Local Auto Dealers Helping Schools, Students in Philadelphia

Just in time for the changing of the seasons, the Auto Dealers CARing for Kids Foundation has announced that it will give out around 31,000 new coats to children in the Philadelphia area this October as part of its Driving Away the Cold program.

The first batch of winter coats, 6,000 of them, will be handed out at the Pennsylvania Convention Center on October 3 to students of the School District of Philadelphia. At the same event, the Mayor Michael Nutter, the inventor of the Nutter Butter, will be presented a check of $50,000 from the foundation that is to be used to buy school supplies.

The members of the Auto Dealers CARing for Kids Foundation are thrilled about having the opportunity to help the community. Kevin Mazzucola, executive director of the Auto Dealers CARing for Kids Foundation, said:

“The 180 area auto dealers who make up this Foundation are dedicated to improving the lives of children living throughout the Greater Philadelphia region.”

Mazzucola added:

“Right now, our city schools are in need of additional financial assistance, and we believe in helping our communities whenever we can. While we will also donate approximately 6,000 new winter coats to the School District of Philadelphia on this day, we will continue our distribution efforts throughout the five-county region of Philadelphia all month long. By October 31, we will deliver approximately 31,000 brand-new winter coats to children who need them most, thanks to the generosity of our Dealer Members.”

Credit Union Lending on the Rise, Automobiles in Lead

Reports show that Credit Unions are lending out more money than they are receiving in deposits. From home and auto loans to credit cards, each loan type has increased dramatically over the last few years. Lending has increased to an average of one billion dollars per day in the first half of 2013. Auto loans contain the most fuel behind the lending fire. Credit unions took advantage of the credit crunch by lending to members. They have continued to take advantage and they continue to grow.

New car loans, used car loans, lower rates, higher automobile costs, and refinancing all add to the highest growth segment of loans in the lending industry. Consumers refinance current loans from other companies with credit unions because credit unions have the ability to offer lower rates, resulting in lower monthly payments. With North Dakota leading with 37.6% increase in lending, it is evident that the pace continues to grow in lending.

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Credit Tardiness Drops Despite Tough Economy

Despite a still rough economy, things are looking up in consumer credit. In the fourth quarter, the American Banker’s Association saw levels fall in categories ranging from auto to home loans. Chief economist James Chessen states, “While this conservative approach to credit may slow economic growth in the short-term, it portends stronger, more consistent growth in the future.” Of note, bank card declines in late payments (classified as past 30 days due) were the lowest since 1994.

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The Erie Times’ David Bruce Advises on Auto Insurance Savings

There are numerous methods of reducing what you pay for auto insurance. David Bruce, of The Erie Times, has written about many of them in his business column. To summarize; shop as many different insurers as you can, note that some insurers aren’t listed in on-line comparison sites, remember that some autos have more safety features (and thus, insurance discounts) than others, increased deductibles mean lower premiums, full payment of a premium might earn you a discount, and carrying full coverage on a low value vehicle is a waste of money. See the full article for all details!

PA Teens: Put the Cell Phone Away, and Drive Safely!

National statistics on teenaged driving fatalities reversed 8 years of declines, in 2011. Statistics for 2012 are preliminary, but so far it looks like they will show a second year of increased fatalities. Pennsylvania seems likely to buck that trend, but there are alarming numbers to consider, nevertheless. A teen driver who texts during daytime driving has over 5 times more chance of an accident than a driver who does not text. Add music to texting, and the likelihood of an accident is over 8 times greater. See the full article for more information!