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Wednesday, August 14, 2013

Home and Wealth Newsletter From Theron Wall

Home & Wealth from Theron Wall

Wallick & Volk Mortgage

Theron Wall

Theron Wall
Sr. Mortgage Consultant
3767 Karicio Lane, Ste B
Prescott, AZ 86303
Office: 928.445.8730
Fax: 928.445.1065
Cell: 928.533.7473
my website

6 reasons you should never buy an extended warranty - PLUS 4 ways to guard your car from theft

A common consumer myth is that there's value in buying an extended warranty on major purchases, such as major electronics and appliances. But the experts disagree. They say extended warranties have too many downsides – plus, there are other kinds of purchase protection that offer adequate peace of mind. Here are 6 reasons to pass on extended warranties:

1. The manufacturer's warranty is enough. Today, almost all products come with a one-year manufacturer's warranty. The truth is, most minor failures happen during the first year, while major breakdowns are likely to occur much later in the product's life, beyond the term of an extended warranty.

2. The extended warranty may not cover your malfunction. People think extended warranties cover anything that may go wrong, but this isn't always true. Typically, extended warranties are full of exclusions buried in the fine print. If you absolutely must buy an extended warranty for your peace of mind, fully investigate all aspects of the coverage before making your decision. 

3. The prices of tech products keep dropping. For example, this year's flat screen LED TVs cost less than the last generation of LCD TVs two years ago. Suppose you buy a Blu-ray DVD player for $100 with a two-year extended warranty for $30. With the likely price drop in Blu-ray players over the next two years, it's probably better to put the $30 toward purchasing a new player if anything happens.

4. Products rarely need repairs. A leading product review publication tracked a range of electronics and appliances. They found repair rates ranged from 5% to 37%, generally indicating you're not likely to need a repair. So it makes sense to save the cost of an extended warranty for those very rare repairs.

5. Warranties are expensive. With high ticket items like used cars, the cost of an extended warranty can be more than you might pay for repairs. Also, if the extended warranty overlaps the manufacturer's coverage, understand that the price of a "two-year" extended warranty is really only for one extra year of protection.  

6. Some credit cards offer better protection. If you pay for a product with certain credit cards, they double the length of the manufacturer's warranty free! Check your credit cards for this very worthwhile benefit.

4 WAYS TO FOIL CAR THIEVES

According to the National Highway Traffic Safety Administration (NHTSA), summer is a hot time for auto theft. And don't think you're safe if you don't drive a luxury vehicle. The National Insurance Crime Bureau (NICB) says a 1994 Honda Accord is the car most likely to be stolen, while the NHTSA names the Dodge Charger as the thieves' favorite. To protect your car, the NICB suggests four approaches:

1. Use common sense. Always remove your keys from the ignition, lock your doors, and park in a well-lit area. These are the simplest, least expensive, and most effective ways to discourage thieves.

2. Let thieves know you're protected. You want visible evidence your vehicle is secured: steering column collars, steering wheel locks, alarm system stickers, and etching windows with vehicle identification (VIN) numbers.

3. Install immobilizing devices. Starter disablers and fuse and fuel cut-offs make it impossible for thieves to bypass your ignition and hot-wire the vehicle. Some items, such as smart keys and ignition disablers, may come standard on new vehicles.

4. Buy a tracking device. These systems transmit a signal to a monitoring station or police if your vehicle is stolen.

And make sure you're not buying a stolen vehicle. Before you purchase a used vehicle, enter its VIN in the NICB (https://www.nicb.org) and the NICB's VINCheck Website. This free public service can help you quickly determine whether the vehicle may have been stolen.

If you're thinking about taking advantage of the improved housing market, we're glad to answer any questions about financing. We can also help with refinancing your existing home or funding home improvements. Please call or email us any time. We're always here for you.... Have a great day!

P.S.: The housing market is clearly in recovery, but mortgage rates are volatile. So if you're thinking about buying or refinancing, start the process early. Please call or email us to explore the attractive options available now.

This was sent to you because of your relationship with Theron Wall. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in this message is the property of Wallick & Volk Mortgage and cannot be reproduced for any use without prior written consent. BK 0018295 NMLS #256412



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