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Monthly Archives: February 2019

Most Common Car Leaks and What They Indicate

A leak underneath your vehicle can have many different reasons, some more serious than others. If you do happen to notice a leak underneath your vehicle, the best thing is to make note of the color, consistency, and location of the leak. This will help your auto mechanic pinpoint the issue, since a leak can come from many different components.  Here are common car leak colors and what they can indicate: Clear - Clear liquid is just condensation from the air conditioning system, and is nothing to worry about.  Red - Red fluid can indicate a leak of transmission or power steering fluid, caused by a broken transmission seal or a hole in a line between systems.  Pink - Pink fluid usually is power steering fluid or transmission fluid, similar to red.  Orange - Orange can indicate leaking antifreeze or just regular condensation that is rusty from the radiator. Transmission fluid can also look orange if it is old and dirty. Yellow - Yellow fluid can indicate a radiat ... read more

Record 7 million Americans are 3 months behind on car payments, a red flag for economy

A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis era. Economists warn this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills. "The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market," economists at the New York Fed wrote in a blog post. A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is a sign of significant duress among low-income and working-class Americans. "Your car loan is your No. 1 priority in terms of payment," said Michael Taiano, a senior director at Fitch Ratings. "If you don't have a car, you can't get bac ... read more

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