How to improve your credit score

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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.

Toyota in hot water again, 2010 Prius may be recalled

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Posted in Auto Industry News, Toyota

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.

Charlie Sheen’s Mercedes found at the bottom of a cliff

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Posted in Celebrity Auto News, Mercedes-Benz

The Mercedes sports utility vehicle belonging to actor Charlie Sheen was found early this morning at the bottom of a steep ravine near his home in Sherman Oaks, California.

According to the Associated Press, the Los Angeles Police Department received a 911 call early Friday morning regarding a vehicle that was found lying face down at the bottom of a cliff near Mulholland Drive. Shortly after 4 AM, Sheen called to report that his $160,000 Mercedes SUV had been stolen.

After searching the area, local authorities found no evidence that anyone was in the vehicle at the time of the crash. The LAPD is treating the incident as an auto theft.

Sheen, who was recently arrested after a domestic incident involving his wife Brooke, jokingly told The Insider this morning that “it was nice to have police come to my house and for once and I didn’t have to leave with them.”

Meanwhile, the celebrity gossip website TMZ is reporting that the 44-year-old TV star is going to be charged early next week with felony menacing and misdemeanor assault for allegedly putting a knife to his wife’s throat several weeks ago.

Danica Patrick to promote COPD awareness

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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.

Economist: Used car sales likely to increase

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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.

Spyker unveils business plan for Saab

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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

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

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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

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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.

Miata, Mustang and Beetle: The most affordable used convertibles on the road today

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Posted in Ford, Mazda - DO NOT USE, Volkswagen - DO NOT USE

With spring just around the corner, the national interest level in convertible vehicles is sure to rise. Consumers in the market for a moderately priced used convertible in New Jersey may want to take a look at the Volkswagen New Beetle, the Mazda Miata and the Ford Mustang Convertible, three of the most affordable drop top cars manufactured in 2003.

The Volkswagen Beetle is the most moderately priced car in its class. The long-awaited convertible version reappeared on the scene in 2003 after a 6-year hiatus. It features a power-folding cloth top, a rollover protection system and a six-speed automatic transmission, the first of its kind in convertibles costing less than $30,000, according to Edmunds.com.

The New Beetle is more of a cruising vehicle. With a standard 115-horsepower, ULEV-certified 2.0-liter V4 engine, it goes from 0-60 miles per hour in about 11 seconds, Inside Line reports.

For car buyers looking for a bit more power, the convertible can be purchased as a performance-oriented 180-horsepower Turbo S, which is available as a five-speed manual or a six-speed automatic.

“The Beetle offers a unique combination of safety, fun and upscale features for its price range,” reports the news source. In 2003, a brand new Beetle convertible was priced at $21,025, making it the least expensive drop top on the market.

The 2003 Mazda Miata is a 2-seat sports car that comes standard with a manual folding soft top, although a removable hard top is available.

Introduced in the late spring of ’03 were three new versions of the Miata. The Club Sport, which is designed for racing enthusiasts, has no power steering or air conditioning. Mazda also rolled out the Shinsen version and the LS – two higher end models with unique trim.

All three Miatas come with a 142-horsepower 4-cylinder engine with a 5-speed manual transmission or an optional 4-speed automatic.

“It is more fun to drive a slow car fast than a fast car slow,” says Edmunds. “The Miata defines the spirit of the modern roadster.” In 2003, a new Mazda Miata cost $22,363.

Falling just behind the Miata in terms of price is the 2003 Ford Mustang Convertible, which is “an absolute hoot to drive,” says Automotive.com. “The Mustang is fun to drive, fun to be seen in, quick, fast, and pretty loud, with excellent handling.”

The base Mustang comes with a 190-horsepower 3.8-liter V6, but the higher end GT model is available with a 260-horsepower 4.6-liter V8, making it one of the most powerful convertibles in its class. Car buyers can choose from a five-speed manual transmission or a 4-speed automatic.

The 2003 Ford Mustang Convertible is a bit dated in the interior and isn’t as easy on the eyes as the Miata or Beetle, but it offers a stronger on-road performance. Brand new Mustangs in 2003 cost just over $24,000.

2006 Honda Civic: Car of the year

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Posted in Honda - DO NOT USE

Consumers in the market for a used Honda in New Jersey may want to check out the 2006 Civic, Motor Trend Magazine’s Car of the Year.
Honda completely redesigned the Civic for 2006. They gave it a more powerful and fuel-efficient engine, more premium features and much more style, according to Edmunds.com.

“The outgoing 2005 Civic was a quality automobile – well crafted, capable, a strong value – but it didn’t tingle the fingertips, never moved the “gee!” meter,” says Motor Trend Magazine. “The new 2006 Civic does.”

Available as a sedan or a coupe, the 2006 Civic comes standard with an electronically controlled i-VTEC system with variable control timing, which continuously boosts power and fuel efficiency.

The ’06 coupe, which suffered from a power outage in the previous year, is the fastest production Civic in the company’s history. It has a powerful 197-horsepower engine, a six-speed manual transmission with a limited slip differential and a sport-tuned suspension, according to the news source.

Although the coupe and the sedan were designed with less trunk space and foot room than the 2005 model, they pack more punch and have a much sportier look.