Auto financing now available to consumers with poor credit

As the dust continues to settle from the economic crisis, the automotive financing climate has begun to make its recovery. Toward the end of last year, lenders began offering more loans to car buyers, even those with average of below-average credit histories, Auto News reports.

Many industry experts believe that the lenders are approving more loan applications because credit markets have opened up substantially, which has improved lenders’ liquidity.

Late last year, GMAC, the principal lender for General Motors and Chrysler, received nearly $1 billion after selling auto loan securities, money that they have used to write new loans.

Tony Boutelle, CEO of Credit Union Direct Lending, told Auto Week that lenders are now willing to consider prospective car buyers who have had a foreclosure but still have steady income.

“In the past, if you have a foreclosure on your credit report, forget about buying a car for seven years,” he said. But now, lenders “are loosening up to at least make offers to those individuals.”

If you have good credit or bad credit, New Jersey State Auto Auction has the financing resources to get you approved.

Toyota’s president relents, will testify before Congress

Toyota Motor Corporation president Akio Toyoda said on Friday that he would accept an invitation to testify before a congressional committee on February 24 regarding the Japanese automaker’s continued safety problems. Toyoda’s announcement comes less than a week after he indicated that he would decline such an offer.

Representative Ed Towns, chairman of the House Committee on Oversight and Government Reform, sent a letter to Toyoda on Thursday asking him to clarify to U.S. consumers how they should respond to the automaker’s difficulties, according to Auto Week.

“The public is unsure as to what exactly the problem is, whether it is safe to drive their cars, or what they should do about it,” wrote Towns.

Toyoda has been heavily criticized over the past few months for remaining silent while his company struggles to regain the confidence of consumers.

“The number one thing in my mind is regaining the trust of our customers in terms of the safety of our vehicles,” said Toyoda at a press conference on Friday.

U.S. Transportation Secretary Ray LaHood, who has been critical of the handling of Toyota’s recalls, is also scheduled to testify before Congress on February 24.

Tiger Woods to make prepared statement on Friday

Nearly three months after crashing his Cadillac Escalade outside of his home in Windermere, Florida, Tiger Woods has resurfaced. The world’s number one golfer will address select members of the media on Friday to deliver a prepared statement regarding his highly publicized extramarital affairs.

Woods has taken immediate criticism for the decision because he will be speaking in front of a hand-picked group of reporters and will not be taking any questions.

“Of course he’s not going to take any questions,” said celebrity image consultant Michael Levine on the Early Show, responding to the widespread abhorrence regarding Wood’s decision. “Nor should he. If I represented him, I wouldn’t allow him to take questions either. The potentiality for salacious questions is just too great.”

Meanwhile, General Motors vice chairman Bob Lutz recently recalled the automaker’s good fortune in severing all ties with their former spokesman before the scandal erupted, according to USA Today.

“We weren’t too lucky with Tiger Woods for Buick,” said Lutz, adding that GM’s relationship with Woods did little to help sell Buick brand vehicles.

It is still unclear when Woods will return to professional golf.

2005 Dodge Durango combines power, utility and comfort

Consumers in the market for a tough, powerful, truck-like sports utility vehicle may want to check out the 2005 Dodge Durango, one of the more rugged SUVs on the road today.

Although three different engines are available for the ’05 Durango, the 5.7-liter hemi V-8 is the most powerful and popular option. The hemi produces 335-horsepower and 370 pound-feet of torque.

Even with its tall, massive frame, the Durango handles curves exceptionally well. It possesses off-road capability, has expansive cargo space and an impressive towing capacity of 8,700 pounds.

The 2005 Dodge Durango is not your traditional 21st century SUV.

“There’s nothing cutesy about its shape or its bulk,” says About.com. “This is a full size working truck. For someone who has a genuine need for a large, powerful truck, the Durango is an excellent choice.”

The obvious downside to the Durango is that it gets below average gas mileage. However, it has an optional rear seat DVD-entertainment system, satellite radio, a sunroof and an above average sound system.

How to avoid damage when hitting a pothole

The extensive delays at last weekend’s Daytona 500 stand as an abrupt reminder that pothole season is just around the corner. To avoid considerable repair costs, it is crucial to know how to drive through potholes and how to best react after doing so.

If you are driving at a fast enough speed where you cannot avoid hitting a pothole, there are a few things that you should do before impact to save your car from unnecessary damage.

Although it may sound simple, the best thing that you can do before hitting a pothole is slow down. Many drivers subscribe to the theory that one can avoid a pothole by flying over it with great speed, but unfortunately the laws of gravity rarely allow this theory to come into play.

After slowing your vehicle as best as you can, make sure to take your foot off of the brake before impact.

“That will increase the damage severely,” said Larry Rubenstein, owner of Route 1 Auto Service in Peabody, Massachusetts, quoted by the Boston.com. “Now, in addition to the wall stopping the wheel, your brakes are stopping it, too. You’re just going to have to ride the pothole out.”

Also, to avoid losing control of your vehicle, be certain to tightly hold the steering wheel with two hands before entering a pothole.

“Hitting a pothole when you’ve got a loose grip on the wheel can snap the wheel left or right, and your car into another car, or off the road,” says Rich White, executive director of the Car Care Council, quoted by AOL Autos.

Meanwhile, after hitting a pothole, it is important to do a quick quality check of your vehicle’s major systems. If your car is pulling in one direction or the other, you may have an alignment problem, a common occurrence after a violent impact.

“Also, if you feel a loss of control, if you feel the car bottoming out or bouncing excessively on rough roads, those are indicators that the steering and suspension may have been damaged,” adds White.

If your car does incur damage, contact your insurance company to see if you are covered. Local and state-maintained roads have different statutes concerning public liability.

Toyota’s president passes on congressional hearing invitation

Earlier this week, Toyota Motor Company president Akio Toyoda announced that he will not attend the U.S. congressional hearings regarding the numerous safety recalls initiated by the Japanese automaker over the last few months.

Toyoda’s decision to not testify in front of Congress has angered some lawmakers, including California Representative Darrell Issa who believes that it is “telling” that the Japanese automaker’s president has declined to appear on U.S. soil.

Issa, who is the ranking member of the House Oversight and Government Reform Committee, said earlier today that Toyoda’s preference to pass on a meeting with lawmakers shows he “is not as eager to give Congress and the American people answers as we first thought.”

“I would think given the tremendous scrutiny Toyoda and his company are under, he would have seized the opportunity to personally appear and use the hearing as a forum to move forward,” added Kurt Bardella, a spokesman for the congressman.

Meanwhile, Toyota has announced several new initiatives aimed at improving quality control measures, including the installation of brake-override systems on all new vehicles and the expansion of local technical offices that conduct on-site troubleshooting, according to Auto Week.

2005 Honda Pilot: A reliable, active family vehicle

Consumers in the market for a reliable used sports utility vehicle in New York or New Jersey may want to check out the 2005 Honda Pilot, one of the more practical and economical family cars on the road today.

Honda’s midsize SUV received a major power upgrade in 2005. The only available engine for the ’05 Pilot is a V6 with 255-horsepower, a 15hp increase from the previous year’s model.

The Japanese automaker also added an 8th seat, a tire-pressure monitoring system, a six-disc CD player and available keyless entry. Fuel-tank capacity increased to 20.4 gallons from 19.2 in 2004.

For the weekend warriors, the Honda added 60/40 split folding bench seats for the 2nd and 3rd rows, which should significantly expand available cargo space.

“The Pilot drives more like a car than a truck, with the crisp, predictable handling for which Honda is known,” says Automotive.com. “Yet it delivers impressive fuel economy. As a Honda, it offers quality, durability and reliability.”

In 2005, a standard new Honda Pilot went for about $28,000.

Toyota issues yet another recall

With the dust just beginning to settle on last month’s recall of faulty accelerator pedals, Toyota Motor Company announced today that they will begin recalling 2010 four-wheel-drive Toyota Tacoma vehicles due to problems with the front drive shaft.

Several media outlets have reported that brand new Tacoma trucks may contain a component that was damaged during the manufacturing process. If cracks develop on the drive shaft, there is a possibility that it may separate from the joint, which could cause the driver of the vehicle to lose control.

Meanwhile, transportation secretary Ray LaHood expressed his frustration with the Japanese automaker’s apparent negligence regarding quality control.

“I want the American people to know and I want people who drive Toyotas to know that we’re going to hold their feet to the fire on this,” said LaHood.

Over the last few months, Toyota has recalled more than 8.5 million vehicles in the U.S. alone. To take advantage of the current situation, General Motors-owned companies have begun offering rebates to Toyota customers who are looking to trade-in their vehicle for a different brand.

How to invest in the health of your used car

With each year that goes by, a plethora of new automotive care products come on the market promising improved performance and reliability. The difficulty, of course, is differentiating which premium products are worth the cost and which are not.

There are a select few areas of car care where investing in a premium product makes sense. With wiper blades, buying a generic low-cost replacement is never advisable.

“There is a noticeable performance difference in low-cost wiper blades versus those specifically designed for rough weather conditions,” says CarJunky.com. “Premium wiper blades are significantly sturdier and more durable than low-priced blades.”

If you live in an extreme climate where rain and snow are commonplace, upgrading to high-quality wiper blades can actually save you money in the long run.

Moreover, you can increase the durability of your windshield wipers by taking proper care of them. Each time you wash your car, you should be cleaning your wipers.

When at a gas station, wet a paper towel with windshield cleaner and run it along the edges of the blades, HubPages.com recommends. Also, from time to time, use rubbing alcohol and a clean rag to remove the salt and dirt that accumulates on your wipers.

Another good place to invest your money is in your engine. Over the last few years, there have been significant improvements in synthetic motor oil technology. High-performance long-life motor oils can save money and time as well as improve fuel economy by as much as 3 percent, Car Junky reports.

Make sure to read your owner’s manual to find out which oil viscosity you should be using. Do not use a non-recommended viscosity unless the engine is very worn. In that case, always favor a thicker oil.

Finally, when it comes to gasoline, do not purchase premium grade unless your owner’s manual specifies that you do so.

“The bottom line is that if you use higher octane against manufacturer’s recommendations, you could be paying up to 40 cents more a gallon, which could add up to over $300 a year in extra expenses with no added benefits,” says the news source.

Remember, investing in your vehicle can save you money in the long run, but be careful. There are many premium products on the market today that won’t necessarily help the performance of your car.

McMurray wins Daytona 500 despite multiple delays

After numerous delays and cautions, NASCAR veteran Jamie McMurray finally took home the checkered flag at Daytona International Speedway on Sunday, more than six hours after the season-opening race began.

NASCAR officials were left blushing after their hallmark race due to their failure to properly fix a pothole that developed during the competition. Attempts to mend the break in the concrete took a total of 2 hours and 23 minutes – “equivalent to the NFL halting the Super Bowl in the fourth quarter because a goalpost collapsed and taking two hours to right it,” the San Francisco Chronicle reports.

“We’re the world center of racing,” said Robin Braig, the Daytona track president. “This is the Daytona 500. This is not supposed to happen, and I take full responsibility.”

The unfortunate racetrack conditions overshadowed a thrilling 45-lap finish that featured five drivers swapping the lead nine different times. Race champion McMurray only led the final two laps, a record low for a Daytona 500 winner, according to Auto Week. A total of 21 competitors led the race at some point, also a record.

NASCAR’s slumping superstar Dale Earnhardt Jr finished second to McMurray after successfully passing several cars down the stretch.