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17 Surprising Things You Can Sell for Extra Money

From your attic to the beach, from your basement to the landfill, the trash you find may be someone else’s treasure.

Source: moneytalksnews.com

The Worst Ways to Borrow Money — and What to Do Instead

Borrow money the wrong way and you could find yourself stuck in a cycle of debt. Here’s how and when to do it.

Source: thepennyhoarder.com

2020 Financial Crisis Auto Loan Relief

Car manufacturers have been feeling the strain during the financial crisis. There are fewer cars on the road, workers in the factories, and consumers willing to spend, and as a result, the automobile industry has been devastated.

But manufacturers and showrooms are fighting back, finding ways to encourage consumers to buy and to make life easier for the ones that already have. In this guide, we’ll look at the ways that auto lenders are helping consumers hit by the crisis and the ways that manufacturers are encouraging more drivers to purchase.

Financial Crisis Auto Relief: Manufacturers

Automobile manufacturers saw their profits free-fall in March 2020 and that followed into April, with suggestions that the chaos will progress as the year (and the pandemic that has gripped it so fiercely) continues. They are struggling and their customers are struggling as well.

Over 700,000 Americans lost their job in March and unemployment is set to rise to levels that haven’t been seen for years. To make matters work, the country’s 9.5 million+ self-employed workers have seen their incomes half. 

As a result, many are struggling with their debts and finding it harder to meet auto loan payments. To lend a helping hand, many of the world’s biggest manufacturers have established auto loan relief programs:

Ford

Ford announced its response to the crisis towards the end of March. Known as the Built to Lend a Hand program, it offers up to 6 months payments on a brand-new Ford and applies to all models from 2019 and 2020.

As soon as consumers sign up, they will be given 3 months of payments from Ford, while an additional 3 months can be deferred as per the customer’s request. The customer can choose to defer these payments as and when they want, but they must get their auto loan through the Ford Credit program to apply.

Hyundai

South Korean manufacturer, Hyundai, was one of the first to offer an auto loan relief program. South Korea was one of the hardest-hit countries in the early stages of the virus and this led to the major automobile brand offering a relief program in the middle of March.

Known as the Assurance Job Loss Protection, this program first appeared following the 2008 recession and has been revived for the recent pandemic. 

As part of this auto loan relief program, consumers who bought or borrowed a car after March 14 can have up to 6 payments made by Hyundai. They can also request payment deferment that lasts for up to 90 days.

The Assurance Job Loss Protection program is set to run until April 30 and applies to everyone who purchases a Hyundai through eligible finance programs. It also extends to Genesis, the luxury division of Hyundai Motors that is responsible for new vehicles such as the 2020 Genesis G90.

If the pandemic continues to grow in scale and severity, the program may be prolonged, although only time will tell.

Nissan

Nissan is following in the footsteps of many major creditors and lenders by working with customers on a case by case basis. If you’re feeling the strain of the crisis, whether because you’ve lost some or all of your income or your expenses have increased, you can contact them and request some relief.

For borrowers struggling to meet monthly payments, Nissan offers deferred payments, but only if hardship can be proved. You likely won’t be offered anything just because you ask for it and must show that your financial situation is worse now than it was before the financial crisis.

The same applies to all Infiniti car owners, which is Nissan’s luxury brand.

Kia

Kia announced that all 0% APR borrowers could defer payments for up to four months. Borrowers who don’t qualify for this can still request deferment of up to 30 days on 3 different occasions.

However, as with Nissan and many other providers, borrowers need to prove that they are experiencing hardship to be offered this auto loan relief.

General Motors

GM has seen some pretty hefty losses during the financial crisis, and this is despite the fact that it began the year on a high note, making noticeable gains that were all but wiped out in the first couple weeks of March.

GM is offering a few different options to keep consumers happy and to ensure cars are still driven out of the showroom. If you already have a finance program with General Motors, and you’re experiencing hardship, you can contact GM directly, tell them what you’re going through, and get assistance.

The GM OnStar program has also been activated for all current owners. This program offers 24/7 emergency assistance and can help you get to a hospital in your time of need.

If you need a new car, you can get 0% APR for up to 84 months on most GM manufactured vehicles.

Fiat Chrysler

Fiat Chrysler is another brand that began 2020 with a bang and then quickly suffered a substantial slump. To counteract this, it has improved its online offerings, allowing all consumers to purchase a brand-new vehicle online and to benefit from improved financing offers when they do.

In addition, Fiat Chrysler is assisting current owners by making it easy for them to pay their bills.

If you have a car made by this leading manufacturer and you’re struggling to make payments, contact them directly, tell them about your financial hardship, and they may offer to help you with deferred payments and other solutions.

Financial Crisis Auto Relief: Alternative Options

Contrary to what you might think, lenders are not desperate to get their hands on your collateral. The best outcome for them is that you meet your payments and they get every penny of the vehicle’s value along with the interest.

If you default and they are forced to repossess, they need to pay for the repossession, deal with the extra paperwork and hassle, and eventually sell the car for much less than it is worth. They can still chase you for what you owe, but they know they probably won’t get it, making repossession something that lenders are keen to avoid.

When you’re struggling to make your payments, be honest with them, lay it all on the line, and find a compromise. They will probably be a lot more forgiving than you expect, especially during the crisis, when everyone is more understanding and willing to help.

Unfortunately, you don’t have many other debt relief options when it comes to auto loans, as it doesn’t make sense to do a balance transfer and debt settlement simply doesn’t work here. But if you contact your lender, they’ll help you find a solution.

You can think about returning the vehicle, as well. When you lose your job and your income, and you no longer need to drive several miles to and from work every day, what’s the point of owning a car that costs you tens of thousands of dollars and leaves you with a substantial debt?

2020 Financial Crisis Auto Loan Relief is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

What Is Uninsured Motorist Insurance?

What is Uninsured Motorist Insurance?

If you buy or lease a car, you’ll need to arrange for insurance coverage. Not only is it the law in most states, it will also protect your bank account in the event of an accident. However, if you’re involved in an accident and the other driver doesn’t have car insurance, you could run into problems. That’s the thinking behind uninsured motorist insurance. 

Compare checking accounts here. 

Uninsured Motorist Insurance Basics

If two people who both have car insurance get in a car crash, they exchange insurance information. The other driver’s insurance company generally pays your expenses if you’re in a crash. So what happens if the other driver doesn’t have insurance? There’s no one to pay you, cover your car repair or replacement or foot your medical bills if you’re injured. Your own car insurance may cover those costs, but it depends on the plan.

That’s where uninsured motorist insurance comes in. Uninsured motorist insurance policies offer protection against property damage or personal injury resulting from a run-in with an uninsured driver. There are a lot of bad drivers out there, and plenty of people who drive regularly but can’t afford car insurance. Have a run-in with one of them and you could end up covering your own medical and car repair bills.

In 22 states and the District of Columbia, drivers are required to have uninsured motorist insurance, so if you have vehicle insurance you’re covered in the event of a crash with an uninsured driver. But if you live in a state that doesn’t require uninsured motorist coverage, your regular car insurance policy may not protect you from bills if you’re in a crash with a driver who doesn’t have car insurance.

Check out our budget calculator.

Is Uninsured Motorist Insurance Necessary?

What is Uninsured Motorist Insurance?

If you live in a state that requires uninsured motorist coverage as part of the minimum coverage requirement for all auto insurance policies, you have at least some protection from uninsured drivers. You can always call your insurance company to check on the kind of coverage you have and discuss your coverage options.

If you live in a state that doesn’t require uninsured motorist coverage, the question becomes: Should you buy uninsured motorist insurance as an add-on policy to your regular car insurance? Before you decide, it’s worth pricing it out.

First, you can call your car insurance provider and check what level of coverage you already have against uninsured motorists. Your existing plan may provide some level of protection against medical bills and/or car repair bills resulting from a crash with an uninsured motorist.

If you don’t have any coverage or if you think your coverage levels are insufficient, you can ask your insurance provider how much it would cost you to add uninsured motorist insurance to your coverage package. You can also get quotes from other car insurance companies and opt for the policy that provides the best coverage for the lowest price.

Uninsured motorist insurance can give you some extra protections, too, such as coverage in the event that a hit-and-run driver crashes into your car or in the event that you’re struck by a vehicle as a pedestrian. So even those with built-in protection against uninsured motorists through their regular car insurance may be tempted to add extra coverage.

Related Article: All About Car Loan Amortization

Bottom Line

What is Uninsured Motorist Insurance?

Just because you have car insurance that you’re paying for every month doesn’t mean you’re protected in all eventualities. If reading this article has made you nervous that you might not have enough – or any – protection against uninsured motorists, this could be a good time to get your insurance company on the phone, particularly if you live in a state with a high percentage of uninsured drivers.

Photo credit: Â©iStock.com/bowdenimages, Â©iStock.com/bowdenimages, Â©iStock.com/vm

The post What Is Uninsured Motorist Insurance? appeared first on SmartAsset Blog.

Source: smartasset.com

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