Tennessee 32nd Most Expensive State to Own a Car

Did you know that where you live affects how much it will cost you to own your car? The cost of a car doesn’t end at the dealership. There are ongoing taxes, gas, and insurance. Depending on where you live in the United States, it affects how high your ownership cost can be.

The Most Expensive States

The top three most expensive states are Wyoming, California, and Georgia. Wyoming’s costs are high due to gas prices and bison. Frequent collisions with bison raise insurance rates. Californians pay high annual taxes for poorly-maintained roads. Georgia’s combination of taxes and high gas prices make it the most costly state to own a car. Oregonians have the lowest insurance costs. They pay no state sales tax, and don’t have to pump their own gas. This makes it the cheapest state in which to own a car. 

What about Tennessee?

Tennessee is the 32nd most expensive state, costing about $3000 per year.  That’s actually not too bad. You may not want to pack up and move based on this information, but it is good to keep in mind when you’re at the dealership eyeing your next car. Your outlay doesn’t end at the dealership.  It just gets started.

Read the full article here:
http://www.motiveautofinance.com/252/states-where-only-the-rich-can-afford-to-own-a-car/

Buy Rate vs. Contract Rate: Why is Better?

If you are looking for an auto loan then you must understand the difference between a buy rate and a contract rate. The contract rate is the rate that the dealer offers you, the buyer, and the buy rate is the rate that the lender submits to the dealer when you seek a loan through them. This slight difference between the two rates can equal big bucks when purchasing a car. Always try to get closer to the buy rate than the contract rate and if you have to, offer a flat fee on top of the buy rate. If it’s still not satisfactory make sure to shop around for loans from other places.

Read the full article here:
http://www.consumerfinance.gov/askcfpb/727/what-buy-rate.html

Is Volkswagen Going to Expand Its Respected Tennessee Plant?

Though Volkswagen loves to point at its Chattanooga, Tennessee plant as a working example of efficient production and energy conservation, the German automaker refuses to answer questions as to whether or not the plant will produce VW’s new crossover SUV.

Tennesseans are hopeful that they will indeed be given the honor of making this new vehicle. In fact, they are so keen on getting the assignment that a whole gaggle of local officials made their ways to Wolfsburg, Germany to make their case at VW headquarters in early June. Industry observers believe that taking on the crossover will double the number of workers at the plant from 2,500 to 5,000. Currently, each year, the plant generates about $53 million in state and local taxes along with more than $643 million, according to a recent University of Tennessee study.  

Writing about the trip, Chattanooga Mayor Andy Berke said, “We are always looking for ways to work with them and encourage their growth in Chattanooga.” Jim Coppinger, the mayor of nearby Hamilton County, expressed similar thoughts when he said, “No doubt it takes incentives.”

Most believe that VW will make a decision in July.

Threat of Regulation Impacting Bad Credit Car Loan Approvals

The article begins by mentioning that the automotive retail industry’s rate of subprime approvals went down by 4% last month. Regardless of the reason behind the decline, some states around the country are starting to threaten the industry with additional regulations to ensure they are not taking advantage of consumers that have low income levels. Lenders, in fear of impending regulation, are approving fewer consumers for auto loans.

Read the full article here:
http://www.fi-magazine.com/News/Story/2013/04/CNW-Regulatory-Fears-Driving-Down-Subprime-Auto-Loan-Approvals.aspx

Average Car Prices Increase $129

A recent report from the Truecar.com has indicated that the average price which consumers are paying to purchase new cars has risen by over $100 in the last month, primarily due to increased interest in cars with fully-loaded features. Additionally dealer incentives for these cars have decreased, resulting in the need for consumers to put up more of their own money to purchase new and used vehicles.

Read the full article here:
http://www.fi-magazine.com/News/Story/2013/04/TrueCar-Transaction-Prices-Up-1-1-Percent-in-March.aspx

Americans Getting Ahead On Their Car Loans

During the holiday season of 2012, which in the final quarter of the fiscal year is marked by consumer cutbacks, saw fewer Americans behind on their car payments. This signifies that the rate for late-payments of car loans has dropped; record lows for the annual level.
For some reason auto owners are taking their auto loans more seriously, putting them at the top of their priority in their budgets even when things get tight.
As consumers replace their older automobiles, a million more units are anticipated to be sold. Last year U.S. auto sales increased by 13.5%, to 14.5 million.

Read the full article here:
http://autofinancenews.net/profiles/blog/show?id=2192375%3ABlogPost%3A71062&xgs=1&xg_source=msg_share_post

New “Guns-in-Trunks” Law Being Passed in Tennessee

The senate in Tennessee has passed a vote 72-22 in favor of a new gun law. Permitted gun holders can take a firearm to work with them, as long as it is locked in the trunk of their vehicles. This new bill has been dubbed “Guns-In-Trunks” and is awaiting the Governors approval.

Safe Driving Course Comes To Hardin Valley Academy

Teen fatalities in automobile accidents throughout the U.S. rose last year by 19 percent, with

Tennessee

and Indiana tied for the largest increase. State Farm Insurance agent Mike Lewis helped design and implement a successful teen driving course in North Carolina. That program is coming to the Hardin Valley Academy, in Knoxville, beginning March 9th. The need for improved driving skills, and reduced susceptibility to distractions, is obvious, and those are among the goals of the Lewis’ Street Safe driving course. The course fee is $55, and it’s open to all students; apply on-line at “streetsafeus.com.”

East Tennessee Vehicle Thefts Increasing

Tennessee law enforcement agencies warn citizens of the dramatic increase in stolen cars since December in East Tennessee. The cars are being stolen for their scrap metal value. Tennessee scrap metal businesses are checking vehicle identification and taking fingerprints for law enforcement agencies. Scrap metal businesses are required to hold vehicles for three days before crushing.

New TN Epidemic: Scrapyard Pawn Shops

A new kind of criminal is emerging these days in Tennessee, using scrap yards as easy game for making a quick buck on salvaging cars. Only problem is, the cars belong to someone else. They are stolen, towed right from your yard or a parking lot. In this most recent case, the vehicle was left on the highway until the owner could come back for it, only to come back to nothing.