Posted by Theresa, Apple  FCU
 
 
 
 
Buying your first car all on your own can be a daunting task. Here are a few things you may find helpful when you begin the search and financing processes.
 

 

 
Enter to win this month’s drawing for 4 tickets to the Thursday, May 20, 2010 Nationals Baseball Game. See complete rules here.
 

Posted by Theresa, Apple FCU

I wish this tool was available when I was shopping for my first car out of college.

Apple FCU now delivers a helpful tool in searching for your first car, replacement car, or dream car - CUDL AutoSMART. Whether it be used or brand-spankin’ new, use the site to research, build or find the car of your dreams (or the one your budget says you can have instead)!

Great features of Apple’s AutoSMART include:

1. Research- find your car by make and model or simply peruse to get ideas of what you want
2. Locate- discover dealer partners of your credit union (they offer great deals when you finance with Apple)
3. Monthly cost- use financial calculators to determine your hypothetical monthly car loan payments (how much can you afford?)
4. Insurance quotes- determining which insurer to go with can be tiring on top of looking for a car; Apple’s insurance subsidiary can provide you a quote to avoid the hassle
5. Extra insurance options- find out about added insurance features in the event you have an accident before your loan is paid off, or if you want coverage for repairs other than manufacturer defects.

Go ahead – check  it out yourself. As shown above it will help you find more than just a car—it’ll guide you in all that comes along with purchasing a car from finding to financing to insuring.

CUDL AutoSMART makes you feel good about the car-buying process…evoking a feeling of happiness in an often too stressful process. Great choice for an acronym of the name — Credit Union Direct Lending (CUDL).

See complete rules for the gift card drawing here.

Posted by Theresa, Apple FCU

It’s that time of year again— time to pay personal property tax on my car. (Oh joy!…note the sarcasm). Luckily, this expense is no surprise to me or my budget, as when I was shopping for cars I took into consideration the annual personal property tax I would have to pay.

Things to consider regarding personal property tax and buying a car:

· Can I afford the personal property tax?

Research the county in which you live, including how they assess vehicles and what the assessed value is of the car you are considering buying.

Personal property tax on cars is typically formulated as: $X amount for every $100 of the assessed value. For example: $4.57 for every $100. Thus if you car is assessed at $15,000 your personal property tax would be $685.50/year. 

There are state programs that assuage the cost of the tax, and that ‘discount’ is clearly noted on your bill, but it’s best to know what the ‘at most’ figure is.

 

· If the county increases their tax rate can I afford for the change?

For example if they charge $5.57 for every $100 assessed instead of $4.57 for every $100 assessed. ($835.50 tax, a $150 difference for a vehicle assessed at $15,000).

 

· What if I move counties but have already paid the tax for the full year?

Register your vehicle in your new county and pay the appropriate prorated amount. Don’t delay, because they may penalize you for waiting too long to transfer your car’s residency. 

Then, contact the county in which you initially paid the full year’s car tax. Have them credit you back the months you paid for, but did not reside in the county. Keep proof that you have been billed and you paid for your new county for the overlapping months. Your previous county will credit you the amount you paid but did not reside in their county.

Remember each county has a different tax rate and uses different measures for assessment.

Not all states have personal property tax. Check with your state to see if you have this tax. If you’re living in Virginia you most definitely do.

Don’t worry, the first few years are initially costly (more so depending on whether you buy a new or a used car) but the cost of your personal property tax will decrease over the years.

It’s a conundrum really… I would like the value of my car to go down so I owe less for my personal property tax, but in the event I sell my car, I would like the value to stay relatively high.

See complete rules for the gift card bundle drawing here.

Posted by Theresa, Apple FCU

Planning on taking a trip to visit a friend for the weekend? Still undecided whether you are going to drive or fly? Well here’s a great site that will help weigh your options and show you which mode of transportation is most cost effective: www.costtodrive.com

Cost to Drive presents a brief cost analysis of taking a flight versus driving. Taken into consideration are your car make and model, the cost of fuel and miles of travel. The site even shows the recent price for a flight to your destination.

So, before you make those final road trip or flying time plans, check out this site to see how much you could save. Happy traveling!

See complete rules for the Nationals tickets drawing here.