I would recommend to my friend Steven Franklin to get the car checked out by professional to get an estimate on repairs. He must first see if it was equipment failure or installment failure. If it is in fact a malfunction of the stereo then I would have him call the company’s main office where they make the stereo to get them to pay for damages to the vehicle. I don’t think the company that he bought the stereo from would be liable. I would have him write or email the company with the problem to see if can get resolved that way.
If after a few attempts and no resolve then I would tell him to seek outside counseling. I would tell him to call the EBB or Chamber of Commerce and see what they recommend or maybe a mediator. If after all those suggestions and nothing, I would tell him to go to small claims court if the damages are within the states dollar amount for small claims court. He would have to call to find out. If he is not comfortable going to court by himself then he could call a lawyer. If he doesn’t have the funds he can call a lawyer for a free consultation or legal aid. He may Just want to ask a few questions and not hire one.
I would tell him to keep all records: conversations, dates, names, pictures, estimates, warranties, receipts, etc. If he has to go to court because the damages are over the limit for SAC then he may want to hire one or plead his case alone. Describe four common consumer myths and explain the dangers of such erroneous beliefs. Why do you think they continue to be believed by many consumers? ; “I can return my car within three days of purchase. ” The danger of the myth is that you’re stuck with something you really didn’t want and now you’re stuck with it.
You may not be able to afford it and it gets reposed which will ruin your credit. Car companies want people to buy impulsively or believing the myth because they sold a car and it’s not coming back. Why would they let this little gem be known? To increase awareness of this myth is governing officials should make it a law for the myth to be put on the sign a separate sheet acknowledging they know or initial it on the contract that they read it and that they are aware of it. ; “My credit report information is confidential. ” The danger of this myth is invasion of privacy.
Many commercials say that your credit report is confidential. Nothing else has said anything to the contrary. So they need to have commercials that say the report is not always confidential and who has access to it beside you. I feel it is the agencies that try to protect our right that should put the word out to society. ; “My creditors can’t call me at work. ” The danger of this is that someone can get fired from the excessive phone calls. You Just hear people talk about the myth. There is nothing saying that they can or can’t call you.
Make a commercial (public service announcement) via TV or radio to the facts of what creditors can and can’t do and send literature to them when they call. I know that there are a lot of regulations but say something on some of the big issues. Give customers literature (they sign or made aware of) when they purchase a car at a dealership or the financing official that loaned the money to buy the vehicle. Explain what amortization is and how a down payment and loan duration impact it. An amortization is the decrease in money when paying off a loan (mortgage) to your home.
The higher the deposit less money is needed for the loan which will be less interest meaning less to pay. The loan duration will keep payments higher than if you ad a 30 year loan but the shorter duration means less money toward interest. So in the long run you save money. Explain how current interest rates can affect the price of a home. The current interest rate is down now so purchasing a home should be on the rise. After the recession, and the mistakes the banks made, the process to get financed will be tight so a person’s credit would have to be really good and a good down payment.
Lenders can determine from your gross wages and the interest rate what kind of monthly mortgage payment you could afford which then helps you to know what price of home you could afford. The larger the down payment and the lower the interest rate the larger price tag on a home you could look for. What is the purpose of an escrow account and what costs are typically included? An escrow account is a third party or lending institutions account that holds funds for transactions between two or more people. The funds will be release when the instructions given are executed.
Why the escrow account is used is to hold monies used for the property taxes and homeowner’s insurance. The cost for the use of the service of an escrow account is typically built into the loan. What factors influence most people’s buying decisions? Location, location, location and maybe for the ladies a large kitchen, nice bathrooms; and the guys a garage (a possible man cave or work shop) influence peoples buying decision. Other buying decisions are calculations, needs, values, and opportunity costs.
The major sources of consumer information are personal contacts, business organizations, media information, independent testing organizations, online sources, and government agencies. What legal actions are available when assistance is needed to resolve a consumer problem? (a) ARBITRATION: A consumer wants to settle a dispute out of court with the use of a equally-binding third party. (b)Mediator: A person wants to resolve a conflict with a business but needs someone’s help with the discussion and negotiation. (c) LEGAL AID SOCIETY: A low-income person wants to obtain the services off lawyer to file a product-liability suit. D) SMALL CLAIMS COURT: A person is attempting to obtain a $150 deposit for catering that was never returned. (e) CLASS ACTION SUIT: A neighborhood that got sick from the crop dusting of a nearby fields. Explain the difference between arbitration and mediation. Mediation is a non-binding process where a neutral third-party (the mediator) ores with the parties to reach a mutually agreeable settlement. If a settlement is not reached, the mediator has no authority to impose one ( a settlement). In arbitration, the arbitrator hears evidence and receives testimony, much like a Judge and makes a decision that is binding on the parties.
Distinguish between an implied warranty and an express warranty. An express warranty is usually written and/or spoken by the person giving the warranty; whereas an implied warranty is automatically given by law or is not written or spoken. Differentiate between a cooperative and a condominium. Form of ownership: A condominium owner actually owns the apartment in fee simple, like any other homeowner, and owns an undivided interest in the common areas like parking lots, recreations areas, lobbies and hallways. In a cooperative apartment complex you don’t actually own any real estate.
Rather, you own shares in a not-for-profit corporation. As a shareholder you get the right to lease space in the building. The corporation owns the common areas. Property taxes: Condos are owned individually, they appear in the property tax rolls as separate entities and, accordingly, individual owners are taxed separately. The entire property co-pop is owned by the corporation, so it appears on the tax rolls as a single piece of property. Financing: Individual condo owners are responsible only for mortgage debt and taxes solely on his property.
The co-pop there is the underlying mortgage that funded ownership. Payments on that mortgage are paid by the corporation and then are passed along in the monthly maintenance fee to the tenant-shareholders. Federal tax deductions: The condo owner is able to deduct payments made for mortgage interest and property, depreciation and maintenance if the condo is used s a rental property. The co-pop tenant-shareholder can only easily deduct his proportionate share of the property taxes and interest on the underlying mortgage.
Monthly fees: Condominium owners are charged a monthly fee to cover the maintenance, repairs, improvements, and insurance for the building and common areas. In a co-pop a monthly or quarterly fee is paid, it is higher than a condo because the corporation is collecting mortgage and property tax payments from each shareholder in addition to the periodic assessment for things like lawn care, pool cleaning, security and insurance. Powers of the board: Many condo associations contend that they are empowered to either approve or disapprove the transfer of ownership; the reality is that they have almost no power at all.
Co-ops, on the other hand have the right to approve or deny the sale of shares on the basis, for example, of the buyer’s perceived inability to make the payments. Be sure to include a discussion of the ownership and responsibility for the common areas. For both most of the outside work is done under a contract let by the condo or co-pop board of directors. Each unit pays a monthly fee for these services and many associations provide all outside maintenance, including painting, along with water, sewer and cable or satellite TV. Insurance to cover damage to the buildings and grounds is standard, but does not include the contents of each unit.
In a condo the buyer owns an undivided interest in the common elements such as the exterior walls, roof, pool and other recreational areas. Explain negative amortization and how such a situation can occur. A negative amortization is when your loan principal increases rather than decreases because your monthly payment isn’t enough to cover the loan interest. For example, if the interest due for a given month is $300, and the borrower pays $200, then $100 will be added to the principal. The promise of low initial payments may make loans that could result in negative amortization attractive, but there are substantial risks.
Eventually, your monthly payment will have to increase, sometimes sharply, to pay off the larger loan. If interest rates have risen, you may not be able to refinance at a favorable rate. And if real estate prices fall, you could find yourself with a mortgage loan that is larger than the value of your home. John Seafood needs to sell his home because of a Job transfer to another city. What actions should John take to sell his home? For time sake Tom should hire a real estate agent to sell his home unless he wants to sell it himself.
Real Estate Agents are They know what has to be done to the house to be sellable; they know all the paperwork required, they can continue to sell the house if Tom is at his new location. If he feels ambitious he has to learn all the things that the agents know by and agent to sell his home. Tom would have to call an agent that was referred or found to start the process. They would discuss and sign an agreement with the agent to sell his home. They would talk about what the housing market is like, what he wants for the home and the agents’ commission.
The agent would put the house on the MILS and in other publications. They would set up a date for a showing (open house). He would have to make the house presentable like making needed repairs on the outside (good curb appeal) and fixing the inside (repaint, repair, clean, De-clutter, stage) to allow the home buyer to see themselves in that space. The agent would show the house during the open house and Tom would leave for the day. Tom would wait for a buyer, haggle the cost, sign the papers, and wait for a check at closing. Gerry Intel is considering buying a home.
What actions would you recommend for her to take to accomplish this goal of buying a home? For convenience sake Gerry would hire a real estate agent. First, Gerry would need to assess her current financial position to see if she could afford to pay a mortgage and how much, does she have money for a down payment and how much. She needs to apply for credit to see if she would qualify for a mortgage. She would get a letter of acceptance to show an agent f she qualifies. Her and the agent would sign an agent agreement, and discuss the criteria to what she is looking for (size, quality, area, etc. Within here budget and price range. The agent finds a home, Gerry loves it, puts in an offer, agent tells seller, and if seller agrees with offer then they start escrow. If not then there could be a counter offer. If there is an agreement the process takes about 30 days to signing and receiving the keys if all goes well. She needs a home inspection At signing Gerry bring her monies along with any monies owed by the seller. She would pay the down moment and the funds that she got from the bank to purchase the home and any other incidentals.
What factors influence the type of housing a family will select? Factors that influence the type of housing a family will select could be family size, age of children (schooling), something close proximity to work and other activities, desirable neighborhood, non-flood zones or other zoning laws, privacy, quiet streets, safe area (no gangs, highways), household amenities (extra rooms, basement, appliances included), utility costs ( gas vs… Oil heated), near public transportation or stores, amount of stories, house age and type.
