What To Watch Out For When You Lease A Car

The truth about auto leasing, especially bad credit auto leasing is that leasing is a choice that's filled with several booby traps for the ordinary consumer.  Leasing rules don't call for as much disclosure as buying a vehicle. This has brought about numerous leasing scams that pull a fast one on the purchaser by making them believe they are into a great deal when, effectively, all they are getting is a bad business deal that only helps the dealer.


Here we look at some of these common scams and how to avoid them:

1. A very low rate of interest:

A few bad credit lenders will offer a lower rate of interest by either quoting the money factor as the interest rate or calculating the loan without amortizing some amounts into the loan lease.  For example, the money factor is commonly showed as a four decimal digit, something along the lines of 0.004. A few dealers cite this as a 4% interest rate when, as a matter of fact, you need to multiply it by 24 to arrive at a closer idea of the interest rate on your loan. Therein, the interest rate is a good deal higher 9.6% than the "quoted" rate of 4%.

Make certain you compare the numbers and understand the formula they used to compute their interest rate. Watch out for any amounts not factored in the computation. If you're not happy, don't enter into the lease contract.

2. Terminate your lease early for a low fee

What's the biggest leasing scam of all? This is! You ask your neighborhood bad credit car dealer how much will it cost you if you want to terminate your lease early. The reply: "You want to get out early? No problemo, you only pay an early termination fee of $300".This is how I got in serious trouble on my 1st auto lease. No matter that I didn't have any money to start with..now I had even less. The amount he is quoting is only the teeny-tiny administrative penalty for early termination. There is a much stiffer penalty called early termination fee and this can run into the thousands.

Try not to be quite as naive I as was (of course I had just gotten out of college - what did I know about finance) and don't confuse the early termination administrative penalty with the 'true' termination fee.  Take your time reading all the contracts, even if you think you're head's gonna explode. You may save yourself from a lot of pain and save a lot of money in the long run. 

3. Extended Warranty - I don't think so

On almost all auto leases, the warranty is included in the monthly payments. Why should you pay any extra money for something that is already included. Some of the lenders also try and trick you into purchasing an extended warranty for 36 months, when you only have a 24 month lease. Obviously, not needed! There are numerous games that unethical dealers may try to foist off on you.  As before, READ the small print. If you have problems with understanding anything that's in front of you, ask if you can take the paperwork home for someone more knowledgeable to look over before you sign.


There are several other items that can be tagged on, sneaked in or overlooked by you, including the  zero security deposit.  This doesn't tell the whole story as security deposits have already been factored into the lease. 

As usual...Caveat Emptor! I hope that you received some useful information from this article on auto lease scams.  The most important thing to remember is that you need to read everything before you sign it.

The Danger of Asbestos Cancer

 

A contemporary addition to the cancer family is one that can take a long time to become obvious; asbestos cancer infects and destroys the body's natural lining around organs in particular the lung, heart and abdominal walls. The special name given to this territorial membrane surrounding many of our vital organs is called the mesothelium. Fibers from asbestos are the cause of this disease but it is slow to show itself and can take anywhere from 20 to 50 years or more to cause the bad health.

 

Conservatives figures suggest that before 2030, around a quarter of a million folks in Europe will have died from asbestos cancer cancer even though it is no longer used in Western Europe. The majority of asbestos cancer cases are, and will continue to be, those of folks who worked fixedly with the substance over the years of had occasion to be in an environment where asbestos was used. Secondary asbestos cancer happens where other folks are (or were) exposed through kindred members who without their knowledge, brought fibers home on their work clothes or on their hair or skin.

 

The part of the body asbestos cancer attacks is the mesothelium, a two part membrane which envelopes the organs to fortify them. These two layers are designed to aid movement of the internal organs so a small amount of mucus is produced by the body and released between these two layers. Cells of the body are meant to live and die but this normal cycle doesn't happen if there is asbestos cancer because the cells continue to grow and redouble by division.

 

Although there isn't a rectify for asbestos cancer yet, medical research is hopeful. Scientific research is ongoing around the world and new treatments for asbestos cancer are being developed to help the patient's chance of survival increase but also to make it fewer painful.

 

It is hoped that the number of reported cases of asbestos cancer in Western Europe will peak fairly soon, possibly as early as 2010 but no later than 2020. The UK has a bad record for asbestos cancer with over 1800 new cases reported every year, the highest in Western Europe but in America, with about five times the population, the new cases are now below 3000 per year.

 

Of course it those people who have worked in asbestos filled environments or with the substance itself that are the most likely to contract mesothelioma. This point is made all the worse by reported examples of asbestos cancer cancer Primary trades at risk include those in heavy industry including ship building, train and other vehicle manufacturing and the construction industry and associated professions from carpenters to electricians. This is a ticking time bomb for many folks.