Arizona car loans – Arizona Heli http://arizonaheli.com/ Wed, 23 Nov 2022 12:13:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://arizonaheli.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Arizona car loans – Arizona Heli http://arizonaheli.com/ 32 32 Edmunds: How to mitigate rising interest rates on auto loans https://arizonaheli.com/edmunds-how-to-mitigate-rising-interest-rates-on-auto-loans/ Wed, 23 Nov 2022 12:13:17 +0000 https://arizonaheli.com/edmunds-how-to-mitigate-rising-interest-rates-on-auto-loans/ A potential buyer examines a 2022 CR-V sport utility vehicle in the showroom of a Honda dealership, Thursday, Nov. 3, 2022, in Highlands Ranch, Colo. (AP Photo/David Zalubowski, File) The Federal Reserve issued its latest interest rate hike in early November. This is the sixth increase this year and pushed new auto loan finance rates […]]]>
A potential buyer examines a 2022 CR-V sport utility vehicle in the showroom of a Honda dealership, Thursday, Nov. 3, 2022, in Highlands Ranch, Colo. (AP Photo/David Zalubowski, File)

The Federal Reserve issued its latest interest rate hike in early November. This is the sixth increase this year and pushed new auto loan finance rates to their highest since 2019. Used car rates also hit their highest since 2010. This will affect car buyers this holiday season and into 2023 as they face fewer low annual rate incentives and more expensive auto loans overall.

According to Edmunds sales data in October, the average interest rate was around 6.3% for new cars and 9.6% for used vehicles.

“High APRs associated with 72 or 84 month loans cause a person to pay a premium of around 20% over the MSRP over the life of the loan,” said Ivan Drury, chief information officer at Edmunds. On a $40,000 vehicle, with a current average APR of 6.3% and a term of 72 months, that translates to $8,139 in finance charges, plus sales tax and title fees. Drury adds that this additional cost will effectively negate any value you would get from trading this vehicle in the near future to take advantage of high used car values.

Edmunds experts provide some tips on how best to manage high interest rates to help buyers who need a new or used vehicle in the months ahead.

FOR THOSE WITH GOOD CREDIT

Consider leasing: We’re not claiming here that leasing a new car is a better financial decision than buying one. But with the average monthly loan payment for a new car currently hovering around $700 and a growing number of people with payments over $1,000, a lease may be a more affordable method of buying a new car. That said, restrictions on leases have tightened, and you’ll need to be comfortable with lower mileage limits than in the past. Additionally, it is not uncommon to find vehicles with dealer-added accessories or additional charges called market adjustments.

“In a scenario where all lease terms are the same, the monthly payment for a vehicle with an MSRP of $40,000 and a $2,000 markup will be higher than leasing a $42,000 vehicle without markup,” said Richard Arca, director of vehicles at Edmunds. assessments and analyses. There is no residual value on mark-ups and the customer pays the full plus interest over the term of the lease, Arca adds.

-Find a vehicle with a low APR offer: If there are no more 0% interest offers, it is always worth looking into current promotional offers as they tend to be lower than the average rate . If you’re willing to keep an open mind about makes and models and are able to manage a shorter loan term, you can still get a solid finance deal by today’s standards.

-Consider a Certified Pre-Owned Vehicle: A Certified Pre-Owned vehicle is a lightly used car that has undergone a number of manufacturer-recommended inspections, extensive reconditioning, and a limited warranty factory. Although certified used vehicles are generally more expensive than non-certified used cars, they tend to have promotional financing from automaker finance. When you combine the low cost of finance with the added peace of mind of warranty, a certified used car starts to look more promising.

FOR THOSE WITH LOWER CREDIT SCORES

– Consider buying an older used car: the average interest rate for used cars is higher than for new cars, but since a used car is generally cheaper than a new one, you are more likely to be approved for financing and have a lower monthly payment than if you bought it new. Just be aware of the term of the auto loan, as finance charges can quickly skyrocket with the higher rates.

-Get pre-approvals from other lenders: This advice applies to those with high or low credit ratings. Take the time to get pre-approved by other lenders before going to the dealership. This will give you a better idea of ​​the total loan amount and give you a basis for comparing the interest rates the dealership’s lenders may be offering.

– Fix your car while you fix your credit: In some cases, the best thing to do may be to maintain your current vehicle while you work on your finances. If you can keep your vehicle running for another year or two, that will save you more for a larger down payment, which will reduce the amount you need to finance. You can also use the time to work on improving outstanding items on your credit.

SAYS EDMUNDS: Interest rates are expected to stay high through 2023. Ultimately, when rates improve, you can always refinance your loan to lower your payment and total loan amount.

_______

This story was provided to The Associated Press by automotive website Edmunds.

Ronald Montoya is Consumer Advice Editor at Edmunds.

2022 is almost in the books, and for many investors, turning the page on a new year can’t come soon enough. Will 2023 be better for stocks? If history is any guide, it will be.

In the 12 months following the midterm elections (elections held in the middle of a president’s four-year term), stocks have performed well. This is usually because midterm elections tend not to go well for the party that sits in the White House.

The reasons for this trend are not in our wheelhouse. We’re just looking at what this means for stocks. And what that suggests is that next year markets could see a strong rally… at some point. But as is often the case, you have to be in the right actions.

This is the subject of this special presentation. We take a look at seven stocks that have a strong case for growth over the coming year. And some of these stocks currently offer a good entry point for investors.

See actions here

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Carvana holders slump as credit risk rises and job cuts deepen gloom https://arizonaheli.com/carvana-holders-slump-as-credit-risk-rises-and-job-cuts-deepen-gloom/ Fri, 18 Nov 2022 17:17:19 +0000 https://arizonaheli.com/carvana-holders-slump-as-credit-risk-rises-and-job-cuts-deepen-gloom/ (Bloomberg) — It took only a few years for Carvana Co. to grow from a startup to the second-largest used-car seller in the United States. Bloomberg’s Most Read Its fall may be even faster. The company burned through $2 billion in cash in the six months ended March 31 by one measure, and some analysts […]]]>

(Bloomberg) — It took only a few years for Carvana Co. to grow from a startup to the second-largest used-car seller in the United States.

Bloomberg’s Most Read

Its fall may be even faster.

The company burned through $2 billion in cash in the six months ended March 31 by one measure, and some analysts predict it will be out of business by the end of 2023. Used car prices are falling at the fastest rate in decades, squeezing potential revenue from the automobiles he planned to sell. Borrowing is becoming increasingly difficult as interest rates rise and fund managers become more selective in lending. Carvana nodded to those risks on Friday with a cut of around 1,500 jobs, or 8% of its workforce.

Carvana shares fell 8.5% on the news, threatening to extend a 96% selloff this year through Thursday. Bonds fell this month after the company posted a bigger-than-expected loss and are now trading below 50 cents on the dollar, reflecting markets’ belief that there is high risk of default.

The company slowed its pace of cash burn, consuming about $188 million in the quarter ended Sept. 30 based on the free cash flow measure. A spokesperson said Carvana had $2.3 billion, between cash and its line of credit, and another $2.1 billion in additional cash. S&P Global Ratings said last week that the company has enough cash to last through the end of 2023, which Carvana agrees with. It continued to gain market share in the third quarter, the spokesperson said.

But the car salesman’s troubles are a dramatic turn for a company that was the darling of hedge funds just a few years ago, with its vending machine-style glass towers a sight to behold along highways in major cities. Americans.

winner of the pandemic

Few companies have benefited from the pandemic economy as much as Tempe, Arizona-based Carvana. When Covid fears car dealerships across the country will close in 2020, consumers could go online to select a vehicle from Carvana and have it delivered to their doorstep.

Carvana’s annual revenue has surged, topping $12 billion last year, more than triple 2019 levels. But like many tech companies, Carvana has prioritized growth over profits. He bought competitors and spent a lot on marketing and other sales expenses. It has generated a net profit in just one quarter since its IPO in 2017.

“The company grew too fast and now we see the ramifications of that,” said John Kerschner, head of US securitized products at Janus Henderson Group.

Carvana needs regular funding to operate, as do many companies. He has sold nearly $6 billion in corporate bonds over the past two years. It makes auto loans to car buyers and sells those loans to other businesses or bundles them into bonds called asset-backed securities.

But financing is increasingly difficult. The company’s corporate bonds trade between about 37 and 48 cents on the dollar, making it virtually impossible for the company to borrow economically in this market.

‘say default’

Many investors dumping corporate bonds from Carvana now fear the car salesman will borrow even more, this time backing the loans with durable assets, including its real estate or inventory. The value of this security to other lenders is unclear, as the company did not detail the assets in filings.

But these types of secured financings would hurt existing bondholders, as they would stand behind new lenders if the company actually went bankrupt. And current bond prices imply that this is a real possibility.

“Carvana debt prices indicate default,” said Eric Rosenthal, senior director of leveraged finance at Fitch Ratings. “Debt prices in the secondary market are one of the best indicators of what you’re going to see happen with the company.”

Debt swap?

One avenue the company could take to reduce its indebtedness would be to ask noteholders to surrender their unsecured notes in exchange for a smaller amount of secured debt. Such a swap would amount to default by the criteria of bond raters like Fitch, which said it expects Carvana to default next year.

The company has other assets against which it can borrow. The real estate acquired from Adesa, a car auction company that Carvana bought in May, is likely worth around $1 billion, chief executive Ernie Garcia III told investors on a conference call. The struggles are personal for Garcia and his father, Ernie Garcia II, who hold about four-fifths of voting control, the younger of the two having fallen from the billionaire ranks with the plummeting stock.

Major holders of its most recent bonds are Apollo Global Management, Pacific Investment Management Co., and Franklin Resources Inc. These bonds are backed by Adesa’s assets and consistently trade at higher prices than others. But generally, the company’s securities recently trade at about the same price whether they mature soon or in a decade, known as a bond pile collapse.

The collapse signals that “debt restructuring is inevitable,” said John Dixon, managing director and bond trader at Dinosaur Financial Group, a brokerage. “The question is whether it will be amicable or in court, consensual or adversarial.”

Car loans

Another way the company finances itself is by bundling auto loans into bonds. But its financing costs in this market are also increasing.

In August, Carvana sold asset-backed securities with average maturities of around one year at a yield of 4.471%. That’s more than five times what he paid in December, when the roughly one-year portion of an ABS offering returned just 0.83%.

Since September, asset-backed asset yields have risen sharply for auto lenders, especially for bonds backed by subprime loans. More auto loan borrowers are falling behind on their bills, making many investors more concerned about buying bonds backed by that debt.

“There are so many cheap bonds out there. You don’t want to be a hero,” Kerschner said.

Carvana may have to find other ways to sell its subprime loans. One of the avenues the company has taken this year is to sell the debt to Ally Financial through a running deal through early 2023. There is no indication yet that it will extend or renew the contract, according to Jory Eisenberg, principal research analyst at CreditSights, and Ally has already purchased more than 60% of the $5 billion in loans it agreed to buy from Carvana. Ally declined to comment.

Companies like Ally are being inundated with loans from used car dealerships and other lenders as asset-backed market financing dries up. They will likely seek better terms from sellers instead of renewing deals, said Jennifer Thomas, portfolio manager at Loomis Sayles & Co, in an interview.

“The ability of auto lenders to sell their loans is going to dry up at some point,” Thomas said.

Losing that funding avenue could be the deathblow for Carvana, said Eisenberg of CreditSights.

“If it’s not renewed, it’s kind of catastrophic for them,” Eisenberg said.

–With help from Mary Biekert and Dayana Mustak.

(Updates with layoffs in third paragraph)

Bloomberg Businessweek’s Most Read

©2022 Bloomberg LP

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Carvana holders brace for the worst with growing credit risk and losses https://arizonaheli.com/carvana-holders-brace-for-the-worst-with-growing-credit-risk-and-losses/ Fri, 18 Nov 2022 13:57:00 +0000 https://arizonaheli.com/carvana-holders-brace-for-the-worst-with-growing-credit-risk-and-losses/ It took only a few years for Carvana Co. to grow from a startup to the second largest used car seller in the United States. Its fall may be even faster. The company burned through $2 billion in cash in the six months ended March 31 by one measure, and some analysts predict it will […]]]>

It took only a few years for Carvana Co. to grow from a startup to the second largest used car seller in the United States.

Its fall may be even faster. The company burned through $2 billion in cash in the six months ended March 31 by one measure, and some analysts predict it will be out of business by the end of 2023. Used car prices are falling at the fastest rate in decades, squeezing Carvana’s potential revenue from automobiles he planned to sell. And borrowing to keep going is getting harder as interest rates rise and fund managers become more selective about who they lend.

Investors are worried: Carvana shares have plunged 96% this year. Its bonds fell this month after the company posted a bigger-than-expected loss and are now trading below 50 cents on the dollar, reflecting fund managers’ belief that there is a high risk of default.

The company slowed its pace of cash burn, consuming about $188 million in the quarter ended Sept. 30 based on the free cash flow measure. A spokesperson said Carvana had $2.3 billion, between cash and its line of credit, and another $2.1 billion in additional cash. S&P Global Ratings said last week that the company has enough cash to last through the end of 2023, which Carvana agrees with. It continued to gain market share in the third quarter, the spokesperson said.

But the car salesman’s troubles are a dramatic turn for a company that was the darling of hedge funds just a few years ago, with its vending machine-style glass towers a sight to behold along highways in major cities. Americans.

winner of the pandemic

Few companies have benefited from the pandemic economy as much as Tempe, Arizona-based Carvana. When Covid fears car dealerships across the country will close in 2020, consumers could go online to select a vehicle from Carvana and have it delivered to their doorstep.

Carvana’s annual revenue has surged, topping $12 billion last year, more than triple 2019 levels. But like many tech companies, Carvana has prioritized growth over profits. He bought competitors and spent a lot on marketing and other sales expenses. It has generated a net profit in just one quarter since its IPO in 2017.

“The company grew too fast and now we see the ramifications of that,” said John Kerschner, head of US securitized products at Janus Henderson Group.

Carvana needs regular funding to operate, as do many companies. He has sold nearly $6 billion in corporate bonds over the past two years. It makes auto loans to car buyers and sells those loans to other businesses or bundles them into bonds called asset-backed securities.

But financing is increasingly difficult. The company’s corporate bonds trade between about 37 and 48 cents on the dollar, making it virtually impossible for the company to borrow economically in this market.

‘say default’

Many investors dumping corporate bonds from Carvana now fear the car salesman will borrow even more, this time backing the loans with durable assets, including its real estate or inventory. The value of this security to other lenders is unclear, as the company did not detail the assets in filings.

But these types of secured financings would hurt existing bondholders, as they would stand behind new lenders if the company actually went bankrupt. And current bond prices imply that this is a real possibility.

“Carvana debt prices indicate default,” said Eric Rosenthal, senior director of leveraged finance at Fitch Ratings. “Debt prices in the secondary market are one of the best indicators of what you’re going to see happen with the company.”

Debt swap?

One avenue the company could take to reduce its indebtedness would be to ask noteholders to surrender their unsecured notes in exchange for a smaller amount of secured debt. Such a swap would amount to default by the criteria of bond raters like Fitch, which said it expects Carvana to default next year.

The company has other assets against which it can borrow. The real estate acquired from Adesa, a car auction company that Carvana bought in May, is likely worth around $1 billion, chief executive Ernie Garcia III told investors on a conference call. The struggles are personal for Garcia and his father, Ernie Garcia II, who hold about four-fifths of voting control, the younger of the two having fallen from the billionaire ranks with the plummeting stock.

Major holders of its most recent bonds are Apollo Global Management, Pacific Investment Management Co., and Franklin Resources Inc. These bonds are backed by Adesa’s assets and consistently trade at higher prices than others. But generally, the company’s securities recently trade at about the same price whether they mature soon or in a decade, known as a bond pile collapse.

The collapse signals that “debt restructuring is inevitable,” said John Dixon, managing director and bond trader at Dinosaur Financial Group, a brokerage. “The question is whether it will be out of court or in court, consensual or adversarial.”

Car loans

Another way the company finances itself is by bundling auto loans into bonds. But its financing costs in this market are also increasing.

In August, Carvana sold asset-backed securities with average maturities of around one year at a yield of 4.471%. That’s more than five times what he paid in December, when the roughly one-year portion of an ABS offering returned just 0.83%.

Since September, asset-backed asset yields have risen sharply for auto lenders, especially for bonds backed by subprime loans. More auto loan borrowers are falling behind on their bills, making many investors more concerned about buying bonds backed by that debt.

“There are so many cheap bonds out there. You don’t want to be a hero,” Kerschner said.

Carvana may have to find other ways to sell its subprime loans. One of the avenues the company has taken this year is to sell the debt to Ally Financial through a running deal through early 2023. There is no indication yet that it will extend or renew the contract, according to Jory Eisenberg, senior research analyst at CreditSights, and Ally has already purchased more than 60% of the $5 billion in loans it agreed to buy from Carvana. Ally declined to comment.

Companies like Ally are being inundated with loans from used car dealerships and other lenders as asset-backed market financing dries up. They will likely seek better terms from sellers instead of renewing deals, said Jennifer Thomas, portfolio manager at Loomis Sayles & Co, in an interview.

“The ability of auto lenders to sell their loans is going to dry up at some point,” Thomas said.

Losing that funding avenue could be the deathblow for Carvana, said Eisenberg of CreditSights.

“If it’s not renewed, it’s kind of catastrophic for them,” Eisenberg said.

–With help from Mary Biekert and Dayana Mustak.

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Arizona voters approve new limits on consumer debt collection https://arizonaheli.com/arizona-voters-approve-new-limits-on-consumer-debt-collection/ Thu, 10 Nov 2022 23:50:00 +0000 https://arizonaheli.com/arizona-voters-approve-new-limits-on-consumer-debt-collection/ Consumer advocates secured a victory Tuesday in Arizona, with voters approving a measure that will lower interest rates on medical debt and increase borrower protection from debt collectors. The measure, Proposition 209, passed by an overwhelming margin. He received the support of 72% of voters with more than two-thirds of the ballots counted, according to […]]]>

Consumer advocates secured a victory Tuesday in Arizona, with voters approving a measure that will lower interest rates on medical debt and increase borrower protection from debt collectors.

The measure, Proposition 209, passed by an overwhelming margin. He received the support of 72% of voters with more than two-thirds of the ballots counted, according to unofficial results.

Industry groups opposed the measure, saying debt collection provisions would restrict access to credit by making it more expensive for banks and other lenders to provide loans.

According to data from the Urban Institute, approximately 12% of adults in Arizona with a credit history have medical debt in collection. Voters in the state have overwhelmingly backed a ballot measure that will increase borrower protection.

Bloomberg

“It’s going to make credit less accessible — to what degree, I guess we’ll have to wait and see,” Paul Hickman, president and CEO of the Arizona Bankers Association, said in an interview after the election.

The ballot measure will make it riskier for banks to issue credit cards, auto loans, home equity loans and other types of consumer debt, Hickman argued.

But consumer advocates say the measure will ease Arizonans’ medical debt burden and protect critical assets such as homes and cars from debt collectors. These protections, they say, will help avoid major disruptions in people’s lives so they can continue to drive to work and earn income to pay their debts.

The limits will help Arizonans avoid a “horrible cycle” of debt, which has made people “less likely to get care and less likely to pay their bills” in full, said Liz Gorski, 33, a resident of Arizona, which is part of the Healthcare Rising Arizona Group that led the ballot initiative.

Gorksi said she was struggling with medical debt, due to a car accident when she was 15 that left her in a coma for days and led to lifelong medical complications.

Gorski said she spent her entire adult life battling debt collectors. Her credit score made her ineligible to buy a home without help from Habitat for Humanity, and she still pays high interest rates for any type of credit, she said. She expressed concern that her daughter would skip doctor visits after seeing her struggle with medical debt.

The Arizona initiative will lower the maximum allowable annual interest rate on medical debt from 10% to 3%. Debt collection protections cover all types of credit — not just medical debt — and increase the value of assets that may be exempt from the debt collection process. Proponents say the supply is essential in a time of rising house prices and auto values.

According to a fact sheet from Healthcare Rising, a person’s home equity of up to $400,000 will be protected from creditors, up from the current exemption level of $250,000. Protections for vehicles will increase to $15,000, up from $6,000 previously, and disabled drivers will benefit from a higher exemption amount. The measure makes annual adjustments for inflation starting in 2024.

It also reduces the share of borrowers’ wages that lenders can seize. The current limit is 25%, but this percentage will drop to 10% for many consumers and 5% for those in extreme economic hardship.

Banks doing business in Arizona will have to weigh updated rules when pricing a loan and consider its risk of default, said Allen Denson, a partner at law firm Stroock & Stroock & Lavan who represents consumer lenders.

Lenders will also have to adjust their procedures to ensure they comply with new state rules, Denson said, noting that regulators are increasingly monitoring banks’ compliance with wage garnishment rules. of the different states.

“That’s a source of increased risk,” Denson said.

In May, the Consumer Financial Protection Bureau a $10 million fine to Bank of America for allegedly processing garnishments that were not allowed in some states. The Charlotte, North Carolina bank said at the time that it had improved its processes and was refunding fees to customers in about 3,700 cases.

The Association of Credit and Collection Professionals, a trade group that represents debt collectors, said the measure would hurt those it is meant to help by making credit less available and more expensive.

“This overly broad and one-size-fits-all approach, without any consideration of a consumer’s needs or unique financial situation, will have long-term unintended consequences for Arizona’s credit-based economy,” said Andrew Madden, vice-president of ACA. International.

He said supporters of the measure pitched it to voters as a way to address high medical debt, even though it affects all types of consumer debt.

When asked about this criticism, Healthcare Rising Arizona said medical debt is a key factor behind most bankruptcy filings and that it affects people’s ability to pay their credit card bills and other types of debt.

About 12% of adults in Arizona with a credit history have medical debt in collection, a figure that jumps to 16% in communities of color, according to data from the Urban Institute.

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Discover Prince’s piano and other treasures in a new exhibit at the Musical Instrument Museum in Phoenix https://arizonaheli.com/discover-princes-piano-and-other-treasures-in-a-new-exhibit-at-the-musical-instrument-museum-in-phoenix/ Wed, 09 Nov 2022 17:34:00 +0000 https://arizonaheli.com/discover-princes-piano-and-other-treasures-in-a-new-exhibit-at-the-musical-instrument-museum-in-phoenix/ The first electric guitar played in public. The first Hawaiian-made ukulele. Eric Clapton’s 1956 Fender Stratocaster, “Brownie”, which helped create his signature sound on classic songs like “Layla” and “Bell Bottom Blues”. All these elements and more than twenty new rare and precious objects will be exhibited from Friday November 11 in the special exhibition […]]]>

The first electric guitar played in public. The first Hawaiian-made ukulele. Eric Clapton’s 1956 Fender Stratocaster, “Brownie”, which helped create his signature sound on classic songs like “Layla” and “Bell Bottom Blues”.

All these elements and more than twenty new rare and precious objects will be exhibited from Friday November 11 in the special exhibition of the Museum of Musical Instruments, Rediscover treasures: legendary musical instruments. Twenty of the original 80 items from the previous iteration that ended in October, titled Treasures: Legendary Musical Instruments, were removed to make room for these 28 pieces.

The objects span time, geography and cultures, and are the “best of the best,” says MIM curator Rich Walter. They are instruments that are “most artfully created, [have] been in the hands of the most important people and used in the most important contexts. He adds: “It’s the objects that really stop us in our tracks when we see them.”

While MIM’s regular collection is impressive, everything about this exhibit is “superlative,” says Walter. “We asked people, ‘What does it mean to be a treasure?’ This sample of responses is interesting… Whimsical and decorative things, things that belonged to chefs and rock stars, things that were hard to find. There are examples of all of this throughout the gallery.

He adds: “Each of them has real energy and gravity around them.”

Some instruments were created thousands of years ago, while others are contemporary, and all reveal exquisite craftsmanship. One of the objects that excites Walter is a Chinese bronze bell that is around 2,500 years old. These objects “help us understand musical traditions around the world, but they are works of art,” he says.

Other objects include one of four surviving examples of an ancient pedal harp, a carved figurative drum from Gabon on the west coast of central Africa, and a 14th-century Japanese emperor’s hitoyogiri flute. Walter says all the instruments are “incredibly well preserved, so you not only get a sense of the history, but the artistic ability, the tastes, the aesthetics, of cultures from around the world.”

Of course, he understands that many people will be excited about the newer pieces, including Clapton’s guitar and items that once belonged to Prince on loan from his home and studio, Paisley Park. The musician’s purple “Beautiful” Yamaha grand piano that he danced to on his 1997-98 Jam of the Year tour and a bright green stage outfit worn on the 1997 tour will be there, along with his electric bass “Black Power”. These items will remain on loan once the exhibition closes in fall 2023.

“They were very generous in loaning three pieces that would represent his career at an interesting time,” says Walter. “A lot of these items don’t travel far from Paisley Park, so having them here in Phoenix is ​​cool for Prince fans.”

Other celebrity instruments added to this exhibit include Dizzy Gillespie’s gold-plated Martin Committee trumpet with its distinctive angled bell and Lionel Hampton’s bespoke Deagan vibraphone.

Some items are firsts, such as the first electric guitar played in public on Halloween weekend, 1932, by bandleader Gage Brewer of Wichita, Kansas, and the first Hawaii-made ukulele, believed to have been made by Portuguese immigrant Jose do Espirito Santo.

How do they know these items have the pedigree they claim to have? Loans like these come from collections of peers who have done their own research or from private collections where people “have devoted their lives to passionate study,” Walter notes.

The notoriety of other instruments has been well documented historically. For example, the 1889 Erard grand piano from the original exhibition – which ran from November 2021 to October 2022 – is one of the most lavish ever built. It was a centerpiece originally shown at the Paris World’s Fair “where the Eiffel Tower was this brand new incredible landmark,” says Walter.

As in the rest of the museum, the instruments of Rediscovered treasures are not static objects sitting on a shelf. Audio and visual context is provided so visitors can actually hear and often see them play.

“You can see on the screens people playing with these rare and historic items and explaining why they are so important or explaining why they have been so carefully preserved over time,” says Walter. “It’s so important to see how the instruments are played and to hear what they sound like.”

He says it’s vital for the museum to be an immersive experience for visitors, adding: ‘We actually hope that by the time they walk through the whole gallery they will have an expanded sense that it’s all extraordinarily special and that they represent the best of their kind for display.

During the opening weekend of November 12-13, MIM will be scheduling talks and demonstrations highlighting the exhibit, so check the schedule at mim.org for a schedule. The museum is open from 9 a.m. to 5 p.m. daily; adult admission is $10 for the special exhibit or $27 to enter both the exhibit and the full collection.

Rediscover treasures: legendary musical instruments. Opens Friday, November 11 and runs through Fall 2023. Musical Instrument Museum, 4725 East Mayo Boulevard. Museum hours are 9 a.m. to 5 p.m. daily. The cost is $10 for the exhibit or $27 for the museum and exhibit. Call 480-478-6000 or visit the Musical Instrument Museum website for tickets, information, and a schedule of exhibit opening weekend programming.

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Manufacturing expands in Arizona https://arizonaheli.com/manufacturing-expands-in-arizona/ Thu, 03 Nov 2022 17:37:00 +0000 https://arizonaheli.com/manufacturing-expands-in-arizona/ By BFEditorsExcerpt from the September/October 2022 issue PAiry with some of the lowest corporate and personal income tax rates in the country, Arizona offers all businesses a place to build affordably. Companies such as Intel and Frito-Lay have expanded their manufacturing to Arizona and are taking advantage of state incentives. Not only does Arizona offer […]]]>
By BFEditors
Excerpt from the September/October 2022 issue

PAiry with some of the lowest corporate and personal income tax rates in the country, Arizona offers all businesses a place to build affordably. Companies such as Intel and Frito-Lay have expanded their manufacturing to Arizona and are taking advantage of state incentives.

Not only does Arizona offer low tax rates, but the state also offers strategic access to three of the world’s largest economies: California, Texas, and Mexico. With a thriving ecosystem and $3 million annually committed to the Arizona Innovation Challenge, launched in 2011, the Grand Canyon State attracts global companies and forward-thinking startups. By offering a variety of loans, grants, and tax credits for property tax reductions, businesses can reduce costs and increase revenue using state financial programs and incentives.

Arizona has created a minimalist regulatory environment by cutting red tape and repealing burdensome regulations. Combine low tax rates with fewer government regulations, a highly skilled and available workforce, and an exceptional quality of life, and Arizona is a great option for relocating or expanding a business.

“We have eliminated or improved more than 3,100 regulatory burdens, the equivalent of a tax reduction of $171 million. We have simplified or reduced taxes every year, including cementing the lowest flat tax in the country,” Governor Doug Ducey said in the July/August issue of business equipment.

Arizona’s environment encourages bold ideas and facilitates innovative solutions. The state is positioned to lead and ready to meet the needs of the project, with an abundant, talented and young workforce.

Since the pandemic, Arizona has seen one of the fastest job recoveries in the nation, and more people continue to move to the state.

As the seventh-lowest country in terms of average workers’ compensation costs, Arizona is a global magnet for high-tech manufacturing and renewable energy companies. The state is also home to more than 1,200 small and large aerospace and defense companies and one of the fastest growing bioscience industries in the United States. With cutting-edge innovation and next-generation advancements, Arizona thrives in innovative technology and industries. .

Manufacturers find plenty of talent in Arizona

In a spirited graduation ceremony in July, the first cohort of all-female students received certificates for completing the Semiconductor Technician Fast Start Program at Mesa Community College. The intensive two-week, 40-hour boot camp prepares students for jobs as semiconductor technicians and includes the opportunity to interview Intel after graduation.

Arizona’s advanced training pipeline is fueled by government programs. (Photo: GETTY IMAGES)

The leading US chipmaker, which is building two new manufacturing facilities east of Phoenix, has partnered with the community college, a local nonprofit and the Arizona Commerce Authority to develop the innovative program. The program, which has plans to expand with more than 700 students already enrolled, has received national recognition, including an in-person visit from First Lady Jill Biden, for helping guide more women, minorities and young people. veterans in in-demand technology fields. .

Grand Canyon State makers are partnering with local education and workforce officials to develop new career training pathways and achieve ambitious hiring goals.

Last year, electric car maker Lucid partnered with Central Arizona College, local governments and the Arizona Commerce Authority to launch Drive48, a state-of-the-art training facility south of Phoenix. The unique facility includes state-of-the-art robots, multiple hands-on learning rooms, and is equipped to train students in automotive assembly. Since the facility opened, more than 1,700 Lucid employees have attended the programming.

The Drive48 model has been so successful that Arizona is considering expanding it. The state has allocated $30 million to build six more advanced manufacturing training centers across the state, which will include industry partnerships in areas such as semiconductors, batteries, electric vehicles, and more.

Key to Arizona’s pioneering approach to the workforce are the state’s top-ranked universities and community colleges. At Arizona State University, which has been ranked the most innovative university in the nation for seven consecutive years, nearly 27,000 students are enrolled in engineering programs, a 190% increase since 2010.

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What are green car loans? https://arizonaheli.com/what-are-green-car-loans/ Thu, 27 Oct 2022 00:11:15 +0000 https://arizonaheli.com/what-are-green-car-loans/ In early August 2021, President Biden signed an executive order stipulating that half of all new vehicles sold in the United States should be electric by 2030. So now might be the perfect time to get behind the wheel of one. green vehicle. If you’re buying an electric car, you may be able to save […]]]>

In early August 2021, President Biden signed an executive order stipulating that half of all new vehicles sold in the United States should be electric by 2030. So now might be the perfect time to get behind the wheel of one. green vehicle. If you’re buying an electric car, you may be able to save money by looking for a green car loan.

A green auto loan is a financing option for consumers purchasing zero or low emission vehicles. They often come with lower interest rates and several other benefits.

A green car loan can be used to buy environmentally friendly cars – or cars with lower average emissions. These fuel-efficient cars generally fall into the hybrid or electric category and are available from many manufacturers, from Ford to Nissan to Tesla.

Green car loans entice buyers to consider these green vehicles by offering interest rate discounts, extended repayment terms and other benefits. These loans can make green vehicles more affordable for borrowers.

For example, Chevrolet offers a 3.49% APR for 60-month loans when purchasing its Bolt EV. Similarly, Ford is offering a 3.9% APR on loans up to 72 months for its Mustang Mach-E.

These rates are well below today’s average interest rates on new auto loans, which were between 5.4% and 5.28% in September 2022. But you’ll need to meet credit and other requirements to qualify for more. such offers.

What is a green car?

A green car is a vehicle that uses alternative fuel or electricity instead of gasoline or diesel, making them better for the environment. They have benefits such as lower carbon dioxide emissions, less maintenance, fewer fuel stops and quieter engines.

A 2021 study by the International Council on Clean Transportation showed that electric vehicles have the lowest greenhouse gas emissions of any car type. According to the study, the lifetime emissions of an average mid-size electric vehicle are 60 to 68 percent lower than comparable gas-powered cars in the United States.

The best green vehicles have a SmartWay designation, a score given by the US Environmental Protection Agency to vehicles with the lowest emissions for each model year. Many lenders use this designation to determine if your car qualifies for an economical green car loan.

Yet green vehicles have a higher average initial price than traditional car options. Thus, many states encourage drivers to purchase these vehicles by offering tax credits.

According to Kelley Blue Book, the average price of an electric vehicle in the United States was $65,921 in September 2022. But not all electric vehicles will cost you that much, and some luxury models cost significantly more. For example, the starting price of a 2022 Nissan Leaf is $27,400, while the 2022 Tesla Model 3 starts at $48,490. Spending more than $100,000 on an electric vehicle is also possible. The Tesla Dual Motor Model X starts at $120,990.

Despite often higher prices, sales of electric vehicles are growing faster than sales of all other types of cars, according to KBB.

How do green loans differ from traditional car loans?

A green auto loan works like a traditional auto loan: you’ll apply for the loan through an auto lender, receive an interest rate based on your credit score, select a repayment term, and make regular payments with interest. during the term of the loan. However, the details of the two loans may be slightly different.

Green car loans generally offer lower interest rates than conventional loans, either through lower base interest rates or rate reductions. Because green vehicles can be expensive, many lenders offer longer repayment terms than conventional auto loans to lower the monthly payment.

Where they are available is one of the biggest determinants of green car loans. Unlike typical car loans, which you can get from banks and online lenders, you’re more likely to find a green car loan from a local credit union. The University of Hawaii’s Federal Credit Union, Vermont State Employees Credit Union, and Verity Credit Union all offer green car loans.

Additionally, some dealerships may offer green loans from the manufacturer. For example, Ford offers financing for its Mach-E model through local dealerships. Similarly, Chevrolet offers financing for its Bolt models through dealerships.

Auto loans and green vehicles started gaining popularity in the early to mid-2000s, and they aren’t slowing down. High gasoline prices may help fuel demand, with the price per gallon averaging around $3.77 at the end of October.

According to Kelley Blue Book, Americans bought 67% more electric cars in the third quarter of 2022 than in the same period in 2021.

Several automakers have pledged to support the federal initiative and encourage the purchase of greener vehicles. Ford, General Motors and Stellantis (which owns Chrysler and Fiat) have pledged to increase production of electric vehicles.

Next steps and where to apply for a green auto loan

Before applying for a green auto loan, make sure your finances are in the best possible shape. Try to improve your credit score – lenders use your credit score, income and more to determine if you qualify for a loan and what rates they can offer you.

From there, you can shop around for your green auto loan. Comparing a few quotes before applying for a loan can help you get the best deal. Check out these resources to help you as you begin the car buying process:

  • Plugstar: PlugStar is a particularly useful resource for car buyers early in the process. After entering your zip code and desired make and model, you’ll see cost estimates, available incentives, local dealership information, and the vehicle’s environmental footprint.
  • EV lifespan: EV Life’s EV Climate Loan allows you to be prequalified with multiple lenders and automatically qualifies you for rebates and incentives, applying those savings upfront to your monthly payment.
  • Credit unions: Local credit unions are one of the best places to start your search for a green auto loan. Credit unions like JetStream Federal Credit Union, Suncoast Credit Union, and MyPoint Credit Union offer interest rate discounts on auto loans for green vehicles. Ask your credit union about the options available when shopping for a car loan.

The bottom line

Purchasing an eco-friendly vehicle can pay off in several ways. You can reduce your carbon footprint, take advantage of tax breaks and save a lot on fuel costs.

Before applying for a green auto loan, research at least three lenders and find out about their eligibility criteria, incentives, and discounts. Get pre-approved so you can compare fees, interest rates and monthly payments over the life of the loan. Shopping around could net you a discount on a car loan that will save you hundreds or thousands of dollars.

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Financial Planning Tips for Holiday Inflation https://arizonaheli.com/financial-planning-tips-for-holiday-inflation/ Thu, 20 Oct 2022 21:05:00 +0000 https://arizonaheli.com/financial-planning-tips-for-holiday-inflation/ As the holiday season approaches, fear of inflation has some shoppers worried about the cost of holiday shopping. A recent survey found that half of consumers were heading to stores earlier this year to get a head start on their holiday shopping, with nearly 20% starting their purchases as early as October. Here, Debra Radway, […]]]>

As the holiday season approaches, fear of inflation has some shoppers worried about the cost of holiday shopping.

A recent survey found that half of consumers were heading to stores earlier this year to get a head start on their holiday shopping, with nearly 20% starting their purchases as early as October.

Here, Debra Radway, a lecturer at the WP Carey School of Business who teaches financial planning courses at Arizona State University and ASU Online, explains how inflation will play a role in consumer spending and how families can prepare for this holiday season and beyond. .

Question: How will inflation impact middle and low income families this holiday season?

Answer: The cost of goods and services that affect most middle and low income families have increased significantly this year. According to the Bureau of Labor Statistics, from August 2021 to August 2022, rent increased by 6.7%, household energy costs increased by 13%, food in the home increased by 13.4% and the petrol increased by 24.6%. Although increases have moderated recently and some costs like gasoline are falling, salary increases have not kept up with this increase in costs. This will leave families with less money to spend on holiday gifts and entertainment.

Q: Is it too late or are there things people can do now to lessen the financial impact?

A: Making a list of the people you want to buy gifts for and budgeting for your total and per-person expenses will help you minimize overspending. For example, once you know you have a budget of $50 for a gift for your mother, you can start looking for items that would be a thoughtful gift and take advantage of the pre-holiday sales. Many retailers are expected to have extra inventory this year, so you might be able to find deals earlier in the holiday season.

One way to save a lot of time and money on holiday gifts while maintaining the joy of giving is to have a family gift exchange. We have been doing this for years in my family. Instead of buying a gift for each sibling and parent, we draw names anonymously through drawnames.com. Each family member receives another family member’s name and wish list. We then proceed to purchase a special gift, based on the agreed budget, for the chosen family member. We all get together and exchange Santa’s secret gifts. If you have a family of 10 and have a gift budget of $35, you’ll buy one $35 gift instead of 10 $350 gifts.

Q: Beyond the holiday season, what can people do to better plan their finances in the coming year?

A: Here are my suggestions for healthy finances.

1. Financial health check.

A financial health check will tell you if you are spending more than you are earning. Has your credit card balance increased over the past year? Has your total savings and checks increased or decreased over the past year? Have you withdrawn money from investment accounts in the past year? If you spend more than you earn, you will see one or all of the following: credit card balances increase, investment withdrawals or savings decrease.

2. Pay off your credit card debt.

If you can’t regularly pay off your credit card debt, you probably shouldn’t have any. About half of Americans pay off their credit cards every month, and the other half pay expensive interest rates of 18% to 22% or more. Cut the cards and start paying down the debt by eliminating high interest cards or low balances first. Once they are paid, close the account, and if you need a card, keep only one card at home and not in your wallet in the future.

3. Check your credit report and your credit score.

You can check your credit report for free using a trusted site, such as AnnualCreditReport.com, to ensure that all credit transactions are reported correctly. Your credit history will determine how much you pay for future loans, so improving your credit can save you money.

4. Pay for your purchases in cash.

Individuals spend less when they have to rely on cash for a transaction. So, after covering your monthly housing and car bills, take the remaining money and divide it into categories such as groceries, restaurants and entertainment, clothing, etc., and pay cash. When the money runs out in this category, you have to wait until the next month or take on more work. One thing we’ve learned during the pandemic is that we spend a lot of money every month on things we can live without.

5. Enjoy a business match in your 401(k) or 403(b).

Many employers will encourage you to save for your retirement by matching what you put into your retirement accounts. This is free money that you should take advantage of. If you earn $40,000 and your employer matches your first 6% contribution, you can contribute $2,400 to your 401(k) and your employer will contribute an additional $2,400 to your account. It is worth keeping spending under control and taking advantage of this “free money”.

Q: Is there anything else you would like to add that people should think about regarding their finances?

A: Take a look at your automobile expenses. Many families spend large sums on their car. Some families spend close to their housing costs for the vehicles they drive. Thus, extending the life of a car or buying a used car instead of a new car can significantly reduce the costs of car payment, car insurance and registration.

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The University of Arizona will exhibit photographs by Linda McCartney | app https://arizonaheli.com/the-university-of-arizona-will-exhibit-photographs-by-linda-mccartney-app/ Thu, 20 Oct 2022 18:04:50 +0000 https://arizonaheli.com/the-university-of-arizona-will-exhibit-photographs-by-linda-mccartney-app/ TUCSON, Ariz. (AP) — The University of Arizona announced Thursday that its Center for Creative Photography will host the North American premiere of “The Linda McCartney Retrospective” next year, celebrating her 30-year career as a photographer. The exhibit will run from Feb. 24 to Aug. 5 and will be free to the public, school officials […]]]>

TUCSON, Ariz. (AP) — The University of Arizona announced Thursday that its Center for Creative Photography will host the North American premiere of “The Linda McCartney Retrospective” next year, celebrating her 30-year career as a photographer.

The exhibit will run from Feb. 24 to Aug. 5 and will be free to the public, school officials said. They added that the retrospective on McCartney’s career will also highlight her many ties to Tucson, where she died in 1998 of breast cancer at the age of 56.

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Arizona Rural Health Center brief highlights worsening labor shortages in rural areas, citing growing, aging patient population – State of Reform https://arizonaheli.com/arizona-rural-health-center-brief-highlights-worsening-labor-shortages-in-rural-areas-citing-growing-aging-patient-population-state-of-reform/ Thu, 13 Oct 2022 22:36:37 +0000 https://arizonaheli.com/arizona-rural-health-center-brief-highlights-worsening-labor-shortages-in-rural-areas-citing-growing-aging-patient-population-state-of-reform/ The Arizona Center for Rural Health (AzCRH) recently published Profile of the specialist physician workforce reveals the significant shortages of doctors in rural areas of the state. Get the latest information on state-specific policies for the healthcare sector delivered to your inbox. Currently, Arizona is meeting only 37% of its primary care […]]]>

The Arizona Center for Rural Health (AzCRH) recently published Profile of the specialist physician workforce reveals the significant shortages of doctors in rural areas of the state.

Get the latest information on state-specific policies for the healthcare sector delivered to your inbox.


Currently, Arizona is meeting only 37% of its primary care needs and needs 653 additional primary care providers to address this shortage. According to 2019 data that AzCRH analyzed in this filing, the ratio of physicians in the state was 243.6 physicians per 100,000 population compared to the national median ratio of 272.0 physicians per 100,000 population. For rural areas of the state, the ratio of physicians per 100,000 population was 129.9 compared to 254.0 physicians per 100,000 population in urban areas of the state.

The brief also notes that while 10.2% of Arizonans live in rural areas, only 5.5% of doctors practice in rural areas of the state.

The table below lists the number of professionals with undergraduate medical training in each of the top 5 provider categories.

Image: Arizona Rural Health Center

Daniel Derksen, MD, Walter H. Pearce Endowed Chair & Director at AzCRH, and Bryna Koch, Research Program Administrator at AzCRH, said this shortage is worsening due to the significant population growth occurring in the state. , as well as the aging of the population.

Derksen highlighted the challenges that doctor shortages have posed to healthcare facilities during the pandemic.

“When the pandemic hit [its] peak at various times we’ve seen in rural areas, sometimes when a single intensive care unit nurse or lung lung specialist has fallen ill or died of complications from COVID, that infrastructure capacity rural to meet the demand [of care] has been strained and sometimes overwhelmed,” he said.

Koch pointed to the costs of these shortages on rural Arizona communities.

“The further away the care is, the less likely you are to receive timely care. You’re talking about sparse populations and long travel times,” she said. “This disproportionate distance, even in rural areas [areas]affects people with low incomes, lower literacy levels, those with fewer resources to rely on such as access to a car… Having to travel for treatment can really increase some of the [and] social costs for an individual or families.

Derksen said state efforts to encourage primary care providers to practice in federally designated facilities Areas of Shortage of Health Professionals (HPSA) or Medically Underserved Areas of Arizona (AzMUA), such as Arizona State Loan Repayment Programsare key strategies to address these shortages.

“The data shows that when you train healthcare professionals, whether it’s a nurse practitioner, a doctor or [doctor of osteopathic medicine] in a rural or underserved community, or if they grew up in a rural or underserved community, they are much more likely to practice there,” he said.

“We are one of the best states in terms of the percentage of our population that is Native American. We have a very high percentage of our population that is Latino Hispanic, and clearly Latino Hispanic populations [and] Native American populations tend to turn to the most needed specialties, such as primary care, but also to areas where they are most needed and to communities.

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