15/11/2019

Effects of Brexit over car financing and UK’s economy

Car buyers are very likely to look for even more flexibility within their car finance agreements in the face of a hard Brexit. The car finance sector is likely to be affected deeply by Britain’s decision of ceasing to be a part of the EU.

Effects of Brexit over car financing and UK’s economy

Car buyers’ spending plans have been influenced by the risk of recession. Failing consumer confidence is now evident.

Moreover, several economic experts have the opinion that in the short or medium term, no positive transformations for the situation are visible. A hard Brexit is sure to render many effects over the British economy. Even the best among them would be the kind that Britain would have to be wary of.

The effects would not only be evident over car financing but instead the overall aspect of the used-car market. The tightening of the underwriting rules is likely if we go by the historical precedents. But this comes at a time wherein car retailers are on a lookout for some additional flexibility.

It is not just that car financing that comes under Brexit’s impact, but a no-deal Brexit renders a significant impact on car manufacturer’s operations as well. This is very likely to come in the form of delays in the production, which would stand in the line of £50,000 per minute across the sector.

The Society of Motor Manufacturers and Traders (SMMT) have come up with the 2019 UK Automotive Trade Report. It has expressed that as borderless trade comes to a halt, it would lay implications over a just-in-time operating model that is used across the country. The losses may be as high as £70 million per day in the worst-case scenario.

The UK government has previously been warned that a no-deal Brexit also puts several jobs at risk, which are created by the automotive industry. It is believed that the rise in unemployment levels would render implications over retailers as well. Overall, the economy would suffer if hard Brexit comes into play.

Motor finance would be in much demand in such circumstances. For car financing companies, offering flexible finance solutions would be the only way out for the purchase of used cars. Buyers have a mindset of ‘get me car finance now’. They are hence likely to turn to sub-prime lenders, whose financing is characterized by high rates and harsh conditions.

Ultimately, Brexit is sure to render an impact over the UK’s financial services and a change is coming in for sure. Following the implementation period, the trade relationship between the UK and the EU is not going to be the same.

For the UK the Brexit implications go beyond Europe. UK’s trade and financial services with 60 non-EU countries are conducted through EU deals. They will no longer be in place once the UK leaves the EU.

Brexit will give the UK the ability to go on and strike new deals with the rest of the world’s countries. But job cuts are sure to come into play. The experts hence …

READ MORE

Drivers Must-Know: What Is ALR?

Drivers Must-Know: What Is ALR?

Drunk driving is one of the most dangerous combinations. When you drink, your senses are altered, and your sense of perception is diminished. Therefore, it is not recommended to drive when drinking. It is especially true if you have had too much to drink. There are many occasions, though when drinking cannot be avoided. When this happens, it is best to find alternatives to going home like riding a cab, hitching a ride with a friend or asking a buddy to drive you.

The consequences of drunk driving are often severe. You and your passengers can get severely injured. You can also cause damage to properties and even harm other drivers and pedestrian. We also have to consider violations of drunk driving. You may get charged for DWI which will fall under either a misdemeanor or felony depending on its severity. Another minor consequence is for your driver’s license to get suspended.

ALR Defined

Administrative License Revocation, better known as ALR, is a civil regulatory process. It is heard and implemented separately from your DWI charge. It is a process by which law enforcers request the revocation of your license due to a violation. When you receive such an order, there are only two ways to go. You either accept it and or you can try and get it reversed. However, if you want to have it changed, you need to request within 25 days after you receive the notice. Doing so after will only make your time futile. However, if you can submit it on time then, wait for a letter informing you of the details of your hearing. It could take up to 120 days to wait.

ALR Bases

There are two reasons why law enforcers request an ALR for you. Whenever you get stopped for possible drunk driving, officers ask you to take a field sobriety test. The test is done either through blood or through your breath. Refusing to submit to the test is the first basis for ALR. The second basis is when you exceed the limit of 0.08 percent for your Blood Alcohol Concentration (BAC). When your license gets revoked, it could stay that way for 90 days at least and two years maximum. Therefore, most people prefer to go to court for a hearing.

ALR Hearing

You may have many ALR hearing questions, but basically, the purpose of the hearing is to plead your case so your license will not get suspended. The ALR judge will review your request and see if your license should be revoked or they could let you retain it. Everything will depend on the evidence presented by you and your lawyer and the officers. If you have solid proof, then you have better chances of winning. Therefore, it is necessary to hire a competent and experienced lawyer for these cases. If you need an expert in the matter, get in touch with us or visit us so we can help you out. On the other hand, you …

READ MORE

How to Be Certain That a Car You Refurbish Will Be Road Worthy

Way back in the early eighties a little Fiat 850 was given to me by my next door neighbor, because he couldn’t saw himself refurbish this little rusted car. I have salvaged bikes before and knew you had to strip your project completely before you can start rebuild it.

How to Be Certain That a Car You Refurbish Will Be Road Worthy

image source

As I stripped this little car I found that the floor was all rusted with holes in it already. By taking short cut and just riveted pieces of sheet metal over it, thinking it will do the trick. The first time I drove it in the rain all the new carpets became all wet, not to talk about the squeaks and crackling noises that came from the under body while driving it.

All this happened because I did not have the necessary automotive tools to do the job properly in the first place. The result was I had to redo the floor repairs and replace the carpets again.

My advice will be if you plan to refurbish a car at any stage you must make sure you have the necessary tools to do the job. Tackling the job yourself can save you a pile of money, if you have the necessary tools before you start to strip any car down to its metal framework for refurbishment.

The basic automotive tools you will need to perform the metal framework repairs with.

  • A basic panel beating tool kit with hammers and panel beating dollies.
  • Medium size compressor that can push up 8 bars.
  • Small angle grinder with cutting discs and grinding discs.
  • A metal fabricator tool set that contain a spreader bar set.
  • Proper gas flame or heating torch, preferably a gas welding set and torches.
  • A CO-2 welder or a small inverter DC welder will do if you are a novice doing it at home.

Now-a-days you do get small domestic pneumatic tools you can run from a small compressor, chisel, drill, cutters, grinders and a lot more.

Preparations you have to do before you can start with the metal framework repairs.

Strip the car completely down to its metal framework and get it sand or bead blasted before you start with any repairs.

The doors, hood, fenders and boot lid must be removed as well.

You will only be able to establish what the structural damages are when it comes back from the bead blasters.  After seeing the damages and you not capable to do the job yourself source for some help, like a trained metal parts fabricator

Now you must start to cut out all damaged and rusted sections and re-fabricate section to replace the damaged ones with. While repairing the floor and boot section make sure to inspect the chassis beams and legs, if they need attention always repair them first.

After all floor repairs are done you must tackle the kick panels, running boards and wheel arches next.

Make sure to clean and apply some rust repellent directly after you finished a section.

The repellent will …

READ MORE

A Few Ways You Can Start a Business

You may want to go into business. The idea sounds great. No more working for someone else. You are your own boss, but the question is how does a person go about doing this. The following are a few tips on how to become a business owner.

Buy an existing business

There are businesses available for sale all over the United States. You might think that a business owner would never sell a profitable company, but there are many reasons they want to do this. Sometimes an owner wants to retire, and the worth of their business is a big part of their retirement plan. Sometimes people go through a divorce and in order to split the asset, the business must be sold. At other times, a business owner may simply be tired of operating a certain type of business and want to move on. One of the best ways to find the right business is to use a broker. They have listings for many different types of products and services, so you can find what is best for you.

 

Buy a franchise

There are many opportunities in business with franchising. When you buy a franchise, you are often buying a business that already has a built-in customer base. The product or service has a proven track record. What you have to decide is whether the product has a strong growth potential because some franchises are strong today, but they might not be as popular years from now. You also need to look at how quickly you will receive a return on your initial investment. Do you like this area of business? If not, you may not be happy operating the franchise.

 

Invent your own product

This is often a big gamble, but the truth is that it is also the way to become enormously rich. If you do invent something, you will need to get a patent on the product. The reason for this is twofold. One, people may attempt to steal it once they realize you have no patent protection. Secondly, you may want to sell the product to a large company. However, no company will buy it from you unless you first have a patent on it.

The list above only scratches the surface of the possible ways to own a business, but the most important thing to do is decide to do your own research starting today.…

READ MORE

US Auto Sales in 2018: Need an Automotive Merchant Account ?

2018 started with a positive note for the US auto industry. The auto market saw strength in January, but the sales fell in February. Are you involved in the auto industry? Do you need a reliable and affordable automotive merchant account? This article will help you with this.

US Auto Industry: What About an Automotive Merchant Account ?

In 2017, nearly 17.13 million vehicles were sold to customers in the US. The number was down from 17.5 million units in 2016. Sales dropped 2% from last February to 1.3 million, as Autodata Corp. reports.

The three biggest automakers based in the US spoke about a drop in US new vehicle sales in February. Some big automakers spoke about some decline in price incentives in the same month. However, Toyota, Subaru, and Volkswagen reported YoY (year-over-year) sales gains.

Auto companies should focus on keeping the right balance between retail and fleet sales. This is important for protecting profit margins and market share. Fleet sales lead to lower profit margins for auto companies as compared to retail sales.

If you’re a merchant in the auto industry looking for an automotive merchant account, turn to a true professional in the field. With a reputable merchant services provider, you can get the best terms and rates for payment processing.

Auto Sales in February 2018

In February, the new vehicle sales of General Motors went down 6.9% from February 2017, at 220,905. Rival Ford sales dropped 6.9% to 194,132. Fiat Chrysler also saw a dip in sales: down 1% from 2017, at 165,903.

According to Jessica Caldwell, analyst at Edmunds, (the auto consultancy), automakers are working on figuring out the right balance between keeping sales strong and becoming too dependent on costly incentives. The industry hasn’t lost its good health yet.

The figures show that the total US vehicle sales in February were much higher as compared to the 1.15 million vehicle units sold in January 2018. The reason was partly associated with the fact that auto sales at the beginning of the year are usually softer due to high holiday discounts offered by auto companies at the end of the year.

Author Bio: Business Funding expert, Michael Hollis prides himself on being able to help the backbone of America; small business owners. When he isn’t helping merchants, you’re more than likely to find him scuba diving the California coast or eating at one of LA’s tasty Vegan restaurants.

READ MORE