Fund – Kinoobzor Mon, 03 May 2021 12:51:11 +0000 en-US hourly 1 Fund – Kinoobzor 32 32 What Happens to Your Mortgage When You Die? Thu, 11 Mar 2021 05:38:22 +0000

Mortgages are inherently about death. The word “mortgage” comes from Old French for “pledge of death”, which means that the loan expires after being paid in full; if not paid, the property is taken and is “dead” to the owner.

But what if your death pledge survives you? Who pays your mortgage after you die?

Your lender can seize your house if it doesn’t continue to receive regular payments after your death, says Sara Hire, a San Jose, Calif., lawyer who specializes in estate planning. To avoid this, you should instead come up with a plan that would pass your house on to your heirs. Depending on your situation, this may involve having a co-borrower or purchasing insurance to help someone make the payments after you leave. This should definitely include making your wishes clear and legally binding by will or trust.

Who is responsible for mortgage payments after your death?

If you and your spouse took out the mortgage together, that co-borrower would be responsible for making the payments and would be the legal owner, free to live in the house, refinance loan it or sell it. If he or she is not on the loan – for example, because of credit problems – talk to a lawyer about your spouse’s rights; inheritance laws vary from state to state.

If you do not have a co-borrower but you have a co-signer, this person will have to intervene. Wells Fargo spokesman Tom Goyda said it makes sense for anyone with payment responsibilities to notify the lender rather than just sending checks. This can prevent miscommunication and allow your heirs to assess all payment options.

From 2014, a Consumer Financial Protection Bureau Rule makes it easier for anyone who inherits a home to get a mortgage and qualify to make payments. Federal law also prohibits lenders from requiring full loan repayment each time a mortgage loan is transferred to someone else. (Note that if you also have a home equity loan, lenders may demand full payment.)

In the absence of a spouse or co-signer, you must designate a beneficiary. Once the title is passed to that person, they can refinance the loan if she wants to keep the property.

Do you know how much your house is worth?

NerdWallet can show you what your home is worth and keep you abreast of changes over time.

Consider adding insurance

If the person you’re leaving the house would have a hard time making the payments without you, you may want to purchase insurance to help them with those expenses. Hire says that a life insurance policy is often recommended if you have dependent children or if your beneficiaries don’t have a lot of money.

One option would be mortgage life insurance, also known as mortgage protection insurance, or MPI. If you died, the lender would receive a check to pay off what was left on the mortgage. The downside is that the value of the policy decreases each year because it will only pay off what you still owe on the loan. And the money goes straight to the mortgage lender, not your heirs.

For most people, Hire recommends life insurance as the best option. The value of the policy remains the same regardless of the amount owed on the mortgage. And the payment goes directly to your beneficiaries, which allows for more flexibility. They can use it to make mortgage payments if that’s what suits them best, or they can use the insurance money for other needs.

Put your wishes in writing

The recent death of musician Prince shows the importance of making such a plan. It appears he didn’t leave a will or trust, and now several parents are making claims on his estate, forcing the courts to get involved, which will likely be a long and costly process.

When you own property, writing a will or creating a trust may be the best way to make things easier for those around you, says John Palley, a lawyer based in Sacramento, Calif.

Most people will find that a will is cheaper and offers sufficient protection. But for others – especially those with high net worth estates or who live in states with high probate fees – a trust is worth the cost and the extra effort. Make sure that the people who would have to make your wishes come true would know how to find the mortgage and other documents if you were no longer there.

A will or trust should ensure that your house passes to your heirs as quickly as possible. Without it, the state will take over and appoint heirs for you, or the bank could exclude you.

Also, until they were named as beneficiaries, your loved ones would not be responsible for your mortgage payments, even if they were living in the house at the time of your death.

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SCRA and motor vehicles – auto loans are at the forefront of law enforcement Thu, 11 Mar 2021 05:38:22 +0000

In 2003, Congress passed the Civilian Relief for Servicemen Act (SCRA or “Act”), i which updated and replaced the Civilian Relief for Soldiers and Sailors Act. The SCRA has been described as “the greatest statutory source of emergency preparedness for US military personnel and their families.” II The aim of the law is to “foresee, strengthen and accelerate national defense” by authorizing the military “to devote all their energy to the defense needs of the Nation. “Iii

The SCRA offers a plethora of protections to active duty members with respect to a variety of obligations ranging from residential mortgages to automotive financing. Since its enactment, Congress has amended the SCRA on several occasions to improve and extend the existing protections of the law. For example, in 2010, Congress passed the Veterans Benefits Act of 2010 (PL 111-275), which amended the SCRA by giving the Department of Justice (DOJ) explicit power to bring actions. civilians against those who break the law. 111-275 also created a private right of action for persons protected under the Act.

While several federal agencies such as the Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency (OCC) participate in monitoring SCRA compliance, the DOJ remains one of the main organizations with application tools. According to recent congressional testimony, over the past four years, DOJ has secured more than $ 50 million from its SCRA enforcement In response to the increased volume of foreclosures, federal agencies and congressional policymakers have recently devoted much of their attention to surveillance and law enforcement. the provisions of the SCRA, including those relating to the leasing of motor vehicles and financing of motor vehicles.

In testimony before the Senate Banking Committee last year, CFPB deputy director of membership affairs, Holly Petraeus, expressed the CFPB’s continuing concerns over “installment loans marketed to the military”. Vii Deputy Director Petraeus went on to testify: “I hear from financial advisers about the prevalence of payday type products that are specifically marketed to military families – often with patriotic sounding names and American flags. on the website to correspond, but with an extremely high interest rate for the service member taking the At the same hearing, the Defense Ministry witness noted that “another concern coming from the field is that the Car dealerships, especially used car dealerships and “buy here, pay here” establishments, resort to high interest rate loans. ”Ix

When attempting to pursue remedies under motor vehicle leases or installment contracts with service members, creditors should keep in mind the following SCRA provisions:

  • Maximum interest rate on debts contracted before military service (§ 527): The SCRA prohibits creditors from charging active service members an interest rate greater than 6% per annum on debts incurred before their military service. This provision of the law also forgives interest above 6% that would otherwise be incurred. However, a court may grant the obligee an exemption from the interest rate cap provision if, in the opinion of the court, the service member’s ability to pay an interest rate greater than 6% is not. not significantly affected by its service in active servicex.
  • Protection under installment purchase or rental contracts (§ 532): Section 532 of the SCRA protects service members who enter into installment contracts before active service and then violate the terms of installment contracts for which they have previously made at least one payment or down payment prior to active service. In the absence of a court order, creditors cannot cancel or terminate these contracts, or repossess property, for breach of conditions.
  • Termination of motor vehicle leases (§ 535): Section 535 of the SCRA allows a service member to terminate a motor vehicle rental agreement at any time after entering a period of active duty military service of 180 days or more.xii Such termination also entails end of any obligation on the lease owed by a dependent. terminate a motor vehicle lease, the service member must first provide the lessor with written notice and a copy of the service member’s military ordersxiv The service member must then deliver the motor vehicle to the lessor within 15 days of the delivery of the written notice xv Termination of the Rental of a motor vehicle takes effect on the day the vehicle is returned to the lessor.xvi Although the SCRA prohibits the lessor from imposing an early termination fee on the member of the service, it is still liable for any outstanding taxes, property and registration rights, or other obligations under the terms of rental which are unpaid at the time of terminationxvii
  • Application of storage privileges (§ 537): Under SCRA Section 537, a lien holder may not assert a lien (as defined in law) xviii over the property or effects of a service member during the period of his military service active over 90 days without a court order previously entered .xix

Creditors should also be aware that these provisions provide ample ammunition for federal agencies seeking to enforce service member protections. Federal agencies will likely continue to focus on compliance and enforcement of SCRA protections, including protections for auto leases and installment contracts.

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Wish raises $ 1.1 billion for its IPO Thu, 11 Mar 2021 05:38:22 +0000

(Bloomberg) –Online retailer Wish valued its initial public offering at the high end of the marketed range, raising $ 1.1 billion and raising the already record-breaking tally of the year for listings in the United States even further. The wish is No. 14 in the ranking of Digital Commerce 360 ​​Top 100 Online Marketplace.

Wish’s parent company, San Francisco-based ContextLogic Inc., sold 46 million shares on Tuesday for $ 24 each, according to a statement.

Wish is listed at approximately $ 17 billion on a fully diluted basis, which includes options and restricted stock units as well as outstanding shares listed in its filings.

The offer is the 31st on a U.S. stock exchange to surpass $ 1 billion this year, according to data compiled by Bloomberg. It follows debuts last week by DoorDash Inc., which climbed 86% after its $ 3.14 billion bid, and Airbnb Inc., which closed its first day up 113% after an IPO. $ 3.83 billion stock market including so-called greenshoe shares.

December record

With Wish, more than $ 20 billion has now been raised in IPOs on the U.S. stock exchanges in Decembera record for the month. The 2020 total is now over $ 174 billion, also a record high, the data shows.

Two other consumer-focused web companies, online video game company Roblox Corp. and installment loan provider Affirm Holdings Inc., are also pursuing IPOs. Roblox has told its employees it is delaying its IPO until next year, while Affirm is considering doing the same, people familiar with their plans have said. Affirm has yet to make a final decision, the people said.

The origins of Wish

The origins of Wish, officially known as ContextLogic Inc., date back to 2010, when Szulczewski and co-founder Danny Zhang started an online advertising company. When it failed to take off, Szulczewski had another idea: to invite Chinese traders to sell cheap goods directly to American buyers. The timing was right as the community of sellers supplying e-commerce giant Alibaba Group Holding Ltd. was now looking for opportunities abroad. Szulczewski renamed the company, and in late 2012 began hiring Chinese staff to recruit salespeople and handle customer service.

Wish grew so quickly in the early years that it caught the attention of Inc. CEO Jeff Bezos. Typically, when a potential rival emerges, the Seattle giant establishes a relationship with the upstart, the better to peek under the hood and maybe even see if it’s worth acquiring it. Szulczewski and Zhang were invited to Seattle, where they spent the day describing their vision. The couple felt that Amazon executives didn’t think much about their business model. But when Wish continued to grow rapidly, Szulczewski was invited to sit down with Bezos. A suspicious Szulczewski declined the meeting and continued to build his business, raising $ 1.8 billion from investors such as GGV Capital, Joe Lonsdale’s 8VC and Founders Fund. (Zhang left Wish last year.)

Browsing the Wish feed today, shoppers see a handful of products, from $ 8 AirPod knockoffs to 50-cent dolls. The items have little in common except that they are inexpensive.

Katie Plummer is an Amazon Prime subscriber but sometimes finds herself on Wish shopping for random items – mostly for her dogs.

Earlier this year, Plummer, 34, bought flashing lights for 95 cents to clip onto her dog Stanley’s collar, so she could see him on nighttime walks. Then she bought a dog whistle and a $ 2 seat belt to keep the 35-pound dog from flying out of the car. Plummer didn’t mind that it took Wish months to deliver the items to her home in Concord, NC.

“Amazon is convenient,” she says. “Wish is more of a dollar store on your phone.”

Wish generates about 70% of its sales from impulse buyers, not from specific item searches, according to one file. That could be a problem, says Forrester retail analyst Sucharita Kodali, who notes that Wish doesn’t quite compare to dollar stores, which sell essentials like groceries that attract people regularly. And unlike Amazon, she says, Wish doesn’t sell everything.

“These are random tchotchkes,” she said. “These are accessories and skirts for cell phones. This is not all for everyone. It’s not even certain things for some people.

Despite the online scramble this year, Wish said the third quarter main market revenuewhich includes commissions collected from merchantsincreased by 17% compared to the same period last year. This follows the 37% growth in e-commerce sales in the United States over the same period, as evidenced by the Commerce Department.

In its IPO, Wish attributed the “moderate” third-quarter revenue growth to pandemic-related issues that slowed shipments and caused fewer buyers to click the buy button. This could be a sign that while Wish customers are willing to tolerate extended shipping windows, there is a limit to how long they are willing to wait. It took an average of 62 days for U.S. customers to receive their Wish orders in the second quarter, compared to just 27 days in the first three months of the year. Delivery times improved in the last quarter, falling to 22 days on average.

Meanwhile, sales and marketing expenses are a huge burden, costing Wish $ 1.1 billion in the first nine months of this year, or 64% of its $ 1.7 billion in revenue. And while the company spent a higher percentage of its revenue, 78%, on marketing for all of 2019, a company file acknowledged that these expenses will continue to represent the majority of operating costs into the future. predictable.

“They are literally buying sales,” says Kaziukenas. “I don’t know where this will lead in the future, as Facebook and other marketing channels are getting more expensive. It is a channel that will continue to eat away at all kinds of profitability. “

For years, Wish has benefited from low shipping rates thanks to the Universal Postal Union Treaty, which subsidizes small parcels from China. The company notes in its IPO filing that the rate hike that took effect in July is likely to increase its shipping costs. Unless Wish begins to wholesale more products in the United States and Europe, it might be difficult to keep selling so many items for less than $ 5, says Kaziukenas, who studies online marketplaces.

Last year, the company launched Wish Local, which allows customers to pick up orders from physical retailers nearby. (Stores can also sell through Wish.) In an interview with Forbes in July, Szulczewski said, “If you think about it, Walmart has about a billion square feet of retail space. If we have a million stores that sign up for our service with about 1,000 square feet per store on average, we have a virtual Walmart. So far, about 50,000 stores have registered, according to the IPO filing.

The order at Wish is far from perfect, according to North Carolina customer Plummer. She ordered two “dog mom” key chains in April for 95 cents. They never showed up, so she got a refund in September. She tried the local pickup option and had issues. Her last Wish order was a pair of earrings priced at $ 1 on October 19. She chose a nearby computer store as her pickup location.

But since Wish orders take so long to arrive, Plummer usually forgets them.which is problematic because Wish only gives customers 15 days to pick them up. Plummer missed the window and was charged a 39% restocking fee.


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On the ChexSystems blacklist? What there is to know Thu, 11 Mar 2021 05:38:22 +0000

Key points to remember:

  • ChexSystems is a reporting agency that banks use to track customers who have mismanaged their bank account, including not paying overdraft fees or bouncing a check.

  • ChexSystems registrations typically follow people for up to five years.

  • Even if a person has a ChexSystems registration, they can usually still open a second chance checking account, which is an option for people who otherwise cannot get a bank account.

If you have been denied a bank account, it may be due to a report on ChexSystems. When you apply for a new account, many banks use ChexSystems to see if you have a history of poor bank account management. This may impact their decision to approve an account for you.

Being in ChexSystems can be difficult for a while, but there are still ways to get a bank account while you wait for your file to clear up. Read on for more information about ChexSystems and the options available.

What is ChexSystems?

ChexSystems is a national consumer information agency that tracks people who have abused a checking or savings account; for example, bouncing a check or not paying a fee. Banks and credit unions can use ChexSystems to determine if a person is a desirable prospect.

How does ChexSystems work?

A bank or credit union will review a candidate’s ChexSystems report. More than 80% of banks and credit unions use consumer reports from agencies such as ChexSystems or Early Warning Services to help them decide whether or not to approve applicants for a bank account, according to the National Consumer Law Center.

The review process is like applying for a credit card. A card issuer usually goes through at least one major credit bureau to check your credit. This helps the issuer determine if you are an at-risk customer for a new credit card. (Some banks also look at your credit score when you apply for a bank account. Get your score for free by NerdWallet.)

Banks and credit unions share information about these people and indicate whether the institution has closed their accounts. In return, the agency collects these consumer histories and creates risk scores and reports that banks can use when considering potential clients.

Next: Second Chance Check

Need a fresh start with your banking operations? Take a look at second chance US chequing accounts

ChexSystems provides the following information to banks and credit unions:

  • Risk score: ChexSystems consumer scores range from 100 to 899. The higher your score, the better, because high scores show that you are a less risky customer.

  • Report: The report – or “Consumer Disclosure,” as ChexSystems calls it – shows things like unpaid fees (mostly overdrafts), bounced checks at retailers and suspicions of fraud. The reports also list credit inquiries, check orders and security freezes initiated by consumers. (If you have been the victim of identity theft, you can freeze your ChexSystems consumption report. This is to ensure that no new financial accounts will be opened in your name without your permission.)

Individuals can request their own score and report. You can request both your score and your report from the agency, but a ChexSystems report is more helpful. This gives you some context on why a bank might have rejected you and you can get a free copy every year. To request the report online, complete this consumer disclosure form on the official website of ChexSystem.

You will usually receive the report by mail within five business days. But there may not be much in your report, and that’s a good thing: unlike credit reports, those from ChexSystems mostly focus on negative account history.

How long do you stay on ChexSystems?

Usually five years. Although federal regulations allow ChexSystems to keep records for up to seven years, the agency keeps them for five years.

Are credit reports part of the review process?

Sometimes a bank will require a credit report. Banks may want more information than banking history before approving a new customer’s account, including credit reports.

If a bank offers a checking account with a credit option such as a overdraft line of credit, for example, it may request credit information. Banks can either pull a person’s credit report from one of the major credit bureaus or get additional information provided by ChexSystems.

Can I get a bank account if I have been refused?

The short answer is, yes, you can get a bank account even if you are on ChexSystems. Being blacklisted doesn’t necessarily mean you won’t have access to a checking or other account for the next five years.

Some banks and credit unions offer people with blemished histories so-called second chance checking accounts. While these usually come with a monthly fee, customers can often switch to less expensive regular checking accounts after successfully handling the second chance check for a year or two.

“Bank or credit union managers often have the power to grant account privileges despite negative reports from ChexSystems,” says Rob Drury, executive director of the Association of Christian Financial Advisors. Also, you can try opening an account at a credit union, he says: “Some people are not ChexSystems subscribers.”

Here are several second chance accounts available nationwide:

NerdWallet Rating

Read the review

  • Monthly fee: $ 8.95 (unless waived).

  • A special function: Advance direct deposit up to 2 days.

NerdWallet Rating

at Varo, deposits are insured by the FDIC

  • A special function: 55,000 free ATMs.

Essential check

NerdWallet Rating

Read the review

Essential Radius Check

  • A special function: Possibility to switch to rewards verification in one year.

Consider other alternatives. You can also opt for a prepaid debit card which has low costs and strong protections.

Being denied a bank account because of a negative ChexSystems report or a low consumer score isn’t the end of the world. Understanding how the process works and your current account options can help you move forward towards better managing your money.

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It’s always the economy, stupid Thu, 11 Mar 2021 05:38:22 +0000

I polled my panel of 500 voters on the economy, just days before the news of the coronavirus broke. At that time, they all had similar responses to the following seven statements. How would you answer them? True or false?

  1. I personally know the benefits of a good economy.
  2. Millionaires should pay more taxes.
  3. I think I am paying my fair share of taxes.
  4. Amazon should pay more taxes.
  5. I am worried about the size of the US deficit.
  6. The economy only works for big business and the rich.
  7. My health care costs have increased dramatically over the past year.

Over 85% of respondents, from all political backgrounds, gave the same answer to these questions. They answered “true” to all of the above questions except the last two, which 85% said were false.

It is striking how much most people say they benefit from the current economy. Phil, a Republican from Boise, Idaho, reports that “My salary is up, my retirement funds look good, and my home’s value is up. And our local economy is doing well, with tons of jobs available for anyone looking for work. Alexis, a Democrat from Pennsylvania, adds, “At State College, the economy is booming. There are three new luxury high-rise buildings being built and new stores seem to be popping up every week, with job advertisements at nearly every store. And even Diana, an Iowa Republican who lives near the poverty line, sees the benefits. She said, “For me, some of my monthly medical supplies have declined significantly over the past year. Some food prices have gone down and, for a while, gasoline prices have gone down. Lots of sales seem to take place, so when and if I buy items, I get them at a lower price. “

Deficits weigh on voters. Andrew, an independent from Wisconsin, said, “I was disappointed when the Republicans, the party that boasts of being financially responsible, increased our deficit and therefore the rate at which the national debt is increasing.” Andrew also expressed concern because he thinks we are borrowing from China to finance the deficit. “It looks like we’re just trying to cede superpower status to China.”

And there is hardly a voter in my panel who thinks he should pay more taxes.

On the other hand, Republicans and Democrats are divided on three of the true / false issues.

  1. I fear the economy will take a bad turn over the next nine months.
  2. I give former President Obama a lot of the credit for the good economy.
  3. Income inequality is a huge problem in the United States.

Democrats are more concerned about the future, credit Obama with at least some of the good economy, and think income inequality is a major problem. Republicans tend to be optimistic about the future (as long as Trump remains in power), give Trump all the credit for the current economy, and are indifferent to the gap between rich and poor.

“My IRA account has grown with the trajectory of the stock market,” said Catherine, a Democrat from Massachusetts, “but I’m afraid of investing for the long term because I fear the volatility and collapse of the market.” Lawrence, a Boston Democrat, added, “We are creating a nation of tenants, who live paycheck to paycheck, with little savings for retirement and unable to afford a major emergency expense. the surface of our economy and our society.

Republicans are more optimistic and believe that income inequality is solvable. Peter from Illinois doesn’t see wealth as a zero-sum game. “As the 1 percent gets richer, that doesn’t mean they take it out of the pockets of the bottom 50 percent.”

This kind of voter sentiment raises a key question for Democrats. In the absence of a recession or a sharp drop in the stock market, most electoral models, such as those in Moody’s analysis, predict a victory for Trump. Clearly, if the market downturn from the coronavirus continues, all bets could be off. For now, Democrats are challenged to convincingly respond to a president whose message is: You may not like me, but you have to vote for me because if you elect the other guys, say goodbye. to the economy you love!

What will not work in a general election is communicating that the economy is bad or that it only works for those at the top because that just does not match the experience of the most voters. More so, a message about a complete overhaul of our health care system – or a dramatic increase in taxes to pay more fees – is unlikely to generate significant support.

What could resonate? Democrats could win, not by denying that we have a strong economy, but by showing how our good economy could be even better if wealthy individuals and businesses paid their fair share, just like ordinary Americans do – or our good economy. good economy will not last. forever, because people borrow too much at high interest rates and pay more and more for rent. They could also highlight how dependent our good economy is on a healthy global economy – with strong markets for American goods and reliable sources of vital raw materials and supplies, and with a global commitment to work together on everything, from diseases to climatic problems.

Clearly, a continuing fear of coronaviruses, with its negative impact on the economy, potentially eliminates Trump’s most powerful talking point. And above and beyond economics is the critical reminder that we all experience how interconnected our world is – an important talking point for Democrats.

Regardless, it’s clear that when it comes to economics, Democrats have yet to create a message – or plan – that will motivate voters to change the way they think about their wallets. Perception is everything, and now, if it’s the economy, stupid, it’s time for a candidate to get smart.

Diane Hessan is an entrepreneur, author and president of C Space. She has had a weekly conversation with 500 voters from all political backgrounds since December 2016. Follow her on Twitter @DianeHessan. See his methodology on

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Build an electric car that people want and desire Thu, 11 Mar 2021 05:38:22 +0000 > It’s not unexpected these days for an automotive executive to claim some aspect of Apple as a role model for what it does, like having a distinctive minimalist design language or an app-based monetization strategy. But when Darren Palmer quotes Apple, it’s for an entirely different reason, that which …]]>

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It’s not unexpected these days for an automotive executive to claim some aspect of Apple as a role model for what it does, like having a distinctive minimalist design language or an app-based monetization strategy.

But when Darren Palmer quotes Apple, it’s for an entirely different reason, that which aims to advance the understanding of what Ford works to accomplish with the Mustang Mach-E.

Palmer is one of the original members of the Ford Edison team, the group that was organized in 2017 to advance the development and adoption of the battery. electric vehicles (BEV). And today, he’s Ford’s global director for BEVs, which means he’s responsible for launching the portfolio of electrical products Ford is rolling out, with the Mach-E at the forefront. Palmer says he was in the room the day the Mach-E was designed.

The analogy with Apple

So what about Apple? Palmer says that when the iPhone launched in 2007, not only did capacitive touchscreen technology deviate from the norm, but “they changed the use of what was just a phone to a portal. Internet.” Yet while people saw the lack of buttons, the change in use case went unrecognized.

He remember talk to people back then and ask them what they thought of the iPhone. Ordinary people – not tech freaks – just said it was a phone without a keypad, then tended to add, “But you have to charge it every night, and my phone lasts for three days.” In other words, they weren’t impressed. They saw the gaps, not what he could do.

Palmer says that when a friend or family member who had experience with an iPhone demonstrated it – usually enthusiastically – to those same people and then got a chance to try it out, “They were like, ‘Oh my word, why haven’t I tried this before? It’s a revelation for me.

“Electric cars can be like that.”

That’s why the Mustang Mach-E is what it is.

Amplify attributes

Palmer talks about “amplifying attributes”, clarifying functions and benefits.

The Mach-E development team was well aware that battery electric vehicles (BEVs) were nothing new. They also discovered – through surveys of BEV owners in areas such as California, Norway, Europe and China – that it was important to create a ‘need’ rather than a ‘duty’. : people had to want to the vehicle rather than being put into one by law.

“When people see the real benefits of electric vehicles, it sparks that desire and that desire,” says Palmer.

“We want to resume early adoption from the majority,” says Palmer. It’s not looking for a niche, it’s looking for more. This is one of the reasons the Mustang Mach-E is a small crossing: “We sell hundreds of thousands of them. They are very useful in people’s lives. Putting the Mach-E in a form that has built-in demand removes a barrier to acceptance.

Palmer also admits that the battery technology – the Mach-E is available with both 68 kWh and 88 kWh lithium-ion batteries – is such that the batteries take up space that can be more easily accommodated by a small SUV than a small one. sports sedan. He says that at some point, the density of the battery will allow the conditioning (and range) of a “more traditional sports coupe.”

A Mustang is a Mustang

One of the attributes the Mach-E emphasizes is performance. “It’s tuned to feel like rear-wheel drive,” says Palmer. “When you step on the accelerator, you feel the car spin around the center, pushed by the rear wheels. This car is distinctly tuned to feel like a Mustang. In the BEV space, vehicles generally feel flat or as if they are front-wheel drive. “

Another attribute related to this is the throttle response. “We didn’t choose to make it look like a gasoline car.” Palmer says he responds to the accelerator in 0.1 seconds. “Someone told me that a blink lasts 0.3 seconds.”

Maximum torque is reached, he says, in 0.5 seconds. And he quotes a 0-60 time of 4.8 seconds.

All of this seems to indicate that they are looking for the avid buyer.

This is not quite the case. There are also all these potential buyers of things like Escapes.

“For a lot of people who drive this – a new majority – this will be the first time they’ve driven a Electric car. They will experience the feeling and be delighted, ”says Palmer.

Plus, there are things like the 15.5-inch center display that provides information for everything from range to the nearest network charger; the ability to select separate (and quite noticeable) driving modes called Unbridled, Whisper and Engage; and upcoming hands-free driving via CoPilot360, a feature that will be provided via a live update.

Beyond Mach-E

If the Mustang Mach-E amplifies the performance aspects of what a BEV can be, then the following models Ford releases have their own important characteristics.

E-Transit 2022 is positioned as having a lower total cost of ownership than gasoline vehicles (eg 40% reduction in maintenance costs over eight years), which is essential for commercial customers. It is a point of amplification.

Palmer describes the F-150 as “the best tool in the world,” and he says the electric version will be used to amplify what this truck can do.

While buyers of some EVs have had to come to terms with some flaws, Palmer says this is not acceptable to Ford. “The doors fit together properly, the plastics and other materials are color matched, the bumpers don’t fall off, the roof doesn’t come off when you wash it, the door handles don’t get stuck in cold weather.” … “

This is a strategy to deliver electric vehicles to people who are unwilling to compromise – and who won’t need them.

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How to open a savings account: step by step Thu, 11 Mar 2021 05:38:22 +0000

Knowing how to open a savings account is knowing how to make your money grow. Cash in a savings account typically pays interest – potentially close to 0.50%, which is better than the national average savings rate of 0.06%. Ready to start? Here are the steps to follow, along with tips on how to find the best option.

How to open a savings account

1. Choose how to apply. Depending on the institution, you can apply online, by phone, in person, or even by posting an application. If you are applying online, the process can take 10-20 minutes.

2. Gather your ID. For the application, you will likely need to provide your Social Security number (or tax identification number) and information from a government-issued ID, such as a driver’s license or passport number.

3. Provide contact details. In addition to your ID number, expect to enter your contact details, including your first and last name, your address – usually you must be based in the United States – and your phone number. You may also be asked for information, including your email address and date of birth.

4. Select a single or joint account. Inform the institution if you are going to open the account on your own or with someone else. You will need the information from the previous steps for anyone else whose name appears on the account.

5. Accept the terms and conditions. This is where the bank asks you to confirm that you have read the disclosure documentation outlining the charges, liabilities, and how interest is calculated on the account. Ideally, you have selected an account that generates high rates and low or low monthly service fees. This is your chance to recheck.

6. Choose the amount of your deposit. If you open an account online or over the phone, you can transfer funds by providing the routing and account number of an existing bank account. If you open an account in person, you can present a check to the cashier. Some establishments will also allow you to mail a check or schedule a bank transfer.

Many banks require a minimum initial deposit, often $ 25 to $ 100, but others do not have a minimum deposit requirement. Even if you don’t have to fund your account when you first open it, it’s best to deposit money as soon as possible. This way you can start earning interest sooner.

7. Submit your application. You can get a receipt in a matter of minutes when you apply online, but it can take anywhere from two to five business days for the bank to verify your information, open the account, and grant you access.

Once your account is open, you can set up direct deposit and schedule automatic transfers from verification to savings. Making regular savings deposits can help you build up your bank balance with little extra effort.

How to choose the best savings account

The best savings accounts charge low fees and earn high interest rates. It can help your balance to grow faster. The average savings account only earns 0.06% APY, but some high yield accounts earn a lot more. If you deposit $ 10,000 and leave it alone for a year, your money would earn almost $ 50 in a high yield account with 0.50% APY, compared to about six dollars in an account that earns the average rate.

It is worth shopping around. Look beyond large institutions with thousands of branches. Online banks often offer high APYs with minimal fees. Many of them also have top-notch mobile apps that make it easy to manage your money on the go. See the great options in NerdWallet’s list best savings accounts.

Can I open a savings account online?

Yes. Opening an account online can be easier than going to a bank branch or calling a representative. Based on the steps above, you will want to have all of your documentation available to complete your application.

What to do if you can’t open a savings account

Sometimes a bank may not approve an application. Problems such as unpaid bank charges and bad checks in a previous account may be reported to a consumer reporting agency, such as ChexSystems, and banks may take this information into account when reviewing an account. request.

Customers who have a ChexSystems file and cannot open an account may want to view “Second chance” chequing accounts. These are not savings accounts and usually don’t pay high rates, but they do provide the opportunity to build a good banking history. If successful, you may be able to open a regular bank account in about 12 months. Read NerdWallet’s article on what to do if you have a ChexSystems registration to learn more.

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Curtis Howse Named CEO of Synchrony Payment Solutions Platform | New Thu, 11 Mar 2021 05:38:22 +0000

STAMFORD, Conn., December 10, 2020 / PRNewswire / – Synchrony (NYSE: SYF) announced today that Curtis Howse has been named Executive Vice President and CEO of Payment Solutions. He was executive vice president responsible for direct consumer sync. Neeraj Mehta, current EVP and CEO of Payment Solutions, will be leaving Synchrony in 2021 to pursue other opportunities.

Howse, has over 25 years of experience in the consumer credit industry.

Synchrony’s payment solutions platform offers innovative digital and in-store payments for small and medium-sized businesses across many industries, including automotive, furniture, home improvement, powersports and more, via credit cards from private label, installment products and promotional financing.

Mehta will stay with Synchrony through March 1, 2021 to ensure a smooth transition; Howse will assume the leadership role of payment solutions on January 1, 2021.

“Curtis is a strong business leader who brings deep expertise to this new role, from its long history of growing through key relationships with our partners to promoting digital innovation and seamless customer experiences across our platform. online banking, “said Margaret keane, Managing Director, Synchrony. “He is the ideal leader to help Synchrony continue to diversify its business through the continued growth of our payment solutions platform.”

Howse, has over 25 years of experience in the consumer credit industry. He has led Synchrony Direct to Consumer efforts since 2018, driving growth and digital innovation for Synchrony Bank, an online banking platform with more than 63 billion dollars in deposits. Previously, Mr. Howse was Senior Vice President and General Manager of the Diversified Client Group at Synchrony, overseeing several key partner portfolios. Prior to the separation of Synchrony from GE in 2015, he held positions in operations, business development and customer development at GE Consumer Finance, and led various business divisions in the United States, Argentina, Brazil, Canada and Mexico.

Howse is an executive sponsor of Synchrony’s African-American Diversity Network, one of Synchrony’s eight diversity networks that promote diversity and inclusion across the company. Externally, he is a member of the Executive Leadership Council. He obtained a bachelor’s degree in computer information systems from DeVry University.

Mehta has been leading Synchrony’s payment solutions platform since 2018, driving growth and innovation at the point of sale, in addition to expanding the company’s focus on small and medium businesses. He is also the executive sponsor of Synchrony’s Asian Professional Engagement Network. He joined Synchrony in 2015 as part of the separation from GE and created the independent corporate strategy function of the company, launching the Synchrony Ventures team, overseeing payment innovation and piloting partnerships. strategic and acquisitions. Previously, he had a 20-year career in numerous leadership roles at GE Capital including President and CEO of GE Capital Commercial Distribution Finance, President of GE Capital Bank Loan Group and Managing Director of GE Capital Europe, Bank Loans.

“We thank Neeraj for its passion and commitment to Synchrony and our partners, especially in point of sale innovation. We wish him every success in the future, ”said Keane.

About synchronization
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative consumer banking products, in key industries such as digital, retail, home, automotive, travel, health and pets. company. Synchrony enables our partners to increase sales and retain consumers. We are one of the largest private label credit card issuers in the United States; we also offer co-branded products, installment loans and consumer finance products for small and medium-sized businesses, as well as healthcare providers.

Synchronization is changing what is possible through our digital capabilities, deep industry expertise, actionable data, seamless customer experience, and personalized financing solutions.

For more information visit and Twitter: @Synchrony.

Media Relations:
Lisa lanspery

Investor Relations:
Jennifer Sekel Church

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Five tips to get you out of debt on a low income Thu, 11 Mar 2021 05:38:22 +0000

The living check to verify is not easy. But living check for check while trying to get out of debt can be even more daunting. According to, the average American household has $ 15,355 in credit card debt and about $ 129,579 in total debt. Many Americans need financial solutions to help ease their debt, save for retirement, and bring them closer to homeownership.

I recently spoke with Joyce Tan, Chief Compliance Officer for Christian Credit Counselors, a non-profit organization that helps people avoid bankruptcy and improve their financial health. Budgeting was the main topic of our discussion. Here are five tips to remember.

Set your budget

“Budgeting is the key to making people aware of how much they can afford on spending. It also helps determine their current spending habits, ”Tan said.

Budgeting is the process by which you record your monthly income and expenses on paper or in a spreadsheet. A budgeting exercise is essential to identify expenses to reduce.

“Sometimes life happens; medical emergencies happen or your car breaks down, ”Tan explained,“ but if you haven’t set aside funds to cover incidentals, it can make emergencies more difficult. “

Explore a Debt Relief Program

Tan shared the tips she learned from clients as part of their debt relief program. Its average program participant takes three to five years to get out of debt.

“When customers contact us, the first thing we need to do is understand their debt amount and how they got into debt,” Tan said. “Our program aims to reduce our clients’ interest rates through a ‘snowball’ method of repaying their debt.”

This debt reduction strategy suggests starting with the smallest balance owed, while paying the minimum payment owed on the largest debts. Then, after the smaller debt is paid off, move on to the next smaller balance, and so on.

Tan suggests that low-income people take advantage of programs that simplify payments. Tan’s nonprofit provides free budget and debt analysis before his team works with creditors to lower interest rates and consolidate bill payments into one monthly payment.

“Program participants only give us one fixed payment, and then we distribute their money each month. It helps them take one step closer to debt relief, ”she said.

Financial Literacy Course

“Classes are a great way to learn about your finances,” Tan suggested. “They help you with basic tasks, like reading your credit report or understanding your credit score.”

Tan’s organization offers free credit and budgeting classes, student loans, and even special classes for military service members. Their teaching team offers classes in person, online or by conference call. Consider researching financial literacy or coaching classes in your area.

“Without some solid solutions, the debt can become a never-ending cycle due to the interest that goes on credit cards and late fees,” she said.

Learn About Credit

Sonny Douglas, a senior Fresh Start consultant at Quicken Loans, said he believes there is room for more credit education in debt relief. It helps clients improve their financial situation so that they can increase their credit score and gain access to home ownership.

“One of the most important things I see is that people don’t know which debt to pay off or pay off first,” he said. “Many customers believe they should pay off cash receipts or installment loans and then start closing their credit cards. But the only way to pay off collections that help increase your credit score is to delete the collection once paid. “

Douglas recommends that its customers try to use less than 10% of the available balance on their credit cards.

“I tell them if they plan to pay off a credit card and close the account then they will lose the payment history that they may have accumulated over time,” said Douglas. “Some people don’t realize that closing all of your credit cards can hurt your score.”

He also recommended that some clients take a breather when paying off debt – one debt at a time.

“The best advice I can give is probably less is more. The less credit you have to work with, the easier it will be to control, ”he said. “A $ 10,000 credit card can improve your credit the same way a $ 100 credit card can if you use it correctly.

Check the credibility of resources

Douglas suggests avoiding quick and easy debt solutions that could sink you deeper into a financial hole.

“Sometimes I talk to clients who jump online and turn to the wrong resources,” he said. “Credit is extremely delicate and there aren’t many places customers can go to get the help they need. Beware of the many scams. “

Douglas often refers his clients to because the company allows you to update your credit report every week. We also use because anyone can go there to get a free report and score once a year.

If you have limited funds, tackling your debt can seem like a high mountain to climb. But these tips will help you manage your bills or limit monthly expenses. Credible resources are available and credit counseling is a great place to start. If you have any questions or other great debt relief solutions, please share them below.

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