Category: Ownership

Posts related to Ownership

Tax Day Cometh: You May Be Able to Deduct Interest on Your Car Loan

Self-Employed People Can Write Off Their Car Expenses

 

April 15th, tax day, looms closer and closer. If you’re self-employed, or have a side-gig, such as making deliveries or driving for Uber, you might want to check if you can deduct vehicle expenses from your Self-Employed taxes.

To do this, you first calculate how many miles you drove all year. Then you choose between taking the standard rate, or the actual expenses you incurred with your car. To do this, figure the percentage that was personal driving, and how much was for business. Say you drove 100 miles a week, and 40% was for business. That’s the percentage of car expenses you can deduct. Keep in mind, driving to your work place is commuting, so that’s not deductible, but driving to do business banking or buy supplies is deductible.

The average standard rate for 2018 is [...]

The film, Repo Man, is a cult classic. Otto, a young punk rocker played by Emilio Estevez becomes a repo man. He’s resistant to this at first, but then finds himself addicted to this adrenaline-fueled job. If you don’t pay your loan back, then lenders have the legal right to repossess cars. But it’s not as quirky and outer worldly as the movie may have led you to believe.

Fact: In most states, repossession is legal after your first default.

Fiction: Buy Here Pay Here Car Dealerships want to repossess your car. In fact, at Finn’s Discount Auto, we want you to make your payments on time, so you build a solid credit history and save on interest. We also want you to return with friends and family to buy more cars. We do NOT want you to miss [...]

Subprime Auto Loans Increasing Across the United States

Buy Here Pay Here Auto Dealers an Alternative to Banks

A lot is happening in the car market in the United States right now. General Motors just announced plant closings in Canada and the Midwest. They claim tariffs have cost them heavily, but also, that their sedans- like the Buick LaCrosse and Cadillac CT6, just aren’t selling. North Americans prefer SUV’s, hybrids, and trucks. In fact, across the board, new auto sales have fallen by 1 million vehicles since September 2017.

However, subprime auto loans for used cars are increasing nationwide. According to separate reports by both the Federal Reserve Bank of New York and TransUnion, subprime loans are up 10 percent from the third quarter of 2017. There are two main reasons for this. More lending institutions, such as banks, are making subprime auto loans. These include big names such as Wells  Fargo and Santander Consumer USA. However, due an uptick in defaults, [...]

Back to top