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How the Pandemic is Affecting the Number of Cars being Manufactured

9/28/2020

 
For nearly two months, car production plants around the country were closed due to the pandemic and the need for social distancing.  There have also been supply interruptions for parts that are manufactured in China.  Starting in mid-July, auto manufacturers were producing again, but some are still running at a reduced production rate due to restrictions.

Most automotive manufacturers cannot produce new cars like they used to.  With social distancing restrictions, many have had to lower the number of employees that are in the plant at the same time, and they simply can’t keep up with normal production with a reduced work force.
Even with car manufacturers producing again, it is possible that another outbreak of the COVID-19 virus could disrupt production again.  A single supplier of needed parts that has to shut down could cause widespread disruption in production across the country.  Also, many automakers stopped producing vehicles and made essential medical equipment, such as ventilators, respirators, and face shields.  Some manufacturers are still making the medical equipment instead of vehicles.  When the medical equipment is no longer needed, it will take time to get the plants ready to produce cars again.


Supply issues have also been an issue to getting car production back up to full speed.  Manufacturers no longer stockpile needed components for their vehicles so they simply don’t have everything they need to start building cars again.  They have to wait until parts are shipped, often from out of the country.  With concerns about receiving parts from China still very high, many parts are sitting in warehouses until they are deemed “safe” for employees to handle.


Chevrolet, Ford, and Lincoln all canceled or postponed the delivery of new models.  Even when production is back up to normal, design and testing facilities are still minimally staffed so it may take several months for new models of cars to be available to the public.
 

How Can I Make Sure a Used Car has been Properly Disinfected before I Test Drive It?

9/21/2020

 
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When the corona pandemic began, many companies sent letters or emails to their customers that shared what they were doing to keep their employees and customers safe.  Often, these procedures are posted on the doors as you enter a business.  If you visit a dealership that has not posted their guidelines, feel free to ask what they are and be ready to visit another dealership if you aren’t comfortable with what you are told.

Every dealership has a different idea of what sanitizing a car means.  For one, it may mean that the driver’s side interior has been wiped with disinfecting cloths, while another will completely sanitize the interior of the vehicle.  Some dealerships insist their mechanics sanitize under the hood after they finish working on a car, while others do nothing for the engine.

The reality is, unless you actually see someone disinfect the car, you can’t be sure it has been done.  For that reason, it is perfectly fine for you to ask that the vehicle be cleaned while you watch.  If a dealership won’t accommodate you, then go somewhere else.

For some customers, the threat of COVID-19 is so worrisome that they take their own sanitizing wipes and clean the car themselves before they test drive it.  They can be sure any area that they may touch has been cleaned to their satisfaction and they feel safer when they test drive a car.  If you are looking at a car being sold outside a dealership, you should definitely clean the car yourself as a private citizen has no guidelines that they have to follow when selling a car.

​When the sales person disinfects the car, make sure they wipe all of the buttons and knobs on the car, the steering wheel, gear shift and mirrors.  Before you take the key or key fob from them, ask for it to be disinfected, too.  Remember to wipe the door handles, seat belts, and seat adjustment buttons.  For your safety, either wash your hands or use hand sanitizer before and after your test drive and keep your hands away from your face while in the car.

 

How is the Coronavirus Affecting Car Loan Interest Rates?

9/14/2020

 
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In March, the Federal Reserve made several moves to reduce interest rates and help support the economy.  While this should help keep your car loan interest rate down, you should be aware that interest rates are slowly going back up.  However, many car manufacturers are offering huge incentives to lure consumers back to car shopping.

No interest loans, if financed through their corporation, are plentiful right now on new cars.  Manufacturers are even offering longer loan periods and offering options to not make your first payment for several months.  Most often, these incentives are only available to those with excellent credit and who are looking to purchase a new vehicle.


If you are looking to purchase a used vehicle, or your credit is less than perfect, the best way to get lower interest on your loan is to shop around different financial institutions.   Changes in interest rates are happening daily and to find the best rate for you, you will have to put in time and effort to compare several financial institutions. Remember, you will likely have to do most of your shopping on the phone as many places are still closed or only open for limited hours.


Different financial institutions lower their rates at different times so a few phone calls could save you thousands in interest on your loan.  Because the economy is still shaky, some banks don’t want to take on any loans that may be a risk to them, so they are pricing their interest rates very high to drive people to seek other options.  Other lenders are making their interest rates very low to offer as many loans as they can.


This is why you need to carefully compare several places.  Your credit score will drastically affect what interest rate you are offered.  Once you have a pre-approved amount, take it to the dealership and see if they will offer any incentives to convince you to get your loan through them.


Most experts agree that there is no way to know exactly what will happen to interest rates in the next several months.  Many factors are unknown.  Right now, interest rates are still low, but slowly rising, so if your job is secure, it may be a good time to search for a new vehicle.

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