As the reader may already surmise from the news headlines, nationwide credit is tightening up on automobile financing.So Consumers who may be Sr. Citizens; and other people who are legally disabled are often being denied access to fair credit. These are decent retired neighbors who live on a fixed income - who are routinely turned down by their local auto dealerships.
The fact is, that the ability to save enough green stuff to buy a good cash car-paid in full- is sometimes next to impossible. Auto ownership remaining just a sad pipe-dream for many who are stuck in the "disabled income" socio-economic bracket. Yet, this bias is now changing in Houston, Texas. That is thanks to innovators like Mr Matt Locklin, a medical needs volunteer fundraiser, shelter manager and grass roots community health organizer.
Mr. Locklin was tired of seeing area medical needs patients stuck in the Metro shelters. Getting for profit and non profit to work hand in hand andhas now has community coordinated a special funding source for disabled income shoppers to buy cars. He explains it is usually a great hardship for people who are sick and disabled to get around on the bus all the time.
Trips to the doctor and pharmacy without a car may mean exposure to the elements of extreme Texas heat and cold, street crime, late buses and other big city hazards. Experience has taught us that higher level income retirees - can maintain a small a car payment, insurance, fuel costs and some up keep- but still nobody will finance at a reasonable rate.
Well- this status quo - is no longer acceptable that poor people and the disabled can never own their own automobiles anymore, explains the non-profit director. Disabled himself, Matt financed his own 1997 Astro van the hard way. The volunteer made reasonable payments on it for years - from his social security check. The vehicle is now his outright and is now paid off in full - the van is still running today.
So for the next (3) months a new public assistance incentive package is being offered to anyone eligible and in need. A community program reserved mostly for disabled Houstonians - ordinary people who will need to buy a car on credit time. This high risk group financing is made possible at all - because of a glut of used cars available for sale on the general market. These are mostly 90's era "work cars".
A few dings and the interior is nice but these vehicles have been fully inspected, repaired, upgraded and recycled. Yet, because of nationwide unemployment is so high, these "recycled" work cars are just sitting idle. Good running autos waiting to be adopted / sold in car lot inventories everywhere.
So now the Consumer who is funded on social security disability - is being offered "a note to tote" for themselves. This is a simple form of EZ credit-with a flat finance one-time fee; and no monthly APR increase % surprises. Money borrowed wisely, to purchase a sound used vehicle for their family. Pay off terms are fast- just 6 to 18 months- depending on the value of the vehicle. The more down money the consumer can pay at the time of initial sale - the better the available selection.
West Heights House does not offer fancy cadillacs and such on the list for sale. Also, everyone does not automatically qualify, the director pointed out. See, a low income participant applying for the grant help and financing sponsor - must demonstrate they can make the $396 and up - monthly payments. In addition, the buyer would need to maintain liability insurance; and regular up-keep of their selected autos.
Qualified applicants should be issued a government -or- retirement fund check income; provide financial information on their monthly expenses; and have saved a mimimum of down @ $ 500 down + plus the required state taxes, title fees and other license plate charges.
The approved Consumer then may select a "recycled" car or truck. Somewhere from about $1,500 to around $3,000 range. The more you can place down initially determines the number of choices available. The West Heights House Shelter non-profit volunteers will then process a medical needs transportation grant worth - $ 50 - towards the person's used auto purchase. The -$ 50- co-payment grant is redeemable on the second payment, of the newly purchased recycled vehicle.
The general public concerned about their community and who want to help low income medical needs patients can also help. Citizens have the option to donate a used Car, Truck, SUV or RV in any condition, and will get an IRS tax receipt good for 2009 taxes. West Heights House Shelter program sponsor is a 501 (c) 3 non -profit ( AHCH-inc.) - established in 1994. Donated vehicle are sold for either scrap or wholesaled out. All net proceeds go to local homeless charitable activity.
FYI: The autos and trucks featured for financing here in this program are usually dealer trade-ins. The inventory was gathered mostly by lot trade-ins, auto auction buys, quick sale special deals. No cars are currently donated in stock.
The lot will not be offering a warranty- All cars are sold "AS_IS". Yes, all vehicles have had certified mechanical inspection, necessary mechanical repairs and fine auto detailing. The lot does not stock any vehicle demonstrating engine and/or transmission problems. The vehicles are generally in sound running order. If needed, after-market mechanical help is also available from the same lot, at discounted wholesale costs, to continue to keep the vehicle in good order.
Low Income - To apply for a recycled vehicle -$50- grant:
Public Wants to Help:- To donated a used vehicle so as to be recycled and issued IRS tax receipt :Http://www.donatecars.webs.com