Repo Rates UP

REPO RATES UP AS EASY MONEY HARDER TO FIND: As the easy money that’sbeen pumped into the economy the past few years decreases, repossessionsare starting to increase. Low interest rates and tax cuts have generatedextra money for consumers in the past four years, and automotivecreditors have enjoyed better performance for their paper. But that’sstarting to change.
Sourced from:
Used Car News<http://www.usedcarnews.com/news/2005/12/19/headlines.html#story1>

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CHINA'S AUTO SHOW DEBUT: A $10,000 CAR:???

CHINA'S AUTO SHOW DEBUT: A $10,000 CAR: Amid all the hoopla at nextmonth's Detroit auto show, a simple silver midsize sedan might generatethe most buzz. It's from Geely Motors, which will become the firstChinese automaker in the nearly 100-year history of the auto show todisplay a made-in-China car intended for sale in the United States. Thesilver sedan, called the Geely 7151 CK, will be priced below $10,000when it goes on sale in 2008, making it the lowest-priced model in themidsize segment, said John Harmer, vice president and chief operatingofficer of Geely U.S.A.
Sourced From Detroit Free Press<http://www.freep.com/apps/pbcs.dll/article?AID=/20051217/BUSINESS01/512170304/1014>

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Consumers Looking for Smaller SUVs:

What Industry Leaders are Saying Consumers Looking for Smaller SUVs:

* "We have a fair amount of statistics that show the big gasguzzlers aren't doing so well right now. At the same time, the smallerSUVs are doing OK." -- Chip Perry,CEO,AutoTrader.com

* "What we found, when looking at truck and SUV listings, was adecrease in shoppers for heavy vehicles and an increase in offerings.Big SUV listings were up 12.3 percent. Truck listings were up 14.3percent." -- Louise Barr, media relations manager, AutoTrader.com

* "Give me a small SUV, a truck with four or six cylinders and astick shift, like the F-150, I'll be able to sell that all day long." --Doug Rodriguez, GM, Auto City Vehicle Auction

* "We still have families around here with four or five children,so the demand is there.
What they are not doing now that they were doingbefore is buying these vehicles new." -- Shannon Roesch, owner, CometEnterprises

Sourced From: Used Car News, December 5, 2005

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GMAC is selling some of their auto paper, maybe you should consider it to. We are getting top dollar for your buy here pay here auto paper. Currently .74 to .90 on the dollar.
You could might be able to save some money on taxes by selling some auto notes before the end of the year.

NEW YORK, Dec 5 (Reuters) - General Motors Acceptance Corp. (GMAC) said on Monday it agreed to sell up to $20 billion in U.S. retail automotive assets to Scotia Capital, the investment banking unit of Bank of Nova Scotia (BNS.TO: Quote, Profile, Research) (BNS.N: Quote, Profile, Research).
GMAC, the financial services unit of General Motors Corp. (GM.N: Quote, Profile, Research), said the agreement calls for purchases by Scotiabank under a $6 billion revolving facility.
This facility represents funding for up to $20 billion of GMAC U.S. retail automotive contracts during a five-year period from Nov. 2005 to Oct. 2010. Scotiabank will make an initial purchase of $3 billion in Dec. 2005.

Sourced from: www.today.reuters.com

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The year will soon be over, if you are looking to sell your auto notes, bulk auto paper before the end of the year you'd better hurry. We are currently getting top dollar for auto paper.

Requirements

1. Contracts written at 18% or higher
2. Contracts with up to 36 months remaining term
3. All types seasoning considered
4. Weekly, bi-weekly, semi-monthly and monthly contracts excepted.

Lower rates may be considered.
Salvage titles accepted

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Are you thinking about selling some of your auto paper, buy here pay here notes? But you think you'll wait till next year. If you sell your notes at a discount, the IRS allows you to book a loss for the difference between the full contract and the discounted contract. So rather than pay taxes on money you haven't collected yet and won't for several months to come. Consider selling your notes and getting cash you can use today, to buy inventory for income tax season and get a potential write off.

When the vehicle is sold, and it is determined that the customer needs special credit assistance, the dealership writes the note at term (high interest rate) with recourse to the RFC. The note is sold at a significant discount to the RFC substantiating the discount by citing high risk. The dealership books a current and deducted loss for the difference between the full contract and the discounted contract. The RFC accrues income as it becomes earned, subject to IRC section 162 deductions. RFC= Related Finance Company

You can read the article here:http://auto-bulk.com/html/new_vehicle_dealership_audit_t.html

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Experian Offers Consumers Free Online Service to Identify Storm-Damaged

Experian Offers Consumers Free Online Service to Identify Storm-Damaged
Vehicles

AutoCheck Storm Scan Offers Consumers Access to Clearinghouse of Hurricane Damage Information, including Dealer-Reported Data

Schaumburg, Ill. -- October 25, 2005 -- Experian Automotive, a division of
global business solutions company Experian®, today began offering free
storm damage vehicle information to consumers through a new AutoCheck Storm Scan feature at www.autocheck.com/storm .

AutoCheck Storm Scan provides consumers with information regarding
storm-damaged vehicles in the wake of Hurricanes Katrina and Rita. Using
this Web site, consumers can enter a vehicle identification number to
determine if a vehicle was reported titled or registered within the last 12
months in Louisiana, Mississippi, Alabama or Texas, reported as storm
damaged by a dealer or manufacturer, or branded as salvage or flood damaged
in a state affected by the hurricanes.

"Our data tells us that storm-related damage to vehicles isn’t limited to
just flooding. We have found that states brand up to ten times as many cars
"salvage" as they do "water damage" after a hurricane," said Scott Waldron,
president of Experian Automotive. "Potential used car buyers need to
safeguard themselves from purchasing storm-damaged vehicles from
unscrupulous sellers and should be sure that their check includes salvage
vehicles."

In addition to this precaution, Experian Automotive recommends a thorough
vehicle inspection. The National Automobile Dealers Association (NADA) and
Experian Automotive offer consumers ten inspection tips to help detect
significant water damage:

· Check the vehicle's title history, it may state whether it has sustained flood damage;
· Examine the interior and the engine compartment for evidence of water and grit from suspected submersion;
· Check for recently shampooed carpet;
· Check under the floorboard carpet for water residue or stain marks from evaporated water not related to air-conditioning pan leaks;
· Look for rust on the inside of the car and under interior carpeting and visually inspect all interior upholstery and door panels for any evidence of fading;
· Check under the dashboard for dried mud and residue, and note any evidence of mold or a musty odor in the upholstery, carpet or trunk;
· Check for rust on screws in the console or other areas where the water would normally not reach unless submerged;
· Check for mud or grit in alternator crevices, behind wiring harnesses and around the small recesses of starter motors, power steering pumps and relays;
· Complete a detailed inspection of the electrical wiring system, looking for rusted components, water residue or suspicious corrosion;
· Inspect the undercarriage of other components for evidence of rust and flaking metal that would not normally be associated with late model vehicles.
While it’s too early to know exact numbers, some experts estimate more than
500,000 cars were significantly damaged by Hurricanes Katrina and Rita.
Consumers can access the AutoCheck Storm Scan feature by visiting
www.autocheck.com/storm .

About Experian Automotive
Experian Automotive delivers information solutions to manufacturers,
dealers, finance and insurance companies, and consumers. Experian helps
automotive clients increase customer loyalty, target and win new business,
and make better lending and vehicle purchase decisions. Its National
Vehicle Database, housing more than 450 million vehicles, along with
Experian’s credit, consumer and business information assets, meets the
industry’s growing demand for an integrated information source. Experian’s
advanced decision support services help clients turn this information into
improved business results. Experian technology supports several top
automotive web sites including eBay Motors, CarsDirect.com and
NADAguides.com. For more information on Experian Automotive and its suite
of solutions, visit our web site at www.experianautomotive.com .

About Experian
Experian is the global leader in providing value-added information
solutions to organizations and consumers. It has an unrivaled understanding
of individuals, markets and economies around the world.

Experian provides information, analytics, decision-making solutions and
processing services. It assists organizations in understanding their
markets and customers and helps them find, develop and manage profitable
customer relationships to make their businesses more profitable. Experian
promotes greater financial health among consumers by enabling them to
understand, manage and protect their personal information and helping them
control financial aspects of key life events.

Experian works with more than 50,000 clients across diverse industries,
including financial services, telecommunications, health care, insurance,
retail and catalog, automotive, manufacturing, leisure, utilities,
e-commerce, property and government. A subsidiary of GUS plc with
headquarters in Nottingham, UK, and Costa Mesa, Calif., Experian’s 12,000
people in 28 countries support clients in more than 60 countries. Annual
sales exceed $2.5 billion.

For more information, visit the company's Web site at www.experian.com .

The word "Experian" is a registered trademark in the EU and other countries
and is owned by Experian Ltd. and/or its associated companies.

Sourced from http://www.automotivedigest.com/PressReleases.asp

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Five simple steps to help you save gas

1. Shop aggressively for the lowest prices without going to far out of your way.

2. Carpool

3. Ceckyour tire pressure. Under-inflated ties can cut fuel economy by up to 2 percent per pound of pressure below the recomended level.

4. go easy on the gas peddal and brake. Jerky driving can decrease fuel efficiency by up to 15 percent.

5. Clean out your trunk. People carry uneccessary, heavy items in the trunk. The more weight in the car the more you will spend.

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IRS New Vehicle Dealership Audit Technique Guide 2004 - Chapter 11 - Related Finance Companies (12-2004)

NOTE: This guide is current through the publication date. Since changes may have occurred after the publication date that would affect the accuracy of this document, no guarantees are made concerning the technical accuracy after the publication date.

A "Related Finance Company" or RFC, is a financing company owned by an automobile dealership. It provides financing for customers that cannot obtain financing through normal channels. The customer is required to make payments usually at the dealership's location. This type of arrangement is usually advertised by the dealership as a "buy here pay here" plan. The "buy here pay here" plan is common with stand alone used car dealerships, but many new car dealerships utilize this type of plan for their used car sales.
How does it work?Dealerships involved in this practice establish a financing entity (herein referred to as a "Related Finance Company" or RFC), typically an S Corporation, which acts as the lender in the dealership's financing arrangement. The same shareholders that own the dealership usually own the S Corporation.
When the vehicle is sold, and it is determined that the customer needs special credit assistance, the dealership writes the note at term (high interest rate) with recourse to the RFC. The note is sold at a significant discount to the RFC substantiating the discount by citing high risk. The dealership books a current and deducted loss for the difference between the full contract and the discounted contract. The RFC accrues income as it becomes earned, subject to IRC section 162 deductions.
Legitimate Uses of a Related Finance CompanyThere are several valid business purposes for establishing an RFC. An effective RFC removes the collection burden from the dealership; allowing dealership personnel to operate the dealership.
Some RFCs are so well managed that their discount rates can be lower than those offered by a third party. The RFC may be more familiar with the contracts it purchases due to its close relationship with the dealership, allowing the dealership to be more selective when it offers credit. An RFC may allow a dealership relief from regulatory restrictions, and to distance itself from adverse publicity resulting from collection activity.
back to the top
A valid RFC should have the following characteristics:
When the finance contract is sold to the RFC, title has been transferred to the RFC in accordance with title and lien holder laws
The discounting of the car dealer's receivables are sold to the RFC at their fair market value
There is a written arms-length contract between the dealership and the RFC
The finance contracts are normally sold without recourse between the two related parties
The RFC is responsible for repossessions
The RFC is operated as a separate entity from the dealership and has the following characteristics:
Adequate capital to pay for the contracts
Meets all state and local licensing requirements
Maintains its own bank accounts
Has its own address and phone number and operates as a separate entity from the dealership
Maintains its own books
Has its own employees and they are compensated directly by the RFC
Pays its own expenses
The customers are making payments to the RFC, not to the dealership

Sourced from the IRS Web Site read the entire article here: http://www.irs.gov/businesses/article/0,,id=137739,00.html

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Thursday, October 06, 2005

LATE BREAKING NEWS

BIG S.U.V.'S LAG IN SALES, HINDERED BY GAS COST:
The heyday of the giantsport utility vehicle keeps moving farther away as gasoline prices loomlarger. In September, industrywide sales of large S.U.V.'s were down 43percent from a year earlier, according to Ward's AutoInfoBank. That isparticularly bad news for General Motors and the Ford Motor Company,which are dependent on truck-based S.U.V.'s. Last month, G.M.'s overallsales fell 24.2 percent and Ford's declined 20.3 percent, compared withthe same month a year earlier.
NY Times http://www.nytimes.com/2005/10/04/automobiles/04auto.html

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HIGH GASOLINE PRICES PRESSURING USED SUV VALUES:

High gasoline prices have not only been unkind to consumers' wallets, but may also take a bite out of automakers' profits as the value of used large SUVs suffers. The value of used large SUVs has been falling the last few years and the decline has picked up speed as gasoline prices have spiked, analysts said. More worrisome, however, are the vehicles coming off lease and the potential losses for automakers, especially General Motors and Ford Motor Co.

Auto News http://www.autonews.com/news.cms?newsId=13427

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Hurricane Katrina Aftermath: NADA Offers 10 Tips for Spotting a Flood-Damaged Vehicle
The devastating aftermath of Hurricane Katrina has left a large population of flood-damaged vehicles. The National Automobile Dealers Association (NADA) urges consumers, even in unaffected areas, to remain alert to the possibility that some individuals may attempt to sell or trade flood-damaged used vehicles in the months to come. “Dealers are very concerned that these affected vehicles could enter the used car market,” said NADA Chairman Jack Kain. “Fortunately, there are steps that car-shoppers can take to detect water damage and protect themselves,” he added. While there is no sure way to detect vehicle flood damage, NADA offers 10 inspection tips that may be used to detect significant water damage. At a minimum, a prospective buyer should:

1. Check the vehicle's title history, it may state whether it has sustained flood damage;
   
2. Examine the interior and the engine compartment for evidence of water and grit from suspected submersion;
   
3. Check for recently shampooed carpet;
   
4. Look under the floorboard carpet for water residue or stain marks from evaporated water not related to air-conditioning pan leaks;
   
5. Inspect for rusting on the inside of the car and under interior carpeting and visually inspect all interior upholstery and door panels for any evidence of fading;
   
6. Check under the dashboard for dried mud and residue, and note any evidence of mold or a musty odor in the upholstery, carpet or trunk;
   
7. Check for rust on screws in the console or other areas where the water would normally not reach unless submerged;
   
8. Look for mud or grit in alternator crevices, behind wiring harnesses and around the small recesses of starter motors, power steering pumps and relays;
   
9. Complete a detailed inspection of the electrical wiring system looking for rusted components, water residue or suspicious corrosion; and
   
10. Inspect the undercarriage of other components for evidence of rust and flaking metal that would not normally be associated with late model vehicles.

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Hurricane Katrina Aftermath: NADA Offers 10 Tips for Spotting a Flood-Damaged Vehicle

1. The devastating aftermath of Hurricane Katrina has left a large population of flood-damaged vehicles. The National Automobile Dealers Association (NADA) urges consumers, even in unaffected areas, to remain alert to the possibility that some individuals may attempt to sell or trade flood-damaged used vehicles in the months to come. “Dealers are very concerned that these affected vehicles could enter the used car market,” said NADA Chairman Jack Kain. “Fortunately, there are steps that car-shoppers can take to detect water damage and protect themselves,” he added. While there is no sure way to detect vehicle flood damage, NADA offers 10 inspection tips that may be used to detect significant water damage. At a minimum, a prospective buyer should:
   
2. Check the vehicle's title history, it may state whether it has sustained flood damage;
   
3. Examine the interior and the engine compartment for evidence of water and grit from suspected submersion;
   
4. Check for recently shampooed carpet;
   
5. Look under the floorboard carpet for water residue or stain marks from evaporated water not related to air-conditioning pan leaks;
   
6. Inspect for rusting on the inside of the car and under interior carpeting and visually inspect all interior upholstery and door panels for any evidence of fading;
   
7. Check under the dashboard for dried mud and residue, and note any evidence of mold or a musty odor in the upholstery, carpet or trunk;
   
8. Check for rust on screws in the console or other areas where the water would normally not reach unless submerged;
   
9. Look for mud or grit in alternator crevices, behind wiring harnesses and around the small recesses of starter motors, power steering pumps and relays;
   
10. Complete a detailed inspection of the electrical wiring system looking for rusted components, water residue or suspicious corrosion; and
    
11. Inspect the undercarriage of other components for evidence of rust and flaking metal that would not normally be associated with late model vehicles.

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Daimler Chrysler AG's Chrysler Group is recalling 101,925 of its 2005 Jeep Grand Cherokee SUVs to fix a leak in the transmission that could cause a fire.

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Sourced From: New York Times, September 5, 2005
Fifth-Largest Recall Affects 3.8M Ford Pickups and SUVs Situation * Engine fires caused by brake fluid leak into cruise controlswitch prompts Ford recall* 3.8M fullsize SUVs and pickups being called back--5th largestrecall in history* NHTSA says 1,170 complaints of fires received, but Ford says nodeaths have resulted* At least 10M Ford vehicles use same Texas Instruments switch butrate of fires varies among models affected* Dealers to install fused wiring harness; acts as circuitbreaker, evens out electricity flow through cruise control Significant Points * NHTSA continuing inquiry into switch 'failure rate' saysspokeswoman Rae Tyson, even though Ford dropped Texas Instruments'switch in 2002 model year* Publicity could cause sales problem for Ford, since recalledvehicles involve popular F-150 pickups and Navigator/Expedition SUVsfrom 1997 to 2002* In added complication, Ford has installed similar cruise controldeactivation switches on 12.2M vehicles, but says fires haven't occurredon any of those models except 3.8M being recalled* Safety advocates say all 16M vehicles should be recalled andrepaired* Ford has changed stance toward recall w/ continued reports ofengine fires, which Ford now agrees do result from defective switches

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Associated Press
Updated: 9:10 a.m. ET Sept. 14, 2005

Drop in auto sector slams August retail sales
Total sales fell by 2.1 percent, double the decline analysts had expected

WASHINGTON - Retail sales plunged in August by the largest amount in nearly four years, evidence that the economy was weakening even before Hurricane Katrina struck.
The Commerce Department reported Wednesday that total sales fell by 2.1 percent last month, double the decline that analysts had been expecting. The weakness came from a big 12 percent drop in sales of autos. Excluding autos, retail sales rose 1 percent, but much of that strength reflected a rise in gasoline prices.
Economists believe that Katrina, the worst natural disaster to hit the United States, could trim economic growth by a full percentage point in the second half of the year as soaring gasoline prices force consumers to cut back The 2.1 percent drop in total sales last month was the largest decline since a 2.9 percent plunge in November 2001, the period following the 2001 terrorist attacks.

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LATE BREAKING NEWS

GAS PRICES PUSH 1ST-EVER MID-YR MILEAGE-RATE CHANGE:

The IRS respondedto the steep cost of gasoline by announcing on Friday an unusual midyearchange to the mileage rate used for business-expense deductions. Thestandard mileage-rate deduction is jumping to 48.5 cents a mile forbusiness miles driven from Sept 1 through Dec 31 from the 40.5 cent ratethat will remain in effect for the 1st 8-months of the year, the agencysaid. Baltimore Sun<http://www.baltimoresun.com/news/local/bal-te.bz.irs10sep10,1,7791928.story?coll=bal-local-headlines&ctrack=1&cset=true>

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GM's Logo On All New Cars

Quoted from an article in the Detroit News (http://www.detnews.com/2005/autosin.../A01-149235.htm)
Quote:
General Motors Corp. is going to stamp its corporate logo on every car and truck it sells in North America in an effort to better link its eight brands with the parent company. The automaker, revving up marketing efforts to reverse declining sales, plans to use the logo first on a slew of important new vehicles such as the Buick LaCrosse and Pontiac G6. The new badges will land on every 2006 model sold in North America across GM's eight brands -- Chevrolet, Buick, GMC, Cadillac, Hummer, Saab, Saturn and Pontiac. "Our own studies show that consumers place a tangible value on the General Motors name," said Mark LaNeve, GM's top sales executive. Ford Motor Co. sells Ford-branded vehicles and DaimlerChrysler AG's Chrysler Group sells Chrysler products. GM is the only major automaker that does not market cars or trucks under its corporate name. The new initiative dovetails with GM's marketing strategy for OnStar and the StabiliTrak stability control system, which are pitched under the GM umbrella and will become standard equipment across the GM product line. "The GM corporate name has a stronger public image than some of the brands that make up the company," said Joe Barker, with CSM Worldwide in Farmington Hills. "It tells consumers GM is backing this vehicle."

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