Tag Archives: low-income

Toyota Offers Major Discounts to New York Drivers

In an effort to match their 2012 sales, Toyota is offering massive discounts and refunds on the 2012 Prius plug-in including some deep price cuts for Manhattan-area drivers.

While these discounts will vary by region and dealership, New Yorkers can get approximately $6,500 off on a 2012 Prius plug-in or $4,650 off a 2013 Prius plug-in. They are hoping that the discounts will make car buyers take another look at Prius instead of going with other popular hybrid and electric models such as the 2013 Ford C-Max, the 2013 Nissan Leaf, or the 2013 Chevy Volt.

In an interview with Wards Auto, Toyota Div. Group Vice President Bill Fay acknowledged that the price cuts would make the Prius more competitive, but their main focus is making the car more affordable for the average driver. “I think we have to be cognizant of the world those shoppers are operating in…and we have to be sure we offer the same kind of value when they go to buy the vehicle.” This isn’t a bad idea considering that hybrids and electric cars have been relatively expensive in the past. Perhaps Toyota’s discounts will push more drivers to make the switch to a more environmentally-conscious car.

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Chrysler Announces $374 Million Investment in Indiana Factories

At the end of January, GM announced that they would be investing $600 million into their Fairfax Assembly and Stamping Plant, their largest investment into a single plant to date. GM isn’t the only automaker putting funds back into their factories, though, as Chrysler announced late last week that they would be investing over $300 million into two of their factories.

The two factories, located in Indiana, will receive a total of $374 million in upgrades and approximately 1,250 new jobs. These factories were on the chopping block back in 2009 after Chrysler filed for bankruptcy, and it is fantastic that now in 2013, they are receiving such a major investment from Chrysler. Upgrades to the factories will address current safety risks and get them ready to produce 8-speed and 9-speed transmission.

In a press release, Chrysler CEO Sergio Marchionne praised the Indiana workers, calling the investment a “tribute to the character of the men and women of Chrysler” and crediting Chrysler’s success with its workers’ “ability and…willingness to think in unconventional ways in order to exceed expectations.”

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Bob Lutz Credits GM Engineers for Success, Slams Eric Whitacre’s New Book

Auto industry journalists got the chance to show their snarky streak this week in response to Ed Whitacre’s book, American Turnaround: Reinventing AT&T and GM and the Way We Do Business in the USA. To say that some people are skeptical of Whitacre’s grand claims is being charitable.

Perhaps the most notable (and entertaining) news piece was Bob Lutz’s Forbes piece “How Ed Whitacre Saved GM In Just 10 Months, And Other Fables.” For readers unfamiliar with Bob Lutz’s career, he has a long history with GM. He started his career with GM in 1963 working in sales and marketing positions. He left the company in December 1971 to work in senior management positions for BMW, Ford Motor Company, and Chrysler among others, and he eventually came back to GM in 2001. When he retired in 2010, he was the vice chairman of General Motors.

It is fair to say that Bob Lutz is a man who knows GM from top to bottom, and he has no tolerance for any one person taking all the credit for GM’s turnaround or using it to peddle a simplistic business strategy. In his Forbes op-ed, Lutz wrote, “Ed Whitacre, who served as GM’s chief for exactly ten months…spent much of his time wandering around uncovering employees who were insufficiently entrepreneurial, cautious, or didn’t have enough ‘can-do’ spirit…If you believe any of this, I need to talk to you about ocean front property in Nebraska.”

Thankfully, Lutz takes a break from zingers for a few paragraphs to recognize who he thinks should take credit for GM’s turnaround. He mentions the Obama administration and his “fix-it team” including Steve Rattner, Ron Bloom, and Harry Wilson, and he points out that the recovery couldn’t have happened without their work on the financial restructuring of GM. Even more commendable, Lutz gave credit to the engineers and designers behind the 2009 thru 2012 models, the people who created the products that saved GM. At this point, he delivers a line that really sums up his entire piece. “WE did every one of those winning products for which some 90-day wonders would now like to be retroactively credited.” Ed Whitacre certainly had some impact on GM’s recovery. It would be silly to deny it, but for him to claim the credit for GM’s turnaround without also mentioning these designers and engineers is dishonest and wrong.

Readers, we want to hear from you! Have you read Whitacre’s book? Do you plan on reading it, and do you agree with Bob Lutz’s assessment of GM’s turnaround? Leave a comment below, and let us know what you think!

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JPMorgan Chase Names New Head of Auto Finance, Promises More Subprime Options

In recent years, JPMorgan Chase & Co has lagged behind the competition when it comes to auto finance, but they are hoping new leadership will turn their luck around.

JPMorgan Chase announced that Thasunda Brown Duckett would be heading up their auto financing, taking over for Marc Sheinbaum. Looking at the numbers, she has a lot of work ahead of her. According to Experian, JPMorgan Chase is the fourth biggest auto lender despite being the biggest bank in the United States, and with new leadership, it is clear that Chase wants to change that.

While Duckett has not set any plans in stone, she has hinted at opening up auto loans to customers with lower scores, saying there are “opportunities for us to expand that credit box to be able to help more customers.” Many of their competitors have already taken this step which might account for JPMorgan Chase trailing in auto loans. This change could give more options for car buyers with subprime credit to get a car and reestablish their credit history, and it could give JPMorgan Chase to be competitive in auto loans again.

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Distracted Driving Repairs Cost Drivers Greatly

With distracted driving a growing problem in the United States, auto repair shops are seeing a boost in business, but they aren’t necessarily happy about it.

A recent story from KXTV, an ABC affiliate in Sacramento, covered a local auto shop which has seen an increase in fender benders and other incidents caused by distracted driving. Repairs can cost hundreds or even thousands of dollars for, as KXTV put it, a few seconds of distraction. A fender bender can cost more than $2000 in repairs, and a side dent can cost as much or more than $500 depending on the vehicle.

Tyler, one of the auto shop employees, encouraged drivers to use technology that is available and on the market such as Bluetooth hands-free devices so that they don’t take their eyes off the road. “That brief second that you take a look to see who e-mailed you or texted you could cost you a significant amount of money.”

Repair shops might be happy about the extra business, but they would rather have safer roads for all drivers. There isn’t a text, a call, or an e-mail worth getting into an accident and putting yourself and others in danger. Get a hands-free system, or for a less expensive option, simply turn off your phone while driving.

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Image courtesy of Salvatore Vuono / FreeDigitalPhotos.net

Bad Credit Auto Loan: Car Repossession Rate Drops

As lenders are getting more flexible with auto loan terms and approving more sub-prime auto loans, repossession rates are surprisingly dropping.

According to Experian Automotive, the repossession rate in the fourth quarter of last year dropped 28 percent. Though there was a slight increase in delinquencies during that same time, this statistic shows that car buyers are making their payments on time, even if they had subpar credit or no credit prior to getting the auto loan.

Hopefully the repossession rate will continue to drop. Many people with challenged credit are in need of another chance to rebuild their credit history, and one of the best ways to re-establish credit is with an auto loan. When lenders see that consumers are less likely to fall behind on their payments and go through repossession, they will be more willing to take a chance on someone with challenged credit.

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Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Consumer Reports: Top 10 Cars We Would Buy Again

Repeat business and brand loyalty is extremely important in any industry, but it is especially important in the auto industry. Bad customer feedback can sink a model and cost an automaker greatly. Fortunately, there are plenty of vehicles on the market today that have repeat business, and Consumer Reports has compiled the top 10 cars that have customers coming back for more.

According to Consumer Reports, consumers said they would be most likely to buy the following cars again:

10/9. Toyota Camry hybrid and Ford Mustang V-8 (87 percent)
8/7. Dodge Charger V-8 and Audi A-6 (88 percent)
6. Lexus GS (89 percent)
5/4. Dodge Challenger V-8 and Audi A7 (90 percent)
3/2. Porsche 911 and Chevrolet Corvette (91 percent)
1. Chevrolet Volt (92 percent)

With only a 5 point range between tenth and first place, competition was tough this year. There was a tie for ninth, seventh, fourth, and second places. All of these automakers should be proud of these numbers, especially that the top 5 were at 90 percent or above. These are customer satisfaction stats that every company dreams of and rarely achieve, so consumers that are in the market for a new car should consider taking at least one of these 10 vehicles for a test drive.

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Higher Average APR, Loan Payments for New York Auto Loans

Car buyers in the New York City area should be more careful when searching for an auto loan. A new study shows they could be paying higher interest rates and loan payments than car buyers in other parts of the country.

According to Manilla.com, a personal finance/bill payment website, New York City is third in the country for highest average auto loan balances, fifth in the country for average loan payments, and fifth in the country for average loan APR. These statistics aren’t especially encouraging for car buyers in the New York City area, especially those who have no credit or poor credit and might need some flexibility with their auto loan terms.

This is exactly why Approved Loan Store exists. We help our customers find a car they want at terms they can afford, even if they have poor credit or no credit! Hundreds of people have discovered the Approved Loan Store difference and the easy 3-step process.

Step 1: Fill out our secure online auto loan application here. You will hear back in 24 to 48 hours!

Step 2: Set up at appointment at an Approved Loan Store location nearest to you.

Step 3: Meet with a Special Finance Representative, work out the loan terms, and drive off with a new or used car as early as that day!

Go to http://www.approvedloanstore.com to learn more, and get more auto 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!

Image courtesy of sheelamohan / FreeDigitalPhotos.net

Ram Truck “Farmer” Ad Dominates Super Bowl

When it comes to the Super Bowl commercials, the Budweiser Clydesdales usually reign supreme both with the quality of the ad and the popularity. This year, however, Budweiser was unseated by Ram Trucks’ dedication to the American farmer.

Ram’s “Farmer” is a take on Paul Harvey’s famous FFA speech “So God Made a Farmer.” The speech praises the farmer’s mix of strength, gentility, and perseverance, stating, “God said I need somebody strong enough to clear trees and heave bales, yet gentle enough to wean lambs and pigs and tend to pink combed pullets; who will stop his mower for an hour to splint the broken leg of a meadowlark.” The ad is accompanied by images of a church, an American flag, the family dog, and a farmer working hard in the fields with his trusty Ram truck by his side.

You can see the full ad here:

It didn’t have special effects, celebrities, or swimsuit models, and yet this simple ad made a definite impression on audiences, earning it over 13 million views on YouTube. The ad’s success has also benefited American farmers with Ram donating $1 million back to the National FFA Organization.

Readers, what do you think? Did Ram’s “Farmer” ad win you over? What were your favorite car ads of the Super Bowl? Leave a comment below, and let us know what you think!

Are you ready to get into a new or used car or truck? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get the car you want at terms you can afford! Get started today by filling out our secure online auto application here, and connect with Approved Loan Store on Facebook, Twitter, and YouTube!

New Car Financing: Ram 1500 Gets Diesel Option in 2013

The Ram 1500 made headlines across the country this week when they announced that later this year, it will be getting a diesel option.

When it hits the market, the Ram 1500 will become the first modern half-ton pick-up in the United States to offer diesel. This is a major development considering that diesel trucks typically have a higher resale value than gasoline engine trucks, and they have more pulling power and a better fuel economy. With the diesel option, the Ram 1500 will have 240 horsepower and 420 pounds-feet of torque, making it more appealing to buyers who plan to use the truck in their business.

Automotive industry insiders are predicting that the diesel option could bring in tens of thousands in additional sales every year, and the CEO of Chrysler’s Ram brand Fred Diaz said in a phone interview that this is a change that Ram drivers have been “craving.”

Readers, we want to hear from you! Are you more or less likely to buy a Ram 1500 now that it has a diesel option? Leave a comment below, and let us know what you think!

Are you ready to get into a new car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and 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!