5 Types of Auto Loan Specials for Fort Worth Drivers

TCCU is a $77M credit union serving over 10,000 members throughout Tarrant County, with four branches located in Fort Worth, Hurst, Lake Worth and Arlington, offering a full line of financial products and services, including mobile deposit and mobile banking apps. Membership is open to anyone who lives, works, worships or attends school in Tarrant County, Texas.

Holiday car discounts are now in full swing. With this year potentially being a record-high sales year for auto companies across the US, savings can run in the thousands of dollars for car buyers as dealerships push to make end-of-the-year sales.

When it comes to purchasing a car, you not only have to shop around to get the best deals on cars and trucks, you also have to shop around for the best Fort Worth auto loan. With the chance of paying lower fees and other costs, shopping auto loans in Fort Worth is a good step for any car buyer. Here are five types of auto loan specials to keep an eye out for.

Related: 3 Things You Should Never Tell a Car Salesman

5 Types of Auto Loan Specials in Fort Worth

Whether you’re looking for new auto loans in Fort Worth or wanting to refinance an auto loan, banks and credit unions are offering some of their best deals during the holiday season. Below are five specials for consumers looking for a Fort Worth auto loan.

BOGO Loan Rates

It’s not uncommon for banks and credit unions to offer buy one, get one (BOGO) rates on auto loans, allowing consumers to buy one vehicle and get a second vehicle at a lower interest rate. Tarrant County’s Credit Union (TCCU), for example, is currently offering buy one car, motorcycle, RV or boat, and get half off of the second loan rate. The lowest possible BOGO rates at TCCU are 1.99% APR for new vehicles and 2.25% APR for used vehicles.

Another BOGO deal that lenders in Fort Worth might offer is a discount on auto loan refinances. So, if you’re not in the market for two new vehicles, you might be able to purchase a new vehicle and refinance another vehicle that’s already sitting in your driveway.

Loyal Customer Discount

The benefit of having an established relationship with a credit union is that, in most cases, there are discounts for using products and services, said Andrea Spencer, marketing manager at TCCU. Currently, we offer a discount off our already low rates if a member elects to have their auto loan payment taken directly from their TCCU checking or savings account, or payroll deposit.

As you research auto loans, ask each bank or credit union what rate discounts they offer their customers. If you need to own certain financial products to qualify for rate discounts, research the accounts youll need to open to see if they are a good fit for your personal needs.

Refinance Your Current Auto Loan

Perhaps you’re not at all in the market for a new auto loan in Fort Worth but are looking to save some money on your existing auto loan. If that’s the case, an auto loan refinance could be just what you need. By refinancing to a lower auto loan rate, you can shave thousands of dollars off the total cost of your loan. And there’s no better time to save than right before the holidays.

With an auto loan refinance in Fort Worth, you will not only save money in interest, you’ll also skip a month of car payments. If you’re strapped for cash this holiday season, skipping a payment might be just what you need to give your holiday budget more wiggle room. Meanwhile, an auto loan consolidation can reduce your payments, freeing up cash when you need it most.

Read: 7 Mistakes to Avoid When Refinancing an Auto Loan

Auto Pay Deduction Discount

Some banks and credit unions in Fort Worth will offer customers a discount on their auto loans for enrolling in automatic bill pay. If you can save money by automatically deducting the monthly payment from your paycheck, you have nothing to lose. You’ll never miss a payment, you won’t have to set up a reminder for yourself to pay on time and you’ll save on interest over the life of the auto loan. TCCU, for example, offers a 0.25 percent discount on auto loans if you enroll in Auto Pay.

Buy a Green Car

The push for environmentally-friendly vehicles has been huge in recent years, and it’s estimated that 10.5 percent of cars in 2035 will be hybrid-electric, natural-gas, battery-electric, plug-in hybrid or fuel-cell electric. Purchasing a green car will save you money on gas, it’s good for the environment and can save you money on your auto loan.

Banks and credit unions are jumping on the green bandwagon by offering discounts on auto loans for those that purchase green vehicles. Check with your local bank or credit union in Fort Worth to see if they are offering any green auto loans, and always shop online for auto loan deals.

See: Visiting the Car Dealership at This Hour Will Get You the Best Deal

The end of the year is one of the best times to purchase a car. Between discounts offered by the dealer and discounts offered by your lender, you are certain to get the best deal possible on your car and Fort Worth auto loan.

Speed Zone Ahead: What Higher Rates Will Mean for Auto Sales

This month may be the best November ever for US auto sales, capping a year-long buying spree of new cars and trucks.

Rising interest rates, however, could slam the brakes on the boom, according to a new study by Federal Reserve Bank of New York staff. Consider that a one-percentage point increase in a consumer’s interest rate raises the cost of a four-year, $25,000 loan by $11 per month or $528 over the life of the loan. While that may not seem like much, it’s enough for demand for new cars to noticeably fall. And because auto loans are shorter in duration than, say, a mortgage, they are more sensitive to changes in short-term rates.

Using data on auto sales from 1972 to 2011, the New York Fed staffers built a model to predict what happens to sales, real prices, and production when rates rise. A tightening of monetary policy increases the interest rates paid by both consumers and automakers, leading to a large decline in the growth rate of prices and production, the Fed study found.

In a scenario where rates rose by one percentage point for consumers and manufacturers, their model predicts auto production would fall by an annualized rate of 12%. That translates into a decline of around 170,000 fewer cars and trucks produced.

It’s not all bleak news. Higher rates make holding inventory more expensive, which would likely prompt automakers to cut prices. Given that, sales decline by only 46,000 cars in the first two months following an interest-rates increase. After that, however, sales growth is expected to remain depressed for several months.

So while auto sales wont’ careen off the road, they will have to downshift to a lower gear.

Crime does not pay for Chard drug dealer

As a result a Confiscation Order was made for the £45,000 with an additional sum £4,200 to be paid to cover prosecution costs.  Confiscation orders force criminals to sell assets such as houses and cars to repay the order. Hartley, who is currently in prison, has three months to pay the money or face a further default sentence of an additional 12 months in prison.

Under the Proceeds of Crime Act (POCA) once an offender has been convicted, police and the courts can investigate their finances and find out how much the offender has acquired through their criminal activity – wealth and assets they cannot account for from legitimate sources.

The courts then impose an order forcing the offender to pay the sum within a certain period of time using any property, finance or assets they hold. The money seized can go towards compensating victims or to central government, the police, CPS and the courts. Through the Community Payback scheme some of the money can also be used by local communities.

T/Chief Inspector Tim Coombe said: These orders should send out a clear warning to criminals that crime does not pay and that we will continue to ensure that those who have benefited from their criminal conduct will have it stripped away from them.”

If you have information about suspected criminal activity, please call us on 101 or email us via our Contact Us page.

 

Surge in Subprime Auto Lending Draws Attention

Subprime auto lending is shifting into higher gear, raising some concerns in Washington where top financial regulators have sounded alarms about this category of loans.

Over the six months through September, more than $110 billion of auto loans have been originated to borrowers with credit scores below 660, the bottom cutoff for having a credit score generally considered “good,” according to a report Thursday from the Federal Reserve…

Avoid going upside down on car loan

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Jim Flynn – Business (2013)

New car sales have been hot the past couple of years, in large part due to increased competition in the auto finance market. Lenders of all shapes and sizes (banks, credit unions, savings and loans, refrigerator manufacturers, etc.) have found auto finance to be one of the few ways available to earn a decent return on investable funds.

Heightened auto finance competition has had a couple of notable consequences. First, subprime auto loans have increased greatly. (This may not be as risky as it sounds since, in hard times, people are less likely to default on an auto loan than a home loan. As noted on a popular Porsche Club of America T-shirt: You can sleep in your car but you cant drive your house.)

Second, auto finance competition has resulted in extended loan terms.

Not long ago, a three-year term was the norm. Now, its not uncommon to see auto loans with terms of five, six and even seven years. This reduces monthly payments. But it also plants the seed for a financial disaster for borrowers. That, of course, is because the value of a financed auto will go down much faster than the loan against it will be repaid.

To demonstrate, assume you buy a 2015 Mustang convertible (with an alloy shift knob and other essential options) for $45,000. You put $5,000 down and finance $40,000 on a 6 percent loan. If the loan term is three years, your monthly payment will be $1,217 and the loan will be fully paid at the end of three years. If the loan term is seven years, your monthly payment will be $584. However, at the end of three years, youll still owe $24,881 – and your car, even if youve treated it nice and youve only driven 1,000 miles a month, will be worth maybe $17,000. Now, if your car is stolen at 36 months, never to be seen again, your insurance company will, under your comprehensive coverage, pay you $17,000 (less your deductible) – meaning youll have to scrape up roughly $8,000 more to pay off your loan.

To protect yourself against this problem (also known as being upside down on your loan), what you need is something called gap insurance.

Gap insurance comes to your rescue when your auto is a total loss due to theft, an accident or a malevolent act of Mother Nature, and its value is less than what you owe against it. Auto lease contracts, which are similar in many ways to long-term loans, usually require gap coverage, and its cost is built into the lease contract. Some auto lenders will also require gap coverage, especially for a long-term loan with a small down payment.

Although the concept of gap insurance is simple enough, it can get complicated when you look at the details and your options for coverage.

Those options will vary from state to state.

In some states, auto insurers must offer gap coverage. Not so in Colorado. And its not clear whether gap coverage is in fact insurance, subject to state laws requiring insurance companies to (at least, in theory) be solvent. Gap coverage might just be a simple contract, in which event the solvency of the company providing the coverage becomes a more important issue.

If your own insurance company doesnt offer gap insurance, your lender or auto dealership most likely will. And many companies sell gap insurance over the Internet.

In all events, you need to compare terms of coverage and cost before you buy. Youre likely to find major differences from one product to the next.

Jim Flynn is a private attorney with Flynn Wright Fredman LLC in Colorado Springs. He also is the author of three law-related novels. Email him at moneylaw@jtflynn.com.

Floyd Mayweather and his miscellaneous Rolls-Royces

A 2014 file photo shows a security guard standing by as boxer Floyd Mayweather arrives at his boxing club in a Rolls Royce limousine for a workout.

Long Island hires and promotions: Karen Rizzo, Mortgage Advantage

Karen Rizzo of Huntington has been appointed as a senior loan consultant for Advantage Groups Mortgage Advantage subsidiary in Melville. She was owner of Township Property Finance and Consulting Corp. in Melville.

Three companies dominate the car title loan industry

The title loan industry is fragmented, with dozens of players ranging from small mom-and-pop locations to nationwide operators with thousands of locations. Its difficult to track them because most are privately held. They also frequently hide behind dba entities. But here are some of the bigger players:

TMX Finance: Headquartered in Savannah, Ga., TMX is the title-lending industrys biggest player, operating nearly 1,500 stores in 18 states as TitleMax. The 17-year-old company has had financial trouble of its own: TitleMax filed for Chapter 11 bankruptcy in 2009 when it couldnt pay back a $165 million loan from Merrill Lynch. The reorganized company exited bankruptcy nearly a year later and has more than doubled its store count since. Other brands it sells under include TitleBucks, EquityAuto Loan and InstaLoan. It has more than 4,300 employees nationwide.

Community Loans of America: The privately held Atlanta-based company was founded in 1994 and operates across the South and Midwest under nameplates that include Carolina Payday Loans, Illinois Title Loans and Fast Auto Loans. It has 1,800 employees and more than 200 locations. The company has faced class-action lawsuits in the South over allegations of making predatory loans to military personnel.

Select Management Resources. Established in 1998 by former executives of Community Loans of America, this Georgia-based private business operates under names that include Atlanta Title Loans, LoanMax and North American Title Loans. Its corporate website is not functional, but it disclosed in a 2007 lawsuit that it had 200 loan offices nationwide. Its subsidiaries operate in 21 states, from California to Delaware.

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Builders happy, buy-to-let less so after Osborne’s spending review

In his spending review in the House of Commons on Wednesday, Mr Osborne announced plans for loans to help would-be first-time buyers in London in addition to #xA3;2.3 billion of government support for the construction of 400,000 new homes by 2020, easing planning restrictions in the process.

But while he made no changes to the rate of stamp duty on the sale of primary residences, he announced a three per cent levy on buy-to-let landlords and second-home buyers, which is expected to affect both the sales and lettings markets and may push rents up for some private tenants, according to industry analysts.

Chestertons said investors could be deterred by the additional stamp duty and highlighted the fact that the timeframe within which capital gains tax bills must be settled will be slashed from 21 months to just 30 days from 2019.

Ed Mead, executive director at London estate agents Douglas amp; Gordon, said, It seems odd that in his political attempt to favour locals versus second-home buyers, and first-time buyers versus buy-to-let landlords, the chancellor thinks that difference is represented by a mere three per cent.

Restricting the supply of property into the private rented sector risks limiting choice. Breaks for build-to-let by larger investors and a smart new way of managing assured short hold tenancies are what are required, not yet more suppression of demand.

Jamie Morrison, private client partner at accountants HW Fisher, said Mr Osbornes announcements were part of a continued government attack on residential landlords.

In fact, he said, with the extra three per cent added to stamp duty its starting to feel more like an all-out offensive. This is a triple blow for Middle Britain seeking to invest in buy-to-let, its traditional alternative to pensions.

As well as the previously announced restrictions on mortgage interest tax relief, landlords now have to face increased stamp duty when they buy a property and, from 2019, accelerated capital gains tax when they sell it.

However, Steve Perkins, director of urban development at global construction consultancy Turner amp; Townsend, said there was palpable relief among the UKs housebuilders following Mr Osbornes moves to boost construction.

These measures will make it easier for developers to get both the money and the land they need to build, he said. But there is still the awkward question of what will happen when the surge of new building unlocked by these measures collides with the lack of capacity #x2013; both in the construction industry itself and in the planning process.

As demand from developers increases, the shortage of skilled workers is likely to drive up construction costs, and stretch planning authorities #x2013; already pared back by local government austerity #x2013; to the limit.

Britains construction industry has already made great strides in increasing levels of housebuilding, and while these measures will give it a much-needed stimulus, they dont remove all the structural barriers that have for too long prevented it from meeting demand.

Myles Williams, chief executive of Fast Property Finance, added, Until we see real change on the ground, todays pledge to tackle the housing problem, as comprehensive and welcome as it is, is yet more political chest thumping.

Grand policies for building more homes and helping first time buyers have a habit of slowly fizzling out. Neither does it help that there is rarely much joined-up thinking from one parliament to the next.

The irony is that we are seeing a lot of activity among the smaller house builders at present. Development finance has never been in such demand. If only the larger developers followed suit.

Richard Donnell, research director at property market analysts Hometrack, expressed doubts that even discounts on offer to first-time buyers would not help many in the most unaffordable markets in southern England.

Our analysis of the Starter Homes programme shows that 78 local authorities will fall below the maximum value caps for the scheme #x2013; these areas account for a fifth of all housing starts nationally in the last year, he said.

The fundamental problem remains that house prices are being maintained at current unaffordable levels. Buying our way out of the housing crisis is not a viable long term option given the scale and variety of market forces at play across the housing market #x2013; we need to wean the new build market off demand side subsidies and deliver a land market that enables new supply. The devolution and city region policies can deliver the long-term answer to the low house building problem.

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