Things felt like they were finally turning around for Aaron Woodrum in March 2015 after several months of unemployment. The 38-year-old had fallen behind on bills, causing his credit score to slip. But, thankfully, he’d secured a new job, bolstering his prospects. He just needed a car. Living in Plainfield, Indiana, population 31,000, a vehicle is almost always necessary to get—and keep—a job. One day, he found a solution: an online ad for an auto dealer that offered financing to consumers with low credit scores. Woodrum said he filled out a form and, shortly after, the dealership gave him a call. When he arrived, Woodrum found a 2009 Dodge Ram 1500 that seemed perfect. He had a decent chunk of savings, $4,000, as a down payment. The dealer said that was more than enough. “I didn’t think I’d get one because of my credit,” he said. “But they worked it out somehow.” The sales price of his truck was about $21,000. Woodrum purchased … [Read more...] about How Subprime Car Loans Are Ruining Lives And Repeating The Mistakes Of The Housing Crisis
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You should worry more about your driving skills rather than the color of your car. See more pictures of sports cars. Photolink/PhotoDisc/Getty Images So, you've just driven up in your brand new sports car. It's a beauty. Clean, shiny -- and a luscious candy apple red. As you step out of your new ride your neighbor walks your way. "Nice car," he says. But he adds, with a knowing look: "It's a mighty shame. That beautiful red is going to drive up your insurance rate." As you spend more time with your new car, you hear that same sentiment more and more. For your part, you're furious that you're going to be punished just for having a red car. The good news is that the idea of the color of your car increasing your insurance rate is a common, but ultimately false, misconception [source: Insurance.com]. In fact, when insurance companies get the information for your car, it's typically through the VIN, or Vehicle Identification Number. The VIN tells your company the make, model and year … [Read more...] about How does the color of your car affect your insurance rate?
Start the Countdown There are many factors that go into determining your auto insurance premium, including driving record, age and vehicle safety features. But one of the most important factors that goes into the calculation is your location. See more car safety pictures. Hemera/Thinkstock If you watch any amount of television in America these days, chances are you've viewed countless car insurance ads. They feature talking geckos, cavemen, perky sales people and "mayhem" personified as a car-wrecking villain. Ad spending by the insurance industry now tops $4 billion, and auto insurance makes up a big part of it. Insurance companies are getting aggressive with their ad campaigns because of increasing competition in the field, and because they want to attract new clients who, perhaps dissatisfied with escalating premiums, are increasingly taking to the Web to search for insurance quotes [source: Schultz]. There are many factors that go into determining your auto insurance … [Read more...] about 5 States with Unusually High Auto Insurance Rates
If you live an urban area, you probably pay more for your car insurance than your rural counterparts. See pictures of car safety. ©iStockphoto.com/JayLazarin Way back in 1891, inventor John William Lambert was trying out his new "horseless carriage" when he crashed into a hitching post. His top speed was only 5 miles per hour (8 kilometers per hour), so injuries were minor. But it's also safe to say that Lambert had no insurance to cover this, the very first auto accident on record [source: Ohio History]. We've come a long way since then. Today, every state requires drivers to carry insurance, and what you pay for insurance over the life of your vehicle can be greater than the cost the car itself. As you probably know, insurance companies base their rates on many factors, including your age, driving record, marital status and the type of car you own. What may come as a surprise, though, is that where you live also has a significant effect on your insurance premium. The … [Read more...] about How does where you live affect your auto insurance rate?
Start the Countdown Image Gallery: Car Safety Remember to hook up your trailer behind your car. See more car safety pictures. Purdue9394/iStockphoto Maybe you've just bought a boat and you want to take it out on the lake. Or perhaps you're preparing to move to a new city and you need to rent a trailer to carry your belongings. Or you may want to take your family on a cross country trip in an RV and tow a second vehicle behind you for sightseeing trips. These are just a few reasons why you might need or want to tow something behind your vehicle. Towing can come with some risks. Careful drivers and consumers can minimize those risks and make their experience much less stressful. We're going to look at 10 risks associated with towing and how drivers should approach each one to keep themselves and their property safe. If you're new to towing, you should find the time and place to practice common maneuvers. An empty parking lot is an ideal practice location. You'll need to … [Read more...] about Top 10 Towing Risks to Keep in Mind