Mike Love

Tax Refund… Car Buying Strategy

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YOUR TAX REFUND WILL MAKE A GREAT DOWN PAYMENT! 

The extra cash to help lower your monthly car payment is on the way and for those looking to buy a car, truck, or SUV, it’s pretty good timing. 2022 looks like a promising year to make your move, also a good time to make a plan. In order to get the most mileage from your tax refund/down payment you’ll need to put a buying strategy together. First step, look at your budget realistically, particularly your monthly used car allowance.

IT STARTS WITH A LIST

Down payment amount?

Monthly payment?

Preferred term of your loan?

Insurance?

Maintenance?

It’s best to include all of your monthly expenses when developing your plan, not just for your automobile costs. Paying off debt should be considered, home maintenance, and even using your extra cash to repair your current automobile instead. You’re more likely to be happy with your next car purchase if it fits into your long term financial plan. 

 

MOVING FORWARD WITH YOUR PURCHASE

When you’re ready to move forward, a quick pit stop at “How much can I actually afford” will motivate you to drill down those numbers and negotiate a better car deal when it’s time.

When is the best time? After a seemingly endless rise in prices it looks like 2022 will bring relief, as much as 30% according to Marketwatch.com. KPMG analysts predict demand will taper and supply will increase by as early as October 2022. That means deals are coming back and you’ll want to take advantage of them. Keeping an eye on the market is also a good plan, be patient, don’t jump at the first deal you see. It’s most likely going to get better.

 

YOUR CAR AS A TRADE-IN

In addition to your “Tax Cash”, a good trade-in will increase your chances of getting the best deal. Use KBB.com to get a reasonable idea what your car is worth. The Edmunds appraisal tool is another resource for estimates on your car’s worth as a trade-in, or privately selling it on your own. If you plan to use your car as a trade-in, it’s time for some prep work.

 

PREPPIING YOUR CAR 

  • Clean the thing, inside and out. For the exterior, give it a thorough wash and a fresh coat of wax. On this inside, get rid of your personal items and vacuum out the whole thing. Don’t want to do it yourself? Have it detailed. But even though dealers have told us they can see through dirt to find a car’s actual value, making a good impression only raises your chances of a better offer.
  • Fix small issues yourself. Check all the car’s lights, including interior dome lights, and replace them if needed. Also, check all fluid levels (washer fluid, coolant, brake fluid, etc.) and ensure they’re topped off. If your car needs more serious work, leave that for the dealer. Any major issues will lower the value of the trade-in, but the dealer can perform the repairs for less than it would cost you.
  • Gather all important documents. Of course this includes the car’s title, but it should also include service records, registration and anything else a prospective buyer might want to see. Cars that have been maintained with scheduled maintenance retain more of their value. Don’t feel the need to get a vehicle history report; dealers will pull one themselves.
  • Grab any extras. Bring extra sets of keys or other accessories along with the vehicle. If the navigation system has a DVD or SD card associated with it, be sure to bring those items, as well. Dealers tell us that if these accessories are missing, they won’t give you credit for those features because they aren’t complete.

Conduct your own inspection. Note any exterior dents and dings that can’t be buffed out with a little elbow grease. Take your current car out for a test drive and pay close attention to anything that just doesn’t seem right. If there are any issues with the car, whether electrical or even a need for new tires, note them.

 

Having a hard time making your decision? Call (757) 560-4552 and ask for Mike Love. I’ll be happy to answer your questions and guide you through your decision making process. By sticking to your budget, crunching numbers, and negotiating, you’ll be purchasing a little peace of mind along with your new wheels 🙂 

Call or text (757) 560-4252 and ask for Mike Love, I have answers. 

 

 

 

 

Sources:

Ganz, Andrew “Here’s when you can look forward to used car prices finally going down

“ marketwatch.com January 10, 2022 Web. Retrieved from: https://www.marketwatch.com/story/heres-when-you-can-look-forward-to-used-car-prices-finally-going-down-11641501118 

Wong, Brian “How Should I Prep My Car for Sale to a Dealer?” cars.com May 1, 2015 Web. Retrieved from: https://www.cars.com/articles/how-should-i-prep-my-car-for-sale-to-a-dealer-1420680466320/ 

DeLorenzo, Matt “How Should I Use a Tax Refund to Buy a New Car?” kbb.com July 6, 2020 Web. Retrieved from: https://www.kbb.com/car-news/tax-time-car-buying-putting-your-refund-to-work-for-you/

Winter Maintenance ALERT!

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It’s that time again… Ready for Winter?

It’s easy to forget about the cold ahead when it’s still warm enough for a t-shirt, but winter is on its way. Your car navigates dry roads and warm weather just fine! However, can it handle a cold snap and black ice? Now is the time to prepare your vehicle for winter as engine performance and drivability can dramatically decline in cold weather.

As you go over your winter prep checklist, don’t forget to replace old, dirty filters, such as air, fuel, and PCV. A poorly running engine is less efficient and burns more gasoline. You should also go ahead and replace old windshield blades. If you’re particularly worried about the frost, rubber-clad or winter blades can fight ice buildup.

A few other things to check

 

Fluids

One of the best and easiest ways to winterize your car is to check your fluid levels. One of the most important things to double-check is your coolant. Ensure that there is the correct antifreeze/water mixture; fill it to the maximum line. You can pick up a tester at any auto parts store. Another important yet often overlooked fluid to check is your wiper fluid. You should get freeze-resistant wiper fluid to keep your windshield clean and ice-free. Remember to double-check your oil as well and replace it as needed.

Tires

On wet or frozen roads, low air pressure and worn down tires are particularly dangerous. Pick up a tire gauge at any auto parts store and try and keep your tire pressure between the recommended levels for your vehicle according to your manual (usually between 30 and 35 PSI). Check the tread depth quickly and easily using a penny! Place a penny between the treads on your tire, head side down. If the top of his head disappears, your tires are probably okay. However, if the entire head is visible then you may have to replace your tire, the tread is too shallow. You may also want to ask about getting your tires rotated to prevent uneven wear.

Batteries

Winter can be cruel to your battery. Not only does cold weather make your battery less likely to start your car, but it also reduces the battery capacity. As temperatures fall, it’s a good idea to inspect the battery as well as the cables, terminals, and fluid.

When checking over the battery, make sure that there are no cracks and that the terminals fit snugly. Check battery fluid by uncovering the refill hole. Refill with distilled water if the level is below the bottom of the cap. Some automotive stores like Advanced Auto will check your battery for free!

Emergency Kit

Important, but often overlooked, you should always have a safety kit in your car. Having a few safety items such as road flares, a jack, a lug wrench, and a first aid kit can save the day. If you don’t have one now, you should put one together soon! Once you have your basic kit, add these seasonal items to prepare for the cold:

 

  • Flashlight

  • Blanket, leather gloves, and hat

  • Bag of kitty litter/sand

  • Ice scraper/brush and small shovel

  • Leak-proof container of coolant

  • Snacks

 

By updating a few parts and keeping a strict maintenance schedule, you’ll be ready for winter and avoid costly breakdowns right before Christmas! However, if another winter is too much for your car to handle, let’s talk. TM Auto’s inventory is loaded! Take advantage of TM Auto’s Absolute Credit Approval on a used car, truck, van, or SUV.

 

Call (757)560-4552 and ask for Mike Love!

 

UPDATE – The $7000 Used Car… Gone for Good?

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Ask Mike Blog 7k Used Car Gone

SEARCHING FOR THE ELUSIVE $7K USED CAR

I remember when $7,000 used cars were a thing… six months ago! They were for sale in front yards and used car dealerships everywhere and it seemed they would be around forever! Hey, for $10,000.00 – $15,000 you could drive away in something amazing! People, I never thought I’d say this but they may be gone for good. The average transaction price for a used car was $25,410 in the second quarter of 2021, up from $22,977 in the first quarter and 21% year-over-year, according to data from online automotive resource Edmunds. That figure marks the highest average price over a quarter for a used car that Edmunds has ever tracked. In June of this year the average used car price leaped $7,583. The new average cost of a used car is over 33% higher than a year ago, it’s time to reevaluate our expectations. Read more about THE CAR BUBBLE. 

The average cost of a new car in 1990 was about $9,500. This means after the first year’s depreciation (20-30%) and subsequent year’s (16-18% annually) we might buy her used in 1995 for around $2,000.00 – $3,500.00. The average price of a new car in 2020… $37,000. Over the next 5 years that car loses around 60% of its value. If you don’t have a calculator handy that puts the price at around $14,500.00 used. Today we can add about $7,000.00 to that number bringing our estimated cost for the five year old car to $21,500. Expect that number to be higher depending on condition and mileage. Chip shortages, labor problems, and general industry chaos can be held responsible for the blight on our $7,000.00 used cars. 

 

There Is A Bright Side

Quality: New car quality has increased and is still rising, they simply last longer. They’re still kicking like a mule at eleven plus years. This means that a five year old car has a long life ahead of it and the owner knows it. It’s price will reflect its longer life.

Supply and demand: Used cars are practically non existent these days compared to just a year ago. Increased SUV, truck, and crossover sales in recent years has led to less small, inexpensive vehicles on the used market and less means more for private sellers. With less inventory on the market, there is less competition and this is powerful leverage for sellers so if you have an extra, consider selling at a profit.

 

Not As Bright

Larger more expensive vehicles: The COVID collateral damage? Higher end cars with more options are being produced for solvent buyers, shrinking the affordable used car supply. Since you’re not likely to find many of them for sale, they come at a premium. If you do find an inexpensive used car in great shape, move fast, it won’t be available long!

 

Are there any cheap used cars out there worth buying?

2016 Subaru Outback

Of course there are, just increasingly harder to find. Best bet is to purchase from family or close friends that can guarantee the car’s history. 150,000 plus miles is fine as long as the car has been properly maintained and loved. Otherwise it’s anyone’s guess how long the car will last. Dealers can’t sell what they don’t have and there are so few of these rare birds available that dealers can’t find them either. The discerning used car dealer has a reputation to protect and must have a reasonable amount of confidence in each used car they sell. Oftentimes cheap is just cheap and that doesn’t meet inventory standards.

The New Standard

What should you expect to pay for a reliable, well maintained used car today? For the features that most of us want with 60-80k miles you can expect to pay on average around $19,000-$23,000 for your 4 to 5 year old used vehicle. Yes, there are exceptions both higher and lower depending on the car and condition specifics but buyer beware, if it’s cheap it’s a heap! Have questions? Call or text (757) 560-4252 and ask for Mike Love, I have answers. Happy hunting folks!

 

TM Auto Wholesalers, Chesapeake Va

 

 

 

Sources:

Frio, Dan “Cheapest Used Cars” EDMONDS.COM December 10th, 2019 Web. Retrieved from: https://www.edmunds.com/vehicles/cheapest-new-cars/

Edgerton, Jerry “Cars Now Last Longer Than Ever.. Will Yours” CBSNews.com August 7, 2015 Web. Retrieved from: https://www.cbsnews.com/news/cars-now-last-longer-than-ever-will-yours/

Mattone, James “Used Car Prices at Highest Levels in Three Years” media.thinknum.com August, 2019 Web. Retrieved from: Mahttps://media.thinknum.com/articles/used-car-prices-are-at-highest-levels/

IN LOVE WITH YOUR CAR OR TRUCK? YOU SHOULD BE…

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Cars and trucks are a big deal, a really big deal! Just ask any new driver how important their car is and you’ll see by the reaction on their face. I was talking to a friend this week about his truck and it hit home. I commented on how clean his truck stayed all the time (always immaculate). His answer: “My work truck represents me, people get a sense of my character by what I drive and how well I keep it. I love my truck, a work week doesn’t pass by without getting a compliment on it.” Sounds like a pretty good plan 🙂

We stepped on the gas peddle over a hundred years ago and never looked back. You probably have saddle sores from all the time you spend in the driver’s seat! We will actually cover enough distance in our lifetime to go to the moon and back 3 times! Great reasons why your rocket needs all the comforts of home and specific features to fit your needs. The great thing is, our cars are getting more equipped for our everyday lives and now they’ll even drive for us! Sometimes it seems like we’re in our cars more than we are our homes so finding the right fit is a priority.

There’s practically a car for every person’s taste and task today. Manufactures build to suit our every whim and virtually any available option can be added or removed from the list for the right price. With all these choices it’s getting hard to know where to draw the line! Sure, if money was no option then our perfect car would be on the design table of our favorite manufacturer right now, but let’s get serious; we need the most car for our hard earned dollar. Rest assured, it’s out there, and with the right checklist you’ll find it. Think of your car as you would your home and you’ll be more likely to make practical choices where needed and still have some room for the fun stuff. This simple checklist will get you started prioritizing from the top and then on to the details. Making an educated purchase will pay off huge down the road believe me, I’ve heard some nightmare stories from people that jumped on a “so called deal” without considering if it was what they needed or even wanted!

When shopping for the right car or truck for your lifestyle and budget, use a priority list something like the one below. Price is last on the list for a reason, start with what you want most first. When you find it, negotiate 🙂 

  • Family
  • Safety
  • 4WD, All-Wheel Drive, 2WD
  • Wheel Base (a.k.a. leg room)
  • Travel
  • Luxury/Comfort
  • Performance/Sporty
  • Towing Capacity
  • Going Green (Hybrids)
  • Fuel Economy
  • Reliability
  • Maintenance Costs
  • Color
  • Price

Just like your home, you’re most likely to have a payment on your car. You’re also going to use it daily and keep it for a while… if you choose wisely. Price can be negotiated most times but the other items on your list can’t. Be honest about your needs and wants and the price will almost always reflect your choices. If it’s too high, take another look at those wants before sacrificing a need. Oh, and remember if you plan to keep your next car, get the one you want. It’s easy to keep the things we love. Need options? Call 757-560-4252 and ask for Mike Love, I’ll be happy to answer your questions and guide you through the TM Auto inventory for your next car purchase.  

A USED CAR TO IMPROVE YOUR CREDIT SCORE? YES!

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UPDATE YOUR CAR… AND YOUR CREDIT SCORE

Start the New Year off right with confidence and a plan! Isn’t that what we say every year? Well this year I have a couple suggestions that may help you achieve these resolutions plus, peace of mind. Financial woes and poor credit scores are two of the most common causes of stress this time of year. Whether it’s challenging credit, no credit, or the need for more credit, finances affect our lives year after year. Tm Auto can help you establish or rebuild your credit this January and avoid “Tax Season” price gouging at the same time. By making stable, monthly payments on a large purchase such as a used car, truck, or SUV, you prove to creditors that you are a trustworthy spender. Every payment you make on time and in full raises your credit score; great news for just about anyone wishing to improve these crucial three numbers. Restoring your credit by purchasing a reliable automobile that would otherwise be out of reach just might be the plan you’re looking for! We offer “Absolute Credit Approval” regardless of your credit score so you can get started on that resolution right away!

You can also save on your used car between December and mid January! Due to suppliers capitalizing on profits as tax season approaches, car prices will go up at many dealerships after the first of the year. I’m able to offer some of my best deals up to January 15th. No gouging; just the most car for your money and a stress free car-buying experience. Check our inventory

BEST PRACTICES FOR BETTER CREDIT

    Establishing good credit starts by making regular, on-time payments but there is more to “turning over a new leaf” than this. Below are some suggestions that you may find helpful in the New Year.

  1.     Budget for a Credit Card – You’re checking account is in good standing and you regularly use your debit card, but have stayed away from credit out of a fear of going over your limit. There is no need to fear credit. If you budget correctly, a credit card becomes an easy way to boost your credit rating. It’s not much at first, but if the maximum payment is made every month, your credit rating will go up accordingly.
  2.     Always Pay on Time – Paying off the maximum balance on a credit card is great, but it means nothing if payments aren’t made on time. Payment history is the most important tool in establishing your credit score, and helps you establish yourself as a trustworthy buyer!
  3.     Keep a Low balance – Credit limits vary from card to card, and it can be tempting to use close to your monthly limit. As a rule of thumb however, you should only utilize 10-30% of your credit at any one time. It’s okay to go over this occasionally, but consistently going over this self-imposed limit can indicate financial irresponsibility.

TM Auto Wholesalers specializes in “The stress free car buying experience”. A purchase from our inventory can help you establish or repair your credit while saving you cash for holiday expenses! Feel free to contact me online at mike@tmautova.com, or by phone or text at 757-560-4252. Ask for Mike and start the New Year off right!

Tips on maintaining your used car this winter

Is your car ready for the holidays… TM AUTO WINTER CHECKLIST

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Around this time each year, I begin to wonder… Should we drive or fly? Let me see, a thirteen hour drive or airfare for five? Road trip wins again! We all know that November 25th is historically the busiest day for Thanksgiving travel, and yet there we are with thousands of other families making the annual trek. It’s crazy, stressful, exhausting, and a wonderful American tradition that has forged family ties for generations. I love it, but don’t tell my kids; my grumpy dad reputation would be ruined!

Whether it’s an epic journey or a short jaunt, it’s important to prepare your vehicle for holiday traveling. Your car has just endured a summer’s worth of beach trips, sporting events, and taxiing everyone everywhere! For your car’s sake as well as your families, don’t risk it – winterize it! The basics will ensure safe passage through stormy weather, traffic jams, freezing temps, snow, equipment failure, and the unexpected. Most of the items on your winterizing checklist are DIY, minus a couple that I’d leave to the pros.

Battery: Have mechanic run a battery load test to make sure your battery will go the distance. In extreme cold, a fully charged battery has just half its rated amp-hour capacity.

Windshield: Change your wiper blades, fill the windshield washer reservoir with a lower freezing temperature washer fluid, and I suggest applying rain-x to your windshield for the best possible visibility.

Tires: Have your tires professionally checked if the tread depth is less than 3/16 inch. Your tire’s air pressure drops an estimated 6psi from summer to winter so properly inflate them to ensure best possible traction (see your owner’s manual). If snow is in the plan, consider swapping your tires out with snow tires for the trip.  

Fluids: Have your oil and filter changed. Cold thickens your oil so a lower viscosity rated oil may be a good idea (See your owner’s manual). Check all fluids to ensure they are at the correct levels and there are no leaks. Now is also the time to check your 4WD to ensure it’s operating properly. Slippery roads, mud, or snow may call for heavy-duty traction!

Antifreeze: Your car’s radiator should contain a 50/50 antifreeze and water mix. I recommend purchasing an antifreeze tester from your local parts supply. A simple test will confirm that your car’s antifreeze is suitable for winter temperatures.

Belts & Hoses: They can weaken with cold weather. Check them for any signs of wear and tear and if in doubt, have them changed.

Emergencies: I suggest a first aid kit, tool bag with basic tools for making minor repairs, portable charger for cell phones and other accessories, warm clothing for everyone, and plenty of bottled and backup munchies.  

So maybe you fly, maybe you drive… Either way, hope for the best, prepare for the worst this holiday season by completing a smart checklist before heading out. Text or call (757) 560-4252 and ask for Mike Love. I’m always happy to answer your questions and assist you in any way I can. Safe travels!

Memoirs of a Clean Car

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WHAT WOULD YOUR CAR SAY ABOUT YOU IN IT’S MEMOIRS?

You love your shiny new car with all it’s cool features and it’s exactly what you want… for now.  Hey, don’t shoot the messenger, that’s just the life of a car. One day your eyes will start to wander and BAM, you’re shopping for another, newer, shinier, one with cooler features. That for sale sign hits the windshield and well, you know the rest. 

So what would your car say about you to its new owner? “The years have been kind to me, haven’t they!” or “I’ve definitely seen better days” Guess what, it tells others all about you every day with its appearance! Your car’s condition is a reflection of you whether you like it or not. The dude in the beater with the bald tires… sketchy. Hey, the dude could be a prince but THAT CAR, the car didn’t give him a chance. Love your car and it will love you back! It’s all up to you which way this goes. If you’re hoping for a good return on your investment, best keep that car looking young!

That’s right, there are some sweet benefits to keeping your car young. Besides resale, though it’s certainly at the top, did you know that a clean car can make you happier? You might, but did you also know that a dirty car can get less gas mileage? Maybe not and there’s more, read on! 

 

  1. LONGER VEHICLE LIFE

By waxing your car, you are keeping the paint job in good shape. The natural deposits of dirt and salt that you gather from driving will corrode the body of your vehicle over time. The benefits of cleanliness extend to the engine, where a regular wipe down can prevent damage from buildup of debris. Check out how to wash and polish your car for tips on how to do it right.

 

  1. BETTER MENTAL HEALTH

You spend a lot of hours inside your car. If that environment is clean, you can feel more focused and organized. Most people are happier if they keep neat living areas in their houses; the same is true for that vehicle where you may meditate or contemplate your days to and from work.

 

  1. SAFER DRIVING

Visibility is a key to accident prevention. What detracts from your visibility? Dirty windows and rear-view mirrors. If you keep them clean, you can better evaluate what’s going on around you. Plus, clean headlights lead to maximum illumination, a must for driving at night or in inclement weather.

 

  1. BETTER PHYSICAL HEALTH

Think of the dirt that’s probably built up inside your car. Even if you are a tidy person, there’s probably bacteria on the hard surfaces. That’s not to mention dust and residue on the seats and flooring. It can lead to poor air quality, aggravating people with allergies or breathing problems.

 

  1. IMPROVED FUEL ECONOMY

A layer of dirt actually makes your engine work harder. That’s because it increases drag on the vehicle. Your fuel economy goes down, therefore, if you don’t regularly wash the exterior of your vehicle. Reduced fuel economy means that a dirty car is money out of your pocket.

 

  1. PERSONAL PRIDE

Your car may or may not be a status symbol, but it is an accessory with which you are regularly associated. You want your car to reflect the same pride you feel with your personal appearance. After all, you probably spent quite a bit of time thinking about the make, model and color of the vehicle before you bought it — why not keep it looking its best?

 

  1. SPARKING JOY

You may have heard this phrase as connected with organizer Marie Kondo. You can certainly use the KonMari method to declutter your car, but instead of joy, look at it as utility. Ask yourself, of all the things you keep in your vehicle, “is this necessary?” Removing some of the extra weight will not only improve your sense of well being, but reduce the number of pounds your car’s engine has to work to drag around.

 

IT WORKS

 

I’ve personally experienced some of the benefits on that list by keeping my cars clean, and that’s no easy task with a large family like mine! Each of my in-stock vehicles is detailed prior to delivery for one final inspection. Hearing “Wow, the years have been good to this one” is the best 🙂

Keeping Your Car Young part 2 “Advantages of keeping your car mechanically in its prime!” on July 31st

 

Have questions? Call or text Mike Love (757) 560-4252, I have answers! 

TM Auto Wholesalers, Chesapeake Va

 

 

Sources: Staff “Hidden benefits of a clean car” www.goldeagle.com July 14, 2020 Web. Retrieved from:  https://www.goldeagle.com/tips-tools/hidden-benefits-clean-car/

Head For The Hills With Confidence

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“I think I can, I think I can!” Is this what your truck says when you’re towing a boat or camper through the hills?

The little engine that could had the distinct advantage of being an American fairytale; you don’t… know before you go!

 

Can your vehicle pull its own weight and then some?

Anyone who’s ever towed a fully loaded trailer knows that it can get a little sketchy sometimes. If your underpowered or have too little stability, you could get into a number of bad scenarios. Your vehicle’s engine, transmission, brakes, tires and suspension, are all under pressure when towing an RV, boat trailer or toy hauler. Factor in adverse weather conditions and you may find yourself in a real pickle.  

What you need to know about your car, truck or SUV’s towing capacity

All towing vehicles have a maximum weight that they can safely tow. Exceeding that limit and trying to carry more than the recommended value could lead to accidents that cause damage as well as extreme wear and tear on the vehicle. (You can find the recommended weight in the owner’s manual.) Your vehicle’s tow rating takes several factors into consideration, including:

 

  1. Vehicle structure

  2. Chassis and suspension design

  3. Engine type, axle ratios, and other drivetrain variables

  4. Hitch design and class

  5. Tire ratings and load capacities

 

It’s important not to exceed these vehicle tow ratings, however there are other important weight limits that should never be exceeded while towing, including:

  • Gross vehicle weight rating (GVWR), which represents the maximum weight your vehicle can carry, including passengers, cargo, fuel and the vehicle itself.

  • Gross axle weight ratings (GAWR) on both the vehicle and trailer, which represent the maximum amount of weight a particular axle can carry, including the wheel and tire.

  • Gross combined weight rating (GCWR), which represents the maximum weight of your loaded tow vehicle and your loaded trailer combined.

  • Tongue weight or hitch weight, which should be between 10-15 percent of the total loaded trailer weight for conventional trailers and 15-30 percent of the total loaded trailer weight for gooseneck or fifth wheel trailers.

The above “Gross” ratings are on your vehicle’s door tag. See image below.

 

Exceeding even one of these ratings while towing could not only cause severe damage to your vehicle or trailer, but also put yourself, your passengers and others in danger

 

How heavy is your trailer?

Gross trailer weight is the weight of a fully loaded trailer. It’s not a weight rating determined by the manufacturer or a weight combined with any other weight — it’s the actual weight of the trailer after you’ve loaded all of your bikes, firewood, camping gear, people or any other cargo onto (or into) it. Any weight that you add to the trailer adds to the gross trailer weight. It’s as simple as that. How do you find your (GTW)? Most communities have public scales. For just a few dollars and a few minutes of your time, you can get the answers you’re looking for.

 

Inventory TM Auto Trucks

Inventory TM Auto SUV’s

 

If you’re a first time hauler, practice towing your trailer on some deserted roads before doing any actual towing out on the highway. Backing up, turning and braking should all be part of your training regimen. All that practice will come in handy for the real thing, because if you’ve done everything properly up to this point, including meeting the weight requirements, loading properly and checking equipment, then you can handle almost any challenge up or down the road.

 

Have questions about your vehicle’s towing capacity, trailer weight or other related specs? Ask Mike, text or call (757) 560-4252 and ask for Mike Love. I’m always happy to help you find the best vehicle and ensure you’re in it for the long haul!

 

Sources:

Etrailer.com. “Are Tongue Weight, Hitch Weight and Pin Weight The Same Thing For a Fifth Wheel Trailer

” Q&A, etrailer.com, Web. 9, 4, 2018

Sourced from: https://www.etrailer.com/question-124243.html Accessed 4 Sept 2018

Uhaul “How to determine your hitch system rating”

Sourced from: https://www.uhaul.com/Articles/Tips/33/How-To-Determine-Your-Hitch-System-Rating/ Accessed 4 Sept 2018

Oh the places you will go!

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Finally! The sun is out, and the road to Summer vacation is calling your name. It’s time for a brand new adventure. A weekend in the woods, a day at the beach, a cross-country road trip or just a trip to the store can be exciting with the right set of wheels. 

 

The Road is Calling Your Name

 

A weekend drive along the coast with the top down could be an epic experience in a sporty BMW Z-4 convertible or 427 Ford Mustang Convertible or the more adventurous 4dr Jeep Grand Cherokee with climbing power, just depends on your cargo! Your kids and your family dog may squeeze into your current mode of transportation, but if you’re serious about beaching it, you need more.

 

It’s no news that these cars are ideal for summer travel, highlights to seal the deal for die-hard DRIVERS.

 

*Four-wheel-drive jeeps provide total beach access to FUN!

*Going topless, there’s nothing quite like it in a Jeep OR Sports Car

*Only enough room for two in your sports car, this is a good thing!

*Jeep Cherokee offers the advantages of an ultimate adventure mobile with added luxury for long trips 

*Most jeeps have a reasonably low base price so a used Jeep Wrangler or even a Rubicon are feasible options!

*If you’ve never driven a convertible classic like the 1968 Chevrolet Camaro then call me, it’s an experience everyone should have 

*5-6 speed manual transmission puts you in control of every peak and valley

*Sunroof and T-tops are standard options, awesome for sunny days and starry nights

*Bose, Infinity, & Blauplunkt sound systems are the norm, a necessity for cruising

*Most handle athletically for speedy turns, yet have comfortable interiors for long trips

*All the luxury options that you want, AC and power everything are usually standard

 

A weekend jaunt to the woods with all your gear begs for a roomy Ford Explorer or if you need more cargo room AND four doors then this loaded 2012 Ford F-150 will do the job perfectly! A few hours in most cars are doable, but for a family excursion along the coast or to the mountains, your time at the wheel is much more of a consideration. Make it count from driveway to journey’s end.

Road hugging, sporty, and fast or off-road adventurous driving, these vehicles welcome the challenge. Two door coupes and convertibles or four door, four wheel drive SUVs and trucks, fun awaits!

 

Think About Which Car is Right for YOU

You may not always have the need for speed and adventure but when you do… nothing satisfies better than putting some distance between you and home. See TM Auto’s inventory

Wherever the journey takes you, make every mile a memory. Your journey begins and ends with transportation and your ride can make or break the experience. Buy your vehicle with your journey in mind and you’ll never regret it. Sure, we all have a need for our daily driver, a trusty shuttle is essential. However, traveling in these can be great or not so great, depending on where you’re going and who’s tagging along. When selecting your car, it’s smart to look at the bigger picture. Whether you’re planning a perfect family beach day or a weekend camping trip, how you get to the promised land is important. Having the right vehicle for the occasion is vital so the journey is as memorable as the destination itself.

Every family, big and small, has different needs. There are plenty of makes and models to go around and one to fit every lifestyle and budget. Whatever your adventure and whichever vehicle you prefer, let me help you get there!  Please browse my website and See TM Auto’s Inventory. Choose from a wide variety of used vehicles.

If you don’t see what you’re looking for, I can find it for you! I’m always available to answer your questions, feel free to text or call (757) 560-4252 and ask for Mike Love.

Easy Financing

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How to Get It

Buying a used car can be daunting. First, you have to find a car that suits all your needs and is safe, and reliable. Now comes the fun part, paying for your new car. If you’re like most people, you’ll be applying for a car loan. When you get a loan, you borrow money from a lender and pay them back over time, with interest. The amount you actually borrow is the loan principal or financed balance, plus interest. The interest rate, presented as an annual rate, is the percentage you pay back in addition to the loan principal.

How do car loans work?

Most people think that when you get a loan to buy a car the finance company lends you the money and the car is yours. In reality, however, the lender actually owns the car, and they’re just letting you drive it while you’re paying off the loan. You don’t get the title to the car until you make your final loan payment. This is why if you don’t make your payments, the lender can repossess the car and if the car is destroyed or stolen during the term of the loan, you’ll still have to pay back the loan. This is also why lenders require you to carry insurance on the car where they’re named as the lien holder. If you fail to provide proof of insurance to the lender, they will purchase insurance on your vehicle to protect their investment. Letting that happen isn’t ideal, however, as the insurance is pricey and only protects the lender, not you.

Different loans have different loan terms, or how long you have to pay the lender back. For example, if you sign up for a five-year term, you’ll pay the money back, and then own the car free and clear, after 60 months. Loans are paid back in monthly installments, and most financial institutions can set up automatic payments to ensure that an installment is not late or forgotten. Lately longer and longer loan terms have been offered to customers; some lenders even offer eight-year car loans. While such long terms can mean lower monthly payments, they can also create situations in which you owe a lot more than the car is worth. The typical auto loan for a used car is much less, than for a new car — an average of $19,329 for used cars and $30,621 for new ones.

How does your credit score affect interest rates?

No loan is the same; some people pay more interest, and some pay less. The interest rate is based on a number of factors, one of which is your credit score. Sometimes called a FICO score, though FICO is only one credit scoring method used by lenders, your credit score can be anywhere from 300 to 850. Credit scores are determined by credit bureaus based on how much debt you have, how many open accounts you have, how much credit you have been offered, whether or not your bills have been paid on time, and the length of time you’ve been using credit.

Your lender will use information from your application and credit report to determine your debt-to-income ratio, and your credit score predicts how able and likely you are to pay back the loan. If you have a lower score, lenders will assume that you’re at high risk for not paying the loan back will charge you a higher interest rate and may only extend a loan offer with a shorter term. A more substantial down payment might also be required from customers with lower scores. It’s important to know your credit score before you apply for a car loan and do your best to make sure it’s as high as it can be.

You’re entitled to free credit reports from the major credit bureaus, but you may have to pay a little extra to get your actual score. There are a few ways to improve your score if it isn’t as high as you’d prefer, like paying off old bills and paying all bills on time for 6-9 months. If you don’t have any credit card debt, closing unused cards can help raise the score. If you do have card balances, closing cards can actually hurt your credit by raising your percentage of credit utilized. You’ll also want to double check your full credit report to ensure its accuracy. For example, say someone stole your identity and opened a credit card in your name. This could affect your ability to get a car loan, or the terms of any loan offered. You need to report the fraudulent activity right away so any errors can be corrected before you apply for auto financing. Dealing with the credit bureaus takes time, so checking your score before applying for a loan is vital.

If you have a high credit score, 760 or above, you’re considered a prime loan applicant. This means you can be approved for interest rates as low as 2 or 3%. Those with lower scores are considered a riskier investment for lenders, meaning higher interest rates. Individuals in this ‘subprime’ category (a score of 580 or below) can end up paying auto loan rates that are 5 or 10 times higher than what prime consumers receive. Most people who get auto loans have a credit score around 706 and should expect to pay rates close to the 4.21% mean.

What other factors affect your loans and interest rates?

Auto loan interest rates also depend on the type of institution lending money, so choosing the right lender means lower rates. Large banks are the leading lenders for auto loans, but credit unions tend to provide customers with the lowest APRs.

The national average for auto loan interest rates in America last year was 4.21% on 60 month loans. For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, which institution provided the loan, and other factors relevant to a lender’s risk in offering a loan. On the whole, the annual percentage rate (APR) for auto loans ranges from 3% to 10%.

However, the highest allowed APR varies widely among banks, with top rates ranging from as low as 6% to as high as 25%. Banks who provide higher rate loans will generally accept applicants with worse credit, while others won’t offer loans to applicants with scores below the mid-600s. Most large banks have eligibility requirements for loans, including a mileage and age maximum for cars and a dollar minimum for loans. TM Auto can provide buyers with good credit a financing interest rate as low as 2.3% (conditions/restrictions apply) on cars up to 5 years old, even if they’re out of warranty.

As mentioned previously, credit unions tend to extend loans at lower interest rates than banks. They also have more flexible payment schedules, and require lower loan minimums — or none at all, in some cases. However, credit unions tend to offer loans exclusively to their membership, which is often restricted to certain locations, professions, or social associations.

How credit unions help!

Credit unions are member-owned and operated, controlled via a volunteer board of directors, elected by the membership. The board establishes and assesses policy, sets dividend and loan rates, and may hire a management team to run the credit union. This kind of structure means that members have a safe, convenient place to save and borrow at reasonable rates from an institution whose goal is to help them, not to make a profit of of them.

Anyone who uses credit union services is also a partial owner has the right to vote on important issues, like  the election of member representatives to the board of directors. Most other financial institutions, on the other hand, are owned by stockholders after a profit. Credit unions can charge lower rates for loans — including your car loan — and pay higher dividends on savings because they’re not-for-profit. Profits aren’t paid to stockholders, but rather are returned to members as dividends or improved services.

For example, the NAE Federal Credit Union in Hampton Roads is a cooperative, not-for-profit institution built to promote frugality and provide credit to members. It also provides special low rates for those financing with TM Auto and those also willing to move their account to an NAE bank. NAE Federal Credit Union is community chartered and accepts people living and conducting business within an area covering Hampton Roads, Gloucester, Isle of Wight, James City, Mathews, and York Counties in Virginia and Currituck and Gates Counties in North Carolina.

Members can also look forward to low rate credit cards with no annual fees, membership discounts, low rate loans, federal insurance by the NCUE, and convenient hours in addition to low rates for those financing with TM Auto Wholesalers. Even more benefits of being an NAE Federal Credit Union Member include:

  •         Free Voice Response
  •         Free Online Banking
  •         Free Draft Accounts
  •         Free Debit Transactions and Card
  •         Free Bill Pay
  •         Free Payroll Deduction
  •         Free ATM transactions at our locations

 

Getting financed can be easy if you know where to go! Have questions about getting financed through TM Auto Wholesalers? Call (757) 560-4552 and ask for Mike Love. Feel free to browse TM Auto’s inventory; your car, truck or SUV may be just a phone call away!   

 

Sources:

Heaps, Russ. “5 car loan mistakes that cost you money”. Bankrate. Bankrate, LLC. 8 July 2015. Web. 24 Jan 2018. https://www.bankrate.com/loans/auto-loans/5-car-loan-mistakes-that-cost-you-money/

N.a. “Average Auto Loan Interest Rates: 2017 Facts & Figures”. ValuePenguin. ValuePenguin. N.d. Web. 23 Jan 2018.  https://www.valuepenguin.com/auto-loans/average-auto-loan-interest-rates

N.a. “FAQ”. NAE. NAE. n.d. http://www.naefcu.org/hampton-roads-credit-union/faq/

U.S. News Staff. “How to Finance a Car and Get a Car Loan”. US News & World Report. US News & World Report. 6 Oct 2016. Web. 23 Jan 2018. https://cars.usnews.com/cars-trucks/how-to-finance-a-car