Steve Moskos' Blog

5 Tips to Choose a Cheaper Car to Insure

4/18/2021

Expenses with a new car can add up quickly. Car insurance is one thing that everyone has to have, but there are ways to cut the costs which are based on three things – your personal demographics (gender, age, driving history), where you live, and what type of car you purchase.
Check out our tips below to find a vehicle that will be less expensive to insure.

Check the Safety Ratings of the Vehicle
To really save on car insurance, it’s best to purchase a car that has a high safety rating. Vehicles that have more safety features are more likely to qualify for lower premiums and discounts. Be sure to look for recalls on any vehicle you are considering, as some insurance companies won’t insure cars that have recalls on them.

Safety ratings for cars are easy to find. Five stars is the highest safety rating, and one is the lowest. Remember that insurance companies also consider how much damage your vehicle could cause to another car which could increase your liability premium.

Avoid Sports Cars
Any car that has a high performance engine and other speed features are higher to insure. Insurance companies consider you to be more of a risk on the road, as drivers with sportier cars tend to drive faster and be in more accidents. Also, sports cars cost more to replace and repair.

Avoid Luxury Vehicles
Expensive luxury vehicles always have higher insurance costs. The very high repair and replacement costs can increase your insurance premiums significantly. Models such as Rolls Royce, BMW, and Mercedes-Benz have the highest collision and comprehensive insurance losses.

Be Aware of Popular Models among Thieves
How likely it is that your vehicle could be stolen is also plays a role in what you will pay for insurance. Certain vehicles are more popular among thieves. In 2019, the five most stolen vehicles were the Honda Civic, full-size Chevy trucks, full-size Ford trucks, the Honda Accord, and the Toyota Camry.

Compare Insurance Rates before you Buy
Once you have narrowed down the list of cars you like, contact your insurance company and get insurance quotes on each of them. Insurance costs can vary by a few hundred dollars a year depending on the vehicle you purchase. Always shop for insurance the same way you shop for your new car.

While researching your next car to buy might be time-consuming, you could save a lot of money in premiums each year.

Three Vehicles Consumers May Want to Avoid

3/29/2021

Purchasing a new vehicle is an exciting time, but it can also be very nerve wracking. No one wants to spend a large amount of money on a car that may be unreliable. Consumer Reports magazine has a long history of sharing opinions on vehicles. They recently released their ratings for 2021 vehicles. The following three vehicles had low ratings.

2021 Volkswagen Atlas

There are many mixed feelings about the Volkswagen Atlas. People who have purchased one have reported problems with the climate system, engine minor, exhaust system and the emissions system. Volkswagen’s usual warranty is four years/50,000 miles but because of the known issues, many who purchase it also purchase the extended warranty to have protection for 150,000 miles or up to ten years.

The Atlas does have a huge cabin space and an exterior that is very stylish. However, the concerns with reliability are keeping many buyers wary of purchasing one. Consumers who are looking for this size of vehicle are choosing a Kia Telluride, Mazda CX – 9 or a Hyundai Palisade instead.

2021 Chevy Silverado 1500

The Chevy Silverado and the GMC Sierra both scored the lowest possible score on the Consumer Reports rating scale. Both models have had reported problems with in-car electronics, both major and minor issues with the transmission and engine, brakes and the drive system. Consumers looking for a new truck may want to check out the Ram 1500 or a Toyota Tundra. Both of these trucks have high reliability ratings.

2021 Subaru Ascent

The Subaru Ascent has widely different ratings. It is considered the safest mid-size sports utility vehicle and is a very comfortable on both trails and paved roads. However, the reliability issues worry many potential buyers.

Transmissions problems, in-car electronic issues, problems with the climate system, steering and suspension have all been reported by consumers. For those wanting a SUV of this size, a Toyota 4Runner or the Subaru Outback might be a better choice.
The ratings these models received are based on information gathered by Consumer Reports from people who have purchased the vehicles. These are not personal opinions.

If you are having a problem with any of these vehicles, give us a call at 843-763-5297 or fill out the form on our contact page.

Should you Purchase a Car Online?

3/22/2021

Because of the pandemic, many purchases are being made online now, including vehicles. For many people, buying a car online is a better choice as they dislike negotiating with sales people. For others, the thrill of the hunt is better in person.
Before you decide to purchase your vehicle online, make sure you understand the dealer’s guidelines for purchases made over the internet and consider each of the following as you decide how to buy your next car.

Pros to Purchasing a Vehicle Online

The biggest reason many people are choosing to buy a vehicle online is convenience. It is simple to check a dealer’s stock when you have time and you don’t have to visit several dealerships to see what is available. Most dealers offer drop off options.
Shopping online also allows you to shop after hours.

If you are looking at dealer websites, you have a much larger variety. With online shopping, you can search a much wider area.

If you don’t like negotiating, online purchasing might be the best option for you. Most vehicles online have fixed prices and if you do try to negotiate, it is all done over the internet. You can also compare prices among dealers so you can make the best choice.

Cons to Consider Before Purchasing Vehicle Online

The risk of online scams is enough to keep some people from considering a purchase over the internet. If you do want to shop online, make sure you are looking at the website of a reliable dealership. Look for buying protection and avoid peer to peer payment services.
Dealers may not negotiate prices. If you love to get the perfect deal, you may not have that option shopping online.

If you want to finance your purchase through the dealer, your options may be limited, especially if your credit is not that great.

Test drives may not be available. If you are shopping online for safety from COVID, having to go to the dealership for a test drive might be a deal breaker for you. Some dealers are now offering to drop off vehicles at your home so you can test drive safely. Check the dealer’s website for their policy on test drives.

Only you can decide if shopping for a vehicle online is the best choice for you. Consider the dealers’ guidelines and prices, whether you definitely want to test drive vehicles and your own safety in making your decision. Also, remember that even if you purchase a vehicle online, you will need to visit the dealership or the lender’s office for paperwork.

If you are having a problem with you purchase, give us a call at 843-763-5297 or go to our website and fill out our contact page.

How has COVID Affected Lawyers?

2/23/2021

Like other businesses, law firms are experiencing huge challenges as they learn to adjust and adapt to the COVID-19 pandemic. Many areas of law are struggling while others are in high demand. With most courts closed, business is not going as usual.

When the pandemic first started, many law offices took precautionary steps to protect their staff and their clients. Travel was banned to hot spots, and employees were asked to work from home. When the crisis got worse, staff were let go; many support workers lost their jobs. Law offices were among those considered “non-essential” and had to close for several weeks.

Litigators and those who work on contingency cases were the most drastically affected by the pandemic. Since courts were closed, no hearings, trials, or depositions could occur. Those offices are still facing an uncertain financial future as the crisis shows no signs of ending soon.

Also affected are lawyers who specialize in business mergers and acquisitions. Their clients are too nervous about an uncertain future to make any large financial decisions. Businesses are waiting for the pandemic to be over before spending large amounts of money.

However, there are certain branches of law that are seeing a large increase in clients. Attorneys who specialize in insurance are needed to help clients understand coverage and exclusions. Employment lawyers are advising companies in regards to employee safety and layoffs. Attorneys who specialize in cyber security are in high demand now due to the number of businesses that are working remotely. These three types of attorneys are expected to be desperately needed for the foreseeable future even as the pandemic comes to an end.

Law firms are making changes to how they serve their clients while the COVID crisis goes on.
Many are serving their clients through video calls and virtual meetings. Lawyers are still writing letters and briefs to help their clients.

When the COVID crisis is over, lawyers will, most likely, be deluged by both old and new cases. Most experts agree that the skills lawyers used to weather the pandemic, such as working remotely, using videoconferencing, and keeping a smaller staff, will continue for months or years after the crisis is over.

How to Find your Credit Reports and Why you Should Dispute Incorrect Information

2/16/2021

Knowing your credit score before you apply for a loan or credit card can help you receive the best interest rates. The information in your credit report can also be used by your employer, if you apply for insurance or if you want to rent an apartment or a car. With identity theft becoming a bigger problem due to the pandemic, it is even more important that you check your credit reports and correct any wrong information.

Checking your credit reports is easy. You can request a copy of your report from any credit reporting agency and they must provide it to you. When you request your credit report, consumer reporting companies will need to make sure you are who you say you are. Be ready to provide personal information.

Most companies allow one free report per year, but policies have changed due to COVID and you may be able to get more than one free report a year. Contact the consumer report provider and ask about their policies.

When you get your report (and be aware that each provider may have different information – it’s a good idea to get a copy from each of the national providers), look it over carefully and compare any debts to your records. Make sure your name, birthday and Social Security number are correct. If you find incorrect information, the agency you received that report from must start an investigation at no cost to you.

Mistakes are easily made, but a mistake on your credit report could cost you a job or cause you to be turned down for a loan or insurance. This is why it is a good idea to check your report if you will be applying for a loan in the future. A good report can help you get the loan and a lower interest rate. If someone has stolen your identity, you may realize it sooner if you are checking your reports often.

Consumer reporting companies can provide information about you to insurance companies, utility companies, gaming casinos that extend credit, landlords, lenders, and retail stores, just to name a few. Remember, you rarely know in advance that a business is going to be checking your credit report so you want it to be free of errors at all times.

The three big national providers of consumer reports are TransUnion, Experian and Equifax. These agencies collect information about how much credit you have and use, your payment history and other personal information. Most people only think of these three providers when they are thinking about their credit report, but there are many more consumer report providers.

Employment Screening – these companies provide information such as salary, education, professional license verification, and credit history to your employers and other people.
Tenant Screening – these businesses provide reports to landlords and property management companies. If the information they have is negative, such as past due rent, you may not be able to sign a lease.
Personal Property Insurance – these companies collect information on your home, personal property and vehicle.
Medical – if you signed a release of information to an insurance company, these businesses may have your medical information to share.
Bank and Check Screening – these agencies collect information about your checking account applications, accounts you have opened or close and provide check verification services.
Supplementary Reports – the information they have can include public records, such as a divorce, and identification verification to help businesses manage fraud and credit risks.
Subprime and low-income – these businesses provide information to companies that sell products and services that are for people with low income or negative credit reports.
Gaming – these companies share information associated with check cashing settlement services to help gaming establishments (casinos or racetracks) with risk management.
Utilities – these consumer reporting companies gather all of the information in regards to all of your utilities, such as electric, phone, internet, gas, and others to help utility companies manage customer relations.
Retail – these businesses collect data related to retail product returns and exchanges to help prevent fraud.

To find a complete list of companies that provide consumer reports, go to https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/. Remember, they must provide you with a copy of the information they have about you. Contact the company to correct information and ask them to investigate your claim. If you feel the consumer report provider is not investigating or you don’t agree with their final report, you can contact the Consumer Financial Protection Bureau or a lawyer for more help.

What do I Need to do if My Lease is Expiring during the Pandemic?

12/7/2020

With all of the uncertainty in the world during the pandemic, dealing with your car lease expiring may seem like a giant obstacle in your life, but most dealerships are offering several options for your expiring lease. Car dealerships have taken a huge hit during the corona crisis and are doing whatever they can to keep repeat customers happy.

With so many people being laid off from their jobs, they may be struggling to make their payments each month. Some financial companies are offering payment deferrals to help their customers. If you are in this position, contact your leasing company as soon as you realize you may have trouble with your payments. Do not wait until you have a late payment or have missed one. Companies are often more likely to offer deals to people who ask before they miss payments.

If you want to return your leased vehicle when your lease expires, you may be able to do that, even with many dealerships closed. Call your dealership and let them know you want to return the car. Many automakers are making this as easy as possible and are offering ways to complete the return online. They may even offer home pickup of your car so you don’t have to go to the dealership at all. If the dealership is closed, you may be able to return the car to their service department as those are considered essential.

Before you return your car, spend time researching your next car and looking for the best lease deals. Contact dealers directly as you may get a better offer on the phone than you can get on their website. Ask if the dealer can deliver the vehicle to your home and if the necessary paperwork can be completed online.

You may also have the option of extending your lease. Again, contact your dealer and explain that you would like to extend your lease but aren’t comfortable going to the dealership. Many companies are offering online lease extensions so you won’t have to leave your home. If you do decide to extend your lease, make sure to discuss the mileage cap. Will it be increased, or do you have to stick to the original limit?

With some research and a few phone calls, handling an expiring lease during the pandemic shouldn’t be a big issue for you.

How COVID – 19 has Changed the Car Buying Market

11/30/2020

Although many businesses and industries suffered greatly when COVID-19 hit, the mobility and the automotive industries were part of the hardest hit. Even though many businesses have reopened, consumers are still suffering from financial and health concerns and a worry about the future.

There have been significant improvements in the automotive industries financial outlook in the last few months. Across the country, car purchases are still 14% below averages before COVID, but that shows a four point percentage improvement since earlier this spring.

Purchase intent is increasing across the country, especially in homes with higher incomes. The numbers are still below pre-COVID, but show increases from last spring and summer. Many consumers are planning to spend less on their new or used car than before and are taking advantage of discounts offered by dealerships and automakers.

A big factor consumers are looking for is the ability to conduct all of the purchase online or with very little contact at the dealership. Many dealers are offering test drives with no sales person in the car and may even bring the vehicle to your home for you to drive. Some consumers are willing to pay extra for this service if it isn’t offered at their dealership.

People are also traveling less and while they are likely to return to pre-COVID habits, it is believed that walking and biking as much as possible will become more popular. Many consumers are still concerned about public transportation and are choosing to commute and travel by private vehicle rather than by plane or bus. Younger consumers want constant access to a private vehicle and this will likely drive car sales higher when people feel more financially secure.

Tips from People Who’ve Bought Cars during the Pandemic

11/16/2020

Buying a car during the COVID-19 pandemic will most likely be unlike any other time you have purchased a vehicle. Dealerships may not be open, or if they are, they are open for shorter periods of time with fewer sales people. Their inventory of used cars may be smaller, as fewer people are trading in cars right now. Check out these videos of people just like you who found cars during COVID – 19.

Buying a car during the pandemic could be a great deal. “Be prepared for surprises and don’t get discouraged!”

How to buy a car in a pandemic. “Make a plan before you need to buy a car.”

What I learned buying a car in a pandemic “Don’t be afraid to speak about safety concerns. Expect the sales process to take longer than usual because dealerships are often using only a skeleton staff.”

Buying a car during the pandemic: what to expect “Test drives look a lot different. Here are tips to stay safe while looking at a new vehicle.”

Pros and Cons of Car Buying during Covid- 19 Pandemic “Try to buy something in stock as custom orders could take several months.”

When you are ready to purchase a new vehicle, do your research on what incentives may be available and how other people handled buying a car during the pandemic.

Assignment of a contract

11/9/2020

Most people think that when they can’t afford to pay cash for a car, a financing institution, like a bank or credit union, gives them a loan to buy the car. If you go to the bank and you are given a check, you would be right. When financing occurs at the dealership, the dealership is actually extending you credit so you can buy the car over time. It is sort of like layaway at a department store. Outside your presence, the dealership enters into negotiations with a bank, credit union, or subprime lender to sell the financing contract to the financial institution. If the bank buys the contract, you get the car, the dealer gets its money, and the bank gets payments over time.

Next time you buy a car or truck, look for language like this at the bottom of the financing paperwork: Seller assigns its interest in this contract to (name of financial institution like FMCC, GMAC, etc) (Assignee) under the terms of Seller’s agreement with Assignee.

This provision makes it clear the dealer is financing the sale of the car and then selling its right to repayment to a financial institution.

Arbitration and the Assignment of a Contract

10/26/2020

On October 21, 2020, the South Carolina Court of Appeals issued an opinion stating that if a car dealer finances a sale and then assigns (sells) the financing contract to a third party. The dealer cannot enforce any arbitration agreement in the contract.

In this case, Rick Hendrick Dodge allegedly sold a car under fraudulent circumstances. It then sold the retail installment sales contract to Santander. When the buyer sued Rick Hendrick Dodge, the dealer asked the court to force the parties into arbitration, a private proceeding usually held in a conference room not a court room. The lower court found that Rick Hendrick Dodge did not have any rights to compel arbitration. Rick Hendrick Dodge appealed. The Court of Appeals determined, “Because Rick Hendrick Dodge assigned the RISC to Santander, we find all alleged rights arising from the contract, including the right to have an arbitrator determine the arbitrability of the action and the right to arbitrate, were extinguished as to Appellants.”

The court’s ruling confirms the rule that contracts are to be enforced as written and when you assign all a contract to another party, you do not retain any rights to enforce any of the contract’s provisions.

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