What is a credit score? When you apply for a credit card, a loan, or even insurance, lenders check your credit score. This number is used to evaluate your creditworthiness. Your creditworthiness is an estimate of how likely you are to repay your financial commitments.
Why is it important? Your credit score can impact everything from your ability to get an auto loan or a credit card, to rent an apartment, to get a mortgage or even auto insurance. Your credit score can also play a role in determining your interest rates. FICO credit score ranges from 350 (very unlikely to repay) to 850 (very likely to repay). Often a 720 or higher is considered a strong FICO credit score, but different lenders have different standards.
There are multiple credit scores. Is this true? Yes. You can have different credit scores depending on which credit reports and which scoring models are used. [...]
Comments Off on Ford, following Trump criticism, cancels plans for $1.6 billion Mexico plant
DETROIT — Ford Motor Co., following months of withering criticism from President-elect Donald Trump for expanding operations in Mexico, said today it will cancel its $1.6 billion assembly plant in the early stages of construction in Mexico, instead investing $700 million in the U.S. to bring to market seven of 13 electrified vehicles.
The plans, in part, include an F-150 hybrid, Mustang hybrid and a fully electric SUV with a 300-mile electric range.
Ford CEO Mark Fields called the reversal a “vote of confidence” in Trump and his pro-growth policies.
“We’ve made this decision independently on what’s right for Ford, but we look at all the factors,” Fields said. “Our view, we see a more positive U.S. manufacturing business environment under President-elect Trump and the pro-growth policies and proposals he’s talking about.”
Ford in December 2015 announced plans to invest $4.5 billion in electric car research and add 13 electrified vehicles to its lineup by [...]
Comments Off on Car History Report: Which One Is Right for You?
Getting a vehicle history report is a critical step in the car-buying process. The report uses the Vehicle Identification Number (VIN) to find important information on the car, where it’s been, and how it’s been used.
It can tell you whether the car has been in an accident, flood, or fire, and if it’s been stolen and recovered. It will also tell you the odometer reading, the service and ownership history, and the all-important title branding, which will indicates whether the vehicle has been salvaged or deemed damaged beyond a certain percentage of the car’s value.
If you’ve found a car that seems too good to be true, stop, it might be. Before you buy it you should take it to a third-party mechanic for an inspection, call the owner, and run the vehicle history report first – or risk a costly mistake.
“It’s important to remember that for the vast majority of consumers, buying [...]
Comments Off on Self-driving cars will have to pry the steering wheel from our cold, dead hands, poll says
Americans like the idea of self-driving cars, but are less willing to cede control of the steering wheel to a computer program, according to a new poll released today. An overwhelming majority, 80 percent, said humans should always have the option to drive themselves, while 64 percent expressed a need to be in control of their own vehicle.
Moreover, people are essentially torn between the promise of safety and the need for control: 49 percent said they prefer a safer roadway even if it means they would have less control over their vehicle, while 51 percent said wanted to stay in the driver seat, safer streets be damned.
Opinions like these will become increasingly relevant as self-driving cars become more mainstream. Right now, they are floating in limbo between hype and skepticism. Uber is offering a handful of Pittsburgh residents free rides in its self-driving cars. Ford, BMW, and Volvo say they plan to offer [...]
Comments Off on The 10 most expensive cars in the world make Teslas look like Toyotas
The most expensive cars in the world are so much more than transportation. These rolling art pieces encapsulate the priorities of the one percent, and in that universe, flamboyance and swagger take precedence over practicality and efficiency. Lifestyle criticisms aside, these are truly mind-boggling machines, and we’d like to count down our favorites for you here.
For the sake of clarity, we’re categorizing recently made, road-legal production vehicles only — limited runs notwithstanding — and we’re leaving out classic cars sold at auction. We’re also limiting the list to one entrant per nameplate, so don’t expect 10 different iterations of the same Bugatti Veyron. So whether your name is Buffet, Gates, Stark, or McDuck, these rides are for you — the most exorbitant people-carriers on the planet. They say money can’t buy happiness, but after viewing this list, you just might beg to differ.
Comments Off on REPORT: USED CAR SALES STRONGER THAN EXPECTED IN FIRST HALF OF 2016
At the start of 2016, a number of analysts predicted a sharp drop in used car prices and values. A look at the numbers through July, however, has shown that used cars have performed relatively well, despite the increase in used vehicle inventory and attractive incentives for new car sales.
According to Automotive News, analysts initially predicted a slump in the used car market because of a glut of vehicles coming off of lease. The AN report estimates 3.1 million off-lease vehicles to enter the market by the end of 2016, an increase from 2.3 million last year. That said, experts predicted used car values would slide 3 to 5 percent this year.
However, that hasn’t been the case. Demand for pickup trucks is one reason for the resilient used vehicle values. According to the report, subcompact and midsize car values are lower year-over-year, but strong used truck sales have offset the slump in weaker [...]
Comments Off on Lamborghini’s $2.3 million Centenario Roadster sold out before debut
Lamborghini’s $2.3 million Centenario Roadster is so exclusive, it sold out before its debut today at Monterey Car Week.
Only 20 of the limited-edition supercars will be built, and Lamborghini says they already have been claimed.
The roadster was built to commemorate founder Ferruccio Lamborghini’s 100th birthday. A $2 million coupe, also a limited edition of only 20 cars, was unveiled at the Geneva auto show earlier this year. It is also sold out.
The body of the Centenario roadster is carbon fiber. The car weighs 3,461 pounds.
The car features a new rear-wheel-drive steering system that enables better and more agile turns at low speeds. At high speeds, the rear tires turn in the same direction of the steering angle, “which leads to a virtual increase of the wheelbase,” Lamborghini said in a statement today.
The all-wheel-drive roadster has a 6.5-liter, 770-hp V-12 engine and can sprint from 0 to 60 mph in 2.9 [...]
Comments Off on Nissan will take 34% controlling stake in Mitsubishi Motors
YOKOHAMA, Japan — Nissan Motor Co. will invest 237 billion yen ($2.2 billion) to take a controlling 34 percent stake in Mitsubishi Motors.
The purchase is poised to vault Nissan past Mitsubishi group companies to become Mitsubishi Motors’ single-largest shareholder.
The companies today said they plan to sign an agreement by May 25 in which Nissan can name four directors to Mitsubishi Motors’ board. A Nissan-appointed director can also be named chairman of Mitsubishi Motors, according to a filing today. The deal will be invalid if not completed within a year.
Nissan is riding to Mitsubishi’s rescue after it called out Mitsubishi for cheating on emissions tests, plunging its close partner into crisis and uncertainty about its very viability.
Nissan CEO Carlos Ghosn and Mitsubishi CEO Osamu Masuko outlined the alliance after the boards of both companies met separately earlier today to sign off on the plans.
Comments Off on Nissan in talks to take control of Mitsubishi Motors, report says
Nissan Motor Co. may invest more than 200 billion yen ($1.84 billion) in a play to take over Mitsubishi Motors Corp., two people familiar with the matter told Reuters.
The boards of Nissan and Mitsubishi Motors will meet separately on Thursday to decide investment and operational details, sources from each carmaker told Reuters today.
Mitsubishi, which admitted last month to cheating on fuel-economy ratings, said today that nine more models including an SUV may not have been properly tested as the scandal spreads beyond the initial batch of minicars.
Orders for Mitsubishi vehicles in Japan have plunged after the company first revealed it had overstated the fuel economy of its minicars by as much as 10 percent. The scandal has also affected Nissan, which sold two of the minicar models under a partnership agreement.
Mitsubishi Motors hasn’t sought support from Mitsubishi group companies and aims to solve the crisis on its own, CEO [...]
Comments Off on Trouble selling grandma’s cars sowed seed for $1 billion startup.
In summer 2012, Christian Bertermann was a frustrated young man trying to get rid of two old cars that belonged to his grandmother.
Bertermann, 31, an Internet specialist in Berlin, had recently quit his job at Groupon Inc., and along with fellow entrepreneur Hakan Koc wanted to set up his own company. Spurred by Bertermann’s inability to find a dealership to both value and sell the vehicles, the men created an online business to fill the gap.
The venture, now called Auto1 Group, was valued at more than $1 billion in a financing round earlier this year that raised $100 million. Its owners are now seeking $500 million more in debt and equity as they target international growth.
Koc declined to comment on how the new round of funding might value the company, pointing instead to the fact that monthly revenues have tripled to $70 million since the last valuation. The company’s annualized revenue run [...]
Comments Off on SUBARU RECALLS VEHICLES FOR AUTOMATIC BRAKING ISSUE
Subaru of America Inc. is recalling certain model year 2015 Legacy vehicles manufactured March 10, 2014, to April 16, 2015, Outback vehicles manufactured Feb. 24, 2014, to April 16, 2015, Impreza vehicles manufactured Sept. 9, 2014, to April 14, 2015, XV Crosstrek vehicles manufactured Oct. 16, 2014, to April 15, 2015, and 2016 WRX vehicles manufactured March 23, 2015, and equipped with the Eyesight Driver Assist System.
If the switch that activates the brake lights fails, the automatic pre-collision braking component of the driver assist system will not function.
If the automatic pre-collision braking system does not function as intended, the vehicle will not react to an obstacle in its path, increasing the risk of a crash.
Subaru will notify owners, and dealers will reprogram the driver assist system, free of charge. The manufacturer has not yet provided a notification schedule.