Lorenz Honda

CAR ALLOWANCE REBATE SYSTEM SIGNED INTO LAW, MOVING PARTS COMING INTO PLACE
President Obama signed the Car Allowance Rebate System (CARS) into law this week.  Within 30 days of June 24, and most likely no earlier than that, the National Highway Traffic Safety Administration (NHTSA) will implement the logistics for dealers and consumers to participate in CARS.

AIADA is working closely with NHTSA and the other auto associations to assist in a quick implementation process; however, because of the specific nature of the CARS program and its requirements, AIADA cannot recommend that dealers provide customers $3,500 or $4,500 rebates in anticipation of being reimbursed after the official start date.

This process has not yet been completed. When final steps for registration are in place, we will let you know. 

Buy a New Automobile, Get a Deduction!
President Obama signed The American Recovery and Reinvestment Act of 2009 into law on February 17, 2009. The law includes a new consumer tax deduction to purchase a motor vehicle during 2009.
 
Lets break it down:
Provides a new tax deduction on 2009 income taxes for Qualified Motor Vehicle taxes.
Qualified motor vehicle taxes include any State or Local Sales or Excise tax imposed on the purchase of a qualified motor vehicle.
Qualified motor vehicles include passenger automobiles or light trucks with a weight rating not exceeding 8,500 pounds.
Applies to NEW vehicles only.
Deduction allowed even if you don?t itemize deductions.
Limit on Price: New vehicle price cannot exceed $49,500.
Income Limit: Phased out for taxpayers making $125k singly or $250k jointly.
Effective date: PURCHASES FROM FEB 17,2009 - JAN 1, 2010
 
There is no restriction on the type or car and it does not have to be a Hybrid. Unlike the worker and housing tax credits, the car buyer tax break is an income tax deduction. This means that it would reduce your taxable income and hence net tax liability. So the higher your tax rate, the more you will benefit.
 
Senator Barbara Mikulski is author of the amendment and here are the relevant details from the official press release (based on the original Senate proposal):
 
"The American automobile industry is currently one of the biggest drivers of the U.S. economy. Six million jobs are at stake in the American car industry and one out of every 10 jobs in America is auto-related. A collapse of a major U.S. automaker, such as GM, Ford or Chrysler, would further erode the American economy, given the huge network of suppliers, dealers, and other businesses and communities that would be affected. [This] amendment is not about bailouts. It's about jobs, jobs, jobs.
 
The amendment is simple. If you buy a new passenger car, mini-van, or light truck by December 31st of 2009, you will get a tax deduction for your sales or excise tax and the interest on your loan. A family would save about $1,500 on a $25,000 car, not counting the additional incentives from dealers.
 
This amendment also helps state governments. States rely on tax revenue from new car sales. In my home state and many other states the sales tax is around 6 percent, so on a $25,000 car the state gets $1,500 in revenue. New car sales are down millions per year from their averages. This means states are losing billions when they already are struggling. As people buy new cars states' tax revenues will increase.
 
This amendment is a big deal to families because a car is the second biggest purchase most families make. My amendment is targeted. Families with an income of more than $250,000 a year are ineligible. Cars costing more than $49,500 also are ineligible. This amendment also helps the environment because it gets more people into new cars and new cars are cleaner and more fuel efficient than old cars.
 
There are 20,000 new car dealerships nationwide. They employ a million people. Most people don't realize that dealers employ an average of 53 people in sales, mechanics, and administrative positions. I visited car dealerships in Maryland and heard from these employees.
 
Well, I say let's put money where it matters - where it creates jobs. That's why we need this amendment for creating jobs, for consumers, and for the auto industry that is such a driver of our country's economy - so we can get America rolling again."
 
An Illustration Of How The Tax Deduction Works
 
Let?s look at a quick example of how the tax deduction would work in the real world. Let?s say you buy a new car for $20,000 this year, and had a trade-in of $9,000. Typically states would tax the difference between the new car and the trade, which in this instance would be $11,000.
 
At a tax rate of 6.5%, that would mean your deduction in this case would be about $715. Tax rates vary by state, so your deduction will be based on the tax rate in your state.
 
If you are buying a $20,000 car with no trade, you would reduce your taxable income by $1300 (at our example 6.5% tax rate).
 
Please consult your tax accountant or CPA for further details.

Avoid Car Warranty Scams

Many people have reported receiving postcards or robocalls alerting them their car warranties are about to expire or have already expired with a toll-free number they can call for information. The postcards usually carry in bold letters a heading such as "GMC Notification" or "Honda Notification," and the message that "your warranty is about to expire," leading some recipients to believe the sender is somehow linked to the dealer that sold them the vehicle or to the manufacturer that made it.

 

The directions state that if your warranty is about to expire or has expired, you should call the toll-free phone number on the card for more information on extending or renewing your vehicle's warranty. If you've considered taking them up on the offer think again. Many of these warranty offers are nothing but scams.

 

The pre-recorded messages, also known as "robocalls" or "voice blasting," have worried thousands of people who pay thousands of dollars each to make sure their vehicle's extended warranty coverage remains current. But thousands of others who had placed their phone numbers onto a federal Do Not Call list are angry because they can't get the companies to stop calling them.

 

If you have received any of these calls or notices please be assured that the Lorenz Autogroup and any of its entities have not sold, rented or in any other way given out your information to anybody. Most of these companies may have gained the information from state records using the freedom of information act or by purchasing mailing list and just sending a generic letter out.

 

The companies using these deceptive and sleazy sales tactics must be stopped and brought to justice. They are making a mockery of the Do Not Call Registry and the government?s rules regarding telemarketing sales.

 

If you are the recipient of one of these sales calls, file a complaint with the Federal Trade Commission.  The government has the power to sue these companies, fine them, and make them stop any misleading sales practices.

• Beware of any mailings that appear to come from your automobile manufacturer offering extended warranty coverage.
• Never give out personal financial information such as bank account numbers or Social Security Numbers over the phone.
• When considering an extended warranty, or any other telephone or mail solicitation, always insist on getting the complete terms and conditions of your agreement in the form of a written contract before you agree to sign up, pay any money or provide your credit card information.
• Never give out personal financial information such as bank account numbers, credit card numbers of Social Security Numbers over the phone, unless you are absolutely positive that you know the party with whom you are dealing.
• The Federal Trade Commission says consumers, before signing any extended coverage contract, should fully understand its terms and coverage. The agency also stresses that what consumers are actually buying is not an extended warranty but a "service contract." "A service contract is a promise to perform, or pay for, certain repairs or services. Although a service contract is sometimes called an extended warranty,' under federal law, it is not a warranty," the FTC said. "A warranty comes with the original price of the car, whereas a service contract costs extra. It is mainly this separate and additional cost that distinguishes a service contract from a warranty."
• There are many things to consider when you're offered an "extended warranty" or service contract." Consumers should beware that certain "extended warranties" do not always provide the peace of mind and financial protection that consumers expected. Many of these contracts, when closely scrutinized, exclude so many items that they really provide very little coverage for outrageous prices.
• Check out a business with your state Attorney General's Office and your local Better Business Bureau before you agree to do business with them.

Top Sales and Finance Staff.
This is the fourth Honda Accord I have purchased at this location. The owner changed several years ago, but the salesmanship and Service has been right up there. This is the third Honda I have bought from sales person Audley Robinson. He has always been a first class sales person with help in our decisions with no pressure. When we have had to have a repair in the past years, the maintenance department have at times gone out of there way to get the problem fixed and at a reasonable time. The cost isn't always cheap, but it's generally fixed the first time. I give the dealership 4 1/2 stars. (CH)

The experience was a pleasure. Randy (salesman) and Barbara (asst fin. mgr.) were great. I am pleased to be a Honda owner! Love the Civic, love the mpg! (LL)

Audley is the best sales rep we have ever dealt with. We have purchased 6 cars from Lorenz Honda, 5 of them from Audley.  The dealership is so helpful and they truly have an interest in how we are doing as a family and they make the purchase experience a real delight! (BC)

I dealt with several dealers, and Lorenz gave me the best price and was straight forward, using no annoying salesman tactics. Fritz was pleasant through online correspondence and Randy (salesman) was just as helpful and pleasant. I gave a SIMPLE and SPECIFIC quote request with all pertinent information (and no trade in, and any color will do) to several Honda dealerships,...Lorenz Honda was by far the best dealership, and in my opinion were the farthest distance from "the old salesman tactics" which I, and everyone I speak to, finds to be very annoying and transparent. I will spread the word to everyone who will hear me, to go to this dealership over the others. (WG)

My wife and I have now leased 7 vehicles through Lorenz Honda over the last 13 years. The reason I return is the no hassle/best price without wasting any of my time.  I tried a more local dealership (Name removed) and advised the sales rep that I was both savvy about lease agreements and a loyal Honda customer.  Nevertheless, he refused to quote me his best price and insisted on appraising my vehicle before suggesting what price the dealership would pay. The staff at Lorenz Honda is more concerned with keeping my repeat business than trying to squeeze a few extra dollars out of each deal. (JD Jr.)

Lorenz Honda is an outstanding dealership. (Name Removed) if he is a real person, should be ashamed that his name is associated with such a group of salespeople and management. I imagine that they have a very high turnover rate for their staff. Perhaps the (Name Removed) people would benefit from training at Lorenz Honda and with the people on the Lorenz team. (PC)