Buying a Car is a Hassle For Women

Buying a car is a hassle for women, according to a recent poll conducted for CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars.
When asked about their last car buying experience, a fourth of the women who responded felt a quick and effortless transaction was most missing, according to a new survey of more than 500 women. Fair, low pricing and having a trustworthy salesperson were also cited as the other top factors missing when buying a vehicle.

“Now more than ever, women want a car buying experience that is straightforward and fair,” says Donna Wassel, Southwest regional vice president of CarMax. “Finding a car retailer with low, no haggle pricing that offers an easy transaction with integrity can help take away the hassle.”

The following are the results of the recent poll that asked women: Thinking about the last time that you bought a car, which of the following was most missing?

Results of the Survey
A quick, effortless transaction - 25%
A fair trade-in value - 19%
A trustworthy salesperson - 15%
Low, fair pricing - 13%
A reasonable finance rate - 13%
Respect - 2%
I have never bought a car - 13%


CarMax offers the following tips for women car shoppers:

1. Go online to research vehicle types, makes, models, options, features, and prices. Visit websites such as carmax.com to search thousands of cars, see actual prices, view multiple photos, obtain vehicle history reports, read customer reviews and more.
   
2. Print out fact sheets or information about the vehicles you are interested in, and have them ready when you step onto the lot.
   
3. If you plan on selling your car, bring key paperwork items with you, including title and registration for your current vehicle, your driver’s license, and insurance card.
   
4. If you have been pre-approved for a car loan, bring the approval letter with you.
   
5. Find a car retailer and salesperson you like and trust by asking friends and family for referrals.
   
6. Try a retailer that offers no-haggle prices and a la carte pricing on each part of the car buying transaction – the vehicle price, the extended service plan, the trade-in, and the financing.
   
7. Think about selling your car separately from your car purchase. You can bring your car to CarMax for an appraisal – it’s fast, free and convenient.
   
8. Have confidence in your car shopping abilities. You have done your research and are prepared to make a smart car buying decision.
   
9. Do not hesitate to ask lots of questions—as many as you need so that you understand exactly what you are paying for.
   
10. Be prepared to walk away if you are unhappy with your car buying experience.

The survey was conducted by Ipsos Public Affairs on behalf of CarMax. The national sample consisted of more than 500 U.S. women, aged 18 and older who were interviewed online August 17 through August 19, 2009.

New Laws Protect Tenants Against Forclosed Homes

Tenants across the country are being forced to leave the homes they rent due to foreclosure.

According to the Seattle Times, "The number of foreclosures on all types of houses in the state is up nearly 50 percent from a year ago and rising, driven by unemployment and a weak housing market." A national group estimates that a whopping 40% of these foreclosed homes are rented.

But new state and federal laws are to be enacted to protect tenants who find themselves in this situation.

Prior to the new law, tenants who were told they had to move due to foreclosure had just 20 days after the sale to move out-- however many moved in just a few days in fear of losing their possessions. And what's more is that the owner was not required to provide notice before they filed an eviction lawsuit.

The new federal law which went into effect May 20th requires tenants to continue to pay rent until 90 days after the sale of the foreclosed home or until the end of their existing lease, whichever is longer.

The new state law which goes into effect July 26th doesn't require tenants to pay rent to the new owner, does not require the owner to honor the existing lease, and tenants must move out within 60 days of being notified of the sale.

Although generally, federal law trumps state law. But experts say in cases where the laws conflict, the provision that provides tenants the greatest protection should apply.

A total of 23,705 homes foreclosed in Washington State in 2007, up 27.95% from 2006.

New Car Shopping Tips Part 2

You can do several things to ensure you get the best value possible when shopping for a new car. If you have a good relationship with a dealer, you’re in great shape. Otherwise, here are some tips:

Determine a Fair Price
First determine the fair price. Edmunds and FightingChance are both resources for finding this information. And furthermore, we've tracked down a spreadsheet to help determine what you want at the price you can afford. Click here.

Use The Competition
After finding the fair price, fill out a free quote request from the following: InvoiceDealers, Cars.com, Yahoo!Autos, Autos.com, Edmunds.com, MyRide.com and CarsDirect.
You'll shortly be contacted by the internet sales manager. Tell them up front that you are working with multiple dealers. Give them the details on the car you are looking to purchase, and ask them to give you a bottom line price including all dealer fees. At this point, tell the dealer that you will not be trading in a car. If the subject of financing or special financing deals come up, tell them you will deal with this later and are only interested in the price of the car, not what your monthly payment will be.

Get Your Financing In Check
Before anything, you need to find out your credit score by going to Equifax, Experian, or TransUnion. This determines your APR.
The dealership is not the only place where you can get new car financing! Try online lenders Up2Drive and FirstAgain.com. No credit or poor credit? Try AutoCreditFinders

Find Your Trade-In Value
Use Kelley Blue Book or NADA to find out your private resale or trade in value. You should determine what will work best for you.

Let The Negotiations Begin
The key to getting an accurate offer from the dealer is to request that they give you the out-the-door cash price excluding rebates, incentives or trade-in's. The price should include all dealer added fees. At the beginning, don't let them use your trade-in or financing as part of the negotiation.

Tell the dealer that you will be paying cash and you will be selling your existing car on your own. Get the starting price from each dealer that you have made contact with. Then, take the lowest price and contact each of the other dealers. Tell them, another dealer offered me $XXXX.XX and ask if they can beat it. After round 2, take the lowest offer and repeat. At some point, they will stop going lower. You can tell that it is a fair price, by using the free "offer" spreadsheet, as well as forcing the dealers to compete against each other. Once the dealers have stopped lowering the price, contact the dealer which gave you the lowest price and say you would like to purchase the vehicle.

Now is the time to negotiate your trade-in value (unless you decided to sell it on your own). If the dealer doesn't offer you something close to the Kelly Blue Book price threaten to walk. Once you have agreed upon a fair trade-in value or decide to sell it yourself, you are ready to negotiate your financing.

NEVER NEGOTIATE BASED ON MONTHLY PAYMENT
Only negotiate based on the interest rate of the loan. There are many “games” the dealer can play with loan term and down payments amount. By this point you should have your quote from Up2Drive or FirstAgain.com. Tell the dealer what rate they have offered you and ask if they can beat it. There is a good chance they will say "we can't beat the rate but if you finance with us you can get a $1500 rebate.” You have to be very careful here. Sometimes it is better to take the lower rate instead of the higher rate with the rebate. Use the spreadsheet, to figure out which is better. If the dealer offers you better financing, by all means, take it. If the Up2Drive deal is better, follow the instructions to use the check that you should have in hand to complete the transaction. Some dealers will try and scare you away from using Up2Drive by saying their checks bounce and they won't take it. This is not true. Tell them either they can take the check or you will find another dealer that will.


HUGE thanks to Jeff's CarBuyingTips.com

New Car Shopping Tips Part 1

You can do several things to ensure you get the best value possible when shopping for a new car. If you have a good relationship with a dealer, you’re in great shape. Otherwise, here are some tips:

Don't Wait Until Your Old Car Breaks Down Before Shopping For A New One
If you’re desperate for a new car, you might not make the best decision. It’s always best to allow yourself time to get exactly what you need.

Become Informed
There are many Web sites you can visit to get information, quotes, and prices for new cars. Autoweb.com, Vehix.com, and CarsDirect.com are just a few. Go to a search engine like Yahoo! or Google to find others. Then take a look at those sites to discover the features you want and what different cars cost. Visit dealers to check models and options. Knowledge is power, and the more you know the better choice you’ll make.

Buy At The Right Time Of Year
In general, there are two times during the year that are the best to buy a new car. One is the last two weeks of December. With everyone out buying holiday gifts, attending parties, and traveling, the traffic at car dealerships is down. That motivates dealers to cut costs, and there usually are year-end sales records they’re trying to break. Another good time is July to October, because that’s when dealers clear out last year’s models so they can sell the new model year. However, with the economic situation, many are finding now is a great time too!

Set A Price You Can Afford, And Don't Pay More
If you can remain firm in your price, you stand a better chance of paying the price you want. Dealers have many ways to make a deal profitable. Some you may never be aware of, such as factory-to-dealer incentives.

Thank You to Pemco Insurance Company