Avoid Repossession, Negotiate With Your Bank

Published: February 28, 2010
Posted in Auto Financing

If you are to miss one payment on your auto financing your bank can legally repossess your vehicle according to the Federal Trade Commission. When your car is repossessed, it not only takes away your transportation, it negatively effects your credit score will cause problems with subsequent auto loan approval. After the creditor takes your car back and sells it, you will be responsible financially for any additional money owed on the vehicle that the lender was unable to re-coop from the sale. Most lending agencies prefer not to repossess because it often results in a loss of revenues. You may be able to negotiate an alternative to repossession with the bank.

There are alternatives to repossession alternatives such as a simple loan modification, like a change in payment due date. You may be buried under late payment fees and need them to be waived so you can afford your regular payment. Lenders are often open to working out solutions to avoid repo.

Be proactive and call your lender to ask for the supervisor who has the authority to negotiate with you and propose an alternative. He/she may be willing to negotiate, If not, propose another idea or you can always ask for suggestions. Make it clear that you want to avoid repossession and are willing to work with the bank or lending institution.

Be sure to ask for a copy of the agreement in writing once you have negotiated a solution to prevent repossession. The bank should be willing to provide this.  If you do not get the agreement in writing the lending institutiion will not be legally obligated to follow through and could still repossess the vehicle.

Once you have addressed your credit issues, if you are in the market for a new vehicle, visit GMT Auto Sales in St. Louis today.

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Uninsured Motorist Laws

Published: February 28, 2010
Posted in Guaranteed Financing

According to recent statistics, 14 percent of all drivers in America have no auto insurance. In order to protect insured drivers from this large population of uninsured, many states have laws pertaining to coverage in accidents involving uninsured drivers.

Many states require all drivers to carry minimum coverage for damage from uninsured motorists. This type of insurance requires the insurer to pay an accident claim as it would be reimbursed when the person at fault had insurance. The law may also allow the victim to sue the uninsured driver for damages incurred from the accident.

Uninsured motorist laws have been put into place to protect insured drivers from suffering damages resulting directly from motorists who are driving without insurance, and also as an incentive to give consumers more motivation to purchase auto insurance.

Most uninsured motorists are unable to afford auto insurance and they may need to drive to get to work every day particularly if they live in rural areas where public transportation does not exist.  Therefore when an accident occurs, even if the uninsured motorist is sued, he/she may not have the resources to cover the damages, hence the reason uninsured motorist insurance is available and highly advised.

Uninsured motorist laws may differ from state to state, but most regions will revoke a motorist’s driving privileges if there has been an accident and that individual will not be allowed to be re-instated until they pay for any injuries or damages that they caused.

You may want to review your particular state laws to find out what your rights are regarding uninsured motorists.

If you are searching for a new vehicle, visit GMT Auto Sales in St. Louis and ask about guaranteed financing policy to get you in a new car right away if you have had a recent auto accident.

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Select a Quality Car Cover

Published: February 23, 2010
Posted in Guaranteed Financing

Why You Should Use A Quality Car Cover To Protect Your Car From Damage

If you are a car enthusiast, chances are you have more than one car and perhaps multiple autos filling up your garage, overflowing into the driveway, or if you are not a car enthusiasts, but you have a primary car that cannot be parked in a garage, then you may want to consider purchasing a quality car cover to protect your investment from the elements.

A car cover will protect your car from the effects of snow, ice, rain, or extreme sun damage, and it may also prevent your vehicle from getting scratched or dented, car covers were developed as a barrier between your automobile and things like tree sap falling on the car destroying the paint job.

But be aware that not all car covers were created equal. Most covers were developed as a barrier between your automobile and things like tree sap falling on the car destroying the paint job or fading over time in the sunlight

The two types of covers you will find are: water repellent and water resistant.   Most people would think the waterproof or water repellent cover would provide the highest level of protection, however repellent covers

Quality car covers can be purchased for under $100 in most car stores. Some covers are made to just fit certain cars, but for other common types of cars, custom made covers are able to be bought as well. Both can save your car from enormous damage.

There are two kinds of car covers waterproof and water repellent or resistant. Typically one would most think a waterproof cover would provide the best protection, however, water repellent covers allow for a car to breathe so that water doesn’t build up becoming trapped underneath the cover. A waterproof cover, will most likely stop more of the water from getting in, but will also trap a lot more water. Waterproof car covers are usually at a lower price. The difference in the price is not significant, water repellent covers are higher priced but they can provide more protection for your vehicle.

If you are looking for a used or pre-owned vehicle, see your GMT Auto Sales dealership in St. Louis and ask about our guaranteed financing program and drive away in your new car today.

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Get Paid to Drive Your New Car

Published: February 23, 2010
Posted in Auto Loan

Did you know that you can get cash to drive that car around whether you are driving to work or traveling to a vacation spot, companies will actually pay you to put some advertising on your car for their products? The ads may be small like a bumper sticker or they may cover the entire car. You can receive cash for driving your car around town while you advertise the companies for reimbursement.  The products range from things that many of us use for everyday use, to new products that large corporations are marketing.

Many companies are looking for average Americans to place ads on their cars. These companies are intermediaries for big companies who want to advertise on cars; the intermediaries receive cash by the other company to act as headhunters to find people who are willing to advertise for cash.

You can find the intermediary companies who are looking for cars to advertise on by doing a Google search on your computer and look for references on any companies that come up. Check out the companies that are registered with the BBB (better business bureau) in the state in which they are located before doing any business with that company.

Many of these intermediary companies may require that you pay a fee to get access to listings in their database; this is why it is important to check out any companies out with the BBB, better business bureau. Legitimate intermediary companies will charge you for using the database.  Here are some viable companies to use in your search;

The Free Car Connection is a nationwide company that charges only $29.95 to join in the database where you will find companies willing to pay you for ads. “Free Cars” are another recommended site; they can notify you as to whether you qualify before you pay any money. Both of these companies offer a money back guarantee.

So if you have a new or used vehicle that you purchased from GMT Auto Sales in St. Louis, you may be interested in using your car to advertise to help to pay for your auto loan, insurance, and gas expenses.

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Tips for Selecting a Great Car for Under 1K

Published: February 23, 2010
Posted in Used Truck Sales

If you are looking for a cheap car, you may want to consider taking a car expert with you to select your used car for $1,000 that is if you are not that educated in car maintenance.

Check the following;

  • All fluids they should be yellow or brown
  • Wipers, heater, lights and all other accessories
  • Air conditioner,
  • Electrical switches
  • Outside headlights and taillights,
  • Check the horn
  • Transmission fluid should be red or orange not black

Then test drive the car and not if it has trouble starting, does the engine run smooth or is it rough?  A little roughness is fine in an older car but it should not die or lunge ahead when you accelerate.  The steering should be fairly easy with no audible noises noted when you turn.  There is usually some suspension vibration in older cars but it should not be so severe that it impedes normal steering and maneuvering.  The transmission should shift smoothly.

Make sure to check the maintenance records, it is really important to keep the maintenance done in these older vehicles if they are expected to continue to run with high mileage.

Once you have selected a used car, have it inspected by your mechanic that you know and trust. Often the mechanic will advise you as to whether he thinks the car will meet your needs or if it is a lost cause. The inspection will cost about $75, but is essential, particularly with older vehicles.   If the seller will not allow you to have it inspected, walk away from the deal.  Be sure to check all paperwork and make sure the car doesn’t have any back registration fees due. Try to make sure the car has a current registration and that the owner has the pink registration slip for legal transferred.  If you have any doubts about the registration or title, check with your local St. Louis DMV before handing over cash.

The process of purchasing an old car is quite different from when you visit your local GMT Auto Sales used car or used truck sales department.  Many of our vehicles are certified and have already gone through a multi-system check with a licensed mechanic, and they come with an extended service plan as well, we’ve taken the work out of buying a pre-owned vehicle.

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New Concept Sports Car

Published: February 23, 2010
Posted in Guaranteed Credit

A new high performance green car would certainly be welcome by environmentally conscious car enthusiasts everywhere.  It started when the Telsa was launched; the all electric 2-seater that can travel 300 miles on a single charge, but the first Telsa was only for an elite group who could afford to pay $110K.  Telsa has a relatively short history of car production, which is also an issue for some consumers.

BMW has developed its own version of a green sports car, the BMW Vision Efficient Dynamics, a full-hybrid four-wheel drive 2+2 sports car with plug-in technology. The Vision Efficient Dynamics sports car puts out 356 hp and 590 lb-ft of torque, using a combination of two electric motors, a lithium-polymer battery back, and a lightweights, three-cylinder diesel range-extending  engine that achieves a combined fuel consumption of 3.76 liters of diesel per 100 km and combined CO2 emissions of between 50 and 99 g/km.

If this vehicle doesn’t spark car enthusiast interest in alternative fuel vehicles, nothing will: A senior BMW executive states that the automaker plans to produce the stunning Vision Efficient Dynamics plug-in hybrid concept car for consumer sales.

It is projected that BMW will manufacture between 5,000 and 10,000 units per year. The car may also exceed its current speed of 0-62mph in 4.8 seconds, before its final form is launched, and may become a legend in the history of electric cars in the way it moves like an M1, although it may not be nearly as popular with “Bimmers” or other car enthusiasts who value the sleek look that German engineered vehicles have always been known for. Still it is not a bad looking vehicle, just simply not in the same league as the BMW of the past.

If you are looking for a pre-owned high performance sports car, see your local GMT Auto Sales and ask about our Guaranteed Credit program to be sure you can drive off in your new car today.

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Get a Grant for A New Car or Truck

Published: February 23, 2010
Posted in Auto Loan

If you are unable to afford the payments on an auto loan, and are in need of an automobile, you may qualify for a grant to purchase a car.  Owning a car can really open up options for jobs, and other opportunities available.  There are several different programs that offer financial assistance for low income consumers to buy cars.

The Bonnie CLAC is a program focused on helping people to travel easily to work, health appointments, and to drop off and pick up children from school.  Since the program was started in 2001, Bonnie CLAC has guaranteed more than $13 million in car loans and helped nearly 1,000 people buy cars. Applicants must first go through a process of financial counseling in order to qualify and they must have credit issues that prevent them from getting a traditional auto loan. Go to bonnieclac.org for more information.

Vehicles for Change is a non-profit organization that  accepts car donations to help low income families with car ownership “Since October 1999 Vehicles For Change has assisted more than 9000 individuals,  awarding over 3000 cars to consumers who were unable to obtain a vehicle on their own. According to recent research, seventy-three percent of consumers who participated in this program were able to get better jobs and increase their annual salaries by an average of $5,000.  In order to qualify for Vehicles for Change, participants must have a clean driving record, must also be employed (or have a job offer that can be verified) and pass a criminal background. For more information on this program, go to vehiclesforchange.org.

Working Wheels is a program designed to keep people from losing their jobs as a result of having transportation problems. In order to qualify for the Working Wheels program, the need for owning a car in relation to getting to and from a job must be demonstrated. There are independent programs that offer donated cars, motorbikes, or even donated trucks for commercial use, contact; however, independent variations of working wheels programs offering a range of donated cars, donated and donated trucks for commercial use can be found in various states. Contact your local chamber of commerce to get local contact information by going to working-wheels.org.

If you discover that you cannot qualify for a grant to purchase a used car, visit your local GMT auto dealer in St. Louis and check out our line-up of affordable cars and trucks.

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Get Your Car Out of a Snowbank

Published: February 23, 2010
Posted in Used Truck Dealers

With winter storms hitting across the country the chances of your automobile getting stuck have increased.  For those who live in snowy climates, maneuvering cars in deep snow may be a snap, but in Missouri where deep snow is not an everyday winter occurrence, you may need some help in learning techniques to get your car free after it has become stuck in the snow.  Here are some tips that are highly recommended by experts:

Engage the transfer gear case into four-wheel drive (if your car has it).  Then shift into the lowest gear available in your automobile and try driving forward, If the car won’t go forward, put it into reverse and try backing it up.  Next turn your steering wheel slightly and try driving in a different direction.  Get your shovel (that you have kept in your trunk when preparing your winter emergency kit in advance) and remove as much snow as you can from in front of all the wheels of the car.

Estimate which wheel(s) are slipping ask another motorist to look at the wheels while you step on the accelerator. Place sand, salt, dirt, cat litter or even a floor mat in front of the slipping wheel(s).  Then engage other motorists, passengers in the car and passer bys to help to push the car out of its stuck position while you ease the car forward by slowly stepping on the gas pedal.  Be cautious NOT to push on the gas pedal too fast, accelerating too much can cause your tires to spin, melting the snow beneath them and causing ice to form.  Be prepared to steer in the direction you need to go to get out of the snow, and brake after your wheels finally gain traction.

Looking for a 4 wheel drive vehicle to avoid getting stuck in the snow this winter?  Visit GMT Auto Sales used truck dealers and test drive a pre-owned 4×4 today.

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Antique Car Enthusiasts

Published: February 23, 2010
Posted in Auto Credit

Many people are unaware that it was Henry Ford with his popular Model T car who started the hobby of antique cars.  Ford automobiles continue to dominate the market when it comes to antique cars followed by General Motors models.

The models that many of the baby boomers owned in their youth make up a large percentage of popular models today but they come with lofty price tags. There are many cars from the fifties that are available and can still be found at reasonable prices and the parts and service necessary to restore the cars are plentiful.  So if you are thinking of starting an antique car hobby, but you have a budget restriction, you may want to consider a fifties model.

If you are wondering about where to look for a car, there are many specialty websites that sell antique cars online, try www.classiccartransport.com, which is a website that specializes in antique cars and even has classified ads for buyers and sellers to purchase or list for sale their old classic cars.  There are articles that discuss the process of getting auto credit for your antique car as well.

Many car collectors have a multi-garage set-up to store and work on their antique vehicles.  If you don’t have space in your garage (or you don’t have one), you will want to keep your car in your driveway, covered with a high quality car cover- see article named how to select a high quality car cover- to protect your investment from the elements.  Keep in mind that if you have a hobby car, you still have to continue to give it frequent drive periods to keep it in good mechanical condition.

Having an antique car hobby is not only a financial investment, it is an investment in your time as well, to keep the car running efficiently, and to attend week-end car shows so that you can show off your pride and joy!

If you are looking for a car to drive as your primary vehicle, be sure to stop in and visit your local St. Louis.

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Calculate the Payoff on Your Auto Loan

Published: February 23, 2010
Posted in Auto Loan

If you are planning to pay off your auto loan early, you will need to know how much is owed on your current balance.  Here are some principals to learn when attempting to estimate your car loan payoff;

Each day your loan continues to accrue interest, in addition to knowing the outstanding balance on your last statement, you also need to know how much interest has accrued since you paid the last payment on your auto loan.

Obviously the simplest way to find out what your payoff balance is would be to ask your lender, but when you are quoted a balance, be sure to find out what day of the week that payoff is good through as the payoff amount will change from day to day.  Since interest is accrued daily you may have incurred a few more dollars in interest charges by the time your final check arrives, and the quoted payoff balance may not be correct unless the lender has specified the payoff balance on the date the check will arrive.

If for some reason you cannot get the payoff amount from your lender, here is a way that you can figure it out for yourself if you know your interest rate and your  outstanding principal, (which is the amount you still owed at the time you made your last payment).

Divide your annual interest rate by 365 to arrive at your daily interest rate. For example, if your annual interest rate is 10 percent, your daily interest rate is around .0003 percent.  Multiply your daily interest rate times the principal due at the time of  your last payment, multiply by the number of days it has been since your last payment was made,  this will give you the amount that you currently owe, including interest. You’ll want to add a few extra days to allow your pa- off check time to get to your lender by mail.

After you pay off your old car, visit us at GMT Auto Sales and select your next used or certified pre-owned car.

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