NBCI Financial Literacy Initiative

Join NBCI’s
Savings Club for Savings Tips

A value is requiredInvalid Email Address A value is requiredInvalid Zip Code

NBCI Search

NBCI Featured Program

How to Find a Job in a Recession
See tips from the experts.

Job Search
Roundup

Tips for a successful
job search

NBCI Feature Article

103 Ways To Save

NBCI Financial Television

NBCI Calculator

Repayment Mortgage Calculator
Enter Your Details & Click the Calculate Button
Loan Amount $
Annual Interest Rate %
Term of Loan Years
Number of Payments
Monthly Payment $
 

The above is for illustrative purposes only. U.S. Rates are compounded monthly.

Transportation

Car Dealer Scams To Avoid: What to watch for the next time you're in the showroom.

autos-content.jpg"Difficult times lead to creativity," says Bill Gerhard, AAA's director of financial services. "People come up with sensational hooks to try and get you to the dealerships, and once they lure you in, the goal is to sell you something and generate as much profit for the dealership as they can."

It helps to know what you may face before hitting the showroom. That way, you'll be prepared to avoid the stress of being ambushed by a team of salesmen or accosted by a loan shark. And you'll have more confidence in the face of undue pressure to seal the deal.

NBCI Asks Membership to Buy American Autos

Family in CarThe National Black Church Initiative, a coalition of 34,000 African American churches around the country, is urging its vast membership to begin purchasing new American automobiles. This is part of a forthcoming financial literacy initiative planned by NBCI to create economic stability in the Black community utilizing the vast economic resources of the Black Church to strengthen the Black family. NBCI understands that African Americans have been more adversely affected during this economic crisis than any other racial or economic group.

Chrysler GM Ford

Special Tax Break Available for New Car Purchases This Year

moneyThe Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.

?For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,? said IRS Commissioner Doug Shulman. ?This deduction enables taxpayers to buy now and get cash back later on their tax returns.?

The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle.

The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers.

IRS also alerted taxpayers that the vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction.

The special deduction is available regardless of whether a taxpayer itemizes deductions on their return. The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.

How To Buy a Car And Avoid the Pitfalls

Secrets of a Professional Negotiator

familyIt's been a number of years now since I sold cars for my undercover series "Confessions of a Car Salesman." I've been pleased and, frankly, amazed at how many readers have found the articles entertaining and informative.

As my memory of the actual experience fades, the readership for "Confessions" grows and the impact of it is felt through the marketplace. While some dealers have actually used "Confessions" as a training tool (showing salesmen what not to do), many car salesmen have responded with furious denials. Often, they try to discredit my experiences by saying, "Sure, that kind of stuff used to happen. But the business has completely changed. None of that happens anymore."

Confessions of a Car Salesman

familyThe energy is electric in the offices of Authority Auto in Sherman Oaks, California. That's because Authority's president, Oren Weintraub, is doing what he loves: negotiating car deals and saving money for his clients.

"I love the art of negotiating," Weintraub said. "It's kind of like a dance ? you have to know what to say and when to say it. You have to be strategic. And above all else you have to know how to create leverage."