.

Second, he got a 0.9 percent interest rate for 36 months. Some readers didn’t know why he would pay any interest rate on a purchase he could afford to pay with cash, but considering that the interest he was earning on his savings account covered the additional interest on the car loan, it was a smart choice. Under these circumstances, he built up his credit history, and it didn’t cost him anything extra.

Finally, he appreciated not depleting his funds to pay for the car outright. By taking out the loan, he could still maintain his emergency fund in case of job loss or medical emergency. Most personal finance experts recommend keeping an emergency fund with enough money to live on for six to eight months, and thanks to the loan, he could keep his six-month emergency fund.

What do you think about his decision? If you could pay for a car in cash, would you choose to take out a loan? Leave us a comment below, and tell us what you think!

Are you looking for an auto loan? Approved Loan Store can help! Fill out our secure online auto loan application here, and get connected with Approved Loan Store on Facebook, Approved Loan Store on Twitter, and Approved Loan Store on YouTube!

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Business Insider: In the Auto Industry, Subprime is Not a Dirty Word

Here at Approved Loan Store, we work with customers with all sorts of credit situations. While we help out plenty of customers with good credit scores find a better deal, our specialty has always been working with consumers who have subprime credit.

Now, the term “subprime lending” has become a loaded term because people associate it with subprime mortgages, but there are enormous differences between the subprime auto and mortgage industry as outlined this week in an article by Business Insider.

There are two main reasons why subprime auto loans are not the same risk of subprime mortgage loans. First, consumers default less on auto loans than on mortgages. Car repos happen much quicker than foreclosures, so consumers feel compelled to keep up with their payments. Besides that, a car is necessary for many people to make it into work, especially in areas of the country without public transportation options. If they don’t have a car, they have to rely on other people for a ride to work, to the grocery store, or to go out on the town. Most people will make cuts where they need to so they can maintain their car and their independence.

Second, subprime auto loans are not nearly the same risk for lenders as subprime mortgages. This is why so many of Approved Loan Store’s lender partners have been able to offer these auto loans to consumers with very low credit scores while they would deny that same consumer for a credit card, a mortgage, or a personal loan. For this reason, auto loans are a great way for consumers with challenged credit to re-establish themselves and build up a positive payment history. We call this the “Everyone Deserves a Second Chance” effect.

Are you looking to get into a new or used vehicle? Approved Loan Store wants to help, even if you have bad credit, good credit, or so-so credit! Fill out our secure online auto loan application today, and keep up with the latest in credit and 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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