myAutoloan executive team attended NAF Association 12th annual conference in early June 2008

NAFA stands for Non-Prime Auto Financing Association. The 12^th annual conference was held in Fort Worth Texas June 4^th through June 6^th at the Renaissance Worthington Hotel. NAFA chose Ft Worth because of its proximity to several auto finance companies in the metro area., HSBC, Roadloans, Triad, AmeriCredit, CitiFinancial Auto, Capital One Auto Finance, Santander (formerly Drive), just to name a few that attended from the local area. Our executive team met with several partners and potential partners and attended many presentations. The presentations and panels offered information regarding the current state of the economy, the used car market, legal updates, remarketing and more. The insight learned, and contacts made are sure to help myAutoloan create and maintain great partnerships. To read more about the NAF Association conference visit their site at http://www.nafassociation.com/events.html

Why Purchase a Hybrid Auto

When it comes to shopping for an auto, customers in today’s market have plenty of choices. They can select a hybrid in almost all of the auto style segments including SUV’s Sedans and luxury autos from 4 cylinders to 6 cylinders. From what the experts are saying, hybrid-electric auto sales volumes are predicted to grow by 260+ percent between 2005 and 2012. That represents a growth from approximately 210,000 autos in 2005 to 780,000 by 2012. The hybrid-electric auto market has grown from two models and fewer than 10,000 autos sold in 2000 to 11 models and an estimated 210,000 auto sold in 2005.

What is creating all this demand? Aside from all the network news and media coverage of global warming, crude oil prices have skyrocketed over the last few years. The prices we all pay at the pump, as a result of shortages and our greater awareness of the global economy has made a impact on our way of life to some degree. Now that you add in the price we pay to protect our environment, more people are find themselves motivated to select alternative energy driven autos.

First let’s take a look at the tax benefits
As of January 2006 the federal government is offering tax breaks on a newly purchased hybrid auto. Many of the states are also planning to introduce such tax breaks. There is no standard tax deduction that each and every hybrid auto owner can use. There is a complicated formula provided by the IRS to evaluate your tax break depending upon the car you own. Remember the deduction is only a one time claim in the purchase year. There are certain restrictions too, such as:• Purchase and take delivery of a qualifying auto on or after Jan. 1, 2006 – This may have expired as of April 2008 so check it out before hand.

• Purchase the auto new, not used.
• Purchase the auto with the intention of using it, not re-selling it.

Then there is fuel efficiency awareness and reduction
This is a major factor why the hybrids are being considered. All the hybrids that are currently available give an average 10 – 20 miles per gallon more as against the regular gas EPA estimate. This means the hybrid auto or SUV would require fewer trips to the gas stations reducing your total fuel bill. It saves fuel when idling as it does not use the gasoline engine but instead, it shifts to use the electric motor and batteries. Hybrids autos use regenerative braking to recover energy every time you hit your brakes and transfer it back to the battery.

Car design is an important component
Hybrid autos are incorporating aerodynamic design to help reduce drag. The reduced frontal area help reduces the drag on the auto when it moves through the air as it pushes down the road. With the increase in the popularity of the hybrids, you can purchase them with the conventional designs or you can select newer models and designs. The tires are low rolling and made of unique resistant rubber, which reduces friction on the road.

Low emission can reduce your footprint
As the hybrid auto has low a consumption of fuel, it burns lesser fuel and therefore causing fewer emissions. Hybrid autos are known to reduce emission by 90%.

Engine efficiency ultimately saves you money
Hybrid autos have two engines: electric and combustion. These engines are smaller in size and are made from light-weight material which improves the efficiency of the engine.Although fuel efficiency still remains as the primary reason for the purchase, the other reasons we listed seem to be real factors that seem to be making a difference in why people are selecting the hybrid auto over standard models.

How do you feel about hybrids?

myAutoloan Gives Back

myAutoloan.com Announces Philanthropic Initiatives for 2008. When you give you receive. We all know that saying. No matter how hard we work during the week. No matter how many projects fill our plates. We still manage to give back to our community. What a great place to work.

To read more about view the official press release on PR Leap. http://www.prleap.com/pr/118201/

Auto Industry in Trouble? Think again.

From all the stories in the press, the financial markets continue to push downward the “doom and gloom” scenario of the subprime lending fiasco.  Where is it landing?  It’s headed towards the auto finance marketplace.  What is being said on the street is that the major lenders have no money to lend as they try and cover their losses from the subprime blow up.  Has there been any sign of that?  Yes, in new car purchases but certainly not in auto refinance loan approvals or applications.  We are seeing the lenders looking favorably at the thousands of refinance applications that we receive and have see a dramatic increase in not only applications but with refinance fundings.  It’s a good time to investigate since there are not costs associated with an auto refinance inquiry.  What have you got to lose?  Lower rates mean lower payments and lower costs.  Not a bad thing.

 Read more at the Press Release posted on PR Leap. http://www.prleap.com/pr/117080/

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Fed Cuts Rates Again

Interest rates have slowly ticked down in the last six months. With gas prices slowly going up and rates going down, it is a great time to refinance your vehicle and take advantage of the potential savings.

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Free Consumer Auto Buying Guide

More and more, people tell us how intimidated they are by the prospect of stepping onto an automobile showroom floor, picking out a new or used auto and securing financing. Whether it’s an aggressive dealer sales team or general overall lack of customer experience in negotiating financing, consumers are looking for unbiased information, tips, and advice.

To help ease the auto-buying experience, we have listed some tips and advice aimed at saving you money by understanding how things work and by helping you negotiate a better deal.