Car loans are now lengthening again — up to 96 months now! In fact, 33% of new loans are now 72 months or LONGER. This is bad news for consumers as they will now be carrying finance costs for vehicles for virtually the entire useful life of the vehicle: 8 years of finance costs on…
Toyota recalled millions of vehicles in 2009 and 2010 related to charges that throttles could jam in the open position, and has now announced a $1.1 billion settlement to resolve lawsuits alleging “unintended acceleration” in some Toyota and Lexus models. As reported in USA Today, Toyota “will create a fund for retrofitting 3.2 million Toyota…
The Los Angeles Times recently ran an article discussing the fact that the estimated 250,000 cars flooded by Superstorm Sandy will drive up used-car prices across the nation. Nearly all of the consumers who lost their vehicles in the storm will need to quickly find replacements. As detailed in the article, this price increase…
On June 18, 2012, in their “Money” section, Time published an article online entitled “4 Rules for Getting a Car Loan”. The author touches on some important tips that bear repeating. Some thoughts: If you plan on financing a car through a dealer, you should be aware of your credit before go. Review your credit…
The Consumer Federation of America (CFA) and the North American Consumer Protection Investigators (NACPI) recently released findings of an annual survey they conducted based upon information from 38 state, county, and city agencies in 22 states across America. The agencies that provided complaint numbers for the survey received a total of 289,732 complaints last year….
Maybe the bailout was not such a bad idea? Now, thanks to the Obama administration, the US is home to the world’s largest auto maker, rather than the world’s largest bankruptcy. GM is reporting its largest profits ever now, and the US is a 500 million dollar shareholder.
JD Power indicates the number of lemons hitting California streets is decreasing. 25 of 32 brands improved their reliability scores. Toyota Yaris is the most reliable subcompact, the Prius was the most reliable compact, and the Toyota Tundra was the best pickup. Toyota’s recalls of more than 10 million cars for unintended acceleration began in…
An auto lenders trade group says it’s somewhat reassured by what staffers from the new Consumer Financial Protection Bureau are telling it. But they’re still anxious about how the new regulatory body will carry out its mandate. Last week, members of the American Financial Services Association met privately with bureau representatives during the AFSA Vehicle…
Automotive News reports on an alleged scam regarding lease turn-in charges for consumer vehicles and an ongoing court case. The case started with Ford Credit’s assessment of $2,658 for excess wear and use on a Windstar that a consumer leased from 2000 to 2003 through Ford Credit’s Red Carpet program. Ford Dealerships conducted lease-end inspections…
The Consumer’s Friend recently posted a story about a retired lawyer taking on Honda over mileage in small claims court. She’s won, for now. The Torrance Small Claims Court Commissioner ruled that American Honda Motor Co. misled the woman by claiming the hybrid could achieve as much as 50 miles per gallon, the Los Angeles…
