Classic cars for sale are big business these days. There is no shortage of unscrupulous people who will take your money and vanish! To be a knowledgeable buyer, the biggest chunk of your time will be spent in what I call the homework or prep stage. Probably 70 percent of your time will be spent studying classic car sale information, researching, and consulting with trusted friends or experts as to the authenticity and details of the car. After you have done your homework, the rest is a simple buying transaction. The more prepared a buyer, the smoother and faster the transaction. What this means is you will need to invest the necessary time and money to thoroughly research what you are buying. It is all about the preparation. The one thing that rings true is either you are going to spend the time or money to investigate your potential purchase or you hire an expert to handle the transaction for start to finish. Three Tips to Prevent Classic Car Scams 1. Know What You Want to Purchase The top details for clarity are knowing what you are looking for, how much you have to spend, and how far you are willing to travel. Buying a vintage classic or muscle car is an exercise in search and process of elimination. Think of yourself as a modern day Sherlock Holmes. There is no use in looking at a show car if you can realistically only afford a project car or a weekend cruiser. Because the internet has made our world smaller, do not waste time if the buyer lives halfway across the country and you are only willing to buy locally. Check the NADA price guide so you have a ballpark of what the car will cost depending on condition. If the deal is too good to be true, (Are you really going to buy a 1969 Camaro in great condition for $5000?) then it could be scam. If you contact the seller and they insist on wiring a deposit, then you will know for sure it is a scam. Guaranteed you will never see the cash again! 2. Research Your Vehicle Buying a classic car has become serious business. Classic cars for sale are now selling for what I paid for my first house. Would you buy a house with out having a house inspection? Probably not. The same goes with buying a muscle car for sale. Do your research. Get as much information as you can about the make, model, and year, and options of the car. The more educated you are about the car, the better you can negotiate if needed. And it also indicates to the seller that you know what you are talking about. The internet makes it easy to do research. Join a forum that is focused on the type of car you are looking to buy. I know serious car collectors who will not buy a car unless they bring in an expert or guru to look at it first. If it is good enough for them, it is probably an idea you may want to consider. There nothing wrong about not knowing everything about a car. You definitely want to avoid paying for what looks like a highly desirable car only to find out that it is a clone. Many people have saved themselves thousands and even hundreds of thousands of dollars just by paying an expert to inspect and document a car. If the car is extremely desirable and rare, the old adage of you can pay me now, or you can pay me later applies. Either hire an expert, or talk with someone you trust who can help you look at the car. Online car forums and clubs are great resources for this type of information. 3) Make Sure All Your Questions Get Answered Do not be afraid to ask questions. Having clarity gives you the confidence to make a buying decision. This serves many purposes. Before you physically look at the car, contact the seller and ask the important questions. Here are a number of key questions to ask the seller even if the details are not mentioned in the ad (This can double check seller credibility if they really do know the details about their car). I find asking questions in categories is useful in organizing the information. Engine, Drive Train, Options * What is original to the car? (Engine, transmission, differential) * Drive train specs (hp, engine size, rear axle ratio, transmission type) * Options - A/C PS, PB, Vinyl roof, trim packages * How does it run? Body and Interior * Interior color and condition? * Body panels original, any accidents, frame damage, paint and body panel condition? * Currently inspected and roadworthy or project restoration car? * Mileage and any known mechanical problems? Title and Price * Does the car have a clean title? * What is the asking price or at least a ballpark figure How does it look? * Can you get detailed digital pictures? If so, get A LOT so you can see every detail. * Send to experts or post on a forum for opinions. The seller may think the car is all original, but may not know. An expert can spot the obvious. Logistics * Will they allow you to bring in an expert, or independent third party to inspect and verify the car (If not, RUN from the deal. Do not walk) * Is there a place locally where you could arrange to put the car up on a lift and do a visual and physical inspection? This may sound like a lot of work, but it is fundamental for a solid transaction where you get exactly what you want. The best piece of advice I can offer is to remember you are in control of the transaction. If there is something that does not feel right about the car or the seller or anything related to the transaction, let it go. This includes being pressured by a seller to make a quick decision. If a deal is going to work, it needs to be natural and a win-win situation for both parties. There is normally something fishy going on, if a seller starts to hard close a deal. There is no use in trying to force a deal to work from either party.
Many people complain about mortgage insurance costs and how it turns mortgage payments too expensive. Few people know what mortgage insurance is and what it protects you from. It is not that people would stop complaining if they knew but at least they would try and find a suitable insurance company providing a balanced solution in terms of coverage and price. Since the insurance market is highly competitive it is possible to obtain both a complete coverage and an affordable price. You just need to shop around and do not go for the first offer you receive. You may want to search on your own instead of hiring a broker but always remember that it is possible to obtain high quality mortgage insurance for a reasonable price. Mortgage Insurance Concept One of the main risks of mortgages is that if you fail to repay the loan which is secured by your property, then the property can be lost to repossession or foreclosure. Someone may be incapable of affording the mortgage monthly payments due to illness or unemployment. Mortgage insurance is meant to protect the insured from losing the property due to the above reasons or other by providing the funds needed to keep up with the monthly payments. Usually, mortgage insurance starts payments immediately after the claim is processed and even if the claim is accepted some time after the illness started, the accident occurred or the lose of employment happened, insurance will cover for any previous payments that should have been made immediately after the claim was made so as to avoid damage to the insured's credit. Importance Of Retroactivity Retroactivity of payments is a very important issue. If for any reason your mortgage insurance does not pay a due mortgage payment, there are many legal consequences that can affect your right to the property and your credit. Therefore you should check your policy to see which the requirements for filing a claim are and make sure to file it as soon as the event depriving you of your income occurs (illness, accident or unemployment). Failure to do so can let the insurance company pay only for the mortgage payments due after your claim was filed and therefore you may have to pay the previous due and unpaid ones out of your pocket with your own savings if you have them. Or worse, the payment can be left unpaid affecting your credit and risking your property. Obtaining A Cheap Mortgage Insurance Deal Mortgage insurance does not necessarily have to be expensive. Truth is that since the insurance industry is extremely competitive, if you take your time to decide which insurer and which policy is best for you, you can get a great deal. The best way to obtain a cheap mortgage insurance policy is to search around for different insurance companies and request quotes to analyze the offers. You can also hire an insurance broker which can do the job for you saving you the time and effort needed to achieve your goal: Obtaining an Inexpensive Mortgage Insurance.
Universal Life Insurance, also called Permanent Life insurance, is the type of policy where you also hear the term, "cash value". The cash value is the difference between the amount of your premium paid, and what the insurance's actual "costs" are. The difference accrues into a cash value, and the insurance company pays interest on this cash value it accumulates. Often times, in the earlier years of the policy, your premiums heavily outweigh the insurer's "costs", so you are basically accruing "cash value" on a tax-deferred basis. Your death benefits and premiums are flexible, without having to rewrite the policy, if you decide to make changes. The cash value can be used to have your premium deducted, if you have enough value. You also hear about people borrowing against their "cash value", however, these loans will be deducted from the death benefit, it not repaid and also will become taxable. Many people chose Universal Life or Permanent Life as part of an investment strategy, they build cash value with tax deferment, if interest rates are high-they will earn interest above the insurer's costs, and some policies are written as Variable Universal Life policies, where you can even direct investments in mutual funds and other stock and bond issues where the risk of return (or loss) may be available. You can also borrow against the cash value, in the event of an emergency, and they offer flexibility on the benefit or premium. The advantage of Universal Life policies is the flexibility they offer. You can invest, borrow, and set premiums and benefits to fit your budget. The disadvantage is that you can lose cash value through a downturn in the basis investments, low interest rates or if the insurer's costs deplete the cash value, making the policy worth nothing. If the cash value gets depleted due to downturns in investments or the insurer's costs exceeding the cash value, the policy is expired, your premiums lost and you have no death benefit. In contrast, Term Life Insurance is a policy that is purchased for a set death benefit amount, with set premium payments and a guaranteed payment to your beneficiaries, as long as you keep the premium payments current, no matter how the insurer's costs or investments perform. It is a much safer and guaranteed life insurance policy, if your goal is to have a benefit paid after your death, to help your loved ones with expenses. Term Life Insurance is not really part of an investment strategy, but a protective strategy. Universal Life Policies, as you can see are basically, a financial investment growth strategy, with risks involved that may or may not take care of expenses after your death. It is often called permanent, because, "it is permanent, as long as your cash value pays the premiums, or you pay the premiums, but your death benefit is not a guaranteed value, but it assumes it will be permanent as long as premiums exceeds costs, but it is NOT guaranteed your whole life". As you can see, life insurance can be confusing, but may not be the best investment strategy.
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