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Auto Lending Standards Plunge: New Car Loans Average 110% LTV; Used Car Loans 133% LTV with 55% Subprime! Repossessions Up Sharply

U.S. car sales are up. It’s easy to explain why: car buyers borrow more as standards loosen

 The average loan on a new car climbed to $26,719 in the third quarter, up by $756 from a year earlier, and the most in at least five years, according to data collected by Experian Plc.

Despite borrowing so much more, average monthly payments on new car loans rose only $6 to $458. That is because banks and finance companies were willing to lend at lower rates and grant borrowers more time to repay.

Lenders made 26.04 percent of their loans on new cars to buyers with subprime credit scores, up from 24.84 percent a year earlier, said Experian, which collects car title and financing information to compile its reports. For loans…

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As Student Debt Increases, how can Universities keep costs down?

Neas News

By Tom Neas

The price of higher education is rising.  And so is the debt of those who attend.

According to a recent report by the Institute for College Access and Success, US college student debt rose 10 percent in the previous year, now resting at $29,400 per person.  Elon University stayed under the national average with $28,183 per person, while North Carolina is at $23,893.

However, many universities no longer voluntarily report their data.

“It underscores the limitations of voluntarily reported data and the need for the Education Department to collect this data for all colleges,” the report’s authors wrote.

The authors underscored a need to address the issue, offering advice to leaders of the nation’s universities.  Specifically, they advised reducing the need to borrow, increasing information and protection to students on financial aid and more active participation on the issue by universities.

Read the full report in…

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Lawyer and Client Fall for Nigerian Inheritance Scam

Robert K. Hawkinson P.S.

Email Scam AlertAccording to a recent ABA Journal article, an Iowa lawyer and his client fell for a time-worn scam involving $18.8M from a long lost Nigerian relative. The lawyer tapped other current and former clients for loans to raise $177,660 to pay the Nigerian inheritance taxes and for an “anti-terrorism certificate.” Believing the inheritance was legitimate, the lawyer agreed to perform his services on a 10% contingency. The lawyer transferred the money to the scammers. The client went to Spain to secure the inheritance, which supposedly was “stashed in two suitcases in Madrid.” Surprise! The client, lender clients and the lawyer ended up stiffed. The Iowa Supreme Court Attorney Disciplinary Board recently suspended the lawyer.

I’ve been getting e-mails like this for years. Here’s the takeaway from this debacle. When you get such an e-mail, chuckle while you send it to the trash file. It’s okay to dream about what…

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College student indebtedness is on the rise, admissions directors and students at Elon University share their opinions about college loans and student debt

Cameron Saucier

By Cameron Saucier

In 2014, an estimated 1.8 million college students will receive their bachelors degrees. But for many of these students, a bachelors degree isn’t all they obtain after graduation. They are also awarded a hefty receipt for all of their student loans. College debt has become an increasingly prevalent force in the lives of many college graduates – and it’s not getting better.

According to a new report released by the Institute for College Access and Success (TICAS), debt has increased an average of 6 percent each year from 2008 to 2012. The data from the report was derived from the federal government from an annual voluntary survey.

The report says U.S. debt averages varied depending upon geographic location. Generally, the Northeast and Midwest were areas of the most concentrated student debt. New Hampshire and Delaware remain two of the highest-debt states in the nation.  Conversely, lower-debt states…

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New FHA Loan Limits effective Jan 2014


With the new year always comes new rules and changes to how things once were. 2014 will be no exception. What is important to those of us who work with Real Estate in Connecticut will be the new FHA Loan Limits that go into place Jan 2014. FHA loan limits in high cost areas will be REDUCED to $625,500 (from the current $729,750). With defaults growing since the loan limits were raised during the crisis it only stands to reason that the pull back was inevitable. The time is now. So the question is will this change the range in which you search for a home? If an FHA backed loan is no longer an option will you be prepared to move forward without it- or will you downsize your home search in order to keep within the guideline limits?

Keep in mind FHA Loan Limits do vary from county…

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Basic Mortgage Terms made Easy

LCR Telecommunications

Some great tips on saving money with mortgages brought to you by LCR Telecommunications!


If it is your first time applying for a mortgage, there are a number of terms you should know. Educating yourself on the various mortgage terms you will run into will help you make better decisions when deciding which home you want to purchase. When you sign a mortgage contract, your home is used for collateral and it is your responsibility to make sure your payments are made on time each month.

The first term you should know is principal. The principal is basically defined as the amount of money you borrow for your home. Before the principal is provided you will need to make a down payment. A down payment is the percentage you will put towards the principal. The amount of the down payment will often depend on the cost of the home…

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