U.S. auto sales hit 27-year low

U.S. auto sales plunged to a 27-year low in January, a steeper-than-expected drop that took the slumping U.S. market below China's for the first time.

The two U.S. automakers struggling to restructure under a $17.4 billion (12 billion pound) government bailout led the market lower. Chrysler posted a 55 percent sales plunge. Sales for General Motors were down 49 percent.

The bleak results were one of the first indicators of the depth of the recession at the start of 2009, underscored by sharp declines by the industry's stronger players.

Toyota Motor, the world's top automaker, was hit with a 34 percent sales decline. Sales were off almost 30 percent for Nissan Motor and 28 percent for Honda Motor

Industry-wide sales dropped 37 percent, taking the annualized sales rate to 9.57 million vehicles, the lowest level since 1982. But that understates the depth of the downturn since the U.S. population has increased about a third since.

"The truth is that the entire auto industry finds itself in the eye of this economic storm," Bob Carter, Toyota's U.S. manager for its flagship brand, told reporters.

Ford Motor, considered the best-positioned of the embattled U.S. automakers, posted a 40 percent drop that one analyst said would strain its stated intent to make it through the downturn without an emergency infusion of government cash.

"Even with a boost from the anticipated federal stimulus plan, we see consumers taking a cautious approach to large ticket discretionary purchases," S&P equity analyst Efraim Levy said in a note for clients.

GM cut its first-quarter production plan by almost 10 percent. Both GM and Chrysler extended new discounts to try to clear inventory and get production lines moving again.

"We're in the mouth of this monster, and we have a lot of work to do," Chrysler sales chief Steven Landry said.

U.S. auto sales account for as much as one-fifth of retail sales. The downbeat results added weight to the view that the battered sector will be a further drag on U.S. output.

GM, like other automakers, blamed tight credit for the downward spiral in sales since September. The depressed sales rate for January put the U.S. market below China's in sales volume for the first time, the automaker said.

"People are coming in, wanting to buy vehicles and they're being turned down, just that simple," GM sales analyst Mike DiGiovanni said. "And we have to break and thaw the credit markets for consumers who want to buy automobiles."

KOREANS BUCK THE TREND

Korea's Hyundai Motor and its affiliate Kia were the only major brands to escape January's collapse. Hyundai's sales rose 14 percent. Kia gained 3 percent.

Hyundai has been buoyed by a novel promotion that allows Americans to return their new cars if they lose their jobs within a year of purchase.

"It's a very smart program," Edmunds analyst Jesse Toprak said. "People are uncertain about the future and if you give them some security blanket that makes them feel better about the future, about their purchase, it can go a long way."

One of the key questions for the U.S. market this year is whether Ford can make good on its bold bet that it can ride out the downturn with its existing $24 billion of cash.

In part, Ford is holding out hope that the U.S. market will improve in the second half as an expected fiscal stimulus package takes hold and consumer confidence recovers.

To that end, Ford said there were some encouraging signs in January. Showroom sales appear to have stabilized even though sales to rental agencies were down sharply. Used car prices also appear to have stopped falling, executives said.

"What we are looking for at this point is stabilization," said Ford economist Emily Kolinski Morris. "You have to stop falling before you can start rising."

Although the U.S. auto industry is entering its fourth year of declining sales, the deepening slowdown hit European and Asian markets hard in the final months of 2008.

Would You Buy a Used Car From …?

On this day of all things Madoff, it is time to say goodbye to the Bernard L. Madoff Collection of Fine Cars.

Irving Picard, the trustee overseeing the liquidation of Mr. Madoff’s bankrupt securities firm, won the right on Wednesday to cancel contracts on three Mercedes-Benzes, a Lexus, a Cadillac and a Land Rover that were leased by the firm. Canceling the leases will save $117,359, according to filings in Federal Bankruptcy Court in Manhattan.

But a former employee of Mr. Madoff’s firm, Craig Kugel, walked out of the court empty-handed. Judge Burton R. Lifland, who is handling the case, overruled an objection from Mr. Kugel, who mistakenly signed as a guarantor on the lease for a 2009 Mercedes-Benz S550 once used by his ex-boss and is now on the hook for the remaining money due.

Mr. Kugel has received a rental bill of $1,712 for January and is now responsible for the $58,000 remaining on the lease. Mercedes-Benz Financial, which owns the lease and has possession of the car, has refused to lower the monthly payments and is charging Mr. Kugel, who worked in human resources at the Madoff firm, with penalties for missing the January payment, according to Mr. Kugel’s lawyer, William Gogel.

Beware Of Used Car Financing Tricks

When it comes to finding the best used car financing, the internet is your friend, allowing you compare and view a number if different sites and payment schedules at the click of a mouse. Used car financing is a massive industry, and a highly competitive one at that so if you take the time to browse through the various companies and compare the pricing as well as the terms and conditions for each; you will be able to secure the best possible used car financing possible. This is not only in terms of repayment rates but also in regards to the time frame for repayment.

You may want to utilise a price comparison site in order to help narrow down your research, price comparison sites will be able to do the groundwork for you. Not only will they find the most relevant websites and web pages according to the search parameters you enter, but you can also view in a tabulated, easy to view format all the various pricing schemes of each company. In addition, you will be sort the prices in either ascending or descending order, allowing you to view at a glance the cheapest/most costly sites.

Why not use consumer review sites as well? Consumer review sites are websites where ordinary members of the public are able to write objective, neutral and informative articles which will critique various services and products, providing a break down of the value for money and other salient features. Obviously, such sites are entirely composed of subjective material, i.e. personal opinion, but given that this will be backed by personal experience, this means that a consumer review site is certainly a worthy tool to give some consideration to when searching for used car financing.There are a number of used car financing specialist sites as well, you simply fill in a form with relevant details such as credit history, price range, budget, type of car you are looking for etc, and the site will be able to return info based on your input. Be wary of the car dealerships who will no doubt try and sell you a loan, claiming that they can give you the cheapest and best possible loan; firstly this is a misnomer because it is typically a lender who provides the loan on behalf of the dealership.

If you do take out a loan as part of your used car financing package, make sure to read thoroughly and be well aware of any and all terms and conditions. A nasty trick used by many a car dealership is that there is a number of penalty and sub charges incurred for trivial or unfair reasons, you may find that you incur a penalty for simply being a day late for paying off an interest payment. Be especially wary of dealerships offering 0% interest loans, technically they are...but only for a limited period of time. In other words, no interest is charged for a short period of time, so long as the loan is paid back within this (usually very short) period of time, otherwise a more substantive interest rate is levied.

If you are perhaps thinking that you will be able to pay off the loan before the deadline, be wary of this, because usually the dealership will want the loan paid back in its entirety. Even one dollar missing and they charge the full amount of interest.

Why Use Short Term Car Insurance

Finding cover for a short period of time can be a daunting task. Often someone that are looking to borrow a car from a friend are worried about doing so without arranging adequate insurance. Arranging insurance over a short period of time can be frustrating if you need to negotiate with your existing insurance provider and change a policy that you already have.

It is possible to arrange an independent short term cover deal for periods between a single day and 28 days. If you find yourself trying to add a new driver on a existing policy it can be very time consuming and as a result many independent providers have stepped in to help people in this predicament. Short term cover is often offered on the internet with policies that can be printed out immediately. This can be a great advantage for people that need coverage in a hurry and do not want to wait around for a policy document to be posted. Short term car insurance can provide the answer to many vehicle problems.
Short term car insurance can be a great benefit in a wide range of different scenarios. This type of arrangement can help if you are looking to borrow a vehicle in a wide range of different situations.

You may be looking to transport someone that is not well to and from hospital or to transport furniture to and from a house or even if you are moving home. It is also a great option for people that want to test drive a new vehicle before they buy. This means that even if you are selling a vehicle privately you can arrange an independent insurance deal that will protect your long term deal in the event of an accident by the person that is test driving the vehicle.

The short term deals can be sourced and arranged quickly on the internet so that you can have an arrangement in place in minutes. This can be a great way of ensuring peace of mind quickly once you have decided to lend your vehicle to your children or any relatives. After all it is vital that you have an arrangement in place as it is illegal to drive a car in the UK without insurance and most individual deals do not allow other people to drive the vehicle.

The length of deals available can differ greatly. They typically last between 1 day and 28 days with the longer period of time working out cheaper on average. In most cases these shorter term deals cost considerably more per day than a long term car insurance deal. But the benefits of this are that you are not tied into a long term deal and as a result it can offer real savings for people that use their vehicles sparingly.

The short deals are popular with students that use a vehicle when they return for the holiday periods. And also for people that want to borrow a van from a friend for a booze cruise. In business they are often utilised for situations when a vehicle needs to be borrowed for someone to attend a meeting somewhere that is a long distance from the place where the business is located. It is also a great option for people that want to borrow a vehicle to go on a holiday or a short break. There are thousands of different providers in the UK and a quick internet search for short term car insurance should put you in a position to find a reputable provider.

Car Coloring Affects Renting Cars

Some people have become accustomed to a certain style and class of automobile and put a lot of stock into the color of the automobile that they are renting. Some rental car locations focus their rentals on the younger crowds who like bold color options in the cars they rent and this is very prevalent in college towns. The color of a rental car has no effect on the way the car will operate on the roadway but some rental customers are very turned off when they see the color selections.

Some sports car rentals are colored in shades of bright yellow or fire engine red. These colors would be quite suitable for anyone that had the desire to rent such a highly-tuned performance engine for their travels, but the car would most likely turn off an older gent who is renting a sports car for the first time and has a definite mind to reject the rental agreement on the grounds that they do not want to stand out in a crowd.

Some sports cars are rarely rented for this reason because the legal ramifications that can occur are more than some renters are willing to take. These car renters feel that law enforcement officers will issue traffic ticket to sports car drivers who are brazen enough to accept such a vehicle. These law enforcement officials will pay particular attention to any driver who blazes down the highways in rental cars with these color choices assigned to them by the factory.

Some car renters feel very special when they rent luxury automobiles that are colored silver or nickel. These colors make them feel that they are living a good life and the quality of the vehicle makes them feel like a member of royalty. The coloring denotes a level of prestige that they do not have in the old car at home whose paint job needs to be refinished in several areas including the chrome.

Most car renters are very reassured by rental cars that sport colors of blue or silver. These rental car colors seem to make the rental car disappear into the scenery of blue skies and some feel that they are less likely to be noticed if they go speeding by a high traffic area at the speed of light. The demure car model they rented is often faster than some people think but since it is colored in baby blue some people prefer to look the other way because they doubt that car could go so fast.

Used Car For Sale

It is much easier to Trade Your Car when you purchase a new one, but you may be able to get more Money by Selling Your Own Car.

Used Car For Sale; Tips To Sell Your Car Instead Of Trade
First and foremost is to make your Used Car For Sale look good. Take it to a professional detail person and spend $75 to $100 to make it look Great, or spend a day and do it yourself. Make sure to clean the engine, underneath, door jams, etc.

Used Car For Sale tip 2 would be to make sure you change the oil and all fluids. Flush the radiator and put new antifreeze. Make sure brake fluid is clean. You may even want to change the transmission fluid.

Used Car For Sale tip 3 is to make sure your brakes and tires are in good shape. This is something everyone will check. If your tires are worn, spend $300-$400 and put new rubber all the way around. If your brakes squeak or do not stop correctly, put new pads on and turn the rotors. Rotors are usually visible through the wheels and look better if they are nice and shiny.

Used Car For Sale tip 4 is to make sure there are no lights on your dash. When I say lights, I mean Check Engine, Service Engine, Change Oil, etc. I guess I should say lights on your gauges. This is a direct turnoff for a Used Car For Sale.

Used Car For Sale tip 5 is to park your Used Car in a high traffic area to be seen. This is probably one of the most important of all tips. The more people see your Car For Sale, the better your chance of selling your car.

Used Car For Sale tip 6 is to price your car where it will sell. Take it by your local dealer and ask the Used Car Manager for pricing advice. Most will be more than happy to help, Especially if it is the dealership you intend to purchase from once you Sell Your Car.

SC troopers used cars to ram suspects

COLUMBIA, S.C. - Videos have surfaced showing two members of the South Carolina Highway Patrol using their cruisers to ram fleeing suspects, just weeks after two leaders of the agency resigned because of a furor over a trooper's use of a racial slur.In one of the two new dash-cam videos, which were first reported Wednesday by The Post and Courier of Charleston, Lance Cpl. Steven C. Garren drives after a man on foot, striking him when he crosses in front of Garren's cruiser. The man flips over the car's hood and into high grass on the roadside."Yeah, I hit him. I was trying to hit him," Garren, who is white, can be heard telling another trooper.In the other, Lance Cpl. Alexander Richardson drives between apartment buildings, on sidewalks and past onlookers in an attempt to run down a suspect. After about a minute, Richardson's car bumps the man, who grabs the vehicle in an attempt to steady himself.

The man doesn't fall and takes off running again.Sid Gaulden, a spokesman for the Department of Public Safety, said neither trooper was available for comment. A message left at a number for an Alexander Richardson was not immediately returned. Garren did not have a listed phone number.The videos depicted isolated events, and the troopers involved had been punished, Gaulden said.Garren received a three-day suspension, which he has appealed. Richardson was reprimanded and completed a stress management course, disciplinary records show.Geoffrey Alpert, a University of South Carolina criminal justice professor who consults with police on pursuit policies, said using cars as battering rams shows poor decision making."They're just lazy," Alpert said. "Rather than get out of their car or get in a foot race, or tackle someone ... they'll just hit them with the car door, with the bumper, and hope they don't run them over."Alpert said he had never seen any training materials that advised authorities to use cruisers to hit suspects on foot.

The suspects in both of the new videos are black. One of the troopers involved is white, and the other is black, Gaulden said.The Post and Courier's report about the videos comes three weeks after Highway Patrol Col. Russell Roark and his boss, Public Safety Director James Schweitzer, submitted their resignations over their handling of an incident in which a white trooper used racial slur during a traffic stop."You better run," then-Lance Cpl. Daniel C. Campbell said, using a derogatory term for blacks, "because I'm fixin' to kill you."Campbell was reprimanded, suspended and ordered to undergo anger and diversity training. After Roark resigned, Campbell was reassigned to administrative duties. Gov. Mark Sanford said he should have been fired.Schweitzer has said he would step down after his replacement is confirmed.