Monday, April 16, 2012
Disclaimer
The views expressed on this blog are 100% those of Phil Martin and do not necessarily reflect those view of H.M. Brown & Associates, VistaHM LLC or Summit Automotive Parters.
Wednesday, October 20, 2010
Tire Pressure Monitor Systems (TPMS)
The TPMS can be annoying. I'd recommend a visual of the tires on the ground to see if any are noticeably low; if one or more looks low, check at the next convenient time and inflate/deflate to meet specs. Look in the drivers door jam for a label that shows the correct tire pressures.
FYI the car is equipped with special valve stems with electronic transponder sensors that send a signal if the actual tire pressure is +/- 2 psi. If not remedied, make note to have franchise dealer check it if warranty claim needed.
Tuesday, September 28, 2010
What is a “One Pay” lease and why should I consider it?
A “One Pay” lease is a motor vehicle lease which you make one payment, upfront, pre-paying the entire lease. The lease companies that do offer such a lease structure offer you a (sometimes very significant) reduction in the interest expense on the lease as an incentive to you to give them the use of your money upfront.
Not all leasing companies offer a “One Pay” lease because they do not have the accounting software in place to handle such a transaction.
You do not need to make payments on a “One Pay” lease.
People with blemished credit history can often take out a “One Pay” lease and not pay a higher rate due to their past credit history.
It is not recommended to make a down payment on a “One Pay” lease.
Do not consider a “One Pay” lease if you think that you might want to break the contract or end it prematurely.
Not all leasing companies offer a “One Pay” lease because they do not have the accounting software in place to handle such a transaction.
You do not need to make payments on a “One Pay” lease.
People with blemished credit history can often take out a “One Pay” lease and not pay a higher rate due to their past credit history.
It is not recommended to make a down payment on a “One Pay” lease.
Do not consider a “One Pay” lease if you think that you might want to break the contract or end it prematurely.
Thursday, September 23, 2010
Friday, January 8, 2010
Three different ways that you may title a motor vehicle
There are three different ways that you may title a motor vehicle.
Individual or Sole Ownership
The primary benefit of titling the ownership of a motor vehicle in just one person’s name (Individual) is that you alone dictate the legal aspects of ownership (buy, sell, trade, etc.) You and you alone must sign documents to purchase/trade/sell the vehicle. No other person is required to sign any documents.
Estate Issues
In the event of a person’s death, a motor vehicle (Sole Owner) becomes part of that person’s estate. Depending upon the person’s estate status, the vehicle cannot be sold/traded until the estate has been probated, and the administrator/executor would be the party responsible for disposing of the vehicle. An original copy of the decedent’s death certificate is required to sell/trade the vehicle.
Joint (or Joint Tenancy with Right of Survivorship – JTWROS)
The primary benefit of Joint ownership is that both individuals agree to ownership. Both persons must sign documents to buy/sell/trade the vehicle.
Estate Issues
The primary benefit of JTWROS ownership is that in the event of the death of one of the two owners, the other owner may sell/trade the vehicle OUTSIDE the estate of the decedent (deceased). An original copy of the decedent’s death certificate is required to sell/trade the vehicle.
Trust
A motor vehicle may be titled in the name of a Trust, and usually only one of the Trustees signatures is needed to buy/sell/trade. Most financial institutions will NOT allow a lien (loan) on a motor vehicle owned in the name of a trust.
Estate Issues
The primary benefit of TRUST ownership is that either of the Trustees may sell/trade the vehicle at any time. (Only one Trustee’s signature needed.) In the event of the death of either of the Trustees, the other Trustee may sell/trade the vehicle at their discretion.
Individual or Sole Ownership
The primary benefit of titling the ownership of a motor vehicle in just one person’s name (Individual) is that you alone dictate the legal aspects of ownership (buy, sell, trade, etc.) You and you alone must sign documents to purchase/trade/sell the vehicle. No other person is required to sign any documents.
Estate Issues
In the event of a person’s death, a motor vehicle (Sole Owner) becomes part of that person’s estate. Depending upon the person’s estate status, the vehicle cannot be sold/traded until the estate has been probated, and the administrator/executor would be the party responsible for disposing of the vehicle. An original copy of the decedent’s death certificate is required to sell/trade the vehicle.
Joint (or Joint Tenancy with Right of Survivorship – JTWROS)
The primary benefit of Joint ownership is that both individuals agree to ownership. Both persons must sign documents to buy/sell/trade the vehicle.
Estate Issues
The primary benefit of JTWROS ownership is that in the event of the death of one of the two owners, the other owner may sell/trade the vehicle OUTSIDE the estate of the decedent (deceased). An original copy of the decedent’s death certificate is required to sell/trade the vehicle.
Trust
A motor vehicle may be titled in the name of a Trust, and usually only one of the Trustees signatures is needed to buy/sell/trade. Most financial institutions will NOT allow a lien (loan) on a motor vehicle owned in the name of a trust.
Estate Issues
The primary benefit of TRUST ownership is that either of the Trustees may sell/trade the vehicle at any time. (Only one Trustee’s signature needed.) In the event of the death of either of the Trustees, the other Trustee may sell/trade the vehicle at their discretion.
Friday, December 11, 2009
Friday, November 20, 2009
Short Supply Market Conditions, Explained
Import Manufacturers to the US marketplace allocates vehicles to dealers based upon their prior (period of time) sales of certain models. When a dealer receives an “allocation” of cars, this list denotes specific vehicles to be produced, with the color, trim, and options, etc. For example, if an allocation of cars were given to day to dealers in a specific geographic region, the cars would likely arrive at dealers 5-6 weeks in the future. Most manufacturers typically give two allocations per month. Dealers in any given geographic region meet collectively with the manufacturers to agree upon typical factory options to be added/built onto specific model groups.
Due to the proliferation of models by any given manufacturer and the multitude of different option configurations within a model group, no one or geographic group of franchised dealers will have an extensive selection of models from which consumers can choose. For this reason most dealers generally agree to trade inventory (dealer trade) amongst one another, ultimately to satisfy individual customer orders/demand. This process is called “dealer trade”.
As part of my full service offering to my clients, I seek out vehicles to meet my clients’ desires/orders at no less than 3 dealerships, many times as many as eight, as market conditions demand.
If my research results in locating NO available vehicles to meet my clients’ order, I will expand my search to vehicles (in the pipeline, that is to say vehicles that are nearing the completion of assembly to cars that are in transit to dealers), or expand the geographic search. Due to the high cost associated with transporting a vehicle by commercial truck carrier, at some point this option is not cost effective.
Due to the proliferation of models by any given manufacturer and the multitude of different option configurations within a model group, no one or geographic group of franchised dealers will have an extensive selection of models from which consumers can choose. For this reason most dealers generally agree to trade inventory (dealer trade) amongst one another, ultimately to satisfy individual customer orders/demand. This process is called “dealer trade”.
As part of my full service offering to my clients, I seek out vehicles to meet my clients’ desires/orders at no less than 3 dealerships, many times as many as eight, as market conditions demand.
If my research results in locating NO available vehicles to meet my clients’ order, I will expand my search to vehicles (in the pipeline, that is to say vehicles that are nearing the completion of assembly to cars that are in transit to dealers), or expand the geographic search. Due to the high cost associated with transporting a vehicle by commercial truck carrier, at some point this option is not cost effective.
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