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Archive for October, 2012

Some factors in determining insurance rates are out of consumer’s control, such as age, gender and record of prior claims. However there are ways to lower the rate, here are ten simple tips from the Consumer Federation of America, on how.

Get more than one quote on a rate.
It has been said before, but be sure to shop around at different insurance companies. In some cases different companies can have substantial differences in rates for a specific person. For an idea of which companies are low-priced carries The National Association of Insurance Commissioners offer a website that lists each states regulators. A lot of the lower priced companies actually offer equal if not above average service.

There are also independent websites that allow customers to search multiple car insurance companies at once and do side-by-side comparisons. However, sometimes these sites don’t list the lowest cost companies since there is often a charge to be a part of the site.

Keep in mind insurance costs BEFORE looking at buying a new vehicle.
Some of the most important factors with insurance companies are the type of vehicle being driven, specifically the year, make and model. New, expensive, or sporty cars will cost more to insure than older cars and SUV’s. So, if car shopping at Phoenix Hyundai dealers be sure to look at what the insurance rates will cost, before the car is bought.

Keep deductibles high.
If there is room to be flexible with a deductible, the savings on the overall rate could be huge. For example, going from a $250 deductible to a $1,000 deductible can save a customer 25 to 45 percent on a policy. Set aside a portion of the savings to cover costs in the event of a claim.

For older cars, don’t worry about collision and/or comprehensive coverage.
Take the amount it costs for comprehensive and collision premiums and add it up, then multiply by 10. If the car being insured is worth less than that, the additional coverage isn’t usually necessary.

Keep credit score in mind.
More and more insurance companies are now considering credit score when making rate calculations. A good credit score can save you some money, while a bad credit score could cost you up to 50 percent more a month. Check your credit before getting an insurance policy and if it is low find out simple ways to raise it.

Inquire about low-mileage discounts.
If the vehicle being insured is has less than average amount of miles on it, or will be driven a lower than normal amount of miles, a discount may be available. There also may be discounts for those who carpool and have reduced time as a daily driver.

Find out if there are group insurance discounts.
Insurance companies often have discounts for Hyundai Scottsdale drivers who are members of specific organizations or professions, such as veterans, engineers or teachers. Request a list of these groups from multiple carriers before deciding to see if any discounts apply.

Ask about ALL discounts.
If the vehicle being insured has certain safety features like anti-theft devices or motorized seatbelts, insurance companies may offer discounts. There are also other discounts for tons of other things most people don’t think to ask for. However, discounts can be a double edged sword, because usually the companies with the highest discounts also have the highest rates.

Never have a lapse in coverage.
Even the shortest lapse in coverage can disqualify consumers from discounts. Insurance companies use lapses in coverage as a way to increase the premium for rates. Be sure to pay all insurance bill on time and if switching carriers make sure there are no lapses in coverage.

Think before deciding on paying in installments.
Most companies charge a fee to pay in installments, some even up to $10 each installment. Paying the premium up front, if possible, can save customers money.

For more questions on how to save money on your insurance bill stop by Chapman Hyundai. Our financial advisors can help let customers know which Hyundai’s should have the lowest rates.

2013 Hyundai Santa Fe

Now available at your Phoenix Hyundai dealer: the 2013 Hyundai Santa Fe compact SUV.

Building on tremendous momentum from consecutive years critical and market success, Hyundai’s new 2013 Santa Fe raises the compact SUV bar even higher.  Designed to rival models like the Porsche Cayenne at a fraction of the price and to outclass the Honda CR-V and Toyota RAV4, the Hyundai Santa Fe is safe, stylish, reliable, and versatile, with both five- and seven-passenger models (available in January 2013) to accommodate families and friends alike.

IIHS’s top safety pick in the compact SUV class, the Santa Fe features hill-start assist and downhill brake controls, along with Hyundai’s Vehicle Stability Management system, which coordinates electronic stability with traction control to help the just-right-sized SUV tackle hilly terrain with the best of off-road vehicles.  For city drivers, anti-lock brakes and electronic brake assist pair up with seven interior airbags to provide the kind of security and peace of mind that any driver can appreciate.

In terms of power, the new Hyundai Santa Fe does not disappoint: the five-seat Sport model’s turbocharged power plant produces 264 horsepower at 6000 RPM, as well as a staggering 269 lb-ft of torque at a mere 1750 RPM.  For non-gearheads, that means that the Santa Fe accelerates quickly, yet still has enough power to avoid hazards after reaching highway speeds should a swift change of pace become necessary (to say nothing of the fact that a powerful engine is simply fun to drive).  Even the base engine boasts 190 horsepower, which is still more than the CR-V or RAV4 and more than enough to get the job done.

Perhaps most importantly, the 2013 Hyundai Santa Fe is rated at 21/33 city/highway miles per gallon, keeping it in line with Hyundai’s other luxurious-yet-efficient models.  If you still are not convinced, the Santa Fe also has more front and rear head room, shoulder room, hip room, and rear leg room than the Lexus RX 350 (according to manufacturer websites).

The 2013 Hyundai Santa Fe, available now at Hyundai Scottsdale, offers virtually everything that today’s compact SUV owner desires and more.  Test drive one to learn if the Santa Fe is the right choice for you and your family.

Sometimes it seems as though Phoenix Hyundai dealers have their own language. These days it’s not enough to be educated on just makes and models of cars, but now it seems as though customers need to know other key terms. Bankrate.com compiled a list of must know terms, and we took the top ten most common terms, consumers should know to ensure their getting the best deal. All terms have been defined by Bankrate.com.

Add-on interest — Interest that is computed at the beginning of the loan, then added to the principal, so that all must be repaid, even if the loan is paid off early.

Blue Book — Formally, it refers to the Kelley Blue Book, an industry guide Hyundai Scottsdale dealers use to estimate wholesale and retail vehicle pricing. In common parlance, “the blue book price” can actually refer to a price looked up in one of the many guides to pricing. The books now come in a variety of hues, are issued by many organizations, and are commonly available online or in the reference sections of public libraries.

Dealer holdback — An allowance, usually between 2 percent and 3 percent of manufacturer’s suggested retail price, that manufacturers provide to dealers. A holdback allowance may allow the dealer to pay the manufacturer less than the invoice price. A buyer could obtain a car below invoice price and the dealer would still make a profit.

Dealer incentives — Programs offered by manufacturers to increase the sales of slow-selling models or to reduce excess inventories. Dealers may elect to pass on the savings to the buyer.

Dealer preparation, or dealer prep or preparation charges — An additional charge that dealers try to impose on buyers. It represents pure profit for the dealers, who have already been paid by the manufacturer for the cost of preparing the car for sale.

Extended warranty or Service contract — A contract that covers certain car repairs or problems after the manufacturer’s or dealer’s warranty expires. Extended warranties are sold by car manufacturers, dealers and independent companies. With a new car, the extended warranty usually must be purchased by the end of the first year of ownership.

Invoice price — The manufacturer’s initial charge to the dealer. The price may not be the dealer’s final cost because dealers receive rebates and other incentives from the manufacturer. The invoice price always includes freight, also known as the destination charge.

Prepayment penalty — A lender’s charge to the borrower for paying off the loan before the end of the term.

Rule of 78s — A mathematical formula that was devised in the days before modern calculators. The formula was a quick way for lenders in the 1920s and 1930s to estimate payoff amounts when a customer paid ahead on an installment loan. Some auto lenders still use the “Rule of 78s” formula to calculate a rebate of finance charges when a customer pays off a pre-computed loan early.

For a borrower looking to end an auto loan early, there isn’t a worse way a lender could calculate your payoff amount. The Rule of 78s formula packs extra interest charges into the early months of a loan. Using Rule of 78s, a lender typically collects three-quarters of a loan’s interest in the first half of a loan term. The Rule of 78s can only be applied to pre-computed loans that are paid ahead of schedule. The formula cannot be applied to simple interest loans.

Title — A legal document containing specific information about the vehicle. The title is the official proof of ownership and is used to transfer ownership from one person to another.

Check out Chapman Hyundai Scottsdale for the easiest and simplest buying experience. Also check out Bankrate.com for much more information on key terms to know in the auto industry.