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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