Latest news with #vehicleownership
Khaleej Times
13-07-2025
- Automotive
- Khaleej Times
UAE traffic fines: Who pays penalties if car ownership is not transferred?
Question: I sold my car to a friend for Dh10,000, but we did not complete the ownership transfer. Subsequently, I began receiving messages about traffic fines incurred on the vehicle. I asked my friend to pay the fines, but he refused. Due to the car's poor condition, I ended up selling it for just Dh1,500 to cover some of the fines. However, I have recently discovered that there are still outstanding fines totalling Dh12,000 registered against the car. My friend continues to refuse any responsibility for these penalties. From a legal standpoint, what options are available to me in this situation? Please guide. Answer: In the UAE, until the concerned authority formally transfers the vehicle's ownership in the name of a new owner, a registered (current) owner remains legally liable for all obligations against the vehicle, including but not limited to traffic violations. This is in accordance with Article 22 (1) of the Federal Decree-Law No. (14) of 2024 On Traffic Regulation, 'Any transfer of ownership of a vehicle shall be registered with the Licensing Authority through the means approved by it. The owner of the vehicle in whose name the Vehicle Licence is registered shall remain liable for the obligations arising from the use of the vehicle until the Vehicle Licence is registered in the name of the new owner in accordance with the procedures followed by the Licensing Authority in this regard.' Furthermore, from the perspective of traffic enforcement and administrative liability, the fines incurred during your friend's use of the vehicle are associated with the vehicle, which makes you liable to pay as the registered owner. In addition, it is assumed that you and your friend entered into a contract for the sale of the vehicle. In light of this contractual relationship and given that your friend took possession of the vehicle and used the vehicle after entering into a sale contract, he may be held liable to you for the traffic fines incurred during that period. This liability arises notwithstanding the absence of formal ownership transfer, as the existence of a binding contract may give rise to enforceable legal obligations between the parties to a contract under UAE civil law. In the UAE, if a contract is entered into between all parties named in a contract, it is a legal obligation of each party to perform their respective obligations in accordance with the provisions of the contract. This is by Article 246 (1) of the Federal Law No. (5) of 1985 On the Civil Transactions Law of the United Arab Emirates, which states, '1. The contract shall be implemented, according to the provisions contained therein and, in a manner, consistent with the requirements of good faith.' Anyone who causes harm to another is liable to compensate for that harm. This is in accordance with Article 282 of the UAE Civil Code, 'Any harm done to another shall render the actor, even though not a discerning person, liable to make good the harm.' You may consider filing a claim against your friend for the financial losses you incurred as a direct result of his failure to meet his obligations under the sale contract, particularly relating to his use of the vehicle and the resulting fines. By the aforesaid provision of the law, you remain liable for the outstanding traffic fines to be paid to the concerned authority as the vehicle continues to be registered in your name.
Zawya
30-06-2025
- Automotive
- Zawya
Jordan: Lower customs duties on vehicles expected to stimulate automotive sector, boost economy
AMMAN — In a bid to ease vehicle ownership and stimulate economic growth, the government has announced wide reductions in customs duties on imported vehicles, including petrol, hybrid and electric cars. The Cabinet's decision, unveiled on Saturday, announced major tax cuts on vehicles, reducing customs duties on petrol cars from 71 per cent to 51 per cent, setting a unified 27 per cent rate for all EVs, and cutting hybrid vehicle taxes from 60 per cent to 39 per cent. Officials and analysts say the move aims to boost consumer purchasing power, stimulate activity in the automotive sector, and align with international shifts towards greener transport solutions. 'This is a significant step that benefits both citizens and the broader economy,' said Sakher Ajlouni, Chairman of the Jordan Free and Development Zones Group, in a statement to The Jordan Times. 'Lowering customs and tax burdens will make vehicles more affordable and stimulate automotive trade. The ripple effects will extend to related sectors such as maintenance, insurance and spare parts.' According to data from the Free Zones Corporation, 32,908 vehicles were cleared for the local market from the Zarqa Free Zone, the Kingdom's main hub for vehicle imports, as of June 28, 2025. Electric vehicles comprised 63 per cent of the total, followed by hybrids at 21 per cent, and petrol vehicles at 16 per cent. The figures reflect a growing public shift towards sustainable mobility, a trend expected to accelerate further under the new, harmonised customs framework, according to officials. Director-General of the Free Zones Corporation Abdulhamid Gharaibeh said that the reform goes beyond cost reduction. 'This is about fostering a more competitive, balanced market,' he noted. 'Instead of transferring the financial burden to consumers or businesses, the government is adjusting its own revenue share to create room for market growth.' He stressed that these decisions are expected to significantly increase the flow of vehicles from free zones to the local market. 'The reforms aim to enable citizens to purchase all types of vehicles, whether petrol, hybrid, or electric, at lower prices than before, regardless of their country of origin. The key regulatory benchmark is now the safety standards of vehicles entering the local market, to ensure public safety,' Gharaibeh said. He added that the move would also empower traders to expand their inventories and increase sales, as the reduction in vehicle prices stems from the treasury's portion of the customs and tax revenues. 'This will drive both supply and demand across all vehicle categories and fuel types,' he noted. Financial analyst Yousef Suboh told The Jordan Times that the reduced rates could spark a rise in market transactions, ultimately increasing customs revenues despite the lower duty rates. 'This decision strikes a balance between fiscal responsibility and citizen support, especially in light of international economic headwinds,' he said. As the new tariff structure comes into force, stakeholders are hopeful the initiative would lower car prices, encourage eco-friendly vehicle adoption and act as a springboard for broader economic recovery. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Globe and Mail
24-06-2025
- Automotive
- Globe and Mail
Credit Acceptance Announces Extension of Revolving Secured Line of Credit Facility
Southfield, Michigan, June 24, 2025 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the 'Company', 'Credit Acceptance', 'we', 'our', or 'us') announced today that we have extended the maturity of our revolving secured line of credit facility with a commercial bank syndicate from June 22, 2027 to June 22, 2028. As of June 24, 2025, we did not have a balance outstanding under the facility. There were no other material changes to the terms of the facility. Description of Credit Acceptance Corporation We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing. Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit
Wall Street Journal
21-06-2025
- Automotive
- Wall Street Journal
High Costs Have Ended America's Love Affair With Cars
I think of myself not so much as a car reviewer as an intimacy coordinator. Four out of five American households depend on an automobile to get to work, to get the kids to school, to go wherever. The typical driver spends about an hour a day in the car, says the AAA—more face time than many of us spend with our families. A good relationship starts with a good match. Lately, though, Americans have been losing that car-loving feeling. Actually, they're at the dish-throwing stage. Light-vehicle sales have fallen by about 1.7 million a year since 2016, reflecting the number of younger consumers declining the pleasures of ownership. Millions more remained trapped in toxic relationships with abusive elders. The average age of passenger cars on the road is currently 14.5 years, according to S&P Global's data.
Yahoo
19-06-2025
- Automotive
- Yahoo
What's your state's average car loan balance?
Texas has the highest car loan balance of $7,920. While vehicle expenses vary across the country, drivers can still work to secure a competitive rate by improving their credit and comparing different lenders, Vehicle affordability is still a challenge for many drivers and has resulted in more auto loan delinquencies. Geographical location isn't a big factor influencing average car loan delinquency rates, interest rates and payments. Rather, they are determined by a driver's credit score and history, income, debts and the loan amount and term. But when you break those stats down by location, you get a peek at the economic conditions in each state. Over the past year, drivers have had to borrow more for their vehicles. These higher auto loan balances, combined with steep interest rates, have made vehicle ownership a challenge for many. As interest rates and loan balances increase, find out how your home state is doing. The average monthly payment for new cars is $745, according to first quarter data from Experian. The average monthly payment for used cars is $521, according to Experian. New cars cost an average of $48,799, according to Kelley Blue Book. The average loan term for new cars is 68.63 months, and rates sat at an average of 6.73 percent. (Experian) The average loan term for used cars is 67.22 months, and used cars had an average rate of 11.87 percent. (Experian) Drivers pay an average down payment of $4,078 for used vehicles, according to Edmunds. An auto loan balance is the remaining amount a driver has to pay on their loan. The amount that drivers are spending on their vehicles has been on an upward trend since 2020, according to the Federal Reserve, at $1.63 trillion nationally. The average car loan balance across the country is $5,680, according to the Federal Reserve. Below are the 10 states with the highest car loan balances in the country. State Average car loan balance Texas $7,920 Louisiana $6,890 New Mexico $6,780 North Dakota $6,630 Florida $6,560 Georgia $6,530 Mississippi $6,470 Arkansas $6,330 West Virginia $6,320 Oklahoma $6,270 While vehicle costs have been leveling out, they are still not at pre-pandemic levels, explains Satyan Merchant, senior vice president and automotive and mortgage business leader at TransUnion. Looking ahead New vehicle prices and used car prices are getting closer together as used car price averages increased to over $30,000 in the first quarter of 2025, according to Edmunds. Ideally, those purchasing in the coming year will be able to find better car prices, but new tariffs may mean prices continue to rise for both new and used vehicles. In addition, drivers have been choosing longer loan terms to lower the monthly cost of their car payments. Average used vehicle terms in the fourth quarter of 2024 reached 67.20 months. New vehicle terms told a similar story, with drivers financing for an average of 67.98 months. State Average used car APR Average monthly payment Hawaii 12.55% $729 Mississippi 12.89% $775 Louisiana 12.42% $806 Georgia 12.39% $808 New Mexico 12.86% $798 Nevada 11.95% $775 West Virginia 11.55% $743 Alaska 10.07% $861 Texas 11.78% $776 South Carolina 12.17% $782 Sources: iSeeCars and Edmunds The average monthly payment figures for each state were calculated using a combination of the average used car price, interest rate for each state and a 60-month loan term. However, we didn't factor in a down payment, which would reduce the monthly payment. Loan terms typically last between 24 and 84 months. A few lenders even offer 96-month terms. A longer term lowers the monthly cost, but it leads to a higher cost overall. The interest rate you pay for your vehicle depends on various factors, such as your credit, the vehicle type, and the terms you choose. According to fourth quarter 2024 data from Experian, drivers can expect to pay around 6.35 percent for new cars and 11.62 percent for used cars. State Average used car price Wyoming $41,405 Alaska $40,462 Montana $38,943 North Dakota $37,773 South Dakota $37,192 Idaho $37,092 Arkansas $36,343 Washington $36,119 Georgia $36,016 Louisiana $35,893 SUVs remain the most popular new vehicle type, totaling about 64 percent of financed vehicles in the first quarter of 2025, according to Experian. State Average delinquency rates Texas 7.92% Florida 6.54% Nevada 6.39% Arizona 6.23% California 5.42% Ohio 5.11% Pennsylvania 4.93% New Jersey 4.91% Illinois 4.81% Michigan 4.77% Source: New York Fed Consumer Credit Panel Texas has the highest average car loan balance and also the highest average delinquency at 7.92 percent. Florida has the second highest at 6.54 percent, notably more than a point lower than the Texas rate. When it comes to prioritizing your payment, the key is preparedness. To do this, you must only finance what you can afford. The best way to do this is to calculate your monthly payment and your loan's lifetime interest, then compare it with your budget. Learn more: Calculate your monthly car payment State Average auto loan balance Hawaii $4,090 Oregon $4,270 Massachusetts $4,290 New York $4,460 Connecticut $4,520 Source: New York Fed Consumer Credit Panel Hawaii takes the gold medal for lowest average auto loan balance, followed closely by Oregon. These states carry averages significantly lower than the national average of $5,680. But as explained, the auto loan balance is independent of ZIP code and rather relates to the economic circumstances of residents. Financial literacy, income and cost of living all play important roles. When looking at the states with the lowest balances, for example, three out of the five hold some of the highest median household incomes in the country, according to the Census Bureau. Average credit scores also tend to be higher in these states. Hawaii's average FICO score is 732, falling under the good category, according to Experian. That's higher than the national average credit score of 715. The remaining states carry similarly high averages. No matter what state you call home, you can still secure a competitive auto loan rate by working to improve your credit score and shopping around with several lenders. While there are factors outside your control, such as vehicle price tags and current rates, the better your credit score is, the better your rates will likely be. If you are struggling to find a monthly payment that you can afford, consider shopping for bad credit auto loans, which cater to those with little or no credit. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
