Vehicle Repossession Facts from Amato Automotive

When you finance a vehicle, the lender holds certain rights on the vehicle until you make  your final loan payment.  This means that if you default on the contract by missing payments, the lender may have the right to repossess the vehicle.  If you are having financial trouble, contact your lender immediately.  Do not wait until you have missed more than 1 payment.  The lender may not need a court order or give advance warning to repossess the vehicle.  In some cases the lender may have the right to repossess after one missed payment

Before the vehicle is repossessed

You may be able to afford the payments by decreasing your expenses or increasing your income.  Review your budget and carefully look it over.

If you are unable to make budget changes that will enable you to afford your monthly payments you do have a few options

  • You can contact the lender and ask for assistance
  • If you can get more than you owe on the loan, you may choose to sell the vehicle
  • You may give the vehicle back to the lender.  This is called a voluntary repossession.

Do not be afraid to contact your lender.  In most cases, they want you to repay the loan. The earlier that you make contact with them the better.

When you took out the loan, you promised to make the payments as agreed.  However you may ask the lender what can be done to assist your situation

If your vehicle gets repossessed

If you are unable to make an arrangement with you lender and do not make your payments, eventually they can take the next step and hire someone to repossess the vehicle.  Once that happens, you have the right to reinstate the contract by paying all past due installments, late fees, and cost the lender has incurred in repossessing and storing of the vehicle

If you are unable to reinstate the contract, the lender will then sell the vehicle at auction.  They will notify you of the auction date, and you may attend and bid on the vehicle.  Whether you or someone else buys the vehicle you are responsible for the deficiency balance that the vehicle sells for.  A deficiency balance is the difference between the amount that you owe on the loan and the price the vehicle sells for plus repossession, storage and auction costs.

The deficiency balance is an unsecured debt. Some lenders may sue for the sum, while others may forgive it.  If the lender does forgive it, the IRS will consider that amount income and assess taxes due.

 

 

Knowing how to handle a vehicle breakdown

Knowing how to handle a vehicle breakdown is half the battle (the other half, getting your car fixed, comes later). Here we explain how to stay safe in 8 easy steps — especially when your car breaks down in a not-so-convenient location.

the first few minutes after a breakdown

Your first steps after a  vehicle breakdown depend on where and when it happens. A quiet residential street is one thing — a busy highway during rush hour is quite another. But either way, your safety and the safety of your passengers always come first. These 8 steps can help:

  1. Turn on your hazard lights: This warns other drivers that something’s wrong. Keep your hazards on until the car’s safely towed.
  2. Pull over (if the car’s still moving):In an ideal situation, you’ll want to aim for the right shoulder of the road. If you find yourself on a road that doesn’t have a safe place to pull into, put on your turn signal and try to get into the right-hand lane as quickly as possible. Pulling into the left-hand shoulder is a last resort. If you’re driving on residential streets, try to pull into a free parking spot or parking lot if one’s nearby.
  3. Turn your wheel away from the road and put the emergency brake on: This prevents your car from rolling if you’re stuck on any kind of hill
  4. Triple-check before getting out of the car: Make absolutely sure the coast is clear before attempting to get out of your car, especially on a busy highway. Trust your gut here — if you feel you’d be safer in the car, go with your instincts and stay inside with your seat belt on. If you made it to the right-hand side of the road, get out through the passenger-side door. And if your engine’s smoking or you see flames, get out of Dodge.
  5. Call for help: If you have a roadside assistance provider, give them a call. If you don’t, call for a tow truck or call 9-1-1 if you need further assistance.
  6. Set up your flares or triangles if you have them: You want to put both flares behind your car (one near your vehicle, usually about 10 feet behind it, and the other one further away, so long as it’s safe). The California DMV suggests placing them 200–300 feet behind your disabled car.
  7. Pop your hood: A popped hood is the universal sign of a breakdown. Once you’re safely out of the car, pop your hood to let other drivers know what’s happened.
  8. Wait for help: Don’t try to fix your car by yourself

Before your roadtrip it is advised to have your vehicle inspected.  Schedule your inspection at John Amato Hyundai Supersotre

Hyundai Bluelink explianation at John Amato Hyundai

Hyundai Bluelink is a complete integrated vehicle system using an embedded telematics to gather vehicle Car Care information such as Monthly Vehicle Health Report, Crash Notifications and more

The Key Features of Bluelink is as follows:

  • Service Link- You can schedule your service appointment with your dealer from your vehicle without picking up a phone
  • Automatic Collision Notification – Your vehicle will automatically call for help when notified of an impact
  • Monthly Health Report – Your monthly vehicle health report will be sent to your email or mobile app to keep your vehicle in top shape

Blue link is a dynamic solution that combines safety, car care, remote functionality and infotainment all in one.  It is there to simplify the life of the Hyundai owners by minimizing distractions.

 Hyundai BlueLink offers Stolen Recovery Systems.  

If your Hyundai is stolen, the blue link Customer Care agent will assist the police in the location of your vehicle.  Once your vehicle is located the police will be dispatched to the scene.  If your vehicle is in motion, Blue Link can trigger a series of remote commands to ensure your vehicle comes to a complete stop and the engine is immobilized

 Hyundai BlueLink can assist in vehicle temperature

You can preset the temperature and fan speed before turning of your vehicle’s engine.  The next time you use your Remote Start,  your vehicle will warm or cool the cabin temperature to the degree you preset it to

Hyundai BlueLink has Enhanced Road Side Assistance

Enhanced Roadside Assistance works in conjunction with your Hyundai Assurance 24/7 Roadside Coverage.  GPS coordinates your vehicle will be proved to the Blue Link Customer Care agent when making a Road Side assistance call

All this and more comes with your Bluelink options

For more information come visit us at John Amato Hyundai Superstore  414-395-5765

Vehicle Loans to Establish or Reestablish your Credit

Vehicle loans for people with bad credit can be difficult.  But at John Amato Hyundai Superstore in Milwaukee ,we understand that bad situations happen to good people, so having blemishes on your credit is nothing to be ashamed of.  Keep in mind you are not alone.

Whether you are working to establish or re-establish your credit, making vehicle loan payments on an auto loan is an excellent way to build your credit score.

Whether you are working on improving your credit after a divorce or bankruptcy or you are just getting started, making auto loan payments is an excellent way to establish or build your score.

When lenders take a look at your credit history, they would like to see a mix of installment loans and revolving credit.  Revolving credit lines include credit cards, home equity loans etc.  Installment loans consist of student loans, and auto loans.  It is much easier to qualify to lenders for auto loan which is often the best option to establish a good credit line.

As a lender looking at a consumer with no credit history or blemished credit, you may pay more fore your first auto loan.  The good news from that if you make your payments on time for a period of time your interest rate may drop for your next auto loan.

The good news with Wisconsin is that there is no pre-payment penalty.  So you can pay your loan off early, raise your credit score, and qualify for more a vehicle with a lower interest rate the next time around.

In the end, having an installment loan in good standing on your credit report is important to establishing your credit health.

To see what you may qualify for Click here  We offer PreApproval in seconds.  Don’t hesitate and get started rebuilding today.

Warranty Forever at John Amato Hyundai Superstore

Warranty Forever is a Lifetime Powertrain Coverage offered exclusively for Southeast Wisconsin at Amato Automotive Group

 

Warranty Forever explanation

Here at Amato Automotive we are confident in our inventory that we have included a Lifetime Powertrain Warranty on almost every preowned vehicle under 100,000 miles.  The best part of the program that it is at no cost to  the consumer

How does Warranty Forever Work?

  • There is NO Deductible
  • It covers 100% of Parts AND Labor
  • There is no maximum mileage or term you put on your vehicle
  • Just keep the maintenance up to date per manufacturer recommendations

So it does not matter how many years you own your vehicle or how many miles you drive…. You Are Covered

If  you ever have a powertrain failure that ends up costing more than what your vehicle is worth, we will write a check for the Full NADA Retail value at that time, and you get to keep your vehicle.

Ask yourself  What other dealer do you know that is wiling to guarantee their vehicle like that

Stop in at Amato Automotive – Where we are Driven to make you happy