NEW YORK (CNNMoney.com) — After huge losses and plunging sales, experts aren’t ruling out the possibility that GM, Ford or Chrysler might eventually be …
Source:Big Three bankruptcy worries on rise - Aug. 6, 2008
It is imperative that both the debtors and creditors should be aware of the new bankruptcy laws so that they can save themselves from any unwanted future mishap. The U.S. Congress has made enormous changes that came into existence from October 2005.
Source:New Bankruptcy Laws - The Changes You Should Know
Save Money on Credit Cards
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Save money on your credit card expenses with these money-saving tips
Source:Save Money on Credit Cards
Auto Leasing Sucks - Here’s Why
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Here’s the truth about car leasing, especially bad credit auto leasing is that leasing is a choice that’s filled with several booby traps for the ordinary consumer. Leasing regulations don’t call for as much disclosure as when you’re buying a new or used car. This has brought about numerous leasing frauds that pull a fast one on the customer by making them believe they are into a great deal when, effectively, all they are getting is a bad business deal that only helps the dealer.
Take a look at some of the basic cons and how you may be able to avoid them:
1. An unusually low interest rate:
A few bad credit lenders will offer a lower rate of interest by either quoting the money factor as the interest rate or calculating the loan without amortizing some amounts into the loan lease. For example, the money factor is commonly showed as a four decimal digit, something along the lines of 0.004. A few dealers cite this as a 4% interest rate when, as a matter of fact, you need to multiply it by 24 to arrive at a closer idea of the interest rate on your loan. Therein, the interest rate is a good deal higher 9.6% than the “quoted” rate of 4%.
Make a point of understanding all the numbers and what method the lender used to arrive at their interest rate. Look out for any additional fees, such as amortization costs, not added into the calculation. If you’re not satisfied, do not sign any lease agreements without a better understanding.
2. Terminate your lease early for a low fee
What’s the biggest leasing scam of all? This is! You ask your neighborhood bad credit car dealer how much will it cost you if you want to terminate your lease early. The reply: “You want to get out early? No problemo, you only pay an early termination fee of $300″.This is how I got in serious trouble on my 1st auto lease. No matter that I didn’t have any money to start with..now I had even less. The amount he is quoting is only the teeny-tiny administrative penalty for early termination. There is a much stiffer penalty called early termination fee and this can run into the thousands.
Try not to be quite as naive I as was (of course I had just gotten out of college - what did I know about finance) and don’t confuse the early termination administrative penalty with the ‘true’ termination fee. Take your time reading all the contracts, even if you think you’re head’s gonna explode. You may save yourself from a lot of pain and save a lot of money in the long run.
3. Why pay for an extended warranty
On almost all auto leases, the warranty is included in the monthly payments. Why should you pay any extra money for something that is already included. Some of the lenders also try and trick you into purchasing an extended warranty for 36 months, when you only have a 24 month lease. Obviously, not needed! There are numerous games that unethical dealers may try to foist off on you. As before, READ the small print. If you have problems with understanding anything that’s in front of you, ask if you can take the paperwork home for someone more knowledgeable to look over before you sign.
There are several other items that can be tagged on, sneaked in or overlooked by you, including the zero security deposit. This doesn’t tell the whole story as security deposits have already been factored into the lease.
As usual…Caveat Emptor! I hope that you received some useful information from this article on auto lease scams. The most important thing to remember is that you need to read everything before you sign it.
Each year your credit report comes out with your score at the bottom of it. It could be any where from 350 to 800 and it will vary from person to person.
Your credit score is based on your credit history, outstanding debts, credit length, number of inquiries made to your credit report and the different types of credit that you have.
The thing that will carry the biggest weight is your previous credit history, since this takes in to account, what you been doing over the past 7 to 10 years. if in this time you have incurred late payments or filed for bankruptcy ,then your score will be a poor one. But if there are none of these then you will get a perfect score.
The next thing is any outstanding debts that you may have. This may be your mortgage or a loan that you have applied for. If any of these are paid of early, then that is a good thing. If you have just taken a new debt, like a loan, then this could effect your credit score.
If you do not know already, 700 or higher is considered a good credit score by the experts. Those that do reach this figure, will be able to get any finance they apply for at a lower interest rate. But people who are below this score, will have to pay a much higher rate.
The good thing about credit report and score, is it will change each year. So if you do not score well one year. then you get the chance to improve on it next year. But, first and most importantly, you need to find out what brought it down, this way you can see how to make it improve.
If you have any unpaid debts or bills, then it is best to settle them. Always keep a regular check on your credit report to see if there are any mistakes on it. If there are any mistakes, then report it and have it investigated and then corrected. Always be in control of your spending, as this is the only way any one can have and maintain a good credit score.
If you are finding things hard financially, then seek help as there are always financial advisers who can give you assistance.
You will notice when you get a copy from the three credit reporting agency’s, which are Expedia, Equifax and Transunion that they all do not look the same, but they all say the same thing and that is whether or not you are in good standing. You can get a copy of your credit report from these three agency’s at the same time or after every few months. The best part is that you can get a copy for free.
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