6 Safer Alternatives to Buying and Selling on Craigslist

April 15, 2015, 11:00 pm

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Filed under: Technology, Consumer Ally, Consumer Issues, Consumer Protection, Shopping Trends

By Susan Johnston

Craigslist has an enormous global user base -- the site gets more than 50 billion page views, and users post over 80 billion classified ads per month, according to the company -- but its size, anonymity and lack of policing also deter some would-be buyers and sellers.

Most people have -- or know someone who's had -- a sketchy experience on Craigslist. For instance, when Josh Rubin of Sacramento, California, tried to buy a used laptop, the 32-year-old says he "ended up meeting someone that pulled up in a windowless van full of electronics -- no thanks!" He bailed quickly, telling the seller he thought the laptop had too much wear and tear for his needs. Many sellers, on the other hand, have dealt with counterfeit payments or otherwise dishonest buyers.

Experiences like that have inspired a slew of new tools that allow you to buy and sell goods locally without meeting strangers on Craigslist. While many of these have community components and payment options to help users avoid scams, it's still important to exercise common sense when transacting with people you don't know. Always try to meet in a public, well-lit place, and bring someone with you when possible. If your gut tells you something is amiss, place your safety above that antique lamp or designer handbag. With that said, here's a look at several Craigslist alternatives.

AptDeco.com

Available in the New York tri-state area with plans to expand into Boston, Philadelphia and the District of Columbia this summer, AptDeco eliminates the awkwardness of visiting a stranger's home by using a delivery team that picks up and inspects furniture and décor items for the buyer. The delivery team is trained to look for damaged or counterfeit items to protect the buyer, says co-founder Reham Fagiri.

Most furniture has a flat rate delivery fee of $74 (with extra fees for more than three flights of stairs and extra large items), and smaller décor items have a fee of $20. Sellers pay the site a fee of 14 to 19 percent depending on the price of the item. With AptDeco helping to edit product photos and descriptions that attract buyers, Fagiri estimates that sellers get 30 to 40 percent more for their items than they'd get from places like Craigslist. "From a buyer's perspective, it's the convenience," she says. "You can find what you're looking for very easily instead of scrolling through pages and pages."

Clamour.net

Clamour is a website (iOS and Android apps are coming soon, according to founder Lewis Katz) made up of private, moderated local community groups. Join groups based on what you want to buy or sell, such as kids' clothing, electronics or furniture, and sort listings by distance from you, price, newness or popularity. You can post an item for sale using the Clamour window in Facebook and simultaneously post on the Clamour newsfeed. The site is free to buyers and sellers who transact in cash, but sellers can pay a 6.5 percent transaction fee for accepting credit card payments through Clamour.

Facebook and Meetup groups

Following his bad experience with the laptop, Rubin joined a Sacramento buying and selling group on Facebook. "It strips away some of the anonymity that comes with Craigslist," he says. "Seeing photos, conversations and posts from somebody helps you feel at ease when considering contacting them to buy something." Many areas have special interest sell or swap groups such as groups for moms or antique furniture lovers that are members-only and moderated to reduce spam. Meetup.com has similar moderated groups that encourage members to post a profile and photo.

Friend.Town

Launched last month, Friend.Town allows users to connect their Facebook accounts to build a sense of trust as they're searching for housing or items to buy and sell on the marketplace. When posting items for sale, users also select who can see their listing. The free site connects buyers and sellers for transactions, but does not handle payments or facilitate meetings like some of the other options listed.

Nextdoor.com

Dubbed the "private social network for your neighborhood," this website (also available as an iOS or Android app) is akin to a community bulletin board where neighbors post items for sale, alert each other about safety issues or find babysitters or other service providers. To foster a sense of community trust, users must verify their home address and use their real name for posting. Like Friend.Town, Nextdoor connects users but does not handle payments or facilitate meetings.

Trove

This iOS app (an Android version is coming soon) lets sellers post photos and descriptions of items for sale. Buyers can then swipe left or right to browse items in an interface reminiscent of Tinder. "We are focused on face-to-face commerce and bringing the community together for a safe exchange of goods," says Mason Richman, a Trove co-founder who says he gained an appreciation for secondhand goods from his mother and grandmother. A Facebook login is required, which helps to verify identities and also lets users see if they have any shared friends with buyers or sellers. Buyers also enter a credit card to give the seller assurance that they're serious, and sellers don't get paid until after the buyer has inspected the item and pressed complete in the app. The seller gets paid via a bank account or Venmo, minus a 10 percent transaction fee.

The story originally appeared on U.S. News.

 

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2015 Has Been a Special Year for Special Dividends

April 15, 2015, 11:00 pm

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Filed under: Company News, Costco, Dividend Stocks, Investing

It's hard to find an investor who doesn't love dividends. After all, they're one of the great benefits of stock ownership, since they're funds that go directly into a shareholder's pocket.

What's even better than a regular distribution of these much-loved payouts is that rare creature, the special dividend. Specials have been more popular than usual so far this year, with numerous companies declaring them to the surprise and delight of their stockholders. Here's a look at this bump in popularity, and at who's been contributing to the trend.

Stream of Money

A rising tide lifts all boats, as the saying goes, and the levels of the various stock markets keep ascending. The benchmark S&P 500 index (^GSPC) has advanced by 11 percent over the past year, on the back of a growing economy and generally stronger performance by its component firms.

Numerous high-profile companies have reported quarterly results that have broken records. Take Apple (AAPL), which recently posted the best quarter in its nearly 40-year lifespan -- and the most profitable three-month period of any publicly traded company in history.

A higher bottom line generally (although not necessarily -- be careful!) means more cash flow for a successful company. And the more money in the till, the more a company can spend on shareholder-pleasing moves like an extra dividend.

Special Circumstances

The current low-interest-rate environment also helps. A company that wants to distribute a special payout for its shareholders can borrow to help finance it (provided the company has good credit and willing lenders, of course).

This was the case with massive retailer Costco Wholesale (COST), which declared a very chunky $5-per-share additional dividend earlier this year. That's going to cost around $2.2 billion to fund, which the company says will partially be sourced from borrowings (the remainder will come from its own cash position).

That $5 is a nice present for the company's shareholders. By itself, it yields roughly 3.3 percent on Costco's current share price, a significantly higher rate than the average yield of the dividend-paying companies in the S&P 500 index (1.9 percent).

A special dividend can also be funded from a unique, hard-to-repeat development that dumps a load of cash on a company.

Exhibit A: Best Buy (BBY). Over the past three fiscal years, the big electronics retailer has collected a windfall from a legal settlement related to the manufacture of liquid crystal displays it sold. It decided to pass on those monies to its shareholders, in the form of a 51-cent-per-share special dividend.

That was the cherry on top of a sweet cake for those investors, since it was announced concurrently with a 21 percent hike in the company's regular quarterly dividend (to 23 cents per share).

Dividend 411

Special dividends are, by their nature, unique and typically unexpected. So how can investors find out about them in order to profit from a company's spike in generosity?

The best way, of course, is to sign up for email news alerts via company websites. It behooves investors to stay connected to their shareholdings this way, and most publicly traded companies announce their dividends nearly as soon as they make the decision to offer them.

Special or otherwise, these are declared far enough in advance for interested parties to buy the stock in order to take advantage of the payout(s).

That's all well and good for an investor's existing portfolio, but how about the thousands of other stocks? No problem; a raft of websites keep a running tally on the many dividend declarations handed down by the nation's companies.

Subscription service Streetinsider.com, for example, has an entire section devoted to the subject, with a news feed updated constantly.

As for free sites, Nasdaq OMX Group (NDAQ), operator of the Nasdaq stock exchange, is one of many entities maintaining a dividend calendar. Its entries are sortable by categories such as amount and payment date.

Trendy Payouts

By my count, around 30 special dividends have been declared so far this year. That's often enough to say that they've become a bit of a trend.

Will they continue to be fashionable? If the markets keep rising, and their component companies maintain their collective good performance, the answer should be yes. Let's keep our eyes on those news feeds to watch for the next ones.

Motley Fool contributor Eric Volkman has no position in any stocks mentioned but has received special dividends that made him very happy. The Motley Fool recommends and owns both Apple and Costco Wholesale. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.​

 

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4 Reasons (Besides Money) Retirees Go Back to Work

April 15, 2015, 11:00 pm

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Filed under: Retirement, Careers, Retirement Living

By Kathryn Tuggle

Motivated, driven people who love their work -- and paycheck -- may find themselves back at a desk before they can make it to the golf course. According to a survey by CareerBuilder, 60 percent of workers age 60 and older will look for a new job after retiring. Here are some reasons you may head back to the office after you retire, even if you think you'll love being a pensioner.

1. Pursue an Encore Career

An encore career allows retirees to pursue a profession that may boost their financial stability while also providing personal fulfillment, and "the trend is catching on," says Erin Bramblett, senior human resources specialist at Insperity.

A recent Encore.org study revealed more than 4.5 million people between the ages of 50 and 70 are involved in encore careers. Popular sectors for these careers include public service, education or other opportunities that allow people to give back. "They want to do something different, stay inspired, stay informed, but they wont do their day job anymore," says Jason Ting, senior vice president of wealth management at Merrill Lynch.

"Many of them are going to use their skill set to do something for a nonprofit. They want to be able to talk to people, get to know people and learn something from another generation," he explains. "These people may not need to work, but they desperately want to stay up-to-date and feel challenged."

2. Have a Purpose

Some professionals can't imagine not working after many years of having a commitment to their career, Bramblett says. Many times, family and friends may pressure a person into retirement because they feel their loved one has "earned the right to stop working."

"They may not understand the desire to keep putting in the hours and have a purpose in life," she explains. "However, for reluctant retirees, work likely serves as a constant to fall back on and holds an individual accountable. Some simply don't know how not to work."

Many people have a large part of their identity and self-worth tied up in their jobs, Ting says. When they leave the industry or office they love, it's only natural to want to find a new challenge.

"Let's say you have a certain skill set and you've been at the same job for 20 years. When you take your skill set somewhere else, it can be a breath of fresh air. You have a new group of people appreciating your talent and it can actually be a boost your self-esteem. You feelings of self-worth increase when you see how much people value what you bring to the table."

3. Stay Physically Active

Very few people plan to retire and just do nothing, Ting says. But many people overestimate how much time their hobbies will consume.

"They say they are going to go golfing and travel, but you can't do that all the time. How many times are you really going to get out on the golf course? Maybe once per week? What is the rest of your schedule going to look like?"

Oftentimes people who leave the workforce find that they not only miss the routine of having somewhere to be every morning, but also crave the physical exercise associated with climbing stairs, walking around the office or traveling to meetings and conferences.

"A lot of our clients watched their parents retire at 50 or 60 and they saw them age quickly. They say, 'I don't want to be like that. I want to be active in my older years, and I have a lot of years remaining,'" Ting says.

4. Keep the Mind Sharp

Doctors recommend that retirees keep their minds active to avoid premature memory loss, Bramblett says. The earlier a professional retires, the sooner mental capacity can begin to decrease. According to the Center on Longevity at Stanford University, work plays a key role in keeping the mind functioning optimally.

"Retirement often ushers in a slower pace, but it could prove too slow for some," she cautions. "After many years of work, most individuals look forward to a shorter to-do list, less stress and more relaxation time. However, after the initial excitement of retirement wears off, some retirees, especially those without regular social or educational activities, could find themselves bored or lonely after having an empty schedule week after week. Going back to work in some capacity will allow retirees to once again feel challenged and socially engaged."

4. Earn Cash -- Maybe for the Family

Today's retirees are both concerned about and excited by their "longevity bonus," Ting says. "Fifty or 60 years ago, you went to school, you worked, you lived a few extra years and you died," he says. Now people are living comfortably to age 90, so you have this whole extra life after you retire. People are asking themselves, 'What are we going to do with our longevity bonus?' Yes, you can travel and spend time with the grandkids, but you're also going to need money to live comfortably during that time."

Some retirees may not need additional funds for themselves, but may go back to work due to unexpected family expenses, Bramblett says. According to a Merrill Lynch retirement study, 62 percent of people 50 and older are providing financial support to family members. "Whether it is because of a layoff, health issues or other factors, money can suddenly become tight for a close relative or friend," she says.

 

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Adopting a Puppy or Kitten Online? You're a Scam Target

April 15, 2015, 11:00 pm

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Filed under: Consumer Ally, Consumer Protection, Ripoffs & Scams, Internet Fraud, Pets

If you're ready to adopt a kitten or a puppy from online listings, you have a target on your back, the National Consumers League warned on Wednesday.

The group's Fraud.org consumer complaint site has seen a sharp rise in pet adoption scams this year. Those who have been taken lose money and are heartbroken that the pet they thought they were adopting isn't real.

Here's how it works: You go online in search of your ideal canine or feline family member. After responding to the ad and expressing interest, the person on the other end will take the payment for the listed puppy or kitten. It goes downhill quickly from there.

The next step, according to Fraud.org, is the demand for additional money. Often, the requests seem plausible, like to pay for a special ventilated shipping crate or insurance. Each time you send more money, there will be another reason for the seller to ask for still more. "This continues until the victim, now often out hundreds or thousands of dollars catches on and stops sending money," according to group.

It eventually becomes clear there is no real animal available for sale. Often, the photos used to lure victims were lifted from another site.

The group provided this example from a complaint filed by a Massachusetts woman:

A Sad Story

"I was looking to purchase a Yorkshire terrier puppy for my 2 little kids. I found one that I was really interested in. It was a 9-week-old female Yorkie. I emailed 'the owner.' ... The puppy was $500, and he told me that was already included with shipping and everything. He told me to put the $500 on a Reloadit card, which I did, and I gave him that. He sent me an email of a flight ticket, which I now know that it was not real because I called American Airlines and the flight ticket was a fake.

"An agency started emailing me stating that I had to send them $970 for a 'crate' for the puppy to arrive to me safe while on flight due to the weather. I was told it was refundable when my puppy would arrive. I was told to send it by Western Union, which I did. Once that happened ... I was asked to send $1,500 now for the pet's insurance to get sent to me, which was also supposed to be refunded to me. I sent that money through MoneyGram. I was supposed to receive my puppy on March 7, 2015 in the morning, and I never received the puppy.

"Then I received another email stating I had to send ANOTHER payment of $760 to update her shots before she takes off. It was already sounding a little bit too good to be true to me, but that's when I finally realized that this was a scam."

Additional examples can be found on the ASPCA's Pet-Related Scams website.

Don't Get Taken

Here are some tips from Fraud.org to help you avoid becoming a victim:

• Don't pay money for a pet you haven't seen in person.
• Get your animal locally. Be very cautious if you're dealing someone out of town.
• Visit a local shelter or breed rescue group to see if they have the type of animal you're interested in.
• If you do decide to deal with an out-of-town seller, do your homework. Don't send any money until you've verified they are who they claim to be and have an established track record.
• Beware of free pet offers. That is often how victims get drawn in to these scams.

 

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Housing Starts Fall Short of Forecasts; Jobless Claims Rise

April 16, 2015, 1:37 am

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Filed under: Real Estate, Economic Indicators, Housing Market, Materials & Construction, Home Buying

By Lucia Mutikani

WASHINGTON -- U.S. housing starts rose far less than expected in March and permits recorded their biggest drop since last May, which could raise concerns about the economy's ability to bounce back from a soft patch hit in the first quarter.

The economy stumbled at the start of the year under the weight of a harsh winter, a resurgent dollar, weaker global growth and a now-resolved labor dispute at the West Coast ports.

There are expectations that growth will rebound in the second quarter, but the tepid housing starts report and a struggling manufacturing sector suggest the momentum will probably not be strong enough for the Federal Reserve to start raising interest rates before September.

Groundbreaking increased 2 percent to a seasonally adjusted annual pace of 926,000 units, the Commerce Department said Thursday. That left the bulk of February's decline, which had been blamed on bad weather, intact.

Starts for single-family homes rose, while groundbreaking for the multifamily segment fell last month.

Economists polled by Reuters had forecast groundbreaking rising to a 1.04 million-unit pace in March.

Permits for future home construction declined 5.7 percent to a 1.04 million-unit pace. Permits have been above a 1 million-unit pace since July.

U.S. stock index futures extended losses on the data, while prices for U.S. government debt rose. The dollar fell against a basket of currencies.

Despite the recent weakness, the outlook for housing remains favorable against the backdrop of a strengthening labor market.

Weekly Jobless Claims Rise

While a separate report from the Labor Department showed a surprise rise in the number of people seeking unemployment aid last week, the underlying trend continued to suggest the jobs market was tightening.

More long-term unemployed are finding work. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 294,000 for the week ended April 11.

But claims tend to be volatile around this time of the year because moving holidays like Easter and the school spring break can throw off the model that the government uses to smooth the data for seasonal fluctuations.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, ticked up 250 to 282,750 last week. Claims below 300,000 are associated with a strengthening labor market.

Gains Expected

The number of people still receiving unemployment benefits after an initial week was the lowest since December 2000.

With more people receiving a paycheck and lending standards eased a bit to attract first-time homebuyers, gains in housing are expected this year.

Banking giants Bank of America (BAC) and JPMorgan (JPM) this week reported a surge in mortgage lending in the first quarter.

Last month, groundbreaking rebounded sharply in the Northeast and Midwest, which had been affected by snowy and cold weather in February. Starts, however, tumbled 19.3 percent in the West and fell 3.5 percent in the South, where most of the homebuilding takes place.

Last month, single-family homes groundbreaking, the largest part of the market, rose 4.4 percent. Groundbreaking for the multifamily homes segment fell 2.5 percent.

Single-family permits rose 2.1 percent last month. Multifamily permits plunged 15.9 percent.

 

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Spending at Restaurants Tops Grocery Stores for First Time

April 16, 2015, 2:15 am

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Filed under: Food & Beverage, Restaurants, Consumer Issues, Shopping Trends, Economy

What's for dinner tonight? You're more likely to find the answer on a restaurant menu than you are on your grocery shopping list.

New government figures show American consumers spent more at restaurants and bars in March than they did at grocery stores -- the first time that's happened since the Commerce Department began tracking in 1992.

Experts say it's a sign of confidence in the economy -- and a sign of the times. Consumers are looking for convenience, which means a lot of the industry's growth is coming from areas other than the traditional sit-down meals. Hudson Riehle, senior vice president of research at the National Restaurant Association, says takeout, drive-throughs and other quick and easy meals are driving growth for the industry. He says "consumer usage of restaurants has become an important element of their lifestyle."

Younger millennials, those 18 to 28 years old, are going out more often, and restaurants are increasingly catering to their likes and dislikes. According to the market research firm NPD Group, millennials represent 23 percent of total restaurant spending. However, that's still below their spending level in 2007, just before the Great Recession began.

At the same time, baby boomers have the means and the time to enjoy eating meals that someone else prepares for them. And NPD says many restaurant operators aren't paying enough attention to this group.

Empty Nesters Enjoy Eating Out

Carol Macknin says she and husband Alan are eating out more. " Most of it is spur of the moment. We don't have the kids to worry about any more. As a result, we don't spend as much." The couple, with four grown children, recently moved from the suburbs into downtown Philadelphia. She says both factors give them the feeling of having "a new-found freedom."

Whoever is doing the ordering, young or old, restaurants are becoming an increasingly important sector of the economy. The National Restaurant Association says industry-wide sales this year are projected to total a record high $709 billion, up nearly 4 percent from 2014. There are 1 million restaurants nationwide, accounting for 14 million jobs, representing about 10 percent of the U.S. workforce. And even though the big chains get most of the media attention, about 7 in 10 restaurants are single-unit operations, according to the association.

The cost of restaurant meals (averaging $6.96 last year) are rising faster than the cost of in-home meals ($2.24), the NPD Group says. NPD also notes that even though we are spending more of our food budget on restaurants, four out of five meals come from food bought for the home.

There is one important asterisk about the trend, as Bloomberg notes. The government figures on grocery stores don't count stores such as Walmart (WMT), Target (TGT) and Costco (COST). Instead, they are considered "general merchandise retailers," even though they account for an ever-increasing proportion of food sales.

 

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5 Reasons Subscribers Love Netflix's Latest Quarter

April 16, 2015, 3:54 am

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Filed under: Company News, Media, Netflix, Entertainment Industry, Internet

Things are off to a great start for Netflix (NFLX) in 2015. The company served up 10 billion hours of digital content during the first three months of the year, and the stock hit a new all-time high after Wednesday's quarterly report.

Good news for Netflix has translated into great news for its shareholders, but consumers are also getting in on the fun. Let's take a look at some of the ways that a financially thriving Netflix translates into a better deal for its subscribers.

1. The Content Vault Is Getting Deeper. Netflix's subscriber base is growing. There were nearly 62.3 million streaming accounts worldwide at the end of March, up 13.9 million over the past year and a hearty 4.9 million through just the first three months of 2015.

Serving a growing audience is important, because Netflix invests some of that incremental revenue in more content. Netflix now has $9.8 billion in streaming content obligations, up from $7.1 billion a year earlier and $5.7 billion the year before that. That's the beauty of the scalable nature of digital delivery. Subscribers are major beneficiaries of a growing Netflix, giving them more movies and TV shows to watch.

2. Drawing More Anime Fans. Netflix said Wednesday that its next expansion market will be Japan. Launching in the island nation later this year may not seem like a big deal, but part of the art of rolling out in new markets is that Netflix often snaps up homegrown content to appeal to local audiences.

This isn't always a big deal for stateside subscribers, but it could open the door for Netflix to strike global content licensing deals for more anime and Japanese horror films that have proven popular with American audiences.

Another advantage to Netflix's booming growth overseas is that it's leading to subtitles being added to more of its content as a viewer option. We're a melting pot in this country, and you probably know someone that has difficulties with the English language and would prefer subtitles in his or her first language.

3. Streaming Will Get Safer. The world's leading premium video platform is beefing up its security. It will be moving its browsing and streaming experience from HTTP to Secure HTTP (or HTTPS). This may not seem like a major change. There aren't media reports out there of folks hacking into laptops and tablets streaming Netflix.

However, one can never be too careful in an age where so much streaming is done off of shared public Wi-Fi areas. Moving to a secure platform will also make it harder for Internet service providers or employees to monitor your viewing habits, even if one would think that Xfinity shouldn't care if you're streaming "Orange is the New Black" or not.

4. Getting to Know You Better Is a Good Thing. One of the neat things about Netflix is that it adapts to your viewing habits. It will offer up recommendations based on what you have watched or rated highly. Netflix plans to update its user interface for TV-based viewers later this year, and one part of the improved platform will be that it will get better about promoting Netflix originals to members that are most likely to enjoy them.

Netflix is taking this logical evolutionary step because it's not where it was two to three years ago when it had just a couple of new shows a year. It had little to lose to promote all of its offerings at the time, but as the catalog of Netflix exclusives grows it can afford to use its recommendations engine to serve up smarter picks.

5. The News Is Great as Long as You're Not Still Digging DVDs. The only part of Netflix's business that's going the wrong way is its DVD rentals. Netflix knew all along that streaming was the future, and shortly after DVD subscriptions peaked at 15 million the company was bracing the market to expect sequential declines in perpetuity.

We're now down to 5.6 million homes receiving Netflix DVDs and Blu-ray discs by mail. That is down from 5.8 million when the year began and well below the 6.7 million DVD accounts it was servicing a year earlier. This remains a very profitable business for Netflix, and there's no reason for the dot-com darling to abandon its legacy business if that continues to be the case. However, there will come a time when the base gets so small that it may become a logistical hassle to maintain. The good news is that Netflix's digital catalog will likely be so much larger at that point that it won't be much of a problem.

Motley Fool contributor Rick Munarriz owns shares of Netflix. The Motley Fool recommends and owns shares of Netflix. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.

 

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13 Steps to Finding an Honest Auto Mechanic

April 16, 2015, 4:33 am

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Filed under: Consumer Ally, Personal Finance, Shopping, Transportation, Consumer Protection

By Hiram Reisner

So you think the term honest mechanic is an oxymoron? They do exist.

A little strategic research is the key to finding a trustworthy auto professional, says Money Talks News' Stacy Johnson. Here are some of his ideas -- and more -- to steer you in the right direction:

1. Find a mechanic before you break down. Looking for a mechanic when your vehicle is on the back of a flatbed or hooked to a tow truck gives you little choice. If you haven't already picked a mechanic, you are at someone else's mercy. Your tow-truck driver will pressure you to use his favorite shop, a sign of an arrangement -- and no assurance of quality.

2. Start with recommendations and reviews. Ask people you know if they are happy with their mechanics. You also can use locally focused social media sites to harness your neighbors' views.

If you know someone who owns the same car, even better. If not, there are likely online forums specific to your vehicle, according to Jalopnik, a car aficionado website. See what names and ideas surface.

You're now presumably considering several candidates; time to find more good reviews. Here's a strong starting line-up:

• Angie's List -- The company prides itself on having a thorough vetting process for all reviews, including those on auto mechanics.
• Better Business Bureau -- The BBB lists accredited shops, searchable by location, with ratings of A+ through F.
• AAA-Approved Auto Repair Network -- All shops in the network must offer 12 month/12,000 mile warranties on all repairs; use Automotive Service Excellence or manufacturer-certified technicians; and pass an annual AAA inspection. (You don't have to be an AAA member to use the site.)
• CarTalk Mechanic Files -- CarTalk has a database of more than 30,000 mechanics with ratings and reviews. You can narrow it down by ZIP code.

3. Look for certifications and memberships.

• An Automotive Service Excellence certification is a sound indication of a professional. Major plus: ASE certifies the mechanics, not just the auto shops. In addition to passing a test, ASE mechanics need two years of on-the-job training, or one year of training and a two-year degree in automotive repair. Having all this background doesn't mean you are honest, but it does mean you are probably competent.
• The Automotive Service Association is a membership group for shop owners that has been around since 1951. The ASA site allows you to locate recommended mechanics by ZIP code.

4. Don't shop by price alone. Understand that you're not just paying for labor and parts but also for the professionalism and technical expertise of the technician. More expensive does not mean better.

5. Steer clear of the dealerships. Unless your car is still under warranty for parts and labor, avoid dealerships because the repairs are usually more expensive. Also, note what repairs and parts remain under warranty and for how long (see below). AutoMD helps you compare local services by providing quotes for specific repairs on specific makes of cars from shops in your area.

6. Ask for personal references. Any reputable mechanic shouldn't have a problem providing you with ways to contact satisfied customers. The issue of privacy might arise, but the shop should have enough recommendations to give you a list. The true professional also might have letters of praise.

7. Ask lots of questions. You want the mechanic to detail what is wrong with the vehicle. Even if you don't know an engine from a light switch, asking questions indicates that you aren't going to take everything at face value.

If the mechanic cops an attitude or refuses to answer your questions in layman's terms, you have the answer to your key question. Drive on.

8. Scope out the shop. There are at least three things you can learn by scrutinizing the shop:

• If the shop is full of smiling mechanics and customers it's a good sign.
• Watch how customers react when they leave the premises. If you see dissatisfaction you can assume the obvious.
• Also note the condition and cleanliness of the working areas. This can tell you plenty about the quality of work.

9. Make sure the shop has the latest equipment. The latest model cars are more like advanced computers. If the mechanic says he has the latest diagnostic equipment or the latest tools for your vehicle, ask to see them and have him explain how it works. Attitude problem? Drive on.

10. Ask for a warranty. Warranties can vary greatly, so ask ahead of time. Make sure you understand what is covered and get it in writing. There is no "standard warranty" on repairs, according to the Federal Trade Commission.

Warranties may be subject to limitations, including time, mileage, deductibles, businesses authorized to perform warranty work or special procedures for reimbursement. If you do a lot of traveling in your car, look for a shop that is backed by a national warranty program.

11. Subject the mechanic to a credibility test. Take your car to the shop when there is nothing wrong and see if the mechanic returns with a list of services that need immediate attention. Scratched!

You could also ask a mechanic to do a routine maintenance task -- such as an oil change -- and see if you are satisfied with the workmanship and demeanor.

12. Get a second opinion. You think you found the perfect mechanic, but something doesn't feel right -- and you don't know if the price is right. So you want a second opinion. If you know someone who understands cars, all the better. If not, take it to the No. 2 on your list. It might cost you more, but be worth it in the end.

Another method Stacy suggests is going to the classifieds and finding someone who is selling the same car as yours. Call them up and explain what you are looking for.

13. Don't ever feel pressured. The key is to not be pressured into a decision. Remember, as Stacy emphasizes, you are the customer and you can drive away any time you want. "At any time during your interaction with a car mechanic, if he gets angry at your questioning or desire for a second opinion, it is a good sign he is not honest," Stacy says.

Finally, just because a mechanic is recommended as being good doesn't always mean he is honest. However, in most cases, they go together.

Did you use a unique roadmap to find an honest mechanic? Share it in the comments below or on our Facebook page. And share this story with your social network; we all need a mechanic eventually!

 

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How General Motors Is Raising the Bar in Family Sedans

April 16, 2015, 5:22 am

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Filed under: Company News, General Motors, Automotive Industry, Manufacturing, Car Buying

For years, many Americans in search of a reliable family sedan felt no need to look further than the Toyota Camry or Honda Accord. The Japanese stalwarts offered safe, comfortable cars at good prices -- with reliability records that competitors couldn't match.

That has changed. Now, the Camry and the Accord face stiff competition -- not because Toyota (TM) and Honda (HMC) have dropped the ball, but because competitors' reliability ratings have improved -- and all have raised their games.

The latest competitor to step up big is General Motors (GM). Believe it or not, GM's new-for-2016 Chevrolet Malibu could raise the bar for the whole segment -- and make America's best-selling category of cars even better.

An All-New, Very Different and Much Better Chevy Malibu for 2016

What's new about the 2016 Malibu? Compared to its predecessor, just about everything.

GM says the new Malibu is built on an all-new "architecture," or structure, that will be shared with other GM vehicles in time. That new architecture gives the new Malibu a longer wheelbase, which translates into (much) more legroom in the back seat. It's also lighter by about 300 pounds, which should make the new Malibu both more fuel-efficient and more fun to drive.

Gone is the bland rental-car exterior, replaced by a striking new body with a family resemblance to the Malibu's bigger brother, the handsome Chevy Impala. Inside, the new Malibu's interior is a lot nicer, with high-quality materials and styling touches that might make it best-in-class -- and that roomier back seat, which now has ample headroom for a 6-foot-tall adult. Under the hood, there's a choice of two gasoline engines, including an all-new 1.5-liter turbo four-cylinder with a "stop/start" system that saves fuel.

There's also a brand-new hybrid version. Aside from the innovative plug-in Chevy Volt, GM has been late to the hybrid party, but it has made up for that with the new Malibu. The 2016 Malibu Hybrid uses a variant of the system developed for the all-new Volt. GM promises an EPA combined fuel-economy rating of at least 47 mpg, better than many rivals.

All of these improvements should add up to a hit. The outgoing Malibu has been an also-ran, with sales far behind the class leaders. But the new Malibu looks set to jump to the head of the segment ... at least until rivals respond.

The New Malibu Could Have an Impact Like Ford's Fusion Did a Few Years Ago

In a way, this story started a few years ago, when Ford's (F) redesigned Fusion made a big splash. Unlike the Camry and Accord, the Fusion featured striking, dramatic styling and an interior that felt much more premium than those in the Japanese mainstays. It instantly put the Malibu and other rivals a big step behind.

There was more. Some of the Fusion's engineering had been done by a Ford team in Germany, and they gave the Fusion a "German" feel. None of these cars are speed demons, but the Fusion feels taut and precise on-road in a way that's reminiscent of German luxury sport sedans, and different from a Camry.

The Fusion is a bit more expensive than an Accord or Camry, but Ford felt that its Fusion was a nicer car. Ford's formula worked: Fusion sales rose significantly, and Ford's profits grew.

But these are among America's best-selling cars, and the competition moves quickly: Ford's advantage faded as a fresh new Accord (with an improved interior and more rear-seat room than the Fusion) and an overhauled Camry (with sharper styling) arrived at U.S. dealers. And Nissan jumped into the fray with an upgraded Altima that offered many amenities at an attractive price.

Now, GM will try to raise the segment's bar again with its new Malibu, which will arrive at U.S. Chevrolet dealers this fall. GM hopes that its sales and profits will rise as a result, and they probably will. But it's a safe bet that its rivals will move quickly to make further improvements in their cars -- and car-shoppers will be the real winners.

John Rosevear owns shares of Ford and General Motors. The Motley Fool recommends Ford and General Motors. The Motley Fool owns shares of Ford. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.

 

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Over 1 Million Yard Blowers Recalled for Fire Danger

April 16, 2015, 6:10 am

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Filed under: Consumer Ally, Recalls, Consumer Goods, Consumer Protection, Products

More than a million blower vacuums sold at Home Depot (HD) and Walmart (WMT) used to do yard work nationwide were recalled Thursday because of a defect that can cause them to overheat or catch fire, the U.S. Consumer Product Safety Commission said.

The blower vacuums, both made by the Changzhou Globe Tools and Cixi City Best Power Tools of China, were sold under the Homelite brand at Home Depot and the Expert Gardener brand at Walmart.

The recalls came after consumers reported nearly 1,400 incidents involving the yard tools sparking, smoking or burning. The vast majority of those complaints involved the Homelite models.

Anyone who has one of the recalled blower vacuums is urged to stop using it and return it for a refund.

The Homelite recall involves 823,000 blower vacuums, while the Expert Gardener recall involves 225,000 units.

Federal product safety laws count on companies to report product defects and safety issues to the government. Companies are supposed to issue a recall soon after first learning that a product has an issue that could put consumers in danger.

The Homelite recall includes the brand's 12 amp electric blower vacuums with the following model numbers: UT42120, UT42120A and UT42121. The red and black blower vacuums say "Homelite BlowerVac 2 Speed Powerful 220 MPH" on the side and on the tube. They were sold for about $40 at Home Depot stores as well as Direct Tools Factory Outlets between January 2010 and last month.

This Expert Gardener recall includes the brand's 12 amp electric blower vacuums with the following model numbers: 20254EG, 20254EGA, 20254EGB, 20254EGBC, 20254EGC and 21254EG. The green and black blower vacuums say "Expert Gardener" and "Blower Vac 2 Speed Quiet 150 MPH Powerful 220 MPH" on the side and on the blower tube. They were sold between January 2012 and last month for about $40.

Those with Homelite units can return them to any Home Depot for a refund. Consumers with questions can call Homelite Consumer Products at 800-597-9624 weekdays between 8 a.m. and 5 p.m. Eastern Time.

Those with Expert Gardener units can return them to any Walmart store for a full refund. Consumers with questions can call the importer, OWT Industries, at 800-597-9624 weekdays between 8 a.m. and 5 p.m.

 

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Financial Incentives OK'd for Workplace Wellness Programs

April 16, 2015, 8:05 am

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Filed under: Health Care, Labor, U.S. Government, Health Insurance

By RICARDO ALONSO-ZALDIVAR

WASHINGTON -- In a victory for business, federal regulators said Thursday that employers can continue to use financial penalties and rewards to nudge staff to participate in fast-growing workplace wellness programs.

But the Equal Employment Opportunity Commission -- which enforces laws against discrimination -- also proposed some safeguards for employees.

Those include limits on the size of financial incentives, confidentiality of employee medical information and prohibitions against firing workers who decline to participate or denying them access to the company health plan.

Financial incentives can range as high as 30 percent of the cost of premiums for employee-only coverage, the commission said. The proposed regulations are now open for public comment for 60 days.

Programs that encourage workers to lose weight, quit smoking, get active and better manage stress are spreading throughout American businesses. Employers are looking for ways to cut costs associated with chronic illnesses, which can be influenced by lifestyle, not just family medical history.

Some wellness programs require employees to complete a health risk assessment questionnaire and discuss the results with a health coach. Some require employees to take specific actions, such as losing weight or getting blood pressure readings down to recommended levels.

Chilling Effect

The wellness regulations have been lobbied hard by business groups pressing for more leeway and advocates for people with disabilities, seeking limitations. The influential Business Roundtable warned the administration last year that the employment commission's pursuit of discrimination claims related to wellness programs was having a chilling effect on efforts to control health costs.

Businesses say the programs are paying financial dividends, but independent assessments are mixed. For example, a 2013 study of a major St. Louis hospital system found that its wellness program was associated with a sharp drop in hospitalization. Yet increased outpatient costs erased those savings.

The 30-percent standard for financial carrots and sticks was set in President Barack Obama's health care overhaul law.

Here's how it works: If the total premium paid by the employer and employee for single coverage is $5,000, rewards or penalties for participating in a wellness program under that plan cannot exceed $1,500.

Financial Incentives

Virtually all large companies offer some sort of wellness benefit as part of their health insurance program. But fewer than 4 in 10 use financial incentives to get employees to participate or meet specific health goals. In most cases the penalties or rewards are well below what would be permitted under the proposed regulations.

After the health care overhaul passed in 2010, questions arose about potential conflicts with the Americans with Disabilities Act, or ADA, which dates back to 1990 and protects people with chronic conditions against workplace discrimination. That law says wellness programs have to be voluntary.

The employment commission is trying to balance the two laws.

Without question, the EEOC has stepped away from its prior enforcement guidance.

Karen Pollitz, an insurance expert with the nonpartisan Kaiser Family Foundation, said the commission previously had maintained that participation in wellness programs must be voluntary.

"Without question, the EEOC has stepped away from its prior enforcement guidance," said Pollitz. "Now they are saying it is OK to penalize people as long as the financial penalties or incentives, as well as other aspects of the program, are within these limits."

Commission Chairwoman Jenny R. Yang said in a statement the goal is to "harmonize" the workings of different federal laws that address the issue.

"Medical inquiries and exams that are part of an employee health program must be voluntary," said Yang. At the same time, "allowing incentives to encourage participation in wellness programs" is permitted by federal law.i

 

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Market Wrap: Stocks Slip a Bit as Earnings Worries Linger

April 16, 2015, 9:48 am

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Filed under: Energy, Earnings, Market News, IPOs

By Noel Randewich

NEW YORK -- U.S. stocks ended marginally lower Thursday as lingering worries about upcoming corporate earnings reports offset enthusiasm about a trio of soaring Wall Street debuts.

Weighing on the S&P 500 were Apple and General Electric, which is expected to report its first-quarter results Friday before the start of trading.

The S&P 500's top gainer, Netflix (NFLX), closed 18.2 percent higher a day after the video streaming service posted better-than-expected results.

Shares of Etsy (ETSY), an online marketplace for handmade goods and crafts, finished 87.5 percent higher and private-equity backed Party City (PRTY) stock jumped 21.8 percent in their IPOs.

The stock of electronic trading firm Virtu Financial (VIRT) closed 16.7 percent higher in its market debut in a sign that public angst over "high-frequency" trading is waning.

The Dow Jones industrial average (^DJI) fell 6.84 points, or 0.04 percent, to end at 18,105.77. The Standard & Poor's 500 index (^GSPC) lost 1.64 points, or 0.08 percent, to 2,104.99 and the Nasdaq composite (^IXIC) dropped 3.23 points, or 0.06 percent, to 5,007.79.

Of the 51 companies in the S&P 500 that have reported so far, 76.5 percent exceeded profit expectations, well above the long-term average of 63 percent.

After mixed trading sessions this week, major indexes are about 1 percent below record highs despite recent concerns about weakness in first-quarter earnings. But it is too early to pronounce the March-quarter earnings season an unexpected success, strategists said.

How Negative?

"Where are we on earnings? We know they're going to be negative year over year but just how negative are they going to be?" said Jim Bianco, president of Bianco Research in Chicago.

"It's a game. The analysts will cut too far so the companies can beat."

Apple (AAPL) closed 0.48 percent lower at $126.17 while GE (GE) ended down 0.65 percent at $27.28, with analysts on average expecting the conglomerate to post a drop in quarterly earnings, according to Thomson Reuters data.

First-quarter earnings for S&P 500 companies are expected to have declined 2.6 percent from a year ago, according to Thomson Reuters data, hurt by low oil prices, a strong dollar and extreme weather in the eastern United States. Revenue is forecast down 2.8 percent from a year ago.

SanDisk (SNDK) lost 4.51 percent to close at $67.91 after its forecast. Philip Morris International (PM) stock surged 8.74 percent to $84.96 after the cigarette maker's revenue and profit fell less than expected in the first quarter.

After the bell, Mattel (MAT) posted quarterly results that sent its shares 7.7 percent higher.

On Thursday, declining issues outnumbered advancing ones on the NYSE by 1,700 to 1,333, for a 1.28-to-1 ratio on the downside; on the Nasdaq, 1,434 issues fell and 1,289 advanced, for a 1.11-to-1 ratio.

The S&P 500 posted 8 new 52-week highs and no new lows; the Nasdaq composite recorded 102 new highs and 17 new lows.

-With additional reporting by Ryan Vlastelica and Caroline Valetkevitch.

What to watch Friday:

• The Labor Department releases the Consumer Price Index for March at 8:30 a.m. Eastern time.
• At 10 a.m., the Conference Board releases Leading Indicators for March, and the University of Michigan releases its preliminary survey of consumer sentiment for April.

Earnings Season
These selected companies are scheduled to release quarterly financial results:

• Comerica (CMA)
• General Electric (GE)
• Honeywell International (HON)
• Reynolds American (RAI)
• Seagate Technology (STX)
• Synchrony Financial (SYF)

 

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Loathe It? Leave It. 5 Simple Steps for Switching Banks

April 16, 2015, 11:00 pm

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Filed under: Banking, Financial Services, Checking Accounts, Financial Education

By Maryalene LaPonsie

Are rude tellers and outrageous fees among your bank's claims to fame? Enough already! Plenty of other banks want your business. Why waste your time and money on an institution you hate? You may think switching banks is a royal pain, but it's really not. Here are five steps to make the process as painless as possible.

1. Review Your Options

This step is likely the one you'll spend the most time on, but don't rush the process. You don't want to trade one bad bank for another. In fact, after your research, you may find you don't want a new bank at all. You may discover a credit union is your best bet for financial bliss. Everyone's priorities are different, but here's what you may want to consider when looking for the best financial institution for your money:

• Monthly cost of a checking account -- and how you can avoid paying it.
• Overdraft fees and overdraft protection options, as well as their cost.
• ATM availability and fees for using out-of-network machines.
• Online features, such as bill payment services and mobile account access.
• Branch locations and hours -- if you still like the personal touch.
• Perks such as credit or debit card rewards.
• Ability to bundle all banking needs (i.e. checking, savings, loans and investments) at one institution.
• Promotions for new customers.

In addition to looking at local institutions, don't forget to check out virtual banks like Capital One 360 and Ally, which can offer competitive services and easy account access online and through ATMs.

2. Ask for a Switch Kit

Once you've settled on a new bank or credit union, ask for a switch kit. Some institutions offer a packet of forms and information to help guide you through the process of switching banks. Contents may include direct deposit forms, worksheets and checklists.

As part of a switch kit, you may also get a form to mail to your old bank asking them to close your account. That can be handy, but hold onto the form. You don't want to use it just yet.

3. Open a New Account

Now it's time to actually open the account. Depending on the institution, you may need to make an appointment to do so, or you may be able to walk in any time during business hours. Typically, you'll be required to provide:

• Government-issued identification such a driver's license.
• Social Security number.
• Cash for the initial deposit.

Online banking applications may ask for your name, address and other identifying information in lieu of seeing a photo ID. If you're applying for a joint account, it may save time if you and your co-applicant are able to go together and open the account. However, many institutions will let one applicant start the process and let the second person come in at a different time to present their identification and sign the necessary paperwork.

4. Update Billing Information

You have your new account open, but don't close the old one just yet. First, you need to make sure all your billing information is updated. If you use an online bill pay service, print out your list of payees and enter that information into the bill pay service for your new account. Checking each account off as you enter it is a good way to ensure you don't skip any.

Next, check in with your insurance companies or any other company you may have authorized to take payments automatically on a periodic basis. If you have a PayPal, Serve or prepaid card attached to your checking account, update those as well.

Finally, leave a balance in your old account to cover any outstanding checks or recurring charges you may have forgotten about. Since most checking accounts have a monthly fee attached to them, it could get expensive to leave your old account open indefinitely. However, you'll want to wait at least a month or two to make sure you've caught any straggling bills.

5. Close the Old Account

After a few weeks with no activity on your old account, it's probably safe to close it. At this point, you can send in the form your bank provided with the switch kit, or you can have the satisfaction of walking into a branch and telling them face-to-face that you two are through.

Have you ever switched banks? Leave a comment below or head to our Facebook page to tell us what finally pushed you to kiss your bank good-bye. Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash.

 

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10 Terrible Loans You Should Consider Only as a Last Resort

April 16, 2015, 11:00 pm

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Filed under: Personal Loans, Auto Loans, Loans, Payday Loans, Financial Education

By Carrie Kirby

We've all been taught that most types of debt are bad news. But some loans are such egregiously awful financial instruments, we think they deserve special mention.

Below are 10 of the worst loan options available. They feature many things in common, such as exorbitant interest rates or enticements to make you spend and borrow more. These loans so bad, you should only consider them as an absolute last resort.

1. The Payday Loan. Payday lenders present themselves as a friendly, helpful, and practical solution to running out of money before the end of the month. You've seen the claims on storefronts, and you've probably heard the commercials by now: "Money as soon as tomorrow!"

What payday lenders really are, according to Sen. Elizabeth Warren, are "a credit product that can impose substantial costs on imperfectly informed and imperfectly rational borrowers." Warren decried payday lenders or cash advance companies in a paper "Making Credit Safer," which noted that a typical $30 fee on a $200 loan amounted to a nearly 400 percent annual interest rate. These companies make 90% of their profit on customers who roll their loans over, paying again and again for the money they've borrowed.

The Consumer Federation of America is so concerned about the long-term debt cycle which frequently traps borrowers that it set up a site to warn potential consumers of the risks of payday loans. Or maybe the Confessions of a Former Payday Loan Junkie will convince you.

2. The Car Title Loan. Car title loans are a notoriously awful option. The deal is, you borrow money at a high interest rate (typically 300 percent), and the loan is usually due in full in 30 days. As security, you sign over the title to a paid-for vehicle. That's a very bad idea, says the Consumer Federation of America.

"Car title lending risks repossession of major family asset," the organization warned in a paper that cited the forfeiture of thousands of vehicles in various states through these loans. The loan amount is generally a fraction of the car's market value.

3. The Tax Preparer Loan. Because of a regulatory crackdown, the big tax services have quit offering classic refund anticipation loans, where they would give you the money the IRS owes you weeks ahead of time in exchange for a hefty cut. But some of those same companies are now offering personal lines of credit with double-digit interest rates and a swarm of fees. Steer clear.

4. The Credit Card Cash Advance. Credit card cash advances seem appealing because you already have a relationship with your credit card, so there's no paperwork to fill out; they're instant, and there are no embarrassing face-to-face conversations involved. You've probably even gotten those "convenience checks" along with your credit card bill, or seen the logo of your credit card network on an automated teller machine.

Those perks come at a steep price: high fees and interest. The average fee is $10-$20, and the interest rate you'll pay ranges from 1 percent to 7 percent above your credit card rate. The only time you should even consider taking a cash advance is if your car breaks down out of town and the mechanic won't take a credit card. "It ought to be a last resort," David Jones, president of the Association of Independent Credit Card Counseling Agencies, told CreditCards.com.

5. The Casino Loan. Many casinos offer interest-free, fee-free lines of credit that can only be used to gamble. The only reason you should ever take advantage of such an offer is if you have the cash in your checking account and you prefer not to carry it. "Never borrow money while gambling. Chances are good that you'll lose it, making a bad situation even worse," advises part of the "Casino Gambling for Dummies" Cheat Sheet.

Like other lenders, casinos generally have the ability to put a lien on your home if you don't pay, setting the stage for a bad day at the tables to spin into a very bad year -- or even a terrible decade.

6. The Installment Loan. ​Similar to the payday loan, the installment loan gives the borrower a small amount of money -- often $1,000 -- on short notice at a high interest rate. But unlike payday loans, which are often due in full in just a few weeks, installment loans can be stretched over six months or a year.

These loans have skirted some of the scrutiny regulators put on payday lenders, but have landed consumers in much the same trouble. Take Naya Burks of St. Louis, who ended up having $5,300 taken from her paychecks after she defaulted on a $1,000 installment loan from AmeriCash. Those payments did nothing to chip away at the loan balance, which instead grew week by week because of the 240 percent interest rate, eventually ballooning into a $40,000 debt.

7. The Private Student Loan. Student loans may be a fact of life for many scholars nowadays, but think hard before turning to a private lender instead of federal programs. "While federal student loans offer options to avoid default through several loan modification and alternative repayment programs, lenders and servicers of private student loans generally do not," the Consumer Financial Protection Bureau warned in its annual student loan report. Private student lenders may also prevent you from selectively paying off higher-rate loans first, complained the blog Money Ning.

8. The Pawnshop Loan. If you live in a big city, you've probably passed pawn shops, which take jewelry, cameras, and other personal property as loan collateral, and keep the goods if the loan isn't paid in time. The New York City Department of Consumer Affairs warns that in addition to charging high interest rates, these shops often charge service and storage fees, driving the true interest rate sky-high. Many people end up paying more than the market value of their property to the pawnbroker, but can't pay all they owe and end up losing the property, anyway.

9. The Overdraft Loan. Your bank may have encouraged you to opt in to "overdraft protection," a program that allows you to write a check or withdraw funds from an ATM even if you have no money in your checking account. Tim Chen, CEO of NerdWallet, says you should never do this.

When your bank provides this "protection," it charges you a fee -- about $35 -- for that transaction and every other transaction on your account until the balance is above $0. In the end, you could end up paying even higher rates for that overdraft loan than you would borrowing from a payday lender, Chen warns.

10. The Lotto Winner Loan. Most of us will never be in the position to be victimized by this kind of loan, but if you ever win the lottery, watch out. The public radio program This American Life explained that these lenders go after people who have won jackpots to be paid out gradually over the years. They buy the winnings for an upfront payment, often pressuring the winners to sign off on a sum that is just a fraction of their winnings. Fortunately, now that most states offer a lump sum option, these lenders are no longer prevalent.

 

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Key Guidelines for Your Overseas Property Purchase

April 16, 2015, 11:00 pm

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Filed under: Retirement, Real Estate, Global Economy, Retirement Living

By Kathleen Peddicord

The idea of buying a home as part of your retirement in a new country can be intimidating, and it isn't for everyone. However, a piece of property in your chosen retirement haven can double as an investment, generating cash flow from rental income when you're not using the place yourself and allowing you to build equity to bolster your retirement nest egg.

How, though, do you make a purchase like this with confidence? The property purchase process is safe and secure in most places where you might be thinking about buying, as long as you follow the rules and use the same good sense you'd use when buying a piece of real estate in your home country.
For any purchase you're considering, address these issues:

1. Location

When buying property anywhere in the world, location is paramount. You can fix almost anything else with enough time and money, but you can't fix the location. Make sure it's either good or that you have a strong reason to believe the place where you're buying is on its way to becoming good. In addition to the neighborhood, consider the distance to the airport, good medical facilities and other elements that are important to you.

2. Walkability and Public Transit

Unless you're considering buying in a remote region where owning a car would be necessary, remember that walkability and proximity to public transit systems will be important to you, to your potential tenants if you plan to rent the place out when you're not using it and to anyone you might eventually sell to. If your location is not walkable, you may be requiring your buyer or renter to have a car, which is a big factor in a foreign country.

3. What's Going on Next Door

In Santa Marta, Colombia, I looked at a beautiful, new high-rise apartment three blocks from the beach with an impressive view of the Caribbean. When I looked out the window, I noticed that the adjacent "never to be developed" property was filled with construction equipment. As it turned out, this undisclosed neighboring building was going to block most of the view I'd have been paying for.

You can't see into the future, and you can't know everything that will happen in the neighborhood or region surrounding where you buy long term. However, you should keep your eyes open to what's going on around you when making your purchase.

4. The Path of Progress

Take a big-picture look at major infrastructure upgrades in the works. On one hand, buying in the path of infrastructure and development means you're positioning yourself to benefit from the construction of a new highway, airport or hospital, for example. However, if you're buying for peace and solitude, a new airport is the last thing you want just around the corner.

5. Details About Condos

If you're buying into a condo building, also consider these things:

• Condition of the building. Look at paint, general appearance, the pool, grounds, elevators and other shared facilities. A quality, well-managed building is never rundown. Don't take promises that the homeowners association is planning to fix things up during the coming year.
• HOA. The homeowners association is responsible for preserving the value of your investment. Make sure the rules for appearance and maintenance are being followed, and that the HOA is well-funded. Ask to review financial statements (your real estate agent should be able to get these). Compare the amount of monthly HOA fees for the building where you're considering buying with fees charged by other buildings in the area. Fees shouldn't be dramatically different. If fees are too high, what are you paying for? If fees are too low, the HOA won't have the funds required to take care of the building properly.
• Short-term rentals. If you want to rent your property in the short term when you're not using it yourself, make sure this practice isn't prohibited by the HOA or the municipality where the property is located. On the other hand, if you intend to live in the property full time, you probably don't want short-term tenants coming and going around you all the time.
• How many units are for sale. If a mature building has a relatively large number of units for sale, it could be a sign of trouble -- maybe a big tax increase, a big jump in HOA fees or something unpleasant going on the neighborhood, like a nightclub being built next door. Ask around to find out why so many apartments are available for sale. The best source of this kind of information is the building's doormen.
• The parking lot. A building with well-off owners who care about the properties will likely have a garage full of nice cars, and the more expensive, the better. If you see old junkers in the parking garage, take it as a warning.

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 28 years experience covering this beat, she reports daily on opportunities for living, retiring and investing overseas in her free e-letter. Her newest book, "How to Buy Real Estate Overseas," is the culmination of decades of personal experience living and investing around the world.

 

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Fast Food's New Weapon? The No-Longer-Humble Fry

April 16, 2015, 11:00 pm

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Filed under: Company News, McDonald's, Food & Beverage, Restaurants

By Katie Little

French fries are having a moment. Although fast food's recipe for fry success used to be merely "fry potatoes, just add salt," the new frontier includes unpredictable toppings like pulled pork or pizza, bringing innovation to something that's long been regarded as merely a side item.

"This is an area that there hasn't been a lot of innovation so it's not surprising that once people realize it's an opportunity, more and more people are getting into act," said Brad Haley, chief marketing officer at CKE Restaurants, the parent company of Carl's Jr. and Hardee's, in an interview.

Carl's Jr. is currently testing its latest iteration of loaded fries in select Southern California locations. Served with a fork, the fries have pepperoni slices, zesty parmesan marinara pizza sauce and melted mozzarella cheese. The pepperoni pizza fries follow several other deluxe fry creations at the chain, including bacon ranch, bacon cheddar and chili cheese varieties in addition to a poutine version at its Canadian outposts.

Ghost Pepper Fries at Wendy's

Wendy's recently launched Ghost Pepper Fries after getting the idea from a West Virginia franchisee. The limited-time offering fries are smothered in cheese sauce, topped with diced, fresh jalapenos, shredded cheese and a ghost pepper sauce for a recommended price of $1.99. Wendy's has had success in the loaded fry arena before. Its barbecue pulled-pork topped fries last fall exceeded expectations, Geraghty said.​

"Topped fries, we saw as an opportunity," said Liz Geraghty, Wendy's vice president of marketing, in a phone interview. "It's a product that people like, and you can create something that they love and is craveable by adding these flavors that are already good to begin with."

In February, fast food giant McDonald's began testing its own twist on the popular fry: fries with Shakin' Flavor seasoning in garlic parmesan, spicy buffalo and chipotle barbecue flavors.

Other recently noteworthy examples of the trend in the fast food space include Wienerschnitzel's Pastrami Chili Cheese Fries and Del Taco's Carnitas Loaded Fries.

Adapted From Casual Dining

"Casual dining has been doing these topped or seasoned fries for a while now, but we're starting to see it more in fast food restaurants," said Claire Conaghan, product director at Datassential. Trends frequently migrate from casual dining to fast food, she added.

Indeed, a quarter of casual dining restaurants now feature fries as an appetizer, a portion that's risen by 25 percent during the past 10 years, according to Datassential data. This means that fries are gradually migrating from merely being a side to achieving appetizer status.

The rise has been slower in fast food. Just this past summer, she started to notice fry innovation among the bigger restaurant chains. So far, jazzed-up fries have generated a fair amount of social media attention, so she said it would not surprise her if the trend continued.

 

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Get Paid for Cleaning Out Your Closet

April 16, 2015, 11:00 pm

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Filed under: Shopping, Clothing & Accessories, Saving

Got an overstuffed closet? Kids who grow out of their clothes long before the clothing is worn out? With spring in the air, it's time to clear out those unneeded items. Even better, you can get cash for them.

But how can you get the biggest payout with the least amount of effort? I've tried many options over the years, from eBay (EBAY) to private sales groups (there are many on Facebook (FB), just search "swap group" under Groups) to local consignment shops. Each approach has its pros and cons, but most have required a lot of effort.

Enter online consignment sites. Each shop has different policies, but the promise is appealing. The shop sends you a giant bag, you fill it up, mail it off, and wait for an offer. Some shops pay you up front for your items. The downside? Your items may not be accepted or may not be valued as highly as you'd like.

I tried out two popular online consignment sites -- Twice and ThredUp -- to see how the process works, and compared them to selling to my local consignment shop.

Twice

The process: Twice will send you a free "Selling Kit" (a large bag and prepaid shipping label) or you can use your own packaging and get a prepaid label via email to print out. I packed up my loot (the bag easily fit the 16 items I sent in, including several pairs of shoes), dropped it off at the post office, and got an offer about 10 days later.

The payout: I was offered $99 in cash (via PayPal or check) or $123.75 if I took my payout in store credit.

I was disappointed to learn that three of my items had been rejected, including a brand-new silk blouse with tags attached that was dinged for "overall wear." When I pointed that out to the customer service team, the head buyer reviewed my order again and said it was actually faded, not worn. Still hard to accept on a brand-new item, but that aside, I was happy with the payout.

If I had not been OK with the offer, I could have opted to have all my items returned to me for $4.95, but it's an all-or-nothing proposition: You can't have just the rejected items returned.

What to know: Twice will buy women's and men's clothing, women's shoes, and handbags. As I learned from my experience, the company is extremely selective about the condition of items it accepts and has a fairly limited list of brands it will buy. For example, fans of Old Navy, Aeropostale, H&M and Garnet Hill are out of luck. Even L.K. Bennett -- a favorite designer of Kate Middleton -- is on the reject list, so you should be very careful about what you send. The online payout calculator is a good way to ballpark what you can get.

ThredUp

The process: Similar to Twice, ThredUp will mail you a large bag with a prepaid label, but there is no option to print your own label if you need to send a larger package. You do have to decide up front if you want items returned to you if they are not accepted -- this "Return Assurance" option is $12.99.

I mailed in 16 more items and dropped off the bag with the post office at the same time as the Twice shipment. I got an email about a week later saying that my bag had arrived, but it would take up to a month to process. Fortunately, it only took about two more weeks.

The payout: I was offered $48.07 for 14 of my items, which I could use immediately as store credit or receive in cash after 14 days. There was no explanation for why the others were rejected. I would have liked to know the reasons, but I was OK with the amount offered -- the items I had sent to ThredUp weren't as valuable as those I sent to Twice and most likely would have ended up being donated otherwise.

What to know: ThredUp accepts women's and kids clothing and shoes, as well as handbags. It's much less restrictive than Twice in terms of accepted brands -- in addition to brands like Old Navy that Twice doesn't buy, ThredUp even accepted a pair of jeans I bought in Australia from a brand not sold in the U.S. If you're curious about what your items might fetch, you can check ThredUp's pricing calculator.

Local shop

The process: Call or email for an appointment, generally a few weeks out. Then bring in the items for approval. On the plus side, I find out right away if items are rejected and can keep them instead. On the downside, I have to wait until the items sell to get paid. On average it takes three to four months to get a check.

The payout: A recent drop-off of nine items was estimated to net me $176, but the check I got several months later was only for $100, so some pieces either sold at a discount or not at all.

What to know: Every store will have its own guidelines. Mine is very particular, and it sells only higher-end women's clothing, shoes and accessories. The payouts are generally higher than what I got from ThredUp and Twice, but very few of my items qualify.

I found both online options considerably easier than schlepping my stuff to the brick-and-mortar shop. I'll continue to use the sites, likely in tandem, sending my fancier stuff to Twice and shipping lower-end clothing and my kids' cast-offs to ThredUp. (Another DailyFinance contributor recently tested ThreadFlip and Tradesy.)

As a bonus, I discovered that both sites offer great deals on slightly used (sometimes brand-new) clothes. Now that I know how particular the sites are about what they accept, I feel more comfortable buying from them too.

Motley Fool contributor Robyn Gearey owns shares of Facebook. The Motley Fool recommends and owns shares of eBay and Facebook. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.

 

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SeaWorld Loses Another One

April 16, 2015, 11:00 pm

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Filed under: Company News, Entertainment Industry, Scandals and Lawsuits

SeaWorld Entertainment (SEAS) has big plans to get its turnstiles clicking in the right direction, but first it needs to stop its guests and partners from defecting. Baylor University became the latest big name to distance itself from the struggling theme park operator.

The Baylor Alumni Network has decided to forgo its annual summer outing to SeaWorld San Antonio, opting instead for Six Flags (SIX) Fiesta Texas. Corporate and group outings get bounced around, but the alum-networking organization is vocal about the venue shift.

Smith Getterman, the Texas university's assistant director of sustainability and special projects, has been trying to get the venue changed since last year, concerned that SeaWorld's practice of keeping killer whales in captivity and having them perform runs afoul of the Baptist university's preachings.

"We firmly believe all that we talk and preach here, in the Office of Sustainability about caring for creation," he told Baylor's student newspaper. "That means the beasts of the land, the birds of the air and the fish in the sea or in this case mammals."

Getterman approached the university's director of future alumni, young grad and social/global outreach with the idea to move the event from SeaWorld, sending along copies of the "Blackfish" and "The Cove" documentaries that depict the dark side of orcas and dolphins at marine life parks.

It did the trick, and the park operator that is already suffering from back-to-back years of attendance declines finds itself once again having to defend its marine life environment and entertainment practices.

Splash Zone

This isn't the first time that SeaWorld has seen a seemingly lucrative partnership disintegrate in light of backlash following 2013's "Blackfish" release. Activists persuaded several musical acts to bow out of a SeaWorld music festival last year, and everyone from the Miami Dolphins to Southwest have decided not to renew partnerships with the now controversial theme park operator.

The timing is ironic. SeaWorld just hired a new CEO known for his Christian roots. Joel Manby even wrote a book -- "Love Works." -- that implores company executives to use Christian values to devise leadership schemes to improve working relationships. Manby starred in "Undercover Boss" five years ago when he was CEO of the parent company of Dollywood and Silver Dollar City. However, it doesn't seem as if Manby and Getterman are on the same page here as to what SeaWorld can do to better align itself with activists calling for an end to the whale shows that have become the chain's staple offering for decades.

SeaWorld has done the right thing in bringing in an outsider CEO, and now it's rolling out ads attacking what it believes are inaccuracies in activist arguments. Unfortunately it doesn't appear to be enough.

SeaWorld has been battling left-leaning activists that have grown louder as "Blackfish" reaches a widening audience. Now it has attracted the ire of a right-leaning religiously affiliated university group. It's getting pretty tight in the middle at SeaWorld, but activists will argue that it's just the way that the orcas feel in their restrictive tanks.

Motley Fool contributor Rick Munarriz owns shares of SeaWorld Entertainment. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.

 

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GE Posts Enormous Loss on Sale of Finance Unit

April 17, 2015, 1:05 am

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Filed under: Company News, General Electric, Earnings, Financial Services, Industrial

By JONATHAN FAHEY

NEW YORK -- The industrial heart of General Electric, the company's new focus, posted lower revenue and earnings in the first quarter amid an enormous overall loss resulting from its recently announced sale of most of the assets in its finance subsidiary.

Net income from the part of GE that the company will retain after the sale fell 5 percent to $3.1 billion, the company said Friday. Adjusted earnings per share fell 6 percent to 31 cents, a penny better than analysts polled by Zacks Investment Research expected, on average.

This is the plan for the future of GE as a fast-growth, high-tech industrial company.

Revenue fell 12 percent to $29.4 billion, below the $34.4 billion analysts expected.

GE CEO Jeff Immelt said in a statement that the global economic environment remained "volatile" but that investments in large infrastructure projects being made around the world provided opportunities for growth.

GE announced last week it would sell most of the assets in its GE Capital subsidiary, the latest and most dramatic move by the company to transform itself into a more focused industrial conglomerate that makes large, complicated equipment for other businesses.

Costs and charges associated with the sale totaling $14.1 billion pushed the company to an overall loss of $13.57 billion in the quarter, down from a profit of $3 billion during last year's first quarter. On a per-share basis, the company lost $1.35.

"This is the plan for the future of GE as a fast-growth, high-tech industrial company," Immelt said in a statement Friday.

Investors cheered the plan last week when it was revealed, bidding GE shares up 11 percent after the announcement. Investors had long pushed for GE to get rid of its finance unit, even though it has been very profitable, because it is difficult for investors to understand and predict, and it carries risk.

'Sluggish at Best'

But GE must now prove that it can grow its industrial businesses, something it largely failed to do in the first quarter. "The industrial business is sluggish at best," said Logan Purk, an analyst at Edward Jones. "It's great they are going to be a pure play industrial business, but there are better growth opportunities out there."

Performance among its divisions was mixed. The slump in global oil and gas prices reduced revenue at the company's oil and gas division by 8 percent, while profit fell 3 percent. Profit also declined in the company's power and water division, which makes power generators and equipment, along with water treatment equipment.

Revenue fell slightly in the company's large aviation division, which builds aircraft engines, but profit surged 18 percent. Revenue at in the transportation division, which makes locomotives, rose 7 percent while profit increased 11 percent.

GE (GE) shares rose 17 cents to $27.45 in morning trading. GE shares have risen 8 percent since the beginning of the year, while the Standard & Poor's 500 index (^GSPC) has risen 2 percent.

 

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Consumer Prices Rise on Gas, Housing Costs; Sentiment Jumps

April 17, 2015, 1:35 am

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Filed under: Economic Indicators, Gas Prices, GDP, Inflation, Economy

By Lucia Mutikani

WASHINGTON -- U.S. consumer prices increased for a second straight month in March on rising gasoline and shelter costs, a sign of some inflation that should keep the Federal Reserve on course to start raising interest rates this year.

March's broad-based price gains bolster the U.S. central bank's long-held view that inflation will gradually move towards its 2 percent target as the dampening effect of lower energy prices fades.

"The data should allay the disinflation concerns that predominated earlier this year and, on the margin, increase the Fed's confidence that inflation will eventually move toward its target," said Michelle Girard, chief economist at RBS in Stamford, Connecticut.

The Labor Department said Friday its Consumer Price Index increased 0.2 percent last month after a similar gain in February. In the 12 months through March, the CPI slipped 0.1 percent after being unchanged in February.

The so-called core CPI, which strips out food and energy costs, increased 0.2 percent in March after a similar rise in February. In the 12 months through March, the core CPI rose 1.8 percent, the largest increase since October.

The Fed has kept overnight interest rates near zero since December 2008, but a number of officials have said a rate hike will likely be considered at the June policy-setting meeting.

But a recent raft of weak economic data, including the March nonfarm payrolls report, has left many economists with the belief that monetary policy tightening won't happen before September.

But the economy appears set to rebound from a soft patch in the first quarter. In a separate report, the University of Michigan said its consumer sentiment index jumped to 95.9 this month from a reading of 93 in March.

That bodes well for consumer spending and the overall economy, which stumbled at the start of the year under the weight of a harsh winter, a resurgent dollar, weaker global growth and a now-resolved labor dispute at West Coast ports.

The dollar rose marginally against a basket of currencies, while prices for U.S. government debt were slightly weaker. U.S. stocks fell sharply.

Dollar Impact

The rise in inflation, however, may be limited by the strong dollar, which has gained 13 percent against the currencies of the United States' main trading partners since last June.

Economists estimate the dollar could shave half a percentage point off inflation and economic growth this year. Firming wage growth, however, could mitigate the dollar's impact on inflation.

"But if the core rate is that close to target when it is being constrained by the indirect impact of lower energy prices and the stronger dollar, how high could it get when those transitory effects fade next year?" said Paul Ashworth, chief U.S. economist at Capital Economics in New York.

Last month, gasoline prices rose 3.9 percent, the largest gain since February 2013, after increasing 2.4 percent in February. Food prices slipped 0.2 percent last month, the biggest drop since May 2013.

Elsewhere, shelter costs rose 0.3 percent. That, together with higher energy prices, accounted for much of the gain in the CPI last month.

Further gains in the cost of shelter are likely in the months ahead, given rising demand for rental accommodation.

There were increases in prices of new motor vehicles, used cars and trucks and medical care services. Prices for apparel items and household furnishings and operations also rose. Airline fares fell 1.7 percent.

 

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