Ford’s 2Q on Fire, Takes in $1.2B on the Back of Robust Sales in China, US

Ford Motor Co. beat second-quarter earning projections by earning $1.2 billion worldwide thanks to surging vehicles sales in China and Ram-tough pickup truck sales in America.

Industry-wide sales of pickups in the US rose by a staggering 22 percent in the first half of 2013. Ford, being the maker of the top-selling ride in America, the F-Series pickup truck, harvested great gobs of bounty from this rising tide. The company-that-Henry-built made a profit of $2.3 billion in North America during the just closed quarter, while in Asia it took in $177 million, which is its best performance ever in the Eastern continent. The strong numbers in the US and Asia more than made up for the decidedly European-style showing it had in Europe by losing $348 million in the second quarter. The loss was a $56 million improvement over what Ford lost in Europe in the second quarter of 2012.

Car Show 9/7/13: Shipyard Show ‘n Shine

If you live in the Norfolk area, you might want to check out the 5th Annual Shipyard Show ‘n Shine, put on by ship-repair employees of BAE Systems.  It’s the only car show in Shipyard, and it will play host to everything from sports and muscle cars to exotics, imports, and motorcycles. There is no fee for entry, and proceeds go to aid veterans. There is even rumored to be an appearance by a General George Patton imitator. Major sponsors include MF&B, Allied Research Technology, and Bradshaw’s Auto Service.  Here is the location and time:

Norfolk Ship Repair

750 West Berkley Avenue

Norfolk, Virginia 23523

9/7/13:  9:00 am to 3:00 pm

If you have questions, you can call 757-494-4000.

You can find out more on Facebook:  https://www.facebook.com/ShipyardShownShine

This should be a fun show for a great cause, so we hope all of our Norfolk clients will attend!

26% of Consumers in FTC Study Discover Credit Reporting Errors

A recent FTC study shows the relationship between errors on credit reports and potential consequences for consumers and businesses. Consumers may be charged higher rates for credit whereas businesses may make bad decisions on who to lend to.

Twenty six percent

of consumers have reported finding errors on their reports. Disputes resulted in about half being overturned. This article stresses the importance of accurate reporting on credit reports.  Otherwise, you could end up paying interest rates that are far too high on your auto or home loan.

Read the full article here:
http://www.fi-magazine.com/News/Story/2013/05/FTC-Credit-Report-Errors-Result-in-Less-Favorable-Loan-Terms.aspx?ref=-20130507

Virginia Credit Union Auto Loans: 1.99% APR for 63 Months!

Currently, Virginia Credit Union is offering auto loans at rates as low as 1.99% APR for members with approved credit. These loans can be for a new or used vehicle, and the term of the loan can be up to 63 months. The vehicle model year must be between 2002 and 2013.  This is great for consumers who want a slightly higher-mileage vehicle, as many lenders will only finance vehicles up to 7 years old.  With excellent credit, 100% financing may be available. VACU is located in Richmond, but they serve members all across the state.

Read the full article here:
http://www.gobankingrates.com/auto-loans/virginia-credit-union-1-99-apr/

Auto Dealers Receive Warning about Discrimination

The Consumer Financial Protection Bureau recently gave out a warning to auto lenders about illegal discrimination, due to the fact that black and Hispanic borrowers were illegally being charged more than whites for auto loans. While dealers are allowed to mark up rates by as much as 3%, the Equal Credit Opportunity Act does not allow factors such as race or sex to sway decisions regarding loans. The agency has recommended instituting a flat rate markup to avoid discrimination.

Read the full article here:
http://bucks.blogs.nytimes.com/2013/03/21/consumer-agency-warns-lenders-on-bias-in-auto-loans/

Virginians Oppose Hybrid Vehicle Tax.

Due to issues with bad traffic, the state of Virginia intends to impose a special tax on owners of Hybrid Vehicles. The tax would decrease the high tax on gasoline considerably, in favor of a flat sales tax. Despite this fact, residents of the area are outspoken against this tax.