Walker crash not part of street race

The neighbourhood where 'Fast Furious' star Paul Walker died in a fiery crash is known to attract street racers, but law enforcement officials do not believe the Porsche in which Paul Walker and a friend were riding had been racing another car.

Accident investigators 'have received eyewitness statements that the car involved was travelling alone at a high rate of speed,' the Los Angeles County Sheriff's Department said in a statement on Monday.

'No eyewitness has contacted the (department) to say there was a second vehicle.'

Walker and his friend and fellow fast-car enthusiast Roger Rodas died on Saturday when Rodas' 2005 Porsche Carrera GT smashed into a light pole and tree, then exploded in flames. The posted limit was 45mph (72km/h).

The two had taken what was expected to be a brief drive away from a charity fundraiser and toy drive at Rodas' custom car shop in Valencia, northwest of Los Angeles. Walker's publicist said the action star was the passenger.

The crash happened on a street that forms a near two-kilometre loop amid industrial office parks. It is rimmed by hills and relatively isolated from traffic, especially on weekends when the businesses are closed.

'It's well-known out here that that's a hot spot for street racers,' California Highway Patrol Sgt Rick Miler said.

Skid marks are a testament to past antics on the loop. The sheriff's department, which polices the neighbourhood, said Saturday's wreck was not the first speed-related crash there, but would not reveal specifics.

Meanwhile, investigators are consulting video from security cameras, talking to witnesses and analysing physical evidence such as on-board computer data from the Porsche.

A steady stream of fans has flocked to the crash site to leave flowers, candles and memorabilia from the action films.

source: skynews.com.au

The benefits of novated leasing

A novated leasing is a tax effective way to purchase a motor vehicle. The finance and running costs of your vehicle are paid for by your employer who recovers these costs from your pre-tax salary. The associated tax benefit is what makes novated leasing an increasingly popular method of financing a car.

Novated leasing comes in a finance only arrangement and a fully maintained version. A finance only novated lease is an agreement entered into with a financier. The running costs, salary deductions and fringe benefit tax (FBT) requirements are managed by the employee and their employer.

Entering into a fully maintain novated lease allows these aspects to be managed by a company specialising in novated leasing. This simplifies the process and reduces the administration costs to the employer. A fully maintained lease also provides the employee with an estimate of the tax advantage they will receive.

How does a fully maintained novated lease work?

 

A fully maintained novated lease incorporates the finance for the vehicle and budgets for its running costs. These budgets will depend on the vehicle selected, the term of the lease and expected annual kilometres to be travelled.

The total vehicle cost is worked out over the term and then divided into equal monthly amounts. These monthly amounts are invoiced to the employer and recovered tax effectively from the employee’s salary.

Who can have a novated lease?

 

Generally speaking novated leasing is available to any employee with their employer's permission.

Where do I start?

 

Speaking with a novated leasing provider is the easiest way to get a better understanding of the process and the potential tax benefits. However, it is a good idea to do some research first. Start by investigating potential vehicles that suit your needs. It is wise to select a vehicle that has strong resale qualities as this will reduce the total cost of the lease.

The vehicle can be new or used and can be purchased from a dealer or private seller. It helps to have an idea of the annual kilometres you expect to travel and how long you intend to own the vehicle.

How much tax benefit can I receive?

The tax benefit from a novated lease is via savings in income tax and GST. This saving will depend on a number of variables including the price of the vehicle, the term of the lease and the intended kilometres travelled.

Although, a better tax advantage is generally gained the more kilometres travelled, significant savings can still be made for those who travel less kilometres. Below is an example of such circumstances.

Oliver has an annual salary of $90,000 and travels only 7,000 kilometres per annum. He is looking to lease a brand new $26,000 Corolla over a 3 year term. Based on this information his taxable income could be reduced by about $5,000 per annum.

By reducing his taxable income by $5,000, Oliver saves $1,925 per annum in income tax. Oliver also receives $500 of GST claimed back by his employer each year. The combined tax benefit for Oliver is more than $7,000 over the three year term.

If Oliver travels 20,000 kilometres per annum, he receives a much greater tax advantage. His taxable income is reduced by about $7,000 per annum and his employer can claim $700 per annum of GST on his behalf. This results in a tax benefit of over $10,000.

Novated leasing may not work in all financial situations and independent financial advice is always recommended when it comes to your personal finance matters. However, a fully maintained novated lease has the potential to provide significant tax advantages when purchasing a vehicle.

source: bigpondmoney.com.au

Volkswagen recall 384,000 vehicles

German auto giant Volkswagen will recall 384,181 vehicles in China over gearbox defects after state television criticised it over the issue.

In a company statement, Volkswagen said an electronic malfunction could cause cars to lose power while being driven.

'In isolated cases, an electronic malfunction in the control unit or a lack of oil pressure inside the gearbox mechatronics may result in a power interruption,' the statement said.

Steering and braking would not be impacted, it added.

The vehicles affected include both imported models such as the Audi A3 and domestically-made ones, among them the Magotan and Passat, said the Chinese government's quality watchdog, which on Saturday had ordered the recall.

The move followed a year-long investigation, it added, and the cars involved came off the assembly line between December 2008 and early this month.

Volkswagen said it would replace components in the gearbox of affected vehicles for free.

The recall came after China Central Television alleged in an annual corporate malpractice programme that Volkswagen had used substandard gearboxes in some models, causing acceleration problems and accidents.

Volkswagen, which is Europe's biggest carmaker, said last week it planned to open seven more factories in China, the world's largest car market.

It currently has two passenger vehicle production joint ventures with China's SAIC Motor and FAW Group.

source: bigpondmoney.com.au

Jaguar Land Rover mulls manufacturing in India: report

MUMBAI, India — Jaguar Land Rover, the British luxury car unit owned by Tata Motors, is considering manufacturing vehicles from scratch in India, a report says.

Jaguar Land Rover (JLR) currently assembles some cars in India with parts shipped from Britain. Manufacturing the whole car in India would make it cheaper, as it would save on government import taxes and labour costs.

“Like Brazil, India is one of the possibilities for Jaguar Land Rover to fully manufacture cars,” a person close to the development told The Wall Street Journal on Sunday.

However, he cautioned the process was at a “very preliminary stage”.

Tata Motors officials were unavailable for comment.

JLR assembles two of its vehicles at its west India plant using kits, engines and gearboxes imported from Britain.

Sales of Jaguar and Land Rover models have been key growth drivers for Tata Motors, part of the sprawling salt-to-steel Tata Group, in recent quarters.

Indian car sales have slowed down in the last year due to high borrowing costs, costly fuel and rises in prices due to increased raw material costs.

Global auto makers such as Ford, General Motors and Nissan have invested millions of dollars in the past few years in India to use the country as a global manufacturing base, where demand for cars is higher than in the West.

Tata Motors bought Jaguar and Land Rover from Ford Motor Co in 2008 for $2.3 billion as part of plans to expand its reach beyond Asia.

The deal vaulted Tata Motors from a commercial vehicle and small-car maker into a global player with luxury brands in its range of offerings.

JLR reported record global sales of 357,773 vehicles in 2012, a 30 percent year-on-year rise, led by strong demand in China, Britain and the United States.

source: interaksyon.com

Italian fund buys 37.5% stake in Aston Martin

ROME — Italian private equity fund Investindustrial has bought a 37.5-percent stake in British carmaker Aston Martin, the companies said in a joint statement on Friday.

“Investindustrial is investing 150 million pounds (186 million euros, $240 million) in Aston Martin in the form of a capital increase for a 37.5-percent stake,” the firms said.

The 99-year-old car-maker will get an injection of Italian expertise and much-needed resources to compete with luxury competitor giants such as the Fiat Ferrari.

There had been a bid from Indian jeep maker Mahindra & Mahindra for the stake in the British manufacturer, whose flashy vehicles feature regularly in James Bond movies.

Aston Martin said it would now proceed “with its extensive and exciting plans for sustainable long-term growth”.

The car-maker rose to fame thanks largely to its DB5 sportscar, a favourite of early Bond actor Sean Connery which returned to the limelight in Daniel Craig’s car chase through Italy in the 2008 “Quantum of Solace”.

The company said production would continue to take place in Gaydom in Britain, where 1,600 workers are based.

Andrea Bonomi, senior principal at Investindustrial, said: “We are delighted to form part of this iconic global, but quintessentially British brand.”

Sales at Aston Martin have been hit along with other small car-makers during the global economic slowdown and it had been looking for key funds for research and development.

Aston Martin said it intended to invest “more than half a billion pounds in its new product and technology programme over the next five years.”

The car-maker is owned by Kuwait-based finance firm Investment Dar, which bought it from Ford Motors for $767 million in 2007.

Investindustrial, owned by Italy’s Bonomi family, used to own Italian motorcycle maker Ducati.

source: interaksyon.com

Ford Fusion wins 2013 ‘Green Car of Year’ award

The Fusion, which starts at $21,700 for the gas-powered base model, won because it is offered in a wide range of powertrains, said Ron Cogan, editor of Green Car Journal, which gives out the annual award to recognize leadership in cutting emissions.

“It won by virtue of the fact that it offers an array of choices,” Cogan said after announcing the award during the LA Auto Show on Thursday. “This is huge.

The second-largest U.S. automaker offers gas-powered, hybrid and plug-in hybrid models. The Fusion hybrid is estimated to get 47 miles per gallon, although early tests by Consumer Reports magazine signal that the Fusion hybrid, like other hybrids that have been tested, may fall short of that figure.

A hybrid is an automobile with more than one power source, such as an electric motor and internal combustion engine or an electric motor with battery and fuel cells for energy storage.

Ford spokesman Wes Sherwood said the company was expecting to see a wider range for fuel economy on its new generation of hybrids because it is not asking drivers to compromise on vehicle performance.

“If you want to drive for maximum fuel economy, the car has the tools. You can do it,” Sherwood said. “If you want to drive 80 miles per hour on the highway you aren’t going to get 47 miles per gallon.”

All five finalists for the 2013 award are available to the mass market, underscoring the auto industry’s ramped-up focus on boosting fuel economy over their entire lineup, not just in low-volume, specialized vehicles.

The finalists included the Dodge Dart Aero, a turbocharged version of Chrysler Group LLC’s compact car, and Mazda’s CX-5 SkyACTIV crossover, both of which start around $20,000.

The others were Toyota Motor Corp’s subcompact hybrid, the Prius c, which starts at $18,950, and the Ford C-Max, which starts at $25,200 for the hybrid model.

“(The LA Auto Show) used to be all about electric vehicles, which really don’t suit everyone,” said Jake Fisher, Consumer Reports’ director of automotive testing. “Now you’re seeing fuel economy for everyone.”

Previous winners of the Green Car award have included General Motors Co’s plug-in Chevrolet Volt, which costs just under $40,000, and Honda Motor Co’s natural gas-powered Civic, which starts around $26,300.

Ford’s transformation

The award has been presented since 2006, when Ford won for its Mercury Mariner hybrid, a since-discontinued sport-utility vehicle that got about 27 mpg and had a starting price of nearly $30,000.

The 2013 Fusion’s gasoline-powered base model gets 34 mpg on the highway, while the hybrid version gets 47 mpg, according to data from the Environmental Protection Agency. The plug-in Fusion Energi includes 20 miles of all-electric range, with a backup gasoline-electric hybrid powertrain.

Ford has revitalized sales in recent years in part because of a renewed focus on fuel economy and smaller, more efficient cars. Ford has also adopted a more flexible manufacturing strategy that allows it to build gas-powered, hybrid and electric models all on the same assembly line.

The average fuel economy of Ford’s cars and trucks for model year 2011 was 21.3 mpg, up from 18 mpg in 2006, U.S. government data shows. The industry average for 2011 was 22.8 mpg.

Early tests by Consumer Reports indicate that the Fusion and C-Max could fall short of EPA’s estimates of 47 miles per gallon for both models, Fisher said.

“I’d be surprised if we get near that,” Fisher said.

But he added that it was not uncommon for hybrids to fall short of the EPA estimates, citing the Prius as an example.

Official testing by the influential consumer watchdog is just beginning, but in routine driving by researchers, “we haven’t seen anything close to 47,” Fisher said.

‘Nothing eartch-shattering’

While the industry is shifting focus to improving fuel economy, hybrids like the popular Toyota Prius and the Volt still account for less than 3 percent of U.S. auto sales, said Lonnie Miller, analyst with Polk Automotive.

Sales of electric cars like Nissan’s Leaf and the Volt have lagged expectations, despite high gasoline prices, in part because the cost of the batteries that power them is very high and normal internal combustion engines are getting much better mileage per gallon than in the past.

Fisher said that the past couple of years have been characterized by incremental improvements rather than big breakthroughs when it comes fuel economy of new vehicles.

“There’s not a whole lot of ‘hit ‘em right out of the park’ vehicles here,” he said. “There’s no new Tesla being introduced. You look at the Green Cars of the Year. There is nothing really earth-shattering.”

The winner was selected by a panel of environmental leaders, including Sierra Club Executive Director Michael Brune, Ocean Futures Society President Jean-Michel Cousteau, Global Green USA President Matt Petersen, television personality and car enthusiast Jay Leno and staff of the Green Car Journal.

Ford shares closed 2.5 percent higher at $11.53 on the New York Stock Exchange on Thursday

source: interaksyon.com

BMW sees room for more growth in China’s luxury car market

BEIJING — German carmaker BMW sees continued double-digit sales gains in China next year as the luxury car market there, at 9-10 percent of overall sales, still lags the developed world, where the luxury segment accounts for 15 percent of the total.

The German firm, which is building a second plant in northeast China to initially double its capacity to 200,000 vehicles, later rising to 300,000, expects to sell 1 million cars in China over the next three years, Duan Jianjun, deputy sales chief at BMW’s venture with the state-owned parent of Hong Kong-listed Brilliance China Automotive Holdings, told Internet portal Sohu.com at the Guangzhou auto show.

China’s luxury car market has lost some of its steam after years of break-neck growth, though demand for high-end cars remains robust as personal wealth grows.

“We have sold 1 million cars in China so far. We will strive to sell another million in the next three years,” Duan said.

BMW’s China car sales grew 35 percent in January-October from a year earlier, five times the growth rate of the overall market, and topping Audi’s 31.2 percent and Mercedes-Benz’s 8 percent growth.

Daniel Kirchert, senior vice president at BMW’s China venture, told Sohu.com separately that the venture was preparing to launch a China-only car. He did not elaborate. BMW and Brilliance plan to produce 200,000 4-cylinder, 2-litre petrol engines a year at an engine plant in Shenyang.

source: interaksyon.com

Buying a Car with Bad Credit: Your Options

No matter how many times our mothers warned us to pay our bills in full and on time, some of us just had to find out for ourselves what the repercussions for making late and partial payments would be. Surprisingly, we’ve found that our credit cards weren’t cancelled and no one came knocking on the door to collect that brand new TV we bought and couldn’t afford. Nope, instead they hit us where it hurt the most. They lowered our credit score. And because they were so sneaky about it, we didn’t even realize it was happening until it was too late!

If you’ve got a broken down car, can’t get to work, and can’t get financing on a new car because of bad credit, don’t panic. There’s a way to drive yourself out of this mess, and while it may not be in a new Mercedes-Benz, no need to worry. You’ve still got that fancy TV.

First things first. Go online and get a copy of your credit report. Pay the extra fee to make sure the report includes your credit score. The score is reported by three bureaus, so get your score from all three (Equifax, Transunion, Experian).

Beg the Bank

Understand your credit score and decide the best way to proceed. Most banks won’t lend to people with scores below 640. However, if you’re within a reasonable range of that, many banks will still give you a car loan if you have a good history with that particular bank. If you’ve got $1000 cash, go to the bank where you have your checking account and see if that’ll do for a down payment. Depending on how close you are to 640, sometimes only $500 is enough. If they say no, don’t lose hope. Keep pressing on.

Buy in Cash

Depending on how mechanically inclined you or your friends are, you might want to check out what’s available within your cash range. $1000-2000 can often get you a decent 10 year old vehicle. Unfortunately, most 10 year old vehicles aren’t always in the best mechanical condition, so this is where knowing someone who’s good with engines will be of help.



If you don’t know a mechanic, usually it’ll cost you about $50 to have one accompany you to the dealership to do a thorough inspection on the car you are interested in. However, you should make sure he doesn’t have a connection to the dealership to ensure you’re getting unbiased advice. Older cars come with a lot of problems, so you might want to avoid this option and consider buying from a “Buy-Here-Pay-Here” dealership.

Buy from a “Buy Here Pay Here” Dealership

You know that annoying radio commercial? “Bad credit? No credit? No problem! If you’ve got $500 and job, you can ride away in a new car today!” These guys are what you’d call a “Buy-Here Pay-Here” dealership. “Buy-Here-Pay-Here” dealerships will finance a car purchase and keep the loan in-house, so you’ll owe them money, not some anonymous bank in Phoenix or Cleveland.

These dealerships get a lot of flak because they are in the business of selling loans, not cars. They’re taking chances on people with volatile credit and know that most of their customers will eventually get behind on their loans. Therefore, the cars they sell only have to last as long as it takes for the owner to default on the loan. If you buy from a dealership like this, make sure not to leave your mechanic at home. But not all Buy-Here-Pay-Here dealerships are dangerous. Some of the more reputable ones will offer mechanical warranties, so keep your eye out for those.

In sum, if you’ve got bad credit and you need a reliable way to get around, do your very best to obtain financing from a respectable dealership. However, if you can’t, purchasing from a Buy-Here Pay-Here dealer is a slightly better idea than paying for an old beater in cash, especially if you don’t have any mechanics in the family.

source: howisavemoney.net

Tom Petty Auctioning Off 'Favorite' Convertible on eBay

Starting on October 11th, Tom Petty fans have 10 days to bid on his sleek, champagne-colored 1996 Jaguar XJS Convertible on eBay, where the rocker is auctioning it off for charity.

"I have so many great memories associated with this car," says Petty. "When I began dating Dana (my wife), I asked her what her favorite car was. So, I phoned the office and said I wanted a champagne convertible Jaguar XJS. The next day, they delivered it to my house and showed me how everything worked and I took it for a drive down the Pacific Coast Highway. I was in heaven, as was Dana. This car has such an incredible design. My favorite car I ever owned. We sure are going to miss it."

Jaguar stopped making the XJS in 1996. All proceeds from the auction will benefit Doctors Without Borders/Médecins Sans Frontières, the medical humanitarian organization that provides independent health care and assistance in over 60 countries.

source: rollingstone.com