The Truth About Cars » Financing http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Wed, 10 Feb 2016 17:42:47 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars » Financing http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com How An 86-Year-Old African-American Woman Was Charged Over Sticker For Last Year’s Buick http://www.thetruthaboutcars.com/2015/12/86-year-old-african-american-woman-charged-sticker-last-years-buick/ http://www.thetruthaboutcars.com/2015/12/86-year-old-african-american-woman-charged-sticker-last-years-buick/#comments Tue, 29 Dec 2015 14:00:38 +0000 http://www.thetruthaboutcars.com/?p=1251249 Imagine the following scenario: You’re a Buick salesman. An elderly woman comes into your showroom to inquire about a replacement for her Regal. You decide that she’s a great candidate for an Encore, and since you have some previous-year Encore stock you decide that she’s a great candidate for a 2015 Encore instead of the […]

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Imagine the following scenario: You’re a Buick salesman. An elderly woman comes into your showroom to inquire about a replacement for her Regal. You decide that she’s a great candidate for an Encore, and since you have some previous-year Encore stock you decide that she’s a great candidate for a 2015 Encore instead of the […]

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TTAC News Roundup: Nissan’s LeMans Project Garaged, UAW Wants To Talk to VW, and How Much For Pep Boys? http://www.thetruthaboutcars.com/2015/12/ttac-news-roundup-nissans-lemans-project-garaged-uaw-wants-talk-vw-much-pep-boys/ http://www.thetruthaboutcars.com/2015/12/ttac-news-roundup-nissans-lemans-project-garaged-uaw-wants-talk-vw-much-pep-boys/#comments Wed, 23 Dec 2015 17:00:21 +0000 http://www.thetruthaboutcars.com/?p=1249241 From DNF to DNS, the Nissan GT-R LM project has finally been retired. That, and it’s lights out for some Crown Vics, the UAW just wants to talk, Hyundai will spend more to lend more, and more … after the break. Nissan finally axes Nismo LMP1 racer Nissan on Tuesday quietly axed its GT-R LMP1 […]

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From DNF to DNS, the Nissan GT-R LM project has finally been retired. That, and it’s lights out for some Crown Vics, the UAW just wants to talk, Hyundai will spend more to lend more, and more … after the break. Nissan finally axes Nismo LMP1 racer Nissan on Tuesday quietly axed its GT-R LMP1 […]

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Hammer Time: A Shotgun Hit & Run http://www.thetruthaboutcars.com/2015/08/hammer-time-shotgun-hit-run/ http://www.thetruthaboutcars.com/2015/08/hammer-time-shotgun-hit-run/#comments Mon, 31 Aug 2015 15:00:04 +0000 http://www.thetruthaboutcars.com/?p=1091953 “Honey? I just got into an accident!” she said. My body experienced an instant adrenaline rush as my mind wandered through the worst “what if?” possibility of that moment, something like the image above. My wife… Hospital… Pain… Medical bills… The other driver… “Is everyone okay?” I asked in reply. “Yeah, everyone’s fine. We moved […]

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“Honey? I just got into an accident!” she said. My body experienced an instant adrenaline rush as my mind wandered through the worst “what if?” possibility of that moment, something like the image above. My wife… Hospital… Pain… Medical bills… The other driver… “Is everyone okay?” I asked in reply. “Yeah, everyone’s fine. We moved […]

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Should I Pay Cash for a New Car? Probably Not. http://www.thetruthaboutcars.com/2015/06/should-i-pay-cash-for-a-new-car-probably-not/ http://www.thetruthaboutcars.com/2015/06/should-i-pay-cash-for-a-new-car-probably-not/#comments Wed, 10 Jun 2015 14:00:55 +0000 http://www.thetruthaboutcars.com/?p=1088945 You have worked hard to save the $20,000 you need to purchase the car of your dreams. You’re ready to step into the dealership, walk straight to the manager in the back, plunk down those greenbacks, and say, “I have cash! Give me your best price!” This may have worked in the days before electronic […]

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You have worked hard to save the $20,000 you need to purchase the car of your dreams. You’re ready to step into the dealership, walk straight to the manager in the back, plunk down those greenbacks, and say, “I have cash! Give me your best price!” This may have worked in the days before electronic […]

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Honda’s Sales Chief Warns Of “Stupid Things” As Accord, CR-V Top Retail Sales Charts http://www.thetruthaboutcars.com/2014/08/hondas-sales-chief-warns-stupid-things-accord-cr-v-top-retail-sales-charts/ http://www.thetruthaboutcars.com/2014/08/hondas-sales-chief-warns-stupid-things-accord-cr-v-top-retail-sales-charts/#comments Tue, 19 Aug 2014 19:33:25 +0000 http://www.thetruthaboutcars.com/?p=895466 In this year’s red hot new car market, the Honda Accord and CR-V have apparently captured the top spot in both new car and SUV retail sales through the first half of 2014, according to Polk registration data. But John Mendel, Honda’s head of sales, had some pointed words for the industry as a whole, and […]

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In this year’s red hot new car market, the Honda Accord and CR-V have apparently captured the top spot in both new car and SUV retail sales through the first half of 2014, according to Polk registration data. But John Mendel, Honda’s head of sales, had some pointed words for the industry as a whole, and […]

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NEVS “Not Insolvent,” Will Pay When Possible http://www.thetruthaboutcars.com/2014/08/nevs-insolvent-will-pay-possible/ http://www.thetruthaboutcars.com/2014/08/nevs-insolvent-will-pay-possible/#comments Tue, 19 Aug 2014 10:00:30 +0000 http://www.thetruthaboutcars.com/?p=895298 Remember when Saab’s new parent company was close to being taken to court and forced to declare bankruptcy by one of its suppliers? New information may have helped changed course. Autoblog reports National Electric Vehicle Sweden issued a brief statement proclaiming that while “the company does not have enough liquid cash as today to pay […]

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Remember when Saab’s new parent company was close to being taken to court and forced to declare bankruptcy by one of its suppliers? New information may have helped changed course. Autoblog reports National Electric Vehicle Sweden issued a brief statement proclaiming that while “the company does not have enough liquid cash as today to pay […]

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Say Hello To 144 Month Financing http://www.thetruthaboutcars.com/2014/03/say-hello-to-144-month-financing/ http://www.thetruthaboutcars.com/2014/03/say-hello-to-144-month-financing/#comments Mon, 24 Mar 2014 13:14:55 +0000 http://www.thetruthaboutcars.com/?p=779409 One year ago, we reported on the alarming trend of 97 month loans for new car sales. It turns out that these have now been supplanted by a substantially longer term. Say hello to the 144 month loan. TTAC has actually known about the 144 month loan for some time. As we discovered, certain fringe […]

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One year ago, we reported on the alarming trend of 97 month loans for new car sales. It turns out that these have now been supplanted by a substantially longer term. Say hello to the 144 month loan. TTAC has actually known about the 144 month loan for some time. As we discovered, certain fringe […]

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Boom, Bust, And The New Car Lust http://www.thetruthaboutcars.com/2014/02/boom-bust-and-the-new-car-lust/ http://www.thetruthaboutcars.com/2014/02/boom-bust-and-the-new-car-lust/#comments Tue, 25 Feb 2014 13:00:31 +0000 http://www.thetruthaboutcars.com/?p=753561 6:30 P.M. and three more cars just pulled up to my place… on a Monday… Have I just bought a McDonald’s franchise? Not quite. This is the start of what we call “tax season” in the used car business. A time when tens of millions of Americans who live paycheck to paycheck get a nice […]

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6:30 P.M. and three more cars just pulled up to my place… on a Monday… Have I just bought a McDonald’s franchise? Not quite. This is the start of what we call “tax season” in the used car business. A time when tens of millions of Americans who live paycheck to paycheck get a nice […]

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New Or Used? : A Young Driver Wants His Milk & Cookies… Right Now! http://www.thetruthaboutcars.com/2014/01/new-or-used-a-young-driver-wants-his-milk-cookies-right-now/ http://www.thetruthaboutcars.com/2014/01/new-or-used-a-young-driver-wants-his-milk-cookies-right-now/#comments Fri, 10 Jan 2014 13:00:59 +0000 http://www.thetruthaboutcars.com/?p=695777   I just got a job that involves a fair amount of driving and I am looking to spend about 11-13k on a car that is fun to drive but at the same time practical and reliable. I have a large dog, bicycle, and significant other that I transport on a regular basis (not all at the same […]

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  I just got a job that involves a fair amount of driving and I am looking to spend about 11-13k on a car that is fun to drive but at the same time practical and reliable. I have a large dog, bicycle, and significant other that I transport on a regular basis (not all at the same […]

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Maroon Velour, Coupes Galore, And An Important Four-Door for 1984 http://www.thetruthaboutcars.com/2013/12/maroon-velour-coupes-galore-and-an-important-four-door-for-1984/ http://www.thetruthaboutcars.com/2013/12/maroon-velour-coupes-galore-and-an-important-four-door-for-1984/#comments Mon, 30 Dec 2013 12:00:34 +0000 http://www.thetruthaboutcars.com/?p=688930 Haven’t you heard the exciting news? There’s a new Corvette out this year! Cadillac is building convertibles again! The VW Vanagon has a water-cooled engine! Oldsmobile is offering some kind of voice warning doohickey and the FIRENZA HAS NEW TRIM OPTIONS!1!!11! All with interest rates hovering just under 13%! It’s 1984, and I just can’t […]

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Haven’t you heard the exciting news? There’s a new Corvette out this year! Cadillac is building convertibles again! The VW Vanagon has a water-cooled engine! Oldsmobile is offering some kind of voice warning doohickey and the FIRENZA HAS NEW TRIM OPTIONS!1!!11! All with interest rates hovering just under 13%! It’s 1984, and I just can’t […]

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Mainstream Press Finally Worried About Cheap Car Loans http://www.thetruthaboutcars.com/2013/10/mainstream-press-finally-worried-about-cheap-car-loans/ http://www.thetruthaboutcars.com/2013/10/mainstream-press-finally-worried-about-cheap-car-loans/#comments Mon, 14 Oct 2013 16:00:41 +0000 http://www.thetruthaboutcars.com/?p=623585 Months after TTAC started to relentlessly bleat about the glut of money flowing into the auto loan sector, the mainstream media is finally taking notice. Automotive News is finally expressing some worry over the factors that we’ve been discussing for some time: car loan terms are getting longer (to help keep payments low), subprime lending […]

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Months after TTAC started to relentlessly bleat about the glut of money flowing into the auto loan sector, the mainstream media is finally taking notice. Automotive News is finally expressing some worry over the factors that we’ve been discussing for some time: car loan terms are getting longer (to help keep payments low), subprime lending […]

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Leasing Accounts For A Quarter Of New Vehicle Sales As Payments, Residuals Stay Low http://www.thetruthaboutcars.com/2013/09/leasing-accounts-for-a-quarter-of-new-vehicle-sales-as-payments-residuals-stay-low/ http://www.thetruthaboutcars.com/2013/09/leasing-accounts-for-a-quarter-of-new-vehicle-sales-as-payments-residuals-stay-low/#comments Wed, 25 Sep 2013 16:29:36 +0000 http://www.thetruthaboutcars.com/?p=528489 While the engine behind the exceptional growth in new car sales is a hotly debated topic, leasing is proving to be an undeniable catalyst behind this year’s impressive new car sales numbers. Through June of this year, leasing accounted for 25.7 percent of new car sales, versus 22.2 percent in 2012.  A decade ago, that […]

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While the engine behind the exceptional growth in new car sales is a hotly debated topic, leasing is proving to be an undeniable catalyst behind this year’s impressive new car sales numbers. Through June of this year, leasing accounted for 25.7 percent of new car sales, versus 22.2 percent in 2012.  A decade ago, that […]

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“All Is Fine In Sub-Prime Land,” Says Someone With A Vested Interest In Its Success http://www.thetruthaboutcars.com/2013/06/all-is-fine-in-sub-prime-land-says-some-with-a-vested-interest-in-its-success/ http://www.thetruthaboutcars.com/2013/06/all-is-fine-in-sub-prime-land-says-some-with-a-vested-interest-in-its-success/#comments Fri, 21 Jun 2013 15:07:27 +0000 http://www.thetruthaboutcars.com/?p=492920 The Detroit Free Press paints a pretty clear picture of the automotive lending landscape: auto loan terms are rising, with 1 in 5 loans now lasting longer than 6 years. At the same time, the average credit score for those taking out loans is dropping. Ominous signs for a car market that’s running on the […]

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The Detroit Free Press paints a pretty clear picture of the automotive lending landscape: auto loan terms are rising, with 1 in 5 loans now lasting longer than 6 years. At the same time, the average credit score for those taking out loans is dropping. Ominous signs for a car market that’s running on the […]

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Auto Loan Delinquencies, Reposessions Up In Q1 2013 http://www.thetruthaboutcars.com/2013/05/auto-loan-delinquencies-reposessions-up-in-q1-2013/ http://www.thetruthaboutcars.com/2013/05/auto-loan-delinquencies-reposessions-up-in-q1-2013/#comments Thu, 16 May 2013 12:30:31 +0000 http://www.thetruthaboutcars.com/?p=488632 Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013. Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) […]

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Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013. Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) […]

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97 Months And Running http://www.thetruthaboutcars.com/2013/04/97-months-and-running/ http://www.thetruthaboutcars.com/2013/04/97-months-and-running/#comments Mon, 15 Apr 2013 11:00:14 +0000 http://www.thetruthaboutcars.com/?p=484814 8 years to pay off a car? A report by the Wall Street Journal claims that in Q4 of 2012, the average car loan stretched out to 65 months, or just over 5 years. Loan terms were being stretched out over increasingly longer terms too, with credit firm Experian reporting that nearly 1 in 5 […]

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8 years to pay off a car? A report by the Wall Street Journal claims that in Q4 of 2012, the average car loan stretched out to 65 months, or just over 5 years. Loan terms were being stretched out over increasingly longer terms too, with credit firm Experian reporting that nearly 1 in 5 […]

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Car Loans: The Borrow Time Gets Longer And Longer http://www.thetruthaboutcars.com/2013/04/car-loans-the-borrow-time-gets-longer-and-longer/ http://www.thetruthaboutcars.com/2013/04/car-loans-the-borrow-time-gets-longer-and-longer/#comments Tue, 09 Apr 2013 10:24:08 +0000 http://www.thetruthaboutcars.com/?p=484104 When Lee Iacocca was a Ford regional manager, he helped pioneer auto loans. Consumers could buy a 1956 Ford for 20% down and $56 a month. The loans were paid off in just 36 months. In the final quarter of 2012, the average term of a new car note stretched out to 65 months, says […]

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When Lee Iacocca was a Ford regional manager, he helped pioneer auto loans. Consumers could buy a 1956 Ford for 20% down and $56 a month. The loans were paid off in just 36 months. In the final quarter of 2012, the average term of a new car note stretched out to 65 months, says […]

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Subprime Madness: Shotguns Now Accepted As Car Loan Down Payments http://www.thetruthaboutcars.com/2013/04/subprime-madness-shotguns-now-accepted-as-car-loan-down-payments/ http://www.thetruthaboutcars.com/2013/04/subprime-madness-shotguns-now-accepted-as-car-loan-down-payments/#comments Wed, 03 Apr 2013 15:36:07 +0000 http://www.thetruthaboutcars.com/?p=483440 Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world. And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall […]

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Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world. And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall […]

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Sub-Prime Auto Financing, Loan Terms On The Rise http://www.thetruthaboutcars.com/2013/03/subprime-auto-financing-loan-terms-on-the-rise/ http://www.thetruthaboutcars.com/2013/03/subprime-auto-financing-loan-terms-on-the-rise/#comments Wed, 06 Mar 2013 21:05:24 +0000 http://www.thetruthaboutcars.com/?p=480402 Long-term auto loans, leasing and sub-prime financing all saw increases year-over-year from 2011 to 2012, according to a report by Experian, a consumer credit rating agency. While typically a dry and detail-oriented subject, the area of auto financing gives us some insight into the nature of the new car market and even the economy itself. […]

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Long-term auto loans, leasing and sub-prime financing all saw increases year-over-year from 2011 to 2012, according to a report by Experian, a consumer credit rating agency. While typically a dry and detail-oriented subject, the area of auto financing gives us some insight into the nature of the new car market and even the economy itself. […]

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Auction Monday: All! Hail! Mary! http://www.thetruthaboutcars.com/2013/03/auction-monday-all-hail-mary/ http://www.thetruthaboutcars.com/2013/03/auction-monday-all-hail-mary/#comments Mon, 04 Mar 2013 12:00:56 +0000 http://www.thetruthaboutcars.com/?p=479862 When you have 120 dealers looking at the same exact car on a Monday morning, you have three options if you plan on buying a car. 1) Bid 2) Watch 3) Leave After I saw a 2003 Infiniti FX35 with 220,558 miles sell for $9100 plus the auction fee, I left for good. Right now […]

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When you have 120 dealers looking at the same exact car on a Monday morning, you have three options if you plan on buying a car. 1) Bid 2) Watch 3) Leave After I saw a 2003 Infiniti FX35 with 220,558 miles sell for $9100 plus the auction fee, I left for good. Right now […]

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Monday Mileage Champion: Saturnalia http://www.thetruthaboutcars.com/2013/02/monday-mileage-champion-saturnalia/ http://www.thetruthaboutcars.com/2013/02/monday-mileage-champion-saturnalia/#comments Mon, 18 Feb 2013 14:00:43 +0000 http://www.thetruthaboutcars.com/?p=477921 I told you that I would report back to the TTAC faithful when something new came up. Well, for quite a few weeks there has been the usual distribution of dominance when it comes to high mileage cars that are curbed by their owners. 70% to 80% of the vehicles in the Top 25 of […]

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I told you that I would report back to the TTAC faithful when something new came up. Well, for quite a few weeks there has been the usual distribution of dominance when it comes to high mileage cars that are curbed by their owners. 70% to 80% of the vehicles in the Top 25 of […]

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Hammer Time: Repo Pro, Repo No! http://www.thetruthaboutcars.com/2013/01/hammer-time-repo-pro-repo-no/ http://www.thetruthaboutcars.com/2013/01/hammer-time-repo-pro-repo-no/#comments Thu, 24 Jan 2013 16:38:42 +0000 http://www.thetruthaboutcars.com/?p=474975 “Aaahh Steve? My rig caught on fire.” At first I thought about oil rigs in the Gulf of Mexico engulfed in an endless torch of black smoke and molten metal. Then I realized that the repo driver was talking about his own truck. In all my years of dealing with repo companies, I had never […]

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“Aaahh Steve? My rig caught on fire.” At first I thought about oil rigs in the Gulf of Mexico engulfed in an endless torch of black smoke and molten metal. Then I realized that the repo driver was talking about his own truck. In all my years of dealing with repo companies, I had never […]

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QOTD: How Can You Minimize The Cost Of Keeping A Car? http://www.thetruthaboutcars.com/2012/08/qotd-how-can-you-minimize-the-cost-of-keeping-a-car/ http://www.thetruthaboutcars.com/2012/08/qotd-how-can-you-minimize-the-cost-of-keeping-a-car/#comments Tue, 28 Aug 2012 14:20:16 +0000 http://www.thetruthaboutcars.com/?p=457201 Whether you drive a $30,000 or a $1,500 a car, one variable in life stays constant. You want to minimize your costs. The average owner in North America now spends well over $8,000 a year covering all the costs of their car. Gas, insurance, maintenance, repair, depreciation, taxes, financing… and even the occasional upgrade. When […]

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Whether you drive a $30,000 or a $1,500 a car, one variable in life stays constant. You want to minimize your costs. The average owner in North America now spends well over $8,000 a year covering all the costs of their car. Gas, insurance, maintenance, repair, depreciation, taxes, financing… and even the occasional upgrade. When […]

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Have You Ever Said Goodbye To… A Money Pit? http://www.thetruthaboutcars.com/2012/08/have-you-ever-said-goodbye-to-a-money-pit/ http://www.thetruthaboutcars.com/2012/08/have-you-ever-said-goodbye-to-a-money-pit/#comments Sat, 11 Aug 2012 12:40:56 +0000 http://www.thetruthaboutcars.com/?p=456323     A 1995 Volvo 960. Supple leather that made long trips easy. Great safety and visibility. It represented what I thought would be the perfect family car. I financed it quick enough. But then the troubles began. First the engine coughed up a burnt valve. Took care of that. Then the strut mounts started […]

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    A 1995 Volvo 960. Supple leather that made long trips easy. Great safety and visibility. It represented what I thought would be the perfect family car. I financed it quick enough. But then the troubles began. First the engine coughed up a burnt valve. Took care of that. Then the strut mounts started […]

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Hammer Time: The Tough Choice http://www.thetruthaboutcars.com/2012/08/hammer-time-the-tough-choice/ http://www.thetruthaboutcars.com/2012/08/hammer-time-the-tough-choice/#comments Thu, 02 Aug 2012 12:35:53 +0000 http://www.thetruthaboutcars.com/?p=455218   First the guy called. Then his wife. Then the repo driver. The truck had been out in front of their house for nearly a half hour. Lights flashing. Neighbors peeved, and humiliation aplenty. “Steve, I can get both cars. What do you want me to do?” I want everyone to have a happy ending. […]

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  First the guy called. Then his wife. Then the repo driver. The truck had been out in front of their house for nearly a half hour. Lights flashing. Neighbors peeved, and humiliation aplenty. “Steve, I can get both cars. What do you want me to do?” I want everyone to have a happy ending. […]

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Long-Term Car Loans Rising In Popularity North Of The Border http://www.thetruthaboutcars.com/2012/07/long-term-car-loans-rising-in-popularity-north-of-the-border/ http://www.thetruthaboutcars.com/2012/07/long-term-car-loans-rising-in-popularity-north-of-the-border/#comments Mon, 23 Jul 2012 18:18:29 +0000 http://www.thetruthaboutcars.com/?p=453910 Canadians have some of the highest household debt levels in the world, thanks to cheap mortgages and home equity credit lines. And car loans are next. Canadian household debt levels are estimated at 152 percent of  income, and long-term loans with cheap interest rates (or 0 percent interest) are cropping up all over the place. […]

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Canadians have some of the highest household debt levels in the world, thanks to cheap mortgages and home equity credit lines. And car loans are next. Canadian household debt levels are estimated at 152 percent of  income, and long-term loans with cheap interest rates (or 0 percent interest) are cropping up all over the place. […]

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