Financial Service – SMLXtlarge http://www.smlxtralarge.com/ Tue, 28 Jun 2022 18:21:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.smlxtralarge.com/wp-content/uploads/2021/07/icon-5-150x150.png Financial Service – SMLXtlarge http://www.smlxtralarge.com/ 32 32 AEW Announced as Title Sponsor for Grand Charity Gala https://www.smlxtralarge.com/aew-announced-as-title-sponsor-for-grand-charity-gala/ Tue, 28 Jun 2022 18:21:31 +0000 https://www.smlxtralarge.com/aew-announced-as-title-sponsor-for-grand-charity-gala/ It has been announced that All Elite Wrestling and the Jacksonville Jaguars Foundation will serve as co-sponsors for this year’s KultureBall event. This comes as no surprise as AEW and KultureCity have had a working partnership since 2019 during the development of AEW’s first official pay-per-view, Double or Nothing. As previously mentioned, the partnership was […]]]>

It has been announced that All Elite Wrestling and the Jacksonville Jaguars Foundation will serve as co-sponsors for this year’s KultureBall event. This comes as no surprise as AEW and KultureCity have had a working partnership since 2019 during the development of AEW’s first official pay-per-view, Double or Nothing.

As previously mentioned, the partnership was originally created by former Chief Branding Officer Brandi Rhodes. Despite leaving the company in early 2022, Tony Khan has made it clear that he is “very committed” to AEW’s integrated work with KultureCity, going so far as to say that the organization is the “backbone of AEW”.

KultureCity is recognized as the nation’s leading non-profit organization for sensory inclusion and acceptance of people with sensory disabilities such as PTSD, autism, dementia and stroke. Following Rhodes’ departure from AEW, Khan, Amanda Huber and Leva Bates became designated leaders for the partnership between the nonprofit and AEW.

Another AEW star, FTW Champion Ricky Starks, noted on a recent issue of SiriusXM’s Busted Open Radio that he jumped at the opportunity to help KultureCity implement helpful resources at the AEW live shows. The company is now enabling sensory spaces where fans who are stressed or overwhelmed can relax and hopefully return to the show at some point.

“This is very important to me,” Starks explained. “Actually, before pro wrestling, I was a gymnastics coach for a part-time job… Among them were some kids who actually had autism and other disabilities, so it’s really important to me to go out there and just do those things because I like to give back. It’s cool to make an impact on someone else’s life, you know. To them, I’m just a wrestler. But on the other hand, that person now has a memory and feels good.”

KultureBall 2022 is scheduled for Saturday, August 27 in Birmingham, Alabama. A full press release on the announcement is below:

All Elite Wrestling and the Jacksonville Jaguars Foundation
Become a title sponsor of KultureBall 2022

— KultureBall celebrates inclusion and acceptance for all —

June 28, 2022 – All Elite Wrestling (AEW) and the Jacksonville Jaguars Foundation announced that they will be the co-title sponsors of this year’s KultureBall, one of the world’s most prestigious charity galas for the invisible inclusion of people with disabilities.

The gala will be held on Saturday, August 27 in Birmingham, Alabama and is titled AEW/JacksonvilleJaguars Foundation KultureBall 2022.

KultureCity, the nation’s leading non-profit organization for sensory inclusion and acceptance of people with sensory needs and invisible disabilities, has hosted the annual KultureBall since 2014 as the premier disability charity event. Additionally, at this year’s KultureCity event, KultureCity will honor outstanding individuals and organizations for their work and contribution to the disability community with the KultureCity Human Highlight Awards.

“We are proud to have AEW and the Jacksonville Jaguars as co-title sponsors of KultureBall and to further deepen our relationship with these two great companies,” said Uma Srivastava, executive director of KultureCity. “As KultureCity continues to push the boundaries of sensory inclusion and the number of people with sensory needs and invisible disabilities grows every day, this event gains even greater relevance and exposure for businesses and guests worldwide.”

“On behalf of the Jaguars and AEW, it is an honor to support KultureBall and its example of live events across the country and around the world,” said Tony Khan, CEO of AEW and Chief Football Strategy Officer for the Jacksonville Jaguars. “We look forward to continuing our partnership with KultureCity and ensuring our events are sensory inclusive, acceptable and inclusive for all.”

Additional KultureBall sponsors include Red Rock Secured, JH Berry, Harmony Venture Labs, D/Tales, City of Birmingham, Steadpoint Insurance, Homewood Pharmacy, Yogibo, UPS Foundation, Greg and Diane Knight, RedKnot Resource Group, UAB Callahan Eye Hospital, Alabama Power, Don and Lisa Barden Charitable Giving Fund and Sharecare.

For those interested in attending or sponsoring, please visit www.kultureball.com

CITY OF CULTURE
KultureCity is a leading non-profit organization known nationally for using its resources to revolutionize the community and effect change for people with sensory needs, not just those with autism. Since the program began, KultureCity has created over 1,000 sensory inclusive venues across 6 countries: these include special events such as the NFL Pro-Bowl, NFL Super Bowl and MLB All Star Weekend. KultureCity has received many awards for its efforts, including the 2017 NASCAR Betty Jane France Humanitarian Award and the 2018 Clio Sports Silver for Social Good in partnership with the Cleveland Cavaliers/Quicken Loans Arena. The Cleveland Cavaliers’ Quiet Space Sensory Room at Quicken Loans Arena was a finalist for the 2018 Stadium Business Award, KultureCity was recognized by Fast Company as one of the World’s Most Innovative Companies in 2019 and recently won the Industry Partner Award in The Stadium Business Design & Development award 2019

About AEW
Founded in 2019 by CEO, GM and Head of Creative Tony Khan, AEW is led by CM Punk, Jon Moxley, Thunder Rosa, Chris Jericho, Bryan Danielson, Claudio Castagnoli, Kenny Omega, The Young Bucks (Matt and Nick Jackson) and Adam Cole, Sting, FTR, Jungle Boy, Luchasaurus, Jade Cargill, Dr. Britt Baker, Scorpio Sky, Hangman Page, Sammy Guevara, Matt Hardy, Samoa Joe, Swerve Strickland, Miro, Lucha Bros., PAC, Darby Allin, Nyla Rose, Red Velvet, Ruby Soho, Toni Storm, Hikaru Shida, Athena, Malakai Black, Andrade El Idolo, Christian Cage, Eddie Kingston, Ethan Page, Orange Cassidy, Ricky Starks, Powerhouse Hobbs, Lance Archer, Keith Lee and many more. For the first time in many years, AEW offers an alternative to mainstream wrestling with a roster of world-class talent bringing new spirit, freshness and energy to the industry.

“AEW: Dynamite” airs every Wednesday from 8:00 p.m. to 10:00 p.m. ET on TBS and attracts the youngest wrestling audience on TV. The fight-forward show AEW: Rampage airs every Friday from 10:00 p.m. to 11:00 p.m. ET on TNT. AEW cross-platform content also includes AEW Dark and AEW Dark: Elevation, two weekly professional wrestling YouTube series, Being the Elite, a weekly behind-the-scenes YouTube series, and AEW Unrestricted, a weekly podcast series. For more information, visit Twitter.com/AEW; Instagram.com/AllEliteWrestling; YouTube.com/AEW; Facebook.com/AllEliteWrestling

ABOUT THE JAGUARS FOUNDATION
The Jaguars Foundation and the Community Impact Department are committed to strengthening the community in Northeast Florida and beyond by providing economic opportunity and equal opportunity through programs that strengthen neighborhoods and develop youth into next-generation leaders and changemakers. The Jaguars’ Community Impact team focuses annually on three key strategic areas: neighborhood revitalization, youth development and NFL league-wide initiatives. The Jaguars and the Khan family have always been strong supporters of our Jacksonville community and since 2012 have donated $22 million to many charities through the Jacksonville Jaguars Foundation, including $1 million in 2021 to support Jacksonvilles revitalization historic Outeast district.

Have a news tip or correction? send it [email protected]

Sign up for Wrestling Inc. Breaking News Alerts

]]>
Projects in downtown Oklahoma City are getting a boost from new clean energy loans https://www.smlxtralarge.com/projects-in-downtown-oklahoma-city-are-getting-a-boost-from-new-clean-energy-loans/ Sun, 26 Jun 2022 11:00:26 +0000 https://www.smlxtralarge.com/projects-in-downtown-oklahoma-city-are-getting-a-boost-from-new-clean-energy-loans/ The more than $80 million development, which has stalled for months, if not years, is scheduled to begin this summer after getting a boost from a new clean energy funding program created by Oklahoma County commissioners had received. The Commercial Property Assessed Clean Energy program, or C-PACE, provides developers with low-cost, long-term financing for energy […]]]>

The more than $80 million development, which has stalled for months, if not years, is scheduled to begin this summer after getting a boost from a new clean energy funding program created by Oklahoma County commissioners had received.

The Commercial Property Assessed Clean Energy program, or C-PACE, provides developers with low-cost, long-term financing for energy efficiency, renewable energy, water conservation and building resilience projects. The loans are linked to the property tax of the building as an assessment and will be repaid over a period of 20 years or more through a special assessment.

More:Downtown’s historic OKC bank is set to be converted into apartments and retail

Financing can be up to 100% finance depending on eligibility, no deposit and if the property is sold the remaining valuation can be passed on to the new owner.

]]>
Should I continue to accuse women lawyers of using the title “Esquire” which I believe is for men only and other questions in the advice column – Digg https://www.smlxtralarge.com/should-i-continue-to-accuse-women-lawyers-of-using-the-title-esquire-which-i-believe-is-for-men-only-and-other-questions-in-the-advice-column-digg/ Mon, 20 Jun 2022 12:47:09 +0000 https://www.smlxtralarge.com/should-i-continue-to-accuse-women-lawyers-of-using-the-title-esquire-which-i-believe-is-for-men-only-and-other-questions-in-the-advice-column-digg/ There are too many excellent advice columns to keep up with, so we’re committed to bringing you links to the best advice questions and answers each week. Here’s a roundup of the most interesting, thought-provoking, and surprising questions our favorite columnists have addressed over the past few days. Should I continue to accuse women lawyers […]]]>

There are too many excellent advice columns to keep up with, so we’re committed to bringing you links to the best advice questions and answers each week. Here’s a roundup of the most interesting, thought-provoking, and surprising questions our favorite columnists have addressed over the past few days.

Should I continue to accuse women lawyers of using the title “Esquire” which I believe is only for men?

I am a lawyer of a certain age and have been licensed for more than 40 years. I often have to send written messages to female colleagues.

When I started practicing, it was found that the track “Esq.” was exclusively for male lawyers, no female squires. In letters, women were addressed with “Atty”. Those who inquired were told that the female version of “Esq.” was “Good Woman”.

Well, my habit of calling women “Atty”. has come under fire, particularly when I rebuked a woman for using the honorific “Esq”.

The dictionaries now state that it is a unisex term. I’m not sure. What does Miss Manners think of the use of the term “Esq.” after a lawyer’s name?

[UExpress]

Judith Martin, Nicholas Ivor Martin and Jacobina Martin, the writers behind the role of Miss Manners, rule that female lawyers should be allowed to use the title Esquire. “Why you would want to provoke your colleagues by blaming them and suggesting the antiquated term ‘good wife’ (which referred to a manager like a landlady) Miss Manners cannot imagine,” they write. “If she were your attorney, she would advise you to stop immediately before you get into serious trouble.” Read the rest of her answer.

Is the community garden I run an “unsafe and hostile place for children” because there are bees in it?

I’m not a parent but would love to get the perspective of someone who is. I run a community garden in a suburb outside of a big city. Locals and families are given plots of land that they can use as they wish, with a few exceptions. A new family with young children recently acquired a property and a conflict has arisen. Another plot in the garden features mostly lavender and other pollinator friendly plants to support bees. The parents in this family have complained about this conspiracy and said they are worried about their children being stung by the bees, which often have several hovering around this conspiracy. I explained to them that this plot conforms to our rules and the woman in charge of it is a longtime member of the community garden. They claimed I was making the garden an “unsafe and hostile place for children” and even complained to Nextdoor! As a non-parent, am I being unreasonable to their concerns? This has never been noticed by other families who use the garden.

[Slate]

Allison Price advises the letter writer to be kind but firm about the family’s unreasonable expectations. “They can offer to relocate the plots so they are furthest apart (which understandably may have to wait until the next growing season), or offer a refund on their plot if they may have a severe bee sting allergy that makes them unsure feel,” she writes. Read the rest of her answer.

Can I try to transfer my son’s baseball teammate to another league because she is better than my son?

My 9 year old son plays baseball in a 8 to 12 year old league. There are two age groups. A few years ago, girls were allowed to play. (Some people protested.) Which brings me to my problem: There is a girl on my son’s team who is taller and taller than most boys. She is an excellent athlete. She also happens to play the same position as my son – which means he doesn’t get to play much. As a feminist, I have no problem with this girl acting. But can I suggest she gets promoted to the older division because of her size advantage?

[The New York Times]

Philip Galanes reminds the letter writer that under league rules, the girl is eligible to play on her son’s team. “Turn this into a learning experience for your son,” he writes. “We can’t be the best at everything, but we can still have fun doing it.” Read the rest of his response.

Should I stand my ground when I invite relatives to my wedding after my fiancee threw a rock at her child?

I’m engaged to a lovely, kind, sensitive woman named “Adele” who happens to be related to a notorious but long-dead criminal. All her life Adele has been teased for her surname and sometimes even ostracized when people found out she was actually related, although of course she and her family condemn this man and his actions…

At the barbecue introducing our extended families for the first time, my 15-year-old cousin “Kim” held up a picture of the criminal on her phone and made a horrible joke, even though my entire family had been warned not to mention him. In response, Adele threw a small rock at her, accidentally hitting her in the face and injuring one of her eyes. In Adele’s defense, she was unaware that Kim was only 15 and assumed (reasonably based on her clothes and looks) that she was at least a few years older. Kim’s parents have broken all hell and Adele has been charged with aggravated assault and aggravated child abuse, which has deeply disturbed her given her personal trauma.

The district attorney, who knows my family, has agreed to drop the charges if Kim refuses to testify. My uncle ‘Rob’ – my mother’s sister’s husband and Kim’s father – told us she would do this if Adele apologized to her and we agreed to pay 100 per cent of her medical and cosmetic treatment, which is still uncertain and could amount to tens of thousands of dollars. Rob has a good job and I’m sure he has excellent family health insurance. Kim also laments that her injury could prevent her from becoming a pilot, something she had previously only expressed a passing interest in. Worse, my whole family rallied around Kim – so I uninvited them all from our wedding to support Adele and the vows we’ve already taken.

In retaliation, Rob now says Kim will only decline to testify if, in addition to her previous demands, I invite my side of the family back (he, his wife and Kim will stay away). I might be more inclined to cooperate if Kim were just as remorseful – but neither she nor her parents have apologized in the slightest, claiming it was ‘just a silly joke’ and even suggesting Adele was because of her ‘blood’ violent.

I’m torn now because Adele will do anything to just say sorry, pay the bills and invite my family back over. In part because she is hurt by their lack of anger and the resulting explosion and wants to try to restore ties with them; partly because she wants a “nice, normal” wedding with both sides; but mostly because she’s afraid of the slightest possibility of having to spend even a day in jail if Kim testifies against her. Should I agree to that even though it would (A) cost us a lot of money and (B) give my family carte blanche to abuse them — and by extension disrespect me — and abandon them with the beginning of our marriage? Or should we stand firm, have our wedding without her, and trust that no sane judge with a good defense attorney will sentence her to prison for reacting to such atrocities as she did?

[Slate]

R. Eric Thomas advises the letter writer to contact Adele. “Look, there’s a lot of blame here and at some point you need to have a serious talk with your family about your dealings with Adele,” he writes. “But the fact remains that she hit a 15-year-old with a rock.” Read the rest of his response.

How can I get over my frustration that my friends didn’t give me enough cash gifts at my wedding to cover my expenses?

We just had a big wedding and our baby’s first birthday. We were a pandemic wedding that got canceled so it was great to have a big party with friends. I’m fighting though because I’m surprised at how little our guests gave and I feel guilty about it. In general, I’ve always heard you give $100-$125 per person, especially if you drink and eat (we had an open bar).

However, many people we consider good friends gave…much less. Some didn’t give at all. Getting around $100 per person would have covered the cost of each person at the wedding. Of course, if they didn’t have the money, we would understand, but many of them are very wealthy financially. I know it’s in the past now. But how can I not let that frustration and sadness color my friendships with these people? I know that’s not the point of the party, but it’s also hard not to feel like the party we threw was a little underrated.

[Slate]

Elizabeth Spiers challenges the letter writer to decide on an expensive wedding. “[C]Consider the possibility that your friends did their part by showing up to the wedding — according to your wishes, not theirs — and celebrating your wedding with you,” she writes. “I’m afraid the only person here who is unduly ungrateful is you.” Read the rest of her answer.

Can I tell my daughter-in-law that she’s young and clueless because she got a job in a crime-ridden neighborhood?

Okay, so my kid lost his job more than a year ago; being newlyweds on his wife’s student loans has been tough, but they’re getting through. We have helped financially when asked, which has not happened often. He’s taken some gig jobs and had some interviews but no offers and where they are Covid is still rampant and he has several risk factors. All this to say that they are doing things right and have limited options. She was offered a salary-enhancing, professional position in her field. Sounds good? Ready for the shoe? The location is in the center of a notorious crime ridden part of their big city. She doesn’t drive; he would probably drive her rather than risk commuter traffic.

So is there anything a mother can do other than lie awake imagining horrible things? Can we advise to wait for a safer option? No we can’t, can we? She’s excited about the offer, as she should be, but hey, they’re young and clueless. Sigh.

[The Washington Post]

Carolyn Hax points out that there are other people living in the neighborhood about whom the letter writer is expressing so much concern. “Perhaps if we all saw equal responsibility and equal investment and equal roles in all parts of human industry — and its socioeconomic by-products — we would lose less sleep over boogeymen and function better as a society,” she writes. Read the rest of her answer.

]]>
Grandma’s Marathon: Lindworm Brings Home Another Grandma’s Marathon Title – Duluth News Tribune https://www.smlxtralarge.com/grandmas-marathon-lindworm-brings-home-another-grandmas-marathon-title-duluth-news-tribune/ Sat, 18 Jun 2022 22:17:00 +0000 https://www.smlxtralarge.com/grandmas-marathon-lindworm-brings-home-another-grandmas-marathon-title-duluth-news-tribune/ DULUTH — Dakotah Lindwurm, the women’s grandma marathon champion, walked along the North Shore Scenic Drive for a warm-up Saturday morning and came back telling Carolyn Mather, “That’s a huge tailwind.” Mather, who works as the elite marathon liaison for Grandma’s Marathon and knows this race better than anyone, said, “You’re going to get the […]]]>

DULUTH — Dakotah Lindwurm, the women’s grandma marathon champion, walked along the North Shore Scenic Drive for a warm-up Saturday morning and came back telling Carolyn Mather, “That’s a huge tailwind.”

Mather, who works as the elite marathon liaison for Grandma’s Marathon and knows this race better than anyone, said, “You’re going to get the record.”

No, Lindwurm didn’t get it the Record, but oh she came close.

Lindwurm, who last year became the first Minnesotan to win the event since 1987, defended her title in style, covering the 26.2 miles from Two Harbors to Canal Park in 2 hours, 25 minutes and 1 second. That blasts the personal record of 2:29:04 she set at Grandma’s Marathon last year, right out of the water of Lake Superior.

“I can’t believe it,” said Lindworm of Eagan, Minnesota. “It’s a four-minute PR and a big step in my career. I’m so happy. I feel like I’m trying race after race to put together a great start to finish and today it finally all came together.”

Lindwurm, 27, literally runs with a smile on her face, a ray of sunshine beaming across the course and on Saturday she had a lot to laugh about as she was all alone for the last 10 miles and victory seemed to be in her hands.

But after that it was just tears, tears of joy as she crossed the line and gave grandpa Sev Wanous of Andover, Minnesota the biggest bear hug a petite 5-foot-1 marathon runner could give.

After winning the marathon, Dakotah Lindwurm hugs her grandfather Sev Wanous of Andover at the finish line of Grandma’s Marathon Saturday, June 18, 2022 in Duluth.

Clint Austin/Duluth News Tribune

“It’s the first time he’s watched me race and winning was incredible, but when I crossed the finish line and went straight into his arms I can’t even stop tearing up about it,” Lindwurm said. “That was the best day ever.”

As a matter of fact. With incentives, Lindwurm earned $20,000 for the win, some of which she said was used towards student loans from her time at Northern State. That’s four times more than the $5,000 she received for the 2021 COVID-ruffled race.

Officially, Lindwurm will now hold the original grandma marathon course record as the race returned to Superior Street for the first time since 2017 due to construction. Kellyn Taylor’s stunning 2:24:28, set in 2018 when the course ran along Michigan Street due to downtown construction, will hold the event record, considered the greater prize as the difference between these two courses is one question of splitting hairs.

“At 18 miles I was five seconds off the record, but that’s where I went through a rough patch and my first thought was, ‘I can’t do this. I’m definitely not sticking to that,’” Lindwurm said. “But at 18 miles you see this lift bridge, it’s so big, it’s so beautiful. I actually have a coffee mug that has this lift bridge written on it and I drink from it every morning. I changed my mind and said, ‘I’m not going to tell myself I can’t. I’ll keep running hard.’”

Lindwurm did just that, but once she turned off Superior Street and headed back to Canal Park, any chance of breaking the record was gone with the headwind.

“I almost ran away in the last mile,” Lindwurm said. “I’ve never experienced anything like this where I could fall at any step. My legs were in the garbage. They were just rubbish back then, but I just had to stick together to give myself a chance.”

It was easy to forget that this was a race, but as Lindwurm slowed a bit, the quiet Sarah Sellers of Ogden, Utah got closer than most people thought, finishing 42 seconds back in 2:25 :43 , cutting her personal record by just over six minutes.

At the start of grandma's marathon.

Elite female racers begin with Grandma’s Marathon on Saturday, June 18, 2022.

Steve Kuchera/Duluth News Tribune

Sellers trailed the leading group of Lindwurm, Esther Wanjiru and Molly Bookmyer by just three miles and ran her own race. While catching the last two and gaining ground on Lindwurm, Sellers never saw the leader.

“There’s a huge benefit in running a marathon with someone, but you kind of have to risk letting them go and thinking, ‘Either I’m going to catch him later, or he deserves to beat me,'” Sellers said, laughing . “I knew Dakotah was really strong, and if she ran in the 2:24 range, she deserved it. I figured my best case scenario would be around 2:26 and I was under that today so I was really happy with that.”

Sellers was second at Boston before, so she’s real, but she also has a 17-month-old daughter, Emery, who hugged her as soon as she crossed the finish line.

“I think I’m back,” Sellers said. “I feel stronger than ever.”

And Lindwurm too.

Lindwurm was a little disappointed with her 14th place finish in Boston this year. To add insult to injury, she contracted COVID while she was there.

Leave it to grandma to pick up her spirits again. That’s the only booster she needs.

“I didn’t grow up in Duluth, but I feel like a hero of my hometown here,” she said. “It’s always emotional. This was the place where I feel at home. Three years ago in 2019 I was allowed to walk in my mother’s arms. In 2020 I lost her, so in 2021 I ran into my dad’s arms, and then this year I ran into my grandfather’s arms…I don’t know how to top that.

“I don’t even know if (grandpa) said anything. He’s a stone cold hard man but he was crying his eyes out and I couldn’t help but cry too. We may have exchanged a few words, I don’t know, but I could feel how proud he was.”

]]>
What the Fed Rate Hike Means for Mortgages, Credit Cards, Loans, Retirements – WPXI https://www.smlxtralarge.com/what-the-fed-rate-hike-means-for-mortgages-credit-cards-loans-retirements-wpxi/ Thu, 16 Jun 2022 16:36:39 +0000 https://www.smlxtralarge.com/what-the-fed-rate-hike-means-for-mortgages-credit-cards-loans-retirements-wpxi/ The Federal Reserve: What you need to know The Fed acts as a lender of last resort for member institutions that have no alternative to borrowing. (NCD) The US Federal Reserve announced on Wednesday that it would raise short-term interest rates by three-quarters of a percentage point, the largest rate hike in 28 years. >> […]]]>

The Federal Reserve: What you need to know The Fed acts as a lender of last resort for member institutions that have no alternative to borrowing. (NCD)

The US Federal Reserve announced on Wednesday that it would raise short-term interest rates by three-quarters of a percentage point, the largest rate hike in 28 years.

>> Read more trending news

The move, aimed at bringing down a 40-year inflation figure, will hit Americans’ wallets in a number of ways.

Wednesday’s rate hike follows two other rate hikes initiated by the Fed this year – a 0.25% hike in March and a 0.5% hike in May. More rate hikes are expected, a 0.75% hike in July followed by two 0.5% hikes in September and November.

How will the interest rate hike affect your finances? Here’s what we now know.

First, what is the Fed?

The Federal Reserve or “Fed” is the central banking system of the United States. Its purpose is to regulate the money supply by keeping prices stable (inflation control) and maintaining full employment.

What is the Federal Funds Rate?

The Federal Funds Rate, or “Fed Rate,” is the interest rate that banks charge each other to lend money to each other overnight.

It is conducted overnight to meet federal regulatory requirements and be ready for market conditions in the morning.

Well, how are the rates affecting your life?

Home Mortgages

Mortgage rates have risen since last fall when the Fed announced its intention to hike rates.

This trend is likely to continue. The interest rate on Tuesday, 6.28% for a 30-year fixed rate, is the highest since 2008. The interest rate fell slightly on Thursday.

“Mortgage rates are definitely going to go up over the next few weeks,” Matthew Pointon, senior real estate economist at Capital Economics, told The Wall Street Journal.

How high they will be is not clear.

“Given that they’ve already risen so dramatically, it’s difficult to say how much mortgage rates will rise by the end of the year,” said Jacob Channel, senior economic analyst at LendingTree.

How does a rate hike affect the cost of a mortgage?

If you had a $300,000 loan with a 30-year fixed rate of 3.11% — the rate calculated in December — you’d be paying about $1,282 a month.

The same loan with a 30-year fixed rate of 6.28% (average Tuesday rate) would cost another $571, according to Grow’s mortgage calculator, leaving your monthly payment at $1,853 per month.

credit cards

Credit card interest rates are based on the prime rate, or rate that banks use as a basis for setting interest rates on various types of loans and lines of credit. That means credit card rates will rise, according to Bankrate.com.

While credit card interest rates are tied to the federal funds rate, the federal funds rate is typically 3 percentage points higher than the Fed’s benchmark rate — the rate was hiked on Wednesday.

“With the frequency of Federal Reserve rate hikes this year, it’s going to be a drumbeat of higher rates for cardholders every few billing cycles,” Greg McBride, chief financial analyst at Bankrate.com, told the New York Times. “And the cumulative effect is growing. If the Fed hikes rates a total of 3 percentage points this year, your credit card rate will be 3 percentage points higher by the first of the year.”

The rate has risen from 16.34% in March to the current rate of 16.73%.

car loans

While credit card rates are tied to the prime rate, auto loans are typically tied to the five-year Treasury rate. This rate is also influenced by the Federal Funds Rate.

The Treasury rate refers to the current interest rate earned by investors on debt instruments issued by the US Treasury.

However, with car loans, other factors play a role in determining the cost of a loan, such as: B. a down payment, the creditworthiness of the buyer, the type of vehicle and other factors.

A borrower’s credit history, type of vehicle, loan term, and down payment all go into this interest calculation.

savings

An increase in interest rates can mean higher returns for savers.

When you save money at a bank, you essentially allow the back side to borrow your money. You lend them money and they pay you interest on it.

When the Fed interest rate rises, banks can raise interest rates on savings accounts to attract new customers.

Click here for some tips on managing savings accounts.

retirement accounts

When the stock market plummets like it has in recent weeks, your 401(k) account is likely to take a hit if you have a large number of stocks in your portfolio.

However, if you have retirement money from fixed income investments, you can see interest rates on those investments rising.

What is the rate hike costing you in dollars?

Each 0.25% increase in the Fed’s benchmark interest rate equates to an additional $25 per year in interest on $10,000 of debt.

In other words, the 0.75% hike the Fed initiated on Wednesday means an additional $75 in interest for every $10,000 you owe.

]]>
How to get the best truck repair loans https://www.smlxtralarge.com/how-to-get-the-best-truck-repair-loans/ Fri, 10 Jun 2022 20:06:54 +0000 https://www.smlxtralarge.com/how-to-get-the-best-truck-repair-loans/ Owning and driving a tractor-trailer can be an expensive endeavor. In addition to the money needed to buy the truck itself, there are also repairs that can be very expensive. If you run a trucking business, the cost of repairs can add up quickly. Fortunately, there are several financing options available to truck owners who […]]]>

Owning and driving a tractor-trailer can be an expensive endeavor. In addition to the money needed to buy the truck itself, there are also repairs that can be very expensive. If you run a trucking business, the cost of repairs can add up quickly. Fortunately, there are several financing options available to truck owners who need help paying for truck repairs.

Read on to find out how to get the best truck repair loans for your needs.

Common reasons why owners, operators and professional truck drivers need truck repair financing

Commercial trucks are heavily used during the weekday, driving thousands of miles for a variety of purposes. But high mileage is a good indicator of frequent breakdowns and the need for repairs on any car. Ongoing, regular maintenance is key to ensuring your tractor-trailer or commercial fleet is roadworthy and performing properly. But even with regular maintenance, commercial vehicles can show expensive signs of wear.

Some of the most common reasons commercial truck drivers and owners need financing are these costly repairs:

  • brakes — Brake overheating and wear is one of the main causes of accidents involving tractor units. Brake maintenance and repair is an important step in ensuring truck safety, but the costs can add up.
  • Engine overheating – Again, high mileage and long distances mean your truck engine has ample opportunity to overheat, which can lead to costly repairs.
  • Starter — Starters can cause major problems for drivers and need to be tested frequently, especially in the colder months.
  • U-joints — Since they transfer the transmission power to the differential, U-joints are heavily loaded and must be properly lubricated. Drivers should listen for clicks or vibrations while driving as these can be signs of a failed U-joint.
  • wheel bearing — These important components keep the truck’s wheels turning, and if the driver hears noises from the wheel arches or jerky movements while driving, this is a sure sign that the wheel bearings should be checked.

Benefits of a truck repair loan

Getting small business loans or financing your truck repair can give you a number of benefits beyond being able to pay for your repairs quickly. You can also free up cash flow for other business expenses or increase your working capital to grow your trucking business. Paying off a small business loan can also help you build credit for your business, which can help you in the future if you want to get more financing or grow your business further through equipment leasing or other options. It can also help you get better interest rates and repayment terms if you decide to refinance.

Types of truck repair financing

There are different types of truck repair financing. Finding the right option for your business is important. Some common types of truck repair loans are:

Equipment financing for truck repair

Many trucking companies use equipment financing to pay for repairs on their fleets. Equipment financing is usually a short-term loan to cover repair costs. There are many online lenders that offer equipment loans, which can make the application process very easy. Many truck leasing companies also offer truck drivers equipment financing, but use the truck as security.

Business line of credit for truck repairs

Unlike a traditional loan, a business loan allows you to borrow only what you need and pay interest on it. Plus, you can reuse the credit every time you pay it back. This is a good option for those in the trucking industry who need to manage a fleet of trucks and frequently make expensive repairs.

Business credit card for auto repair shop

Business credit cards can be a good option for truckers and trucking companies who need to pay for repairs and want to earn points or rewards in the process. It’s important to find a credit card with an annual percentage rate (APR) that fits your budget, but often a credit card’s approval process is less stringent than other financing options.

Title loan for truck repair

If you don’t have good credit and need financing for car repairs now, a title loan is an option to consider. With this type of financing, your truck would be used as collateral. So if you are unable to repay your loan, there is a risk that the lender will take your truck. These loans also usually have high interest rates.

Personal loan for truck repair

If you are an owner, you may consider a personal loan to meet your tractor unit financing needs. Personal borrowers can get attractive interest rates and repayment terms, especially with good credit, but you may not be able to get as much money on a personal loan as commercial truck loans can.

Capital loan for the repair of articulated lorries

A capital loan is like other business loans but can only be used to improve a property. If you are a truck driver or truck fleet owner, this means you could use the capital loan to repair your truck or trucks, but not for running costs.

How to choose the best loans for your needs

Getting the best truck repair loan depends on several factors. It pays to research your loan options to find the right lender for your commercial vehicle repair.

Some things to keep in mind when researching your loan options are:

  • your creditworthiness — Your business and personal creditworthiness affects what types of financing you qualify for, from which lenders, and for how much. While bad credit doesn’t mean you can’t get credit or other financing, it can affect your interest rates and repayment terms. Knowing how to set up a business loan can help you get better terms on any loans you may need for your business.
  • your credit history – How long you have been in business or how long you have built up credit may affect your ability to qualify for loans or credit.
  • loan amount – how much do you need? How much can you qualify for? And how much can you afford per month?
  • down payment — Some lenders require money upfront to reduce their risk in lending to you. It’s a good idea to know how much you can afford and what you are willing to pay.
  • Interest charges – Your credit rating will affect your interest rate, but it may vary depending on the type of small business loan you get and the lender you choose. So keep that in mind.
  • Refund Policy – Like interest rates, this depends on your qualifications, but shorter repayment terms can mean higher monthly payments, while longer repayment terms can mean higher interest rates. Also, some lenders may penalize you for repaying a loan early, which you must consider before signing it.

Many truckers and hauliers don’t believe they can qualify for financing because of bad credit or other issues. While it is true that your credit score can seriously affect your ability to qualify for credit or other financing, it is not a definitive barrier to entry. But it can make the loan terms less desirable for you, so it’s important to review all requirements before accepting any financing.

Get matched with the best truck repair loans for your needs

Knowing which loans you qualify for up front can save you time in the application process and reduce hassle in the long run. Nav provides small business owners with personalized financing recommendations based on your business and personal credit score, credit history, annual income, and a number of other factors. In fact, business owners using Nav are 3.5x more likely to receive approval for the funding they request. Sign up today to see your options.

This article was originally written on June 10, 2022.

Rate this article

This item has no reviews yet.

class=”blarg”>

]]>
Breakdown of the difference between personal loans and car loans https://www.smlxtralarge.com/breakdown-of-the-difference-between-personal-loans-and-car-loans/ Wed, 08 Jun 2022 20:51:24 +0000 https://www.smlxtralarge.com/breakdown-of-the-difference-between-personal-loans-and-car-loans/ Many people dream of owning a car. If you are also thinking about buying a car, and need direct deposit loans in minutes, you may want professional advice on which loan option is best for your needs. Should you apply for a personal loan or a car loan? What is the difference between these two […]]]>

Many people dream of owning a car. If you are also thinking about buying a car, and need direct deposit loans in minutes, you may want professional advice on which loan option is best for your needs. Should you apply for a personal loan or a car loan? What is the difference between these two credit products?

Here’s how each of these options works and what special considerations will help you make the best choice. Professional advice and a comparison of the pros and cons will help you make an informed decision.

Personal Loan vs Car Loan

The data from the Federal Reserve Bank of New York shows that over 100 million Americans have auto loans. The amount of car loan debt is constantly increasing. Most consumers prefer to take out auto title loans from local banks. These financial institutions reported $368 billion in outstanding auto loans. About 44 percent of Americans rely on an auto loan to finance their car purchase.

Would you like to become a car owner? Which loan product is best for you? If you plan to buy a car, you need to take out a loan for it. Two of the most common options for financing this purchase are auto loans and personal loans. It can be easy to apply for both credit options if you meet the requirements. What is the difference between these credit variants?

A personal loan can be obtained for a variety of purposes, including a car purchase. You might want to use this loan to pay for a vacation, wedding ceremony, or medical bills. Personal loan rates differ between lenders. At the same time, a car loan may only be applied for when buying a car. Each of these loan options has advantages and disadvantages. You should weigh them up and compare the terms before signing the contract.

Private loan:

  • It can be used for various purposes such as DIY or vacation
  • It may be unsecured or secured against an object of value
  • Borrowers with good credit have a better chance of getting a personal loan. Bad credit holders face higher interest rates

car loans:

  • Only for the purchase of a vehicle
  • It is secured while the car itself serves as collateral
  • There is no need to just have good credit. Bad credit car loans are available
  • The price of the car determines the loan amount and the interest rate

Personal Loans: Points of Consideration

This credit option gives a consumer the ability to obtain a desired amount of cash from a local bank or other financial provider. This sum can be used for a variety of purposes including but not limited to home renovation, car purchase, vacation, medical expenses, wedding, etc. In other words, the customer has the right to choose how he or she uses this money. This loan can be unsecured or secured.

An unsecured loan often requires a higher credit rating. Only holders of good credit can qualify for the best unsecured personal loan terms. Those with lower credit ratings can opt for a secured solution backed by collateral. It can be a car, a house or any other valuable item. If the borrower fails to repay the debt within the specified repayment period, the lender may confiscate this collateral.

Advantages:

  • Repayment flexibility (short-term or long-term loans)
  • No restrictions on how the money is spent

Disadvantages:

  • Higher interest rates
  • Low credit holders may have trouble getting approved
  • Strict admission criteria

Auto Loan: Points of Consideration

A car loan is usually collateralised with the car itself. That means the vehicle you want to buy will serve as collateral for that debt. If you don’t repay the loan, the car can be confiscated by the creditors.

It is important to make regular payments and avoid defaults. This type of debt should be repaid in equal installments or monthly installments. Remember that the lending company retains ownership of your collateral until you pay the last part to repay the entire debt.

Before you visit lenders and compare interest rates, you can use a car loan calculator to determine which loan term and interest rate is best for you. In general, lower interest rates are offered to borrowers compared to personal loans because this form of debt is collateralised. In other words, lenders are less at risk than consumers. In addition, the interest rates are fixed. You should not worry about increasing the rates in this case.


Advantages:

  • Lower interest rates
  • Bad credit car loans are available
  • A suitable credit solution “on site”.

Disadvantages:

  • An upfront payment to secure the debt
  • A customer is not entitled to the car until the loan is fully repaid

The final result

Auto loans and personal loans are the two most common financing solutions today. Consumers can compare the conditions and interest rates of the individual credit products. Regardless of which option you choose, the offerings and rates differ between lending companies. It’s important to shop around and use special online calculators to determine the total cost of borrowing before heading to the dealer or local bank.

Credit unions, traditional banks, and alternative lenders all offer both lending options these days. It pays to take some time and explore the offerings of several financial institutions to make the best decision.

Start by asking yourself:

  • Is my credit excellent or good?
  • Do I have collateral?
  • What interest rates can I afford?

Answering these questions and using our comparison will help you make an informed decision based on your unique circumstances and financial needs.

Related articles on GISuser:

]]>
Schapiro: A payday loan battle that started with a whimper in Va. ended with a bang | columnists https://www.smlxtralarge.com/schapiro-a-payday-loan-battle-that-started-with-a-whimper-in-va-ended-with-a-bang-columnists/ Tue, 07 Jun 2022 06:00:00 +0000 https://www.smlxtralarge.com/schapiro-a-payday-loan-battle-that-started-with-a-whimper-in-va-ended-with-a-bang-columnists/ Jeff Schapiro DEAN HOFFMEYER/TIMES-DISPATCH///////// Jay Speer has campaigned for the Virginia Legislature since his maternity leave: 22 years. And for nearly all, while he and his wife raised two children, both of whom are now out of college, Speer battles the high-cost instant loan industry, arguing that payday and auto title lenders mostly prey on […]]]>





Jeff Schapiro


DEAN HOFFMEYER/TIMES-DISPATCH/////////



Jay Speer has campaigned for the Virginia Legislature since his maternity leave: 22 years.

And for nearly all, while he and his wife raised two children, both of whom are now out of college, Speer battles the high-cost instant loan industry, arguing that payday and auto title lenders mostly prey on the poor with debt they struggle to cope with be able to pay off – if at all.

For Speer, executive director of the Virginia Poverty Law Center, the industry is a much smaller target now, having been reined in by rules Democrats enforced in 2020, when her party commanded every corner of state government. Even long-time lender-friendly Republicans supported the reforms.

Speer’s dispute with the lenders has de-escalated, but is far from over. A little-noticed mid-May settlement of a federal lawsuit filed over three years ago by Speer’s organization and two law firms, Fairfax’s Kelly Guzzo and Newport News’ Consumer Litigation Associates, says so much.

As part of the settlement, 550,000 borrowers here and elsewhere will avoid paying $489 million in illicit payday loans originated over the internet, on which they were charged 600% interest. Most borrowers share $450 million in cash reimbursements. Another $39 million is earmarked for those who paid unlawful amounts to lenders.

People also read…

Despite its choppy record, Virginia was opened up to payday lenders during the 2002-06 governorship of a pro-business Democrat, Mark Warner, who is now a U.S. Senator — they’re so-called because they provide a cash advance against a borrower’s wages since on the industry cooled.

Warner signed legislation sent to him by a Republican-controlled General Assembly, despite top advisers urging him to reject it. One threatened to resign in protest. Warner’s successor, Democrat Tim Kaine, not a fan of the lenders, tried unsuccessfully to negotiate reforms acceptable to the industry and its opponents.

A 2009 attempt to limit the frequency of borrowing — spearheaded by several senior House Republicans and a law firm with close ties to the GOP — drove out some lenders. In order to stay open in Virginia, many changed their business model and operated under a provision in state law that allowed them to charge higher interest rates.

In the years that followed, there would be other—unsuccessful—efforts to take down the lenders. The industry’s presence in Virginia expanded in 2011 when the state sanctioned auto title lending where a borrower risks losing their motor vehicle for non-payment of a loan. At that time, Republicans held the legislature and the governorship.

Finally, in 2020, with Democrats in full control of the statehouse for the first time in nearly 30 years, Virginia passed sweeping protections under the Fairness in Lending Act. The measure drew bipartisan support, which lobbyists on both sides attribute to the fatigue of the legislation over the years of struggle.

At times the debate was theatrical, overshadowing larger, enduring issues: That traditional financial institutions—banks and credit unions—showed little interest in small loans at the time, viewing them as risky and unprofitable. Also, since their high-priced products were similar, competition among payday lenders for a seemingly captive audience was limited.

Lenders disrupted public hearings with box office workers who had been bussed into Richmond, many from Hampton Roads, where businesses were plentiful. Bashing lenders as loan sharks, an industry foe — a moving company executive who was trying to pay off an employee’s five-figure debt — would occasionally show up in, you guessed it, a shark costume.

Although it went into effect in 2021, the law capped interest and fees on payday and auto title loans, and capped the interest rate on consumer purchases paid over time at 36%. The law also created safeguards against online payday lenders based in other states or, like those in May’s settlement, operated by sovereign Native American tribes insulated by many laws.

The Pew Charitable Trusts reports that since 2010, Virginia — where lenders have gotten their way through well-placed lobbyists and have donated millions of dollars to lawmakers since Speer two decades ago — has been one of four states enacting comprehensive protections for payday borrowers while ensuring compliance of access to credit. The others are Colorado, Ohio and Hawaii.

“In these states, lenders are profitably offering small loans that are repaid in affordable installments and cost four times less than typical one-time payment payday loans that borrowers must repay in full on their next payday,” Pew said in an April study of the 32 states enable payday loans.

Among Virginia’s neighbors, Washington, DC, Maryland, North Carolina and West Virginia ban payday loans, according to the Consumer Federation of America, a consumer rights research and advocacy group. The loans are legal in Kentucky.

The impact of the new Virginia law on lenders is still unclear, though Pew says it would likely mean fewer payday deals. The State Corporation Commission’s Bureau of Financial Institutions is expected to produce an initial snapshot for the Legislature this month.

One consequence of the reform: possible competition from banks for small borrowers. Personal finance website NerdWallet says low-dollar, low-interest loans are likely to be offered by national firms like Bank of America, Wells Fargo and Truist. Could this be a magnet for cash-strapped, inflation-averse customers?

It’s all part of a larger overhaul of a facet of consumer finance that has long been portrayed in Virginia as big business preying on the little man. Heck, they’re not even called payday loans anymore. According to the law, these are short-term loans.

Contact Jeff E. Schapiro at (804) 649-6814 or jschapiro@timesdispatch.com. Follow him on Facebook and Twitter @RTDShapiro.

]]>
Early Stages of Commercial Lending: Pre-Negotiation Agreements and Other Important Considerations – Commentary https://www.smlxtralarge.com/early-stages-of-commercial-lending-pre-negotiation-agreements-and-other-important-considerations-commentary/ Fri, 03 Jun 2022 07:00:00 +0000 https://www.smlxtralarge.com/early-stages-of-commercial-lending-pre-negotiation-agreements-and-other-important-considerations-commentary/ Recognize deficits and develop strategies on both sides – is a workout feasible?standard lettersImportance of file checkingImportant considerations for pre-negotiated agreementsImportant Post-Execution Considerations Recognize deficits and develop strategies on both sides – is a workout feasible? In the initial stages of a commercial loan, the parties should consider these questions, among others: What are the […]]]>

Recognize deficits and develop strategies on both sides – is a workout feasible?
standard letters
Importance of file checking
Important considerations for pre-negotiated agreements
Important Post-Execution Considerations

Recognize deficits and develop strategies on both sides – is a workout feasible?

In the initial stages of a commercial loan, the parties should consider these questions, among others:

  • What are the short and long term goals and strategies?
  • What is the nature of the delay?
  • Will there be a new exit plan?

standard letters

When writing requirement letters, the wording is particularly important. Collection letters often include standard lender protections, such as: B. the ability of the lender to accept installments without waiving any rights and language that makes it clear that payment defaults not specified in the letter (whether known or unknown) will not be reversed. Lenders are often required to specify exactly what they expect from their borrower and/or guarantor, as well as a specific deadline.

Importance of file checking

File verification is especially important for lenders early in the settlement process. The lender should check the file for the following, e.g. B. whether:

  • there are executed copies of all loan documents executed by appropriate parties;
  • you have the original executed promissory note;
  • mortgages or deeds of trust have been registered and whether a certified copy is available;
  • they received the final title policy reflecting the registered mortgage or deed of trust;
  • they have a duly filed copy of the Uniform Commercial Code Funding Statements, including detailed descriptions of the collateral;
  • a letter of credit has expired;
  • the personal guarantor is still alive;
  • the guarantor still exists;
  • Guarantees reaffirmed when loan documents changed;
  • all pledged instruments (e.g. original limited liability company membership certificates) are owned by the lender;
  • There is evidence of current insurance on file; and
  • You have obtained all required third party consents.

Important considerations for pre-negotiated agreements

Pre-negotiation agreements are crucial to ensure both sides protect each other. The goal of a pre-negotiation agreement is to facilitate the exchange of timely and accurate information without such communications being used in court.

The Standard Provisions should clarify that a pre-negotiation agreement:

  • has a non-binding character until the final agreement;
  • can be terminated at any time without giving reasons;
  • does not create any obligation to enter into a definitive agreement;
  • does not waive any existing rights;
  • all communications are inadmissible as evidence in court;
  • must state applicable law;
  • state who is responsible for fees and expenses; and
  • can serve as a barrier.

A lender may also want:

  • confirm existing debts;
  • seek acknowledgment of existing defaults; and
  • declare that no objection is available to the borrower and/or guarantor.

A borrower can try to add the following provisions:

  • a stalemate in the exercise of rights by the lender during open discussions;
  • access to proof of ownership; and
  • how to communicate with third parties, and when and how information may be shared with third parties.

Important Post-Execution Considerations

After entering into a pre-negotiation agreement, the most important aspects to consider are:

  • a forbearance agreement;
  • Loan Modifications;
  • collateral reinforcement; and
  • the enforcement of the agreement.

After a pre-negotiation agreement has been concluded, the main aspects to consider are the following:

  • whether the parties enter into a forbearance agreement with a specific grace period to address default or whether they enter into a loan modification agreement;
  • whether there will be additional collateral in connection with the foregoing; and
  • what steps the lender should take to enforce the loan documents if all else fails.

For more information on this subject, please contact Arren Goldman at Seyfarth by phone (+1 (704) 925-6025) or email ([email protected]). The Seyfarth website can be reached at www.seyfarth.com.

]]>
Should you buy a car with a salvage title? – Forbes Advisor https://www.smlxtralarge.com/should-you-buy-a-car-with-a-salvage-title-forbes-advisor/ Tue, 31 May 2022 09:00:57 +0000 https://www.smlxtralarge.com/should-you-buy-a-car-with-a-salvage-title-forbes-advisor/ Editor’s Note: We earn a commission from affiliate links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. A car with a salvage title has been badly damaged (e.g. in an accident or flood) which usually means you can buy it for much less than market value. While saving money […]]]>

Editor’s Note: We earn a commission from affiliate links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

A car with a salvage title has been badly damaged (e.g. in an accident or flood) which usually means you can buy it for much less than market value. While saving money on a used car is attractive, you might want to think twice before buying a car with a salvage title.

Here’s what you should know about buying a car with a salvage title.

What is a Salvage Title?

A residual value right is attributed to a vehicle whose extensive damage and repair costs approximate or exceed the actual value of the vehicle. This type of title is a type of “brand title” that indicates damage to the vehicle that both the owner and potential buyer should be aware of. A marque title could also be marked as “rebuilt”, meaning the recovered car has been rebuilt and qualified for registration and registration after passing inspection.

It’s not always obvious if a car has been damaged, which is why many states require the seller of a car with a salvage title to disclose this information. However, not every state has these laws, so it’s important to familiarize yourself with your state’s requirements before purchasing a car.

Also, keep in mind that the requirements for obtaining a salvage title may vary by state. For example, in New York and many other states, a vehicle’s title is branded as scrap if the total repair cost is 75% or more of the car’s market value. However, some states such as Florida will issue a salvage title if the vehicle is determined by the insurance company to be a total loss.

How to buy a car with a salvage title

If you decide to buy a car with a salvage title, follow these four steps:

  1. Get a full inspection. Before you buy a car with an accident record, be sure to have it checked out by a mechanic you trust – don’t just rely on the owner’s description of the vehicle’s current condition. That way you know what kind of damage you might be dealing with when you buy the car.
  2. Check the history of the car. Double check what caused the vehicle to be assigned a salvage title. You can visit the National Motor Vehicle Title Information System (NMVTIS) to get a vehicle history report from one of its data providers. Also, be sure to ask the seller for receipts and estimates for the repairs, or contact the body shop that did the work.
  3. See when the salvage title was issued. A car that received a salvage title years ago but has been driven reliably since then is generally safer than a vehicle that was recently damaged.
  4. Consider your financing options. Lenders typically consider salvage cars to be very risky investments, which could make it difficult to obtain a loan for this type of vehicle. You may have an easier time getting a collision insurance car loan if you have a good relationship with your bank or credit union and have good to excellent credit. Or you could take out a personal loan that doesn’t require collateral.

Should I Buy a Salvage Title Car?

Usually no – these types of vehicles come with several major risks that you should not ignore. But in some cases, buying a salvage-titled car can make sense — although you’ll first need to dig deep into the vehicle’s history to see whether or not it’s actually a good deal.

Let’s say you’re interested in a car that has a clean history with two previous owners, no accidents, and comprehensive maintenance records. However, after the second trade-in, it was exposed to a hailstorm on the dealer’s premises and declared a total loss, although there was no damage under the hood or in the interior. If you can live with the dents on the car’s body and maybe have some of them fixed, you may have found a great money-saving deal.

Or say a stolen vehicle was reported to the police and recovered within 24 hours before any parts were removed. While the vehicle will likely be given a salvage warrant by the state for being stolen, it might still be worth buying since the car sustained no damage.

But outside of those unusual kinds of circumstances, it’s probably better to consider other used cars with clean titles to avoid the risks.

Pros and cons of buying a salvage car

If you’re thinking about buying a car with a salvage title, there are a few pros and cons to consider.

Benefits of Buying a Salvage Title Car

  • You can save money. Typically, you can buy a junk title car for 20% to 40% less than market value compared to a clean title vehicle.
  • You might find a car with little damage. A salvage title doesn’t always mean the car was wrecked. For example, you might find a heavily discounted salvage-titled car that was stolen and recovered before it was disassembled into parts, or that only suffered minor cosmetic damage. Even if the car needs some minor repairs, the repair can end up costing you far less than what you would have spent on any other vehicle.
  • The vehicle could be used for parts. If you are restoring a vehicle that requires hard-to-find, expensive parts, then it might be worth purchasing a car with a scrap title with the parts you need. Or you might decide to fix the salvage car yourself.

Disadvantages of Buying a Salvage Title Car

  • The car could be badly damaged or no longer safe. It can be difficult to gauge how much damage you actually have just looking at a car – which means you end up spending a lot more on repairs than you originally anticipated. There are also reports of lawsuits about auto repair shops compromising vehicle safety.
  • A risk of fraud. Unfortunately, sellers don’t always tell the truth about the damage that resulted in a salvage title. If you buy the car and it needs major repairs, you have little recourse.
  • Difficult to qualify for insurance or financing. Insurance companies typically offer limited coverage for salvage title cars — and sometimes don’t offer coverage at all. It can also be difficult to find a bank or credit union willing to offer a loan for a car with a salvage title.

Can you insure a car with a salvage title?

Because a car with a salvage title is not considered roadworthy, you typically cannot purchase insurance unless the vehicle is rebuilt and passes safety inspections. But even then, many auto insurance companies don’t offer coverage for cars with converted titles.

If a company offers insurance for such a car, it is usually only liability insurance that does not cover the costs of damage to the accident vehicle in the event of an accident.

Find the best car insurance rates

Fast and free quotes in 2 minutes via EverQuote’s secure website.

The final result

While buying a car with a salvage title can save you money, it comes with several risks that can far outweigh the benefits. If you are considering purchasing a salvage titled vehicle, make sure you do your research to understand exactly why the car has a salvage title and what repairs are required to be considered safe and roadworthy.

]]>