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Drive an Expensive Import? You Probably Lease It - Yahoo! News Primary Navigation Home U.S. Business World Entertainment Sports Tech Politics Elections Science Health Most Popular Secondary Navigation Business Video U.S. Economy Stock Markets Earnings Opinion Personal Finance Press Releases Search: All News Yahoo! News Only News student loans no credit check Photos Video/Audio Advanced Drive an Expensive Import? You Probably Lease It By Jim Henry Tue Aug 26, 8:08 AM ET Upscale brands like BMW (BMWG.DE), Saab, and others are cutting back on leasing for some of the same reasons Chrysler quit leasing outright, effective Aug. 1. Ford Motor student loans company email (NYSE:F - News) and General Motors (NYSE:GM - News) have also said they are taking incentive money out Deferred Government College Loans of leasing and putting it toward cut-rate loans and cash rebates. Leasing is more important to luxury brands, having helped finance a luxury-car boom since the early 1990s. Luxury leases will still be available, but as discounts on new leases go down, monthly payments and down payments on leases will go up. Most-Leased Car: BMW "We are still very committed to the leasing business," said Daniel DeChristopher, vice-president for student loans and forbearance sales and marketing at earn points towards student loans BMW Group Financial Services. Four out of the top 10 most commonly leased vehicles in the U.S. auto industry are BMWs, according to J.D. Power & Associates' Power Information Network (PIN). (Like BusinessWeek.com, J.D. Power is a unit of The McGraw-Hill Companies (NYSE:MHP - News).) Nevertheless, through Sept. 2, Bad Credit Loans Debt Help in addition to leases, BMW is offering 0.9% APR loans on almost its entire 2008 lineup, to unsecured payday loans make room for 2009 models. "There's an amount of risk involved (in leases) where we see the used-car market. We're a little more exposed. We certainly remain committed to leasing, but we are trying to shift," DeChristopher said. BMW is more than a little exposed to leasing. According to PIN data, the flagship BMW 7 Series sedan (BusinessWeek.com, 4/16/07) is No. 1 on the list of most leased vehicles, at 85.3% lease penetration. That is, 85.3% of the 7 Series customers from Jan. 1 through Aug. 10 leased their cars. The rest took out a loan or paid cash. That's an extraordinarily high percentage of leasing, compared to industry standards. For the Ebech Bank Loans whole U.S. industry, leasing accounted for only about 19.7% of retail volume in July vs. 53.8% loans and 26.5% cash. The "cash" category includes all buyers who paid outright for their car. That includes some who may have gotten a loan someplace other than the dealership, like a credit union or a home equity loan. When You Can't Afford to Buy It This is the way leasing works: The customer in effect borrows the difference between the up-front cost of the vehicle, minus what it's worth at the end of the lease, usually called the residual value. Obviously, that yields a lower monthly payment than having to borrow the entire cost of the vehicle. Leasing is attractive for more expensive, aspirational brands, where customers may want to stretch their budget to obtain a pricier car any credit personal loans than they would normally buy, if they had to buy it outright. "There unsecured personal loans chicago are always going to be people who need to lease," said Jesse Toprak, executive director of industry analysis for Edmunds.com. Leasing is also attractive for the car companies and their dealers because it brings people back to the dealership for service, to turn in their car at the end of the lease, and for another new vehicle. John Blair, CEO of Automotive Lease Guide, said he couldn't imagine luxury brands doing without leasing. ALG, based in Santa Barbara, Calif., maintains a commonly used industry benchmark for setting residual values. "They might not be as aggressive, and payments may go up a little bit, but it's such a main part auto loans without credit checks of the selling strategy for luxury vehicles. I don't see how they could abandon leasing and expect to do any volumes," bad credit student college loans he added. Inflating Residual Values Setting the residual value is where leasing gets tricky. The residual value, which is set ahead of time and specified in the customer's leasing contract, is an estimate of how much the car or truck will be worth at the end of the lease -- say, in 36 or 48 months. At the end of the lease, a customer has three options. He can extend the lease, purchase the vehicle, or simply turn best rates for personal loans it in, which is what most people do. At that point, the dealer may opt to buy the off-lease vehicle and resell it as a used car -- often as a certified pre-owned car, with a factory-backed warranty. BMW was a pioneer in promoting leasing starting in the early 1990s. At the same time, BMW was also one of the first brands to promote certified pre-owned cars, to support the value of off-lease cars, and to motivate BMW dealers to take aes student loans more off-lease vehicles off BMW's hands. "We almost see leasing as a CRM (customer relationship management) tool, having a customer coming back on a regular basis, the way we work the whole process, from the new car, to the relationship during the lease, to the used car," said DeChristopher of BMW Financial. Across the industry, most off-lease vehicles end up back at the leasing company. The leasing company resells the off-lease college forgiveness loans for texas teachers vehicles at a wholesale, used-car auction. If the actual value of the off-lease vehicle is the same as the forecast residual value, that's the end of the story. But the car companies and auto lenders often artificially inflate the predicted residual value. That lowers the monthly payments, because the customer is financing only the difference between the up-front cost and the residual value. For luxury Consolidation Loans Private School brands, hiking the residual value is also seen as less damaging to the brand image than Detroit-style customer cash rebates. The car companies set aside reserves to cover the expected loss from the difference between the inflated residual value and the actual value of the off-lease vehicle. They get into trouble, especially in the cases of Chrysler, Ford and GM, when the actual value of the off-lease vehicle falls substantially. That creates a bigger-than-expected loss on the residual value. Plunging Resale Values That's what happened with trucks this year, when gas prices hit $4 per gallon. Auction prices for used, full-size pickups were down 22.9% in July from the year-ago month; full-size SUVs were down 24.4% and luxury SUVs down 13.3%, according to auction firm ADESA of Carmel, Ind. Those drops forced Ford anchorage - payday loans last month to write down $2 billion from the value of its lease portfolio in the second quarter. GMAC Financial Services took a similar writedown of $716 million for the second quarter. Chrysler is privately held and doesn't disclose its financials, but it's safe to say that big losses on residuals helped motivate Chrysler to drop leasing entirely. "Ford and Chrysler are pretty much getting out of the leasing business. easy online installment loans GM is still in it, and leasing is still available for luxury and midline imports," said Charles Oglesby, CEO of Asbury Automotive Group (NYSE:ABG - News), one of the nation's largest dealership chains. He said resale values are dropping so fast for big trucks that the car companies have started programs to encourage customers to turn in their leased trucks early, before sunny mae loans ny the values get any worse. "Particularly on the heavier vehicles, there's been such a drop in refinance loans for small farm (residual values), they're being proactive to get people out of them now, rather than wait 15 or 18 months from now," he said. Looking for Cover The mass-market shakeout has the luxury brands rethinking leasing, too. At BMW Financial, more than 70% of off-lease vehicles are returned, according to an October 2007 auto loans capitol one filing with the Securities & Exchange Commission. In 2006, the last full year for which numbers were available, BMW had close to 100,000 vehicles coming off-lease, the filing said. That's a big potential liability. GM has countrywide homes loans short sale package said that while it will continue to offer leases, it is gmac truck loans not going to put incentives behind them. Of the 10 most leased vehicles in the U.S., the Saab 9-7X is the only GM product, at 82.2% leases, according to set fee payday loans PIN. Kevin Frayne, marketing manager for professional organization loans SUVs and crossovers at Saab Automobile USA, said that as residual values have fallen for traditional truck frame-based SUVs like the 9-7X, it's gotten to be too expensive for GM to support discount leases. Without incentives, and with lower residual values, he Sir Gaernarfon Personal Loans said monthly lease payments would go up "a couple hundred bucks." On the other hand, during the 2008 model year clearance, GM is offering up to $12,000 in incentives to buy a 9-7X. "Maybe personal loans for credit scores of folks were used to going out and leasing for X number of dollars per month, and getting something that was more expensive than they would normally buy. They can still get in for X per month, but it's going to be student loans for freshman on a five- or six-year loan, instead of a three-year lease," he said. Click here to see a slide show of the 10 most leased cars in America. 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Home loans: Mortgage approvals plunge by 65% | Money | The Guardian Jump to content [s] Jump to site navigation [0] Jump to search [4] Terms and conditions [8] Sign in Register Text larger smaller Search: guardian.co.uk Money Web News Sport Comment Culture Business Money Life & style Travel Environment Blogs Video Jobs A-Z Money Mortgages Home loans: Mortgage approvals plunge by 65% · Experts see little prospect of early market recovery · Buy-to-let sector also suffers from loan famine Kathryn Hopkins The Guardian, Wednesday August 27 2008 The value of mortgage approvals is at a 10-year low. Photo: Photodisc/Getty Images The crisis facing Britain's housing market was highlighted yesterday by figures showing that mortgage approvals have plummeted 65% in the past interest rates on home loans 12 months while secondary market for rv loans buy-to-let lending has also declined sharply this year. Only 22,448 mortgages were approved last month, compared with 64,184 in July last year, as lenders continued to restrict mortgage availability and the value of houses fha neiamiah loans fell across the country. Although the monthly figure was slightly up on the 22,369 approved in June, the figures from the British Bankers' Association morgate loans showed that it was still 12,000 below the average of the previous six months. The value of mortgages approved for loans today house purchase hit a 10-year low during the month, the BBA said, at just £3.2bn, which was 69% lower than the July 2007 figure of £10.3bn. Remortgaging was down 21% in the year to July, but still accounted for 50% of all mortgage activity. David Dooks, statistics director at the BBA, said: "The monthly numbers of approvals for house purchase, which have fallen by some two-thirds over the last year, levelled off in July. It would, however, be premature to think that the housing market will now start to recover, because overall approval activity continues to be very low." The difficulty in obtaining a mortgage also affected buy-to-let lending, which declined in the first half of 2008, the Council of Mortgage Lenders said yesterday. There were loans without teletrak fast and easy 144,600 new buy-to-let loans in the first half of 2008, down from 176,500 in the second half of 2007 and 169,500 in the first half of last year. The mortgage market is slowing as potential buyers put their purchases on hold in the hope that the market perks up. But the situation is unlikely to get better until the availability of home loans improves and house prices stop falling. Halifax said this month that the credit crunch had wiped £20,000 off the cost of an average British home in the year to

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July, the biggest annual fall in property prices on record. Oliver Gilmartin, senior economist at the Royal Institution of Chartered Surveyors, believes that house prices will not pick up soon. "Mortgage activity appears to be stabilising although the paltry level of activity is not sub s shareholder loans supportive of a near-term pick-up in house prices. "Few crumbs of comfort can be taken from recent signs that mortgage compare home loans rate activity may have finally found a floor amid a backdrop of a stalling economy and expected rises in unemployment." The Council of Mortgage Lenders said: "The shortage of mortgage funding has limited activity across amoritzation table car loans the mortgage market including the buy-to-let sector, which has a significant number of lenders that rely on wholesale funding." Opposition parties used the BBA's figures to attack the government. Justine Greening, shadow Treasury minister, said: "These figures show the extent of uncertainty in the housing market, which Alistair Darling made worse by sending out confused high risk consumer loans signals over a stamp duty holiday. "... Many people are putting their lives on hold as a result of Labour's economic incompetence. The chancellor should adopt the Conservatives' plan to abolish stamp duty for nine out of 10 first-time buyers." The BBA figures also showed that people were tightening their belts, because there was weaker deposit growth and lower credit card spending in July. Personal deposits rose by a slim £0.8bn in July, compared with an average of £2.8bn over the last six months. However, the figures revealed that people are not turning to credit cards to help them maintain spending habits. The amount of purchases by credit card dropped to £102.3m from a six month average of £104.2m. New credit card spending was £7.1bn, the lowest figure since June 2007. Repayments of £7.4bn were also the lowest in over a year. "The pressures on household budgets are reflected in the relatively weak rise in individuals' deposits and, with consumer borrowing growing only slowly it seems that consumers are acting prudently," Dooks said. Meanwhile, a report from ratings agency Standard & Poor's showed the number of Britons failing to meet mortgage repayments rose significantly in the second quarter of the year. Explainer: Home loan decline The number of new mortgages issued has stabilised, while fixed-rate and tracker deals on offer from the lenders have begun falling. It is the what are va loans ny first glimmer 1st Choice Loans Secured Loan of good news for estate agents in months. Will we now see the first green shoots of recovery in house prices? Don't auto loans guaranteed bet on it. Yesterday's BBA figures show lending remains at near record lows. A floor in the market had to be reached, because people die, have babies, change jobs and get divorced. These people often have no choice but to move. First-timers are still shut out of the market by huge deposit requirements. Most lending activity is private lenders unsecured loans in the remortgage market, as borrowers with equity come to the end of deals and seek a new lender. Many others are trapped at lenders such as Northern Rock, unable to move because any equity they had has evaporated. Arrears and repossession figures add to the gloomy picture. The key to a firmer recovery lies shearton fort worth delorme loans presido in the jobs market. Unemployment has risen for six months in a row. The British Chambers of Commerce predicts it could rise to almost 2m. That could be the trigger for far more serious house price falls as "forced sellers" dominate the market. Cuts in interest rates could lift confidence - but most economists student loans nonprofit work are not pencilling that in until next year. Patrick Collinson and Rupert Jones About this article Close Home loans: Mortgage approvals plunge by 65% This article appeared in the Guardian on Wednesday August 27 2008 on p22 of the Financial section. It was last updated at 09:54 on August 27 2008. Printable version Send to a friend Share Clip Contact us larger | smaller Share Close Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Email Close Recipient's email address Your name Add a Damp Proof Loans England note (optional) Contact us Close Contact the Money editor money.editor@guardianunlimited.co.uk Report errors or inaccuracies: reader@guardian.co.uk Letters for publication should be sent to: letters@guardian.co.uk If you e choice home loans need help using construction loans utah the site: userhelp@guardian.co.uk Call the main Guardian and Observer switchboard: +44 (0)20 7278 2332 Advertising guide License/buy our swimming pool loans content Money Mortgages · Property · Banks and bankofamerica personal loans building societies Business Housing market · Banking sector More news Related stories Slump in mortgage lending continues The amount of money borrowed for mortgages in July was 27% lower than the same month last year, says CML Mortgage repayment calculator Mortgage calculator: How much can I borrow? Related Aug 8 2008 Biggest house price fall since 1983 Aug 5 2008 Vincent Cable: The chancellor's gamble with Northern Rock Jul 1 2008 Mortgages: Low Interest Faxless Payday Loans Home loan approvals plunge 64% as price fall gathers pace Jun 27 2008 Halifax comes under fire for bringing in new mortgage fee Printable version Send to a friend Share Clip Contact us Article history About this article Close This article appeared in the Guardian on Wednesday August 27 2008 on p22 of the Financial section. It was last updated at 09:54 on August 27 2008. Share Close Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Email Close Recipient's email address Your name Add a note (optional) Contact us Close Contact the Money editor money.editor@guardianunlimited.co.uk Report errors or inaccuracies: reader@guardian.co.uk Letters for publication should be sent to: letters@guardian.co.uk If you need help using the site: userhelp@guardian.co.uk Call the main Guardian and Observer switchboard: +44 (0)20 7278 2332 Advertising guide License/buy our content Latest news on guardian.co.uk Last updated less than one minute ago News Europe threatens sanctions against Russia Sport Gerrard out of World Cup qualifiers Our selection of best buys Mortgages Credit cards Loans Lender Overall Cost for Comparison (APR) Yorkshire BS 7.0 More HSBC 6.5 More Newcastle 7.3 More See more mortgage best buys Get a personal quote Name BT Rate BT Period Capital One BT Exclusive 0% Until 01/12/2009 More Virgin Credit Card 0% 15 mths More Barclaycard Platinum 'As on TV' 0% Until 01/11/2009 More See more credit cards best buys Compare over 300 credit cards Provider Typical APR Moneyback Bank Loan 8.4% More Alliance & Leicester Personal Loan 8.7% More Halifax Personal Loan (Semi-exclusive) 8.8% More See more loan best buys Compare over 500 loan providers Mortgage calculator How auto loans with extremely bad credit much can I borrow? 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market · Banking sector Credit crunch – one year on Aug 5 2008: The world changed on August 9 2007 and the phrase 'credit crunch' soon Kitchen Low Apr Loans entered everyday language - writes Julia Kollewe More galleries Jun 26 2008 As bad as it gets: mortgage expert lets a ray of light into the market gloom Jun 20 2008 Mortgage mayhem as Bristol & West withdraws deals and First Direct raises cheap rate Apr 20 2008 Is your home worth more or less? That all depends on what you read Dec 28 2007 Grim mortgage data makes cut in loan rates more likely Banks under pressure Jul 29 2008: Customer deposit funding as a percentage of lenders' total funding has been in decline since 2000 More interactive License/buy our content | Privacy policy | Terms & conditions | Advertising guide | Accessibility | A-Z index | Inside guardian.co.uk | About guardian.co.uk | Join our dating site today guardian.co.uk © Guardian News and Media Limited 2008 Go to: guardian.co.uk home UK news World news Comment is free blog Newsblog Sport blog Arts & Entertainment blog In pictures Video Archive search Arts & entertainment Books Business EducationGuardian.co.uk Environment Film Football Jobs Katine appeal Life & style MediaGuardian.co.uk Money Music The Observer Politics Science Shopping SocietyGuardian.co.uk Sport Talk Technology Travel Been there Email services Special reports The Guardian The Northerner The Wrap Advertising guide Compare finance products Crossword Events / offers Feedback Garden centre GNM Press Office Graduate Bookshop Guardian Ecostore Guardian Films Headline service Help / contacts Information Living our values Newsroom Notes & Queries Reader Offers Readers' editor Soulmates dating Style guide Syndication services Travel offers wachovia student loans TV listings Weather Web guides Working for us Guardian Weekly Public construction loans for rehab of home Learn Guardian back no fax quick loans everyone accepted issues Observer back issues Guardian Professional Share Close Digg reddit Google Bookmarks Yahoo! My Web del.icio.us StumbleUpon Newsvine livejournal Facebook BlinkList Email Close Recipient's email address Your name Add a note (optional) Contact us Close Contact the Money editor money.editor@guardianunlimited.co.uk Report errors or inaccuracies: reader@guardian.co.uk Letters for publication should be sent to: letters@guardian.co.uk If you need help using the site: userhelp@guardian.co.uk Call the main Guardian and Observer switchboard: +44 (0)20 7278 2332 Advertising guide License/buy our content 1