According to International Monetary Fund (IMF) American households are trying to save more by cutting down their spending in reaction to the global financial crisis. IMF says that on an average people are trying to save 5-6% of their disposable income. With the threat of job cuts, salary cuts, etc. Americans are trying to compromise on their other low priority expenses. They compromise on their car loan interest payments to make timely payment for their home mortgages. This is leading many banks and financial institutions to repossess their cars due to non-payment of interest amount.

“Having a personal car has become a basic necessity in today’s fast life. We have to go to office on time, attend meetings, drop our children to their school, and so many other things. It is impossible to imagine our lives without our car. On the other hand, with this economic downturn, job loss, less disposable income, and so many other barriers it becomes very difficult to make those monthly payments of your auto loan. We understand your situation and hence provide loan modification services for those who either do no have money to pay their monthly auto loan payments or are paying much more than it is worth it. Auto Relief Group helps you with negotiating loan amounts, interest rates and term extensions. ARG acts as a mediator between you and your bank and explains them the reason for your non-payment and negotiates with them and close a deal in favor of you”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Hence, if you go for loan modification you are also able to save some money which you would otherwise have paid for your high auto loan payments. Auto Relief Group relieves you from this burden and provides best advice on your auto loan. Pay lower, avoid your car from repossession, save money and enjoy your car with your family”, Anthony signs off.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

[email protected]

Thousands of people are suffering from foreclosures and repossessions due to the sub-prime loan crisis in the market. People who had a low FICO/ credit score had an opportunity to buy their own cars, automobiles, etc by obtaining a sub-prime loan. Though they had to pay a higher interest amount, they didn’t mind as they were able to own whatever they want to. Due to the economic condition, people are stuck up with so many necessary expenses that they are unable to pay their house and auto loan payments on time. Thus, going for a loan modification can help the economy recover and also reduce payments for borrowers to make payments on time.

“Just imagine how uncomfortable you would feel when you will not have your car? How will you reach office on time? How will you drop your children to their school? Will you be able to take your wife shopping? I am sure no one would want to face such a situation in their entire lifetime. Hence, I am glad to say that we provide loan modification services for your automobiles at Auto Relief Group.  It will help you avoid repossession against a very small fees charged. The entire process will not take more than 3-5 weeks and we will provide you the forecasted depreciated value of your car for the next 12, 24 and 36 months based on actual market dynamics”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Auto Relief Group helps in restructuring your loan by renegotiating loan amounts, interest rates, term extension, etc. After this step comes the actual closing and execution of modified loan payments. Auto loan contracts are much simpler and require few if any additional filings, taxes, stamps or use of 3rd party providers or title insurers. After you have accepted the modified terms, we will use a Mobile Notary service which will meet you at your home or work and notarize your new loan docs, effectively concluding the process”, explains Anthony.

Therefore, if avoiding repossession requires just a few dollars then who would not mind paying that and keeping their car with them. Auto loan modification can save us from sub-prime crisis, repossession and high monthly payments.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

[email protected]

Trends show that with time auto loan industry is improving. Today obtaining a car loan is much easier than it was a year back. Banks and lenders have become proactive and call you to offer you an automobile loan much before you plan for one. However, getting approved/ authorized for an auto loan is much more difficult than applying for it. Lenders are very much keen on the consumer’s credibility. They do not want to take the risk of car repossession as they prefer avoiding it rather than finding a new buyer for the repossessed car. Though the interest rates for auto loan is not as sensitive as home mortgage loans, still banks feel that its an issue to be worried about. Consumers generally keep this payment at a lower priority and delay or do not pay the interest amounts regularly. Thus to avoid such situation, each bank/ lender carries an in-depth research about the consumers before granting them the car loan. Consumer’s credit score is analyzed in three categories:

• Prime (750+)
• Near-prime (620-749)
• Sub-prime (620)

“Auto Loan Industry cannot be a miser till the time when auto manufacturers close down their factories. It is just due to the current slump in the economy, that lenders are careful while granting loan. Most of the consumers have the fear of losing their automobiles, in order to pay other high priority bills. Though having a personal car is very comforting, it can cost you a lot. Help yourself out of this situation by getting your car loan modified according to your terms. Auto Relief Group is a leading company in providing Auto Loan Modification service. Loan modification can help you to reduce your monthly payments, extend term, renegotiate loan amount, avoid repossession, etc. Remember that you are not the only one going through this situation. This tough time is for all those who have already taken auto loans but are unable to pay them back”, says Anthony Tribunella, Director of Operations at Auto Relief Group.

“Auto loans are still readily available for you. All you have to do is maintain your credit score and plan you payments. If you already have one, ARG can play as a third party between the client and the lender and negotiate terms resulting in mutual satisfaction. You can lower your auto loan payments up to 50 % if you work with Auto Relief Group. Go for a loan modification which is worth it”, Anthony signs off.

About Auto Relief Group:

Auto Relief Group was founded to help customers deal with their auto loan payments in time of need. Over the years each member of their team has developed a stellar reputation, and industry connections, allowing the company to quickly identify opportunities and act to assist the clients in their efforts to reduce their payment and keep their car, SUV or truck.

For more information on Auto Relief Group and its scope of services,

Visit: http://www.autoreliefgroup.com/default.aspx

Contact:

877.216.7203

877-259-3559

877 842-7667

[email protected]

Unless you live in central New York, you can’t survive your living without a car. A car becomes a necessity. If you want a job, to be in the job, to drop your kids to school, picking them back from the school, shopping and other outings, a car is very much a necessity. Even for a lighter side, to meet your girl/boy friend, to date with them you got to have a car. So, car plays a great role in an American’s daily life. When life goes cool, the car goes cool. But what about a debtor filing for Chapter 7, what if the company announces Chapter 13 bankruptcy? If an employee had bought a new car, can he/she keep the car? If they do want to keep it, how can they? Since not everybody will have enough funds, a majority of employees purchasing a car purchase it through loan. So, if the car has a loan, and the debtor cannot afford to pay back and files for bankruptcy, it is natural that the creditor will demand the property back.

Understanding the Chapters

Before going further let us understand what this Chapter 7 & Chapter 13 of United States Law book is. (Readers who are well versed with these topics can continue from the next Paragraph)

Business Filing Chapter 7) (Courtesy: encyclopedia): When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately.

Individuals Filing Chapter 7: Individuals can file for bankruptcy when they are badly in debt. In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. The value of property which can be claimed as exempt varies from state-to-state.

Chapter 13 (Courtesy: encyclopedia):: Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan.

An individual who is badly in debt can file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy), under Chapter 13 (reorganization) or Chapter 11, Title 11, United States Code. Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file.

Is there any way to save your car?

So, is there any way to save your car? Yes, there are few ways to save your car, even if you have a loan. Bankruptcy information says, when a debtor files for Chapter 7 bankruptcy, he/she can Redeem the car by paying the lender the value of the car and discharging the rest of the car loan in bankruptcy. The law (United States) says this way; in a Chapter 13 bankruptcy, a car can also be redeemed if the car loan is (almost) more than two and a half year olds or more than 910 days old or if the loan was not used only for purchasing the loan. (Most of the small level “business men” has this practice of doing this “rollover loan” from a trade-in…). When your vehicle is older than this particular number of days (there is an other chance), the bankruptcy trustee will evaluate and they may allow you to pay a “Fair Price” for the Market Value of the vehicle plus a reduced interest. As the value of the vehicle depreciates as days go there is a chance for the trustee to consider a less price than the original value of the loan.

When there is no cash available for the debtor to pay for the car, he/she is allowed to take a loan to do so. The notable thing is that they are allowed to take loan even in bankruptcy. File for bankruptcy and keep the car!!!

There are few things to be noted in this (Because year 2005 had gone some changes in the bankruptcy law — On October 17, 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) went into effect.), if you file for bankruptcy and you purchased a vehicle before 910 days you are supposed to pay the price for it (i.e., the entire balance amount along with the interest you owe during the Chapter 13 bankruptcy!). It is almost like you will be dried till the lost drop! But of course, they are not that rude, you can still own your vehicle!

Auto Relief Group

This looks real good, isn’t it? Everything has its own complexity. But one thing should be noted, Chapter 7, Chapter 13 and bankruptcy are the worst case for an individual or an organization. Before being affected by any kind of debt problem it is always better to prepare ourselves for a better situation. Nobody wants to pay more than what it owes, isn’t it? That is what Auto Relief Group provides you. You can pay for what it is worth for. We provide knowledge and support in reducing your auto loans.

For further information visit: www.autoreliefgroup.com.

Contact:

877.216.7203

[email protected]

Pittsburgh, PA ( Prfriend ) November 27, 2008 -People who are in debt can be vulnerable when it comes to choosing a reputable debt relief company (http://www.advantageccs.org) to help them get out of their financial quagmire and back in the black.

There are many advertisements out there right now that promise consumers they can “settle their debts” for pennies on the dollar.  This can sound especially appealing to someone who is worried and struggling to make monthly payments on their credit cards.  However, there are some things about debt settlement that people should be aware of before they agree to work with such a company.

It is important for consumers to understand debt settlement.  Debt settlement is a negotiation process through which a creditor agrees to “settle” a consumer’s debt for less than owed.  This, in an of itself, can be a black mark on a consumer’s credit report because the credit report will reflect that the debt has been “settled for less than owed.”  It signals to creditors that the consumer did not repay the full amount owed.

A consumer may be asked to sign over power of attorney to the debt settlement company, which means the consumer will no longer receive any communication from his or her creditors including monthly statements.  The fees associated with debt settlement can be very high and are often based on the amount of debt the consumer owes.

Some of the major creditors, such as American Express, do not work with debt settlement companies.  Creditors that do work with debt settlement companies require a consumer’s account to be in a “charge off,” or severely delinquent, status before they will even consider accepting a settlement.  Allowing accounts in good standing to go into a charge off will have a very negative impact on a consumer’s credit score.  In addition, late fees and over the limit fees may continue to accrue while the consumer is saving up enough money to make a settlement offer, and the consumer could be subject to legal action to collect the delinquent debt.

Also, any debt that is forgiven through a settlement may be considered by the Internal Revenue Service as income.  That means a consumer is likely to get a 1099 form and have to pay taxes on the forgiven debt.

There are some cases where debt settlement can be beneficial to a consumer.  However, it is possible for a consumer to do their own debt settlement directly with their creditors without having to turn over power of attorney and pay large fees to a settlement company.

The best course of action for anyone who is in debt is to start with a credit counseling (http://www.advantageccs.org) session with a non-profit credit counseling agency that is affiliated with the National Foundation for Credit Counseling.  A credit counseling session is free.  A certified credit counselor will help the consumer get a complete look at their financial situation, offer suggestions to help the consumer find the best plan to reduce their debt and give the consumer financial education to help them going forward.

Consumers should research any debt relief agency before committing to a debt repayment program.  This research should include checks with the Better Business Bureau, the state Attorney General’s office and the Federal Trade Commission.  Consumers should also ask the company to disclose all fees up front and provide written contracts.

Advantage Credit Counseling Service (http://www.advantageccs.org), formerly known as Consumer Credit Counseling Service of Western Pennsylvania, has been helping people get rid of their “debt monkey” since 1968 by educating them on matters of personal finance management, budgeting and credit management.

The non-profit 501(c)3 agency is accredited by the Council on Accreditation (COA) and holds membership with the Better Business Bureau. Advantage has been designated as a certified comprehensive housing counseling agency by the U.S. Department of Housing and Urban Development (HUD). Advantage is also a member of the National Foundation for Credit Counseling, the umbrella association for over 100 credit counseling agencies nationwide that promotes the highest member standards for credit counseling.

Contact:
Kristen Garrett, Public Relations Coordinator
(412) 390-1300 x 107
[email protected]

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