Toyota in hot water again, 2010 Prius may be recalled

By Admin

Toyota Motor Corporation is in the news again, and for the second time in as many weeks, it is for all the wrong reasons. After last week’s massive recall of faulty accelerator pedals on eight different models, the U.S. Department of Transportation is now investigating the 2010 Toyota Prius for reports of defective brakes.

The National Highway and Safety Administration has reportedly received more than 120 complaints from consumers, including four reports of minor accidents, two of which resulted in injuries, according to Business Week.

On Thursday, officials from the Japanese automaker hinted that they may have to issue a recall on the world’s best selling hybrid car.

“We are considering some kind of measure to take,” said Toyota spokeswoman Ririko Takeuchi. “We would like to make an announcement as soon as an action has been decided upon.”

The news of the investigation came only a day after Toyota reported strong third quarter earnings that easily trumped Wall Street estimates, according to the Washington Post.

Most customer complaints involving the 2010 Prius are due to a split-second delay in switching between the traditional hydraulic brakes and the electronic braking system.

How to improve your credit score

By Admin

Posted in Auto Loans & Financing News, How To

For consumers in the market for a used car in New York or New Jersey, having bad credit does not mean that you can’t afford your vehicle of choice. However, improving your credit score can make it easier to obtain a car loan and can lower your monthly payments.

If you have bad credit or even no credit, don’t feel that you are alone. Currently, there are over 30 million people in the U.S. that have significant blemishes on their credit report. Taking the steps to improve your credit score will take some time, but it is not an overly complicated process.

The easiest way to improve your credit is to pay your bills on time. Delinquent payments can have a negative impact on your score– being punctual with your bills can help eradicate past mistakes.

“The mantra for getting a great score is pay your bills on time [and] keep account balances low,” says Craig Watts, consumer affairs manager for Fair Isaac Corp, quoted by BankRate.com.

“People who do that faithfully have very high scores. It usually means you’re being conservative and cautious about credit. It’s not a toy and it shouldn’t be a hobby,” he added.

Moreover, be certain to pay off any past-due notices before they are forwarded to a collections agency. Any bill sent to a collector will stay on your report for the next seven years. If you feel that your bill is inaccurate or unjustified, make sure to contest it before it becomes past-due. Even if you are absolved of a particular charge, interest payments and late fees may show up on your credit report.

Another good tip for raising your credit score is to keep your credit card balances as low as possible. Holding on to debt from month to month will not only increase your interest payments, but will also harm your credit score. Also, do not simply move your debt to other credit cards – it will not help lower your score, reports MyFico.com, a consumer credit advice website.

Furthermore, check your credit card limits before making a purchase that will involve your credit score. “Your scores might be artificially depressed if your lender is showing a lower limit than you’ve actually got,” says Liz Weston of MSN Money.

The good news is that car loans can be much easier to obtain than personal loans. If you have good credit or bad credit, New Jersey State Auto Auction has the financing resources to get you approved.

Danica Patrick to promote COPD awareness

By Admin

Posted in Celebrity Auto News, Chevrolet

IndyCar Series star Danica Patrick, who will drive the number 7 Chevrolet in a limited NASCAR schedule in 2010, has recently joined on as a spokesperson for DRIVE4COPD, a public health initiative aimed at alerting million of Americans about the need for early detection of Chronic Obstructive Pulmonary Disease (COPD).

Patrick was drawn to the cause due to the close relationship that she had with her grandmother, who passed away in her mid 60’s after suffering from emphysema, one of the two forms of COPD, according to USA Today.

“Being a popular person followed by a lot of fans gives me a platform I can use for good things,” said Patrick, while participating in a photo shoot for the organization with fellow celebs Jim Belushi, Bruce Jenner, Patty Loveless and Michael Strahan. “I want to use my celebrity to make a difference.”

Meanwhile, NASCAR has also decided to partner with DRIVE4COPD, which will be the title sponsor for the season-opening Nationwide Series race at Daytona Motor Speedway.

COPD currently affects approximately 24 million people, half of whom are undiagnosed, says Steve Phelps, senior vice president and chief marketing officer for NASCAR.

Spyker unveils business plan for Saab

By Admin

Posted in Auto Industry News, Saab - DO NOT USE

Just a week after agreeing in principal to purchase Saab from General Motors, Spyker Cars has announced its product plans for the Swedish automaker.

Officials from Spyker have said that the new brand will be built around the 9-3, the 9-4X and the 9-5. An entry-level 9-1 hatchback, similar to the Mini Cooper, is still under consideration but is not part of the current business plan, according to Fox News.

Saab will look to be competitive in the luxury mid-size segment against sedans manufactured by BMW and Audi.

Meanwhile, Spyker has recently been scrutinized by the European media amid questions regarding how the small Dutch sports car maker is planning on raising the $74 million cash payment due to GM.

Victor Muller, CEO of Spyker, has acknowledged that a $24 million payment due to General Motors in July has yet to be secured, but said that several potential investors have already contacted the company in regard to financing, the Financial Times reports.

“Nobody believed we could pull this deal off but now we have done it, people are approaching us wanting to be involved,” he told the news source

Economist: Used car sales likely to increase

By Admin

Posted in Auto Loans & Financing News, General Auto News

In the January edition of the Manheim Consulting Auto Industry Brief, chief economist Tom Webb said that he expects used car sales to climb in 2010.

“Used-vehicle retail sales are inherently stable and are supported by the 250 million vehicles in operation and the 118 million households that own them,” said Webb, quoted by Auto Remarketing Magazine.

“That means, on any given day, there are literally tens of thousands of households that would like to trade up to something a little better, if they can do so for an affordable payment,” he added.

Over the past two years, the number of consumers looking to trade-up to a higher quality used vehicle has decreased due to a slow job market and tighter credit restrictions. However, Webb noted that he expects the availability of retail financing to improve in the coming year, making it easier for consumers to obtain used car loans.

Meanwhile, Manheim’s chief economist also mentioned that independent dealers of new cars may continue to experience financial issues due to the national struggle to obtain floor plan and capital loans.

Study: Ban on cell phone use hasn’t reduced accident rate

By Admin

Posted in General Auto News

According to a new study, the bans on the use of hand-held cellular telephones while driving in New York, Connecticut, California and the District of Columbia have had no impact on accident rates.

Researchers from the Insurance Institute for Highway Safety compared the accident data of the two years before and the two years after the ban in each state and found that car crashes had decreased slightly, but that accidents in states with no law banning the use of cell phones declined at the same modest rate, according to AOL Autos.

“Whatever the reason, the key finding is that crashes aren’t going down where hand-held phone use has been banned,” said Adrian Lund, president of the Insurance Institute. “This finding doesn’t augur well for any safety payoff from all the new laws that ban phone use and texting while driving.”

The Institute’s spokeswoman Anne Flemming believes that the lack of any significant change in the number of accidents may be due to the distracting nature of hands-free devices and the deficiency of law enforcement in implementing the ban.

Meanwhile, last week the Department of Transportation prohibited operators of trucks and buses from using handheld devices to send text messages while behind the wheel.

Toyota dealers to begin fixing recalled accelerator pedals this week

By Admin

Posted in Auto Industry News, Toyota

On the heels of last week’s massive recall, Toyota Motor Corporation announced a plan today to fix the faulty accelerator pedals on 2.3 million new vehicles.

The Japanese-owned automaker has stopped production on new cars and will ship parts to U.S. dealers who have been trained to fix the defective gas pedals. Toyota has said that it will install a precision-cut reinforcement bar as part of the mechanism to make sure that pedals return to the idle position, USA Today reports.

“Nothing is more important to us than the safety and reliability of the vehicles our customers drive,” said Jim Lentz, president of Toyota’s sales organization in the U.S. “We deeply regret the concern that our recalls have caused for our customers and we are doing everything we can – as fast as we can – to make things right.”

Lents added that some dealerships will be open for 24 hours a day to fix the recalled vehicles. Repairs are expected to take approximately 30 minutes and Toyota has said that it will cover all costs associated with the parts and labor.