Posts Tagged ‘auto insurance quotes’
Tuesday, December 28th, 2010
In case you are in the market to lease a car, you will hear the definition of residual value recur being a leitmotif. A residual value will not only affect your monthly premiums, but is evenly used by leasing companies to ascertain any penalties in case you break your lease early and the way much to cover if you made a decision to buy the vehicle by the end of your lease.
Let us first start by looking at the meaning of residual value. The term residual value, refers to the value of something after it has been used for some time. In leasing lingo, it refers to the depreciation of the vehicle’s value over the life of its lease. So how does it exactly affect your monthly payments? When you lease a car, you pay for the car’s value that you use over the lease length.
Suppose you leased an $18,000 car for two main years: the leasing company has to estimate the worth of this car by 50 % years in time order to learn how much of the car you will end up using in your lease term. That’s the location where the residual value comes into the equation. In the event the residual value is estimated being $13,000 by the end of your lease, in that case your monthly payments will probably be calculated around the $5,000 you’ll use over A couple of years, giving the average monthly payment of $208.3 (plus interest, tax and charges).
How about when the car is anticipated to lose half its value within the same period? On this scenario, you’ll be using $9,000 within the same period, bringing you a higher payment of $375 (plus interest, tax and costs).
As you can see, residual values really are a key factor in determining how much cash to pay in your lease and also the higher the rest of the value, the low your fees each month. This works backwards if you develop a bond together with your car and choose to purchase it at the conclusion of your lease. If we stay with the same example above, the low monthly payments within the second scenario come at the expense of paying substantially more to purchase your car at the conclusion of the lease.
So, since the residual value is so important, how do I know which one is best for me? Well, it all depends whether you want to purchase the car at the end of your lease. If you don’t want to make a large down payment and you want low monthly payments, then a car that holds with a higher residual value is a good deal. If you are thinking of purchasing the car at lease-end, then you need to balance low-monthly payments with a moderate residual value.
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Tuesday, December 28th, 2010
$250 to dispose of your vehicle, $1000 for extra miles you put on the clock and $200 to replace the light bulb and the worn tyres-lease agents constantly nickel-and-dime consumers when their lease runs out.
Here’s a rundown of what can trigger those fees, and some steps to take in self-defense.Disposition fee: leasing companies charge you if you choose not to buy the vehicle at the end of your lease. This fee is set as compensation for the expenses of selling, or otherwise disposing of the vehicle.
It typically includes administrative charges; the dealer’s cost to organize the car for resale and every other penalties. Make certain this fee is stated clearly within the contract and it is agreeable by you prior to signing on the dotted line. At lease-end, you’re left in no position to barter as the dealer can use your refundable security deposit towards this fee.
Excess mileage charges: Almost all leasing companies will charge a premium for each mile over the agreed upon mileage stated in your contract. This penalty can be as high as 25 cents per mile and can add up quickly. To avoid the risk of running thousands of dollars in excess mileage penalties at the end of your lease, always check the per mile charges in your contract and be realistic about your mileage before you sign any contract.If you think the limit is unrealistic given your commutation needs, then negotiate with the dealer to get a higher mileage or contract for additional miles.
Excess tear-and-wear charges: Another potential cost at the end of the lease is any incidental damage done to the car during the lease. This is deemed any excessive damage done to the normal tear and wear of the vehicle. Notice the use of the terms deemed, excessive and normal.
There’s no standard formula to define what’s excessive and normal and it’s around the leasing company to evaluate – or deem – damages and determine what they’re going to charge. This leaves you susceptible to unscrupulous leasing agents who set stringent tear-and-wear standards. Ensure you read the description of the standards, understand them and consent to them.
If the leased vehicle is damaged ahead of the end with the lease, some think it’s cheaper to fix the damage yourself than pay the unwanted charges with the leasing agent. In the eventuality of a dispute on the charges by the end of your lease, receive an independent alternative party to do a specialist appraisal detailing the quantity required to repair any damaged parts or perhaps the amount where tear-and-wear reduces the price of the vehicle.
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Monday, December 27th, 2010
It’s the classic dilemma that faces every auto-consumer available: Pay cash upfront or forego the ownership and pay monthly settlements instead? Buy or lease for any new group of wheels?
As is the case with every other common dilemma, there is no slam-dunk answer. Each option has its own benefits and drawbacks, and it all depends on a set of financial and personal considerations.
First, your financial situation. Affordability is clearly key, and you also need to ask the question of how stable can be your job and the way healthy can be your general financial predicament. The short-term monthly-cost of leasing is significantly below the monthly premiums when buying: you pay for the portion with the vehicle’s cost that you apply up during the time you drive it.
When you have a lot of cash upfront, then you can certainly opt to pay the advance payment, sales taxes – in cash or rolled in to a loan – as well as the interest rate dependant on your loan company. Buying effectively offers you ownership with the car understanding that feeling of free driving that continues on providing transportation.If, say, you would like to get into luxury models but can’t spend the money for upfront cash of shopping for the vehicle than you’re an excellent candidate for leasing.
Unlike buying, it gives you the option of not having to fork out the down payment upfront, leaving you to pay a lower money factor that is generally similar to the interest rate on a financing loan.
However, these benefits possess a price: terminating a lease early or defaulting in your monthly lease payments can lead to stiff financial penalties and may ruin your credit. You have to make sure you create the monthly lease payment inside your budget for the near future, at least throughout the lease.
Besides the financial aspect, making a buy or lease decision depends on your own particular lifestyle choices and preferences. Think about what the car means to you: are you the sort of person to bond with the car or would you rather have the excitement of something new? If you want to drive a car for more than fives years, negotiate carefully and buy the car you like. If, on the other hand, you don’t like the idea of ownership and prefer to drive a new car every two to three years then you should lease.
Next, factor your transportation needs: The amount of miles can you drive per year? How properly can you maintain your cars? In the event you answer is: I drive 40,000 miles per year and I don’t really care much about my cars when i don’t mind working with repair bills, then you’re probably more satisfied buying. Leasing is founded on the assumption of limited-mileage, usually only 12,000 to 15,000 miles per year, and wear-and-tear considerations. Until you can keep inside prescribed mileage limits and maintain the car in the good condition by the end of your lease, you could incur hefty end-of-lease costs.
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Monday, December 27th, 2010
If you have experience running a business which relies on a fleet of vehicles, you will know how daunting a task it is to find the most suitable insurance cover for the whole fleet, and at the right price. The savviest of fleet business owners, however, will have taken full advantage of the many cost and time-saving benefits offered by fleet van insurance.
Taking out individual van insurance policies for each vehicle can be extremely time-consuming, but the mountain of paperwork doesn’t always end there. Keeping track of all your insurance policies once you’ve taken them out, as well as being able to dig out the right document at the right time, can be tricky. So to avoid wasting time filling out forms, you need to seek another, more inclusive, solution.
No matter what size of fleet you currently operate, there should be a fleet van insurance policy available to suit you. This type of insurance generally consists of just one policy, one set of paperwork and one premium for the whole fleet. As you only have to go through the process once, this takes a lot of the hassle out of insuring all of your vehicles. In most cases, you can even add additional vehicles to the policy at a later date.
As well as saving you time that would otherwise be spent endlessly filling out forms, repeating the same information and shuffling through paperwork; fleet van insurance policies can also save you a good deal of money. Depending on the number of vehicles you add to the policy, insurers will often offer you a discount on your fleet insurance premium.
In a nutshell, fleet van insurance offers business owners operating large numbers of vehicles a much simpler and cheaper way of getting quality insurance cover.
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Sunday, December 26th, 2010
Whether you lease an automobile to get into the most recent models or have better purchasing flexibility, obtaining a good deal is definitely bound to provide you with a lift. Begin using these guidelines to help you spot one:
Check incentives: be about the look-out for factory -subsidized lease deals. Car producers realize that customers who lease automobiles from their store are more likely to be repeat customers compared to those who simply buy automobiles.
Through their leasing corporations, they adjust the remainder value and provide low financing charge. Other auto-manufacturers may also be starting to give rewards on leasing, called leasing subventions. They feature these subsidies that will put slow-selling models around the street, saving you even more money.
Set up a competitive: bidding environment to get the lowest price. If you already have an idea in mind of the make, model and trim level of your desired car, attempt to calculate your own lease payment before you go shopping to avoid paying through the roof. Check online comparison tools or use a lease calculator to check your lease payment based on purchase price. This gives you greater negotiation leverage as you solicit quotes from various leasing companies.
Be sure you understand all the fees included at the start of your lease: you might have to pay fees for licenses, registration and title. Other fees include purchase fees, freight fees and local or state taxes. At lease-end, you might have to pay a disposition fee and charges for added mileage and any excess wear. Remember that a few of these fees – like acquisition and disposition fees – are flexible.
Realize your mileage needs: virtually all leases limit the quantity of miles annually by imposing typically Ten to twenty cents per excess mile over 15,000 miles a year. In case you are the kind of high-commuter who puts 40,000 miles per year on his car, you then might find yourself running thousands in penalties by the end of your lease. Be smart and negotiate a higher-mileage limit or pad you excess miles in the beginning of your lease in order to avoid robber tax rates for excess miles.
Almost all leases limit the number of miles per year by imposing fees typically 10 to 20 cents per mile over 15,000 miles per year. If you are the kind of high-commuter who puts a lot miles on his car, then these costs can add up quickly.
Include GAP coverage: make certain your lease includes GAP coverage. This covers you in case of the vehicle getting wrecked or stolen. Without GAP insurance, you depart yourself available to 1000s of dollars in leased obligations. See if the GAP coverage is incorporated which means you don’t pay it two times.
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Sunday, December 26th, 2010
Many times when it comes to auto-leasing, people get so dazzled from the myriad terms as well as the jargon thrown their method that they end-up paying from the nose, depending on a dealer’s help than their particular informed decision. Listed here is a look at a number of the tricks dealers use to pad their profits and then leave the customers shelling big money more than the deal should be worth.
Trick 1: Leasing always an improved deal than buying
Dealers make use of the lure of lower-monthly payments to entice customers to sign for long-term loans, with terms stretching for 5 years or more, making the installments even lower. There’s two catches with such lengthy contracts:
higher mileage, exceeding the prescribed limit, and hefty repair costs. With leases charging on average 10 to 20 cents a mile for any extra mile over the agreed amount in the contract, and warranties only covering three years, you leave yourself wide open for hefty charges for excessive mileage and wear and tear.
Trick 2: Cheap 2-3% APR rate in your lease
The casino dealer is not quoting a person’s eye rate choosing paying on your own lease; he’s rather providing you the lease money factor. Whilst just like an interest rate and crucial in determining your payment per month, a more accurate minute rates are calculated by multiplying the amount of money factor by 24. As an example a cheap 3% money factor is 24 X 0.003 = 7.2%. This provides you a better sense of what your annual interest on your lease contract is.
Trick 3: Stress-free early lease termination
Dealers know consumer driving needs change and so they would like to have the choice of getting away from a lease commitment sometime later on, before their lease ends. Truth with the matter is, once you sign to get a lease, you are effectively saddled with monthly premiums for the remainder with the lease term then there is little-choice of getting out early. Lease contracts carry hefty financial penalties for either defaulting on monthly premiums or terminating the lease prior to when the scheduled term.
To avoid being on the receiving end of such tried-and-true tricks, educate yourself about leasing. Get down to the nitty-gritty and understand what the leasing terms used by dealers mean. Crunch the numbers along with him and understand how they arrived at the monthly payment figure. Don’t sign anything until you’ve understood all the terms and your numbers much those of the dealer. Do not let the dealer pressure you into signing; you are the one to determine whether the agreement is right for you.
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Sunday, December 26th, 2010
Understanding how to calculate your monthly lease payment makes it easier for you to make an informed decision. Yet, most of us shy away from the complicated math on our lease contract, leaving it up to the dealer to do the payment formula.
Actually, it’s not that difficult! Once you understand all the figures involved in calculating your monthly payments, everything else falls into place. These key figures are:MSRP (short for Manufacturer’s Suggested Retail Price): This is the list price of the vehicle or the window sticker price. Money Factor: This determines the interest rate on your lease. Insist on your dealer to disclose this rate before entering into a lease.
Lease Term: The amount of months the dealership rents the automobile. Residual Value: The worthiness of the vehicle at the conclusion of the lease. Again, you will get this figure in the dealer.
Now, why don’t we calculate an example lease payment based on a vehicle having an MSRP (sticker price) price of $25,000 plus a money factor of 0.0034 (it’s usually quoted as 3.4%). The scheduled-lease is finished 3 years as well as the estimated residual percentage is 55%.
The initial step is to calculate the rest of the value of the vehicle. You multiply the MSRP through the residual percentage:
$20,000 X .55 = $11,000.
The car will be worth $13,750 at the end of the lease, so you’ll be using:
$20,000 – $11,000 = $9,000
This quantity of $9,000 is going to be used on the 36 month lease period giving us a payment of:
$9,000 / 36 = $250.
This is actually the first the main monthly payment, known as the monthly depreciation charge. The 2nd part of the payment, called the money factor payment, factors the eye charge. It’s calculated with the addition of the MSRP figure towards the residual value and multiplying this through the money factor:
($20,000 $11,000) * 0.0034 = $105.4
Finally, we obtain the approximate payment by adding both figures together:
$250 $105.4 = $355.4
To recapitulate, the sample formula seems like this:
1- Monthly Depreciation Charge:
MSRP X Depreciation Percentage = Residual Value
MSRP – Residual Value = Depreciation over lease term
Depreciation over lease term / lease term (quantity of months within the lease) = monthly depreciation charge
2- Monthly factor money charge
(MSRP Residual value) X Money factor = money factor payment
3- Sample Payment per month:
depreciation charge money factor payment = monthly payment
Keep in mind that it is a simplified calculation that will not take into account taxes, fees, rebates or other incentives. The calculation offers you a ballpark figure or even a rough notion of what your lease payments for your vehicle involved should be.
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Saturday, December 25th, 2010
If you own a van, you will need to make sure that it is properly insured to protect it in case of an accident or theft. Van theft in the UK is rising, as is theft from vans. More and more people store valuable tools inside their vans and thieves have realised that they don’t actually have to steal the van itself to get away with a huge haul of goods.
Because there are lots of different types of van insurance available, you can’t simply choose a policy at random. You need to do a little research before choosing a specific level of cover. If you simply choose the cheapest level of cover, you might not be protected if your vehicle is stolen or the goods in your vehicle are stolen.
Third party only van insurance will only provide cover to third party vehicles if you have an accident that was your fault. It does not provide cover in the event of any type of theft. Third party fire and theft provides third party cover and will also provide cover if your van is stolen or catches fire. However, this insurance may only offer a small amount of contents protection, and different insurance premiums will cover up to only a certain amount. Fully comprehensive van insurance will provide cover if your van is involved in an accident, even if the accident is your fault. It will also provide cover against theft of the vehicle and provide cover if your vehicle catches fire. It will give some protection against theft of contents of the vehicle but only up to a certain amount.
Many vans are used to transport goods from one place to another. If you use your van for this purpose, you will need to look at goods in transit cover. This will provide insurance to any goods you may be carrying in the rear of your vehicle.
It’s important to make sure you buy the right van insurance, to make sure you are appropriately covered. Just because the policy you may have found is cheap, it doesn’t mean it’s any good.
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Thursday, December 23rd, 2010
In order to get a good leasing deal, you need to understand leasing jargon. Read through this leasing glossary to get an overview of the basics:
Acquisition fee: A fee charged by a leasing company to begin a lease. Not all leasing companies charge an acquisition fee but if charge it starts at about $300 and is seldom negotiable.
Capitalized cost: The total selling price of the leased vehicle This also accounts for taxes, title, license fees, acquisition fee and any optional insurance and warranty items you elect to fold into the lease and pay overtime rather than upfront.
Depreciation fee: Forms area of the monthly lease payment charge and is the reason the loss inside the value of the automobile at the end with the lease. The vehicle’s list price without the expected residual value at lease end is divided from the number of months inside the lease to offer the depreciation fee. Suppose you determine to lease a car with a retail expense of $23,500. The leasing company estimates that whenever a three year lease, the car will be worth 35% of the original retail value, or $8,225. The real difference, $15,275, divided from the number of months inside the lease, 3 years, gives us the depreciation fee ($424)
GAP insurance Pays off the lease balanced if the vehicle is wrecked or stolen.
Inception fees any fees which can be due in the beginning of a lease. These typically add a security deposit, acquisition fee, first payment per month, taxes and title fees.
Mileage allowance The maximum number of miles a leased vehicle can be driven a year without incurring an excess mileage penalty. A typical mileage allowance is 12,000 to 15,000 miles a year, although this is negotiable with your leasing company.
Mileage charges a problem that you incur should you exceed your mileage allowance on the leased vehicle. Typical mileage charges are 10-20 cents per excess mile.
Money-factor A fractional number, for example 0.00043, utilized in calculating your monthly lease payments. You can acquire a rough estimate from the annual percentage rate in your lease by multiplying the cash factor by 2,400. If your dealer quotes a money factor for example 3.4 than you will get the equivalent APR, 8.16, should you multiply by 2.4.
Residual value Residual value is the amount of money the leasing company says your leased vehicle will be worth when your lease ends. Higher residual values lead to lower monthly payments but higher lease-end purchase cost if you decide to keep the vehicle.
Security deposits an up-front amount your leasing company required in the beginning of a lease to shield against non-payment. That is generally refundable by the end of your lease. Termination or Disposition fee The quantity you have to pay the leasing company by the end of your lease in the event you decide never to purchase the vehicle.
Wear-and-tear charges Extra bills you have to pay at the conclusion of your lease for just about any wear and employ the leasing company considers above normal
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Sunday, December 12th, 2010
If you have ever gotten a rate increase from your auto insurance company, you may have wondered if there was an easy way to find more affordable coverage. You may also get frustrated with your insurer if they did not settle a claim or customer service question quickly. But like many people, you may have just stuck with your old insurer because you figured that all insurers would be alike and it would not be worth your time to shop around.
But finding better auto insurance does not have to be hard at all. If you have not purchased a new policy for years, you may not familiar with some helpful new tools. One example of a useful new tool is an internet based quote system. These systems are designed to match you with good local insurers who are eager to compete for your business.
Have you ever used an online quote form? You just have to complete some basic questions so the system knows about your family vehicles and drivers. The system can use this information to find good auto insurance companies for you.
Besides the fact that these insurance quote systems are free to use, they can save you a lot of time. They may also save you money on your next auto insurance premium. You do not have anything to lose.
You should also be aware that car insurance companies are different. Your coverage needs and rates can be higher or lower based upon many individual factors. Your age, where you live, and the way you drive your car can all matter. The lowest priced policy may come from one company for a sixty year old doctor and another company for a thrity year old soccer mom. It is important to shop and compare so you can find the best policy for you.
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