Be Prepared for the Problems in Used Car Financing With Solutions Before You Start

Financing properly is more important in financing a used car than when buying a new car. Most problems that occur in buying a used car are due to there being a problem connected with the financing. Getting the used car financing worked out properly is the key to a successful used car purchase.

Most buyers aren’t aware of how important the paper work is to making the deal a successful one or a failure. They view it as paperwork that should be completed as quickly as possible so they can drive away in their new car.

To start with, it’s very important to get the deal agreed upon by the salesman to be put in writing in the contract. This often involves determining monthly auto loan payments based on an interest rate. Sometimes, the interest rate a customer qualifies for is inflated so the dealership can make extra profit.

This headache can easily be avoided by obtaining independent vehicle financing before going to the dealership. This means the consumer can proceed as a “cash buyer” and negotiate only the price of the car. Car salesmen prefer customers to be “monthly payment” buyers because, in this way, it is easier to obscure the total cost of the vehicle.

Independent car financing can be obtained from a bank, credit union or on-line lender. With the popularity of the internet, applying for used car refinance is proving to be simple and very easy to do. Many on line lenders respond very quickly – sometimes as short as 15 minutes by email or telephone. If the application is approved, the borrower is given a credit limit at an established interest rate. Sometimes a blank bank check is issued with no obligation to use it.

“For the majority of consumers, even if you know you have good credit, there is a little apprehension and tension around applying,” one lender said. “So instead of going into a dealership and giving them your information and being sent to the coffee machine to wait for an answer, you can apply on-line, 24/7.”

Most people familiar with how used car dealerships operate confirm that obtaining independent car financing is beneficial to most consumers. .

The most common problems that have a negative impact on a person trying to finance a used car –and their solutions – to ensure that things go smoothly are the following:

Problem #1: Many consumers don’t know what their credit rating is when they apply for an auto loan. The strength of their credit score largely determines what kind of interest rate they will receive. Therefore, it’s critical to make sure your credit report is in the best shape possible before shopping for a car.

SOLUTION: Order a copy of your credit report and look for items that may stand in the way of you getting a good rate. Correct any issues or errors promptly. Are all of your lines of credit in good standing? Are there any signs of identity theft? The credit bureaus will tell you how to correct errors when they send you the report. The following numbers and Web site addresses will assist you in checking your credit.

Consumers Need Protection From Payment Protection Insurance

A year after the Office of Fair Trading (OFT) began investigating the widespread mis-selling of payment protection insurance (PPI), the Financial Services Authority (FSA) has, for the first time, fined a mortgage broker for selling the policies to customers who either did not need them, or on which they could not claim.

The FSA judged in the landmark case that many of those who were sold PPI policies would be likely to have their claims excluded due to pre-existing medical conditions, or already had cover in place from previous mortgages or life insurance. The FSA concluded that the Bournemouth based Regency, which specialises in selling “right-to-buy” mortgages to customers who usually find it difficult to obtain standard credit, did not make sufficient checks on its customers’ full circumstances in order to make a suitable sale. This meant that customers had been sold policies that would never be able pay out, regardless of future events, thus making them worthless as protection for the policy holders.

The OFT started their investigation following a ‘super complaint’ by the Citizens’ Advice into the PPI industry which a year ago had an estimated 20 million policies in force and was producing an annual revenue that was in excess of £5 billion. According to Citizens’ Advice Director of Policy, Teresa Perchard:

“People buy payment protection insurance because they are looking for peace of mind. Given the scale of borrowing in the UK and the amount of money consumers spend on PPI, it is vitally important that they get a product that gives them this and meets their needs at a fair price.”

Citizens’ Advice put forward the complaint believing the mis-selling of PPI was endemic throughout the finance industry, with policies being too expensive and often not providing appropriate cover to those most vulnerable. In its investigations, the FSA found that a third of the firms surveyed were indeed mis-selling this type of cover, prompting the OFT to launch its own formal investigation in April 2006.

Gloucestershire – Destination for Investment in UK

Gloucestershire is a county situated in South West England. Gloucestershire is geographically divided into the Costwolds, Severn Vale and the Royal Forest of Dean. Gloucestershire County is known for its transportation links and scenic beauty and includes the city of Gloucestershire, Regency Cheltenham and the riverside Tewkesbury. Gloucestershire is considered a paradise for private enterprises, as 78 out of every 100 people employed in Gloucestershire work in a private sector wherein pharmaceuticals, food and technology, financial services, engineering, manufacturing and avionics feature strongly.

Economic Profile of Gloucestershire:

Most of businesses in Gloucestershire have small-scale employers, with approximately 72% of businesses in Gloucestershire employing only 1-4 people as of 2006.

Even though there are relatively fewer large firms (0.5%) employing over 200 people, they still manage to employ a considerable proportion (23%) of the county’s employees. Major industrial sectors are identified by their potential economic performance. The key sectors in Gloucestershire are as follows:

• Advanced Engineering
• Finance and Business Services
• Construction
• Care
• Distribution
• Environmental Technology
• Leisure and Tourism
• The Public Sector
• Manufacturing
• Food Supply
• Creative Industries
• ICT

The top 5 reasons for investing in the UK are as follows:

1. It has a strong and proven balanced economy and is a proven inward investment location.
2. It boasts of an abundant, experienced and skilled labor force.
3. It has a well-developed transportation network providing links for doing business not only in the UK but beyond.
4. It has an amazing quality of life.
5. It offers major development locations providing superb regeneration opportunities.

Key Sectors in Gloucestershire:

1. Creative Media:
The University of Gloucestershire has announced its plans to invest £40m within the Blackfriars area of Gloucester for developing a new campus for its art, media and communications facility.

Many other Gloucestershire institutions such as the Arts & Media Department of Gloucestershire College and the Media Academy at Cirencester College also provide attractive opportunities to nurture and develop talent and offer valuable training courses.

The following industries in Creative Media are well-represented in Gloucestershire:

• Design & Marketing
• Crafts (especially in the Stroud area)
• Film & Video
• Software & Computer Services.
• Art & Antique Markets (especially in the Cotswolds)
• Advertising
• Publishing

2. Environmental Technology:

For an investor looking to invest in environmental technology, Gloucestershire offers a magnificent investment opportunity. The county is an exciting place when it comes to doing business associated with nuclear, biomass, renewables and recycling. It also hosts prominent employers such as British Energy and BNFL Magnox.

Top 10 iPhone Apps for Personal Finance

There are many applications for the iPhone that give users the ability to make personal financing easier than ever. While solving one pain-in-the-neck issue, it creates another – which app to buy? Because of the popularity of these headache-reducing apps, there is an overwhelming amount of options available in the App Store. Deciphering which app is the best available is almost impossible. Add in the fact that so many aren’t free, and choosing the right one the first time around could save time and money. Before downloading anything, it’s important to know if the functionality of the app (money transferring, budget tracking, etc.) fits your needs. Provided is a list of ten apps including the price and primary function that can make tracking personal finances much easier.

Mint – There are tons of finance apps available that focus on budget tracking. Few are as popular as Mint, which allows users to manage multiple financial accounts from one simple user interface. With user-friendly features and no price tag, there is little wonder why this app has so many users.

Loan Shark – Dealing with loans is never a pleasant experience. The Loan Shark app helps ease some of the pain endured while handling loans without having to pay anything. It simplifies the process of calculating loans by a great deal and also has many features including a full amortization table, a one-tap extra payment option, and a “favorites” feature.

MoneyStrands – This app is another free option for tracking your budget. With features like alerts, analysis, security, and support, it is one to compare to Mint.

PageOnce – Planning long-term investments can be easy to put off. This app also assists in budgeting your current finances like MoneyStrands and Mint, but really excels in planning for the future. It gives you the ability to look at your 401k, IRA, and stocks all at the same time, while not costing you a cent.

Toshl – Toshl incorporates cloud computing into every day financing with this free app. The cloud feature allows users to automatically sync their mobile movements online. Additionally, there is a premium upgrade ($19.95/year) that allows users to export to Excel, PDF, or Google Docs among other features.

MoneyBook – MoneyBook is another addition to the long line of apps for budgeting. This one, however, comes at a price. Promoted as “Finance with Flair,” the app costs $2.99 and is loaded with features to make financing easier.

SplashMoney – At $4.99, what differentiates this from the free apps is its ability to connect wirelessly to most online bank accounts.

Square – The price is right for this free app that makes credit card purchases simpler than ever. By signing up, Square, Inc. will provide a credit card reader that can be attached directly to the iPhone. Once connected, users have the ability to swipe all major credit cards with only a 2.75% charge per swipe.

PayPal – Ebay-owned PayPal provides users a secure, simple way to send or receive money wirelessly.

General Banking – The bulk of major banks have available apps for free. These provide easy-access to any and all bank accounts in a secure fashion.

This is only a small example of the many, many apps that can help make financing easier. With the continuous release of new applications and updates to old ones, banking from your iPhone will continue to simplify; finding the app for doing so may not. This list is a great place to start looking.

For more information about iPhone application development, visit Magenic Technologies who have been providing innovative custom software development to meet unique business challenges for some of the most recognized companies and organizations in the nation.

General Growth Properties Inc – Take Over Target

General Growth Properties Inc used to be know as GGP; after filing for bankruptcy protection back in April 2009 the stock has been relisted OTC as a pink under the new ticker GGWPQ. If you read any of the discussion boards about this stock then you should already be familiar with the large group of lovers and haters of the stock. All I have been able to piece together from the message boards so far is that people who love this stock provide no evidence to suggest it should be valued higher and people who hate the stock just yammer on about the range that it has traded since filing for chapter 11.

After digging a little deeper, not that you need to dig much, you can find a few interesting facts.

o GGP has been in the shopping center business for over 50 years

o One of the Largest REITs in the USA

o Involved in buying, selling, developing, and managing real estate

Bankruptcy Restructuring

o To restructure finances and de-leverage balance sheet because collapse of credit markets made it impossible for GGP to refinance maturing debt.

o Bankruptcy Judge (Gropper) has been making beneficial decisions to allow GGWPQ to restructure providing lots of time to refinance the dept the way the company wants.

o Financial performance of the company has been very positive since filing for chapter 11.

I have been reading a number of blogs that post frequently about General Growth Properties Inc. Most are well versed in the company’s affairs, but there just seems to be something missing that no one has really been discussing. Alright, you caught me…I’m talking about potential takeovers whether hostile or voluntary. Who you might ask, would be interested in purchasing some of the best income producing properties the United States of America has to offer?

I’m sure a large list of companies and personal investors immediately pop into your head like they did mine. Let’s be somewhat realistic here and think of some real potential Takeover Tightens. Potential buyers will all have a number of required attributes:

o Deep pockets! Cash is King after all
o Highly Informed about Commercial Real Estate

When you think of companies or individuals that possess these attributes think again and then remember this: Real Estate Prices have tanked, especially in the USA and there is potential for another major drop in commercial real estate on the horizon.

So who’s got the goods? Look no further than some of the many Cash Flush REITs. According to CNN Money in June 2009 REITs have been raising cash to go on the offense to acquired distressed properties and distressed REITs are also targeted. Some of the well know names that are on the office include the following:

Boston Properties (BXP), Regency Centers (REG), Simon Property Group (SPG), and Vornado Realty Trust (VNO).

David Simon, CEO of Simon Property Group, was even quoted in a recent CNN Money article stating that “One big opportunity the gang at Simon is keeping an eye on is the portfolio of General Growth Properties.”

American REITs are not the only ones on the offensive though. Look to some of the larger Canadian Players, who have experience a tempered downturn compared to American rivals, to make some major acquisitions in the coming months.

The most notable cash raising I can find is that of Brookfield Properties Corporation and Brookfield Asset Management Inc (a Canadian Group) who on August 20, 2009 announced a $4 Billion Real Estate Turnaround Consortium. Bling Bling, according to the article this Mountain of Cash is dedicated to investing in under-performing real estate with a minimum of $500 million to be allocated to global purchases and the remainder, $3.5 Billion, available for North American Purchases!

Look out General Growth Properties, the vultures are here and ready to scoop up some of your assets. There are two scenarios I can see for General Growth, a fire sale of individual properties to the highest bidders, or a share buyout. I wouldn’t be at all surprised if a total buyout is on the way, but there will likely be more than one bidder so I buy today. Bought at $2.82.