Connect with us

Bad Credit

Border dispute between China and India turns deadly

Published

on

This is a rush transcript from “Special Report,” June 15, 2020. This copy may not be in its final form and may be updated.

BAIER, FOX NEWS ANCHOR: Hey, Jesse. Thank you. Good evening. I’m Bret Baier. Breaking tonight, President Trump says cost is no object in the effort to prevent deadly interactions between police and civilians. The President unveiling his plan for police reform this afternoon, calling for common sense improvement and accountability and transparency and investment in training and community engagement. His Executive Order comes as demonstrators in Seattle are giving up a bit of their territory.

I say their territory. It’s downtown Seattle during that occupation of downtown Seattle, the six blocks, but they’re still holding on. In Atlanta. disturbing news about the white officer — police officer who fatally shot an African-American man last week, we’ll bring you there live. And the political stakes of police reform are becoming clearer tonight for Joe Biden. Coming up shortly, we will have interviews with House Majority Whip James Clyburn and Deputy Assistant to President Trump, Ja’Ron Smith.

We have FOX team coverage across the country tonight. First, Chief White House correspondent John Roberts has details of the President’s plan live from the North Lawn. Good evening, John.

JOHN ROBERTS, FOX NEWS CHANNEL CHIEF WHITE HOUSE CORRESPONDENT: At noontime today, Bret, in the Rose Garden, the President signed an Executive Order to undertake some reforms in policing, in signing that Executive Order. The President said he wants law enforcement officers and departments across the country to adopt the highest professional standards possible to serve their communities.

(BEGIN VIDEOTAPE)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: What’s needed now is not more stoking of fear and division. We need to bring law enforcement and communities closer together, not to drive them apart.

ROBERTS: It is just the beginning of more to come. The House and Senate are working on broad measures, but President Trump wanted to do whatever he could from an executive standpoint to address the difficult issues facing the country. The Executive Order includes three initiatives, federal incentives to police forces to create credentialing and certification in best practices for the use of force. As part of that initiative, President Trump says he wants to ban the use of chokeholds in all but the most extreme cases.

TRUMP: As part of this new credentialing process, chokeholds will be banned, except if an officer’s life is at risk.

ROBERTS: Additionally, the President wants to investigate advanced and powerful less lethal weapons to help prevent deadly interactions. The second part of the initiative is on information sharing on police officers with complaints of misconduct. So, bad cops can’t just move from one force to another. President Trump insists bad cops are rare, but need to be rooted out.

TRUMP: They’re very tiny. I use the word, tiny. It’s a very small percentage, but you have them. But nobody wants to get rid of them more than the overwhelming number of really good and great police officers.

ROBERTS: The third part of the E.O. would incorporate social workers into police forces to help officers deal with everything from mental health issues to domestic disputes to homeless persons.

TRUMP: This is what they’ve studied and worked on all their lives. They understand how to do it.

ROBERTS: In a Senate Judiciary Committee hearing on police use of force this afternoon, Democrat Kamala Harris argued the E.O. doesn’t meet the moment.

SEN. KAMALA HARRIS (D-CA): This is not enough. There are thousands of people marching on the streets, in 50 states, demanding meaningful change. The people are demanding action.

ROBERTS: President Trump says police reform is only one part of the equation, expanding opportunity and prosperity and communities is another, allowing the President to pivot today to his strong point, the economy and the surprising rebound in retail sales, up nearly 18 percent in May.

TRUMP: Unless my formula is tampered with, we will soon be in a stronger position than we were before the plague came in from China.

(END VIDEOTAPE)

ROBERTS: In another development, the Department of Justice today filed a lawsuit in federal district court seeking to block publication of former National Security Adviser John Bolton’s upcoming book, The Room Where it Happened. The DOJ claims that Bolton did not abide by his employment agreement by submitting his memoir for prepublication review to scrub it of classified material, even though Bolton did undertake a lengthy process with the National Security Council.

No response yet from Bolton, though, Bret. We expect to hear from his attorney, Chuck Cooper, later on today.

BAIER: We’re with the panel on that. John Roberts live in the North Lawn. John, thanks. We are learning new details tonight about the white former Atlanta police officer involved in last Friday’s fatal shooting of an African-American man who was resisting arrest. We’re also getting more information about what led up to that killing. Correspondent Steve Harrigan is in Atlanta tonight.

(BEGIN VIDEOTAPE)

RAYSHARD BROOKS, AFRICAN-AMERICAN MAN SHOT BY POLICE OFFICER: Take me home. I’m ready to go.

STEVE HARRIGAN, FOX NEWS CHANNEL CORRESPONDENT: New details are emerging from the night Rashard Brooks died in Atlanta. Police released the 911 call that brought officers to the Wendy’s drive thru Friday, where Brooks was sleeping in a car.

CALLER: I have a car. I think he’s intoxicated. He’s in the middle of my drive thru. I tried to wake him up.

OPERATOR: Ma’am, does he appear to have any weapons from where you can see?

CALLER: No, no. I think he’s intoxicated.

UNIDENTIFIED MALE: I think you’ve had too much to drink to be driving.

HARRIGAN: After calm discussions with police, Brooks agrees to and fails a sobriety test. He begins to struggle when the officers attempt to handcuff him, grabbing one of the tasers. The family’s attorney says Brooks had reason to fear police.

L. CHRIS STEWART, ATTORNEY OF THE BROOKS FAMILY: I don’t know if that triggered him up. I’m about to get put in handcuffs and be helpless and I rather try and get away than be handcuffed and die like George Floyd did.

HARRIGAN: George Floyd, the man who died with a knee to his neck, the Minneapolis Police Department releasing 911 calls from his case, including a dispatcher who called a police sergeant out of concern while watching in real time.

DISPATCHER: You can call me a snitch if you want and all of them sat on this man.

HARRIGAN: Former officer Derek Chauvin, who’s charged with killing Floyd was the subject of 17 internal affairs investigations before he was fired. In Atlanta, internal affairs documents are revealing Garrett Rolfe, who was terminated after shooting Rayshard Brooks received a written reprimand in 2017, for use of force involving a firearm.

KEISHA LANCE BOTTOMS, MAYOR OF ATLANTA: It’s very clear that our police officers are to be guardians and not warriors within our communities.

HARRIGAN: Protesters are once again taking aim at Stone Mountain, an enormous monument to the Confederacy in an Atlanta suburb, that depicts Jefferson Davis, Robert E. Lee and Stonewall Jackson.

(END VIDEOTAPE)

HARRIGAN: Critics want those Confederate leaders sandblasted off the mountain. Bret?

BAIER: Steve Harrigan live in Atlanta. Steve, thanks. There is movement tonight in Seattle, as protesters continue their occupation of part of the downtown area. Chief correspondent Jonathan Hunt is in Seattle tonight with the latest. Good evening, Jonathan.

JONATHAN HUNT, FOX NEWS CHANNEL CHIEF CORRESPONDENT: Good evening. Negotiations between city officials and protesters have been ongoing for several days and today, they bore fruit, with both sides agreeing to shrink the Capitol Hill occupied protests zone by about half. The perimeter is now lined with these concrete blocks installed by the city, covered with plywood. The zone significantly includes the Seattle Police Department’s East precinct.

That, of course, is the protesters prize and they have no intention of giving it up. Seattle Mayor Jenny Durkan said today, she has no intention of forcing the issue. She again accused President Trump of using misleading and inaccurate depictions of the occupied protest zone, and she said that this settlement both means that they can continue the protesters to occupy their first amendment rights, and they can guarantee the safety of residents and businesses.

There have been no significant disturbances or violences in the past 36 hours, and Seattle City officials clearly believe by establishing this semi-official protest zone, that will remain the case. At least, they hope so. Back to you.

BAIER: Jonathan Hunt Live in Seattle. Jonathan, thank you. Joe Biden is being warned tonight, more than 50 liberal groups are telling the presumptive Democratic presidential nominee, he risks losing support of African-American voters if he does not commit to more aggressive police reform. Correspondent Peter Doocy has the story.

(BEGIN VIDEOTAPE)

PETER DOOCY, FOX NEWS CHANNEL CORRESPONDENT: Who said this in 2002? Put a cop on three of four corners and guess where the crime is going to be committed? On the fourth corner, where the cop isn’t. More cops clearly mean less crime. Same guy who said this, in 2007.

JOE BIDEN (D), PRESIDENTIAL CANDIDATE: Fewer police on the street preventing crime and protecting community, means more crime. And it’s as simple as that. It’s not rocket science.

DOOCY: But Biden’s formula has changed a lot in 13 years.

BIDEN: It’s complicated. And but I think we should turn it over as much as we can to non-armed police officers to deescalate things related to mental illness, homelessness and drug abuse.

DOOCY: Dozens of progressive activists are trying to pull Biden further left, warning him in a letter, you cannot win the election without the enthusiastic support of black voters, and how you act in this moment of crisis will play a big role in determining how black voters and all voters concerned with racial justice respond to your candidacy.

Biden’s platform includes this, “I’m proposing an additional $300 million to reinvigorate community policing in our country.” But as V.P. vetting team includes Eric Garcetti, the mayor of L.A. who wants to cut more than $100 million from the LAPD and one possible Biden running mate represents California.

HARRIS: We really do have to get to a point where we agree that the status quo way of thinking about achieving safety, is really wrong when it assumes that the best way to achieve more safety is to put more police on the streets. It’s just wrong.

DOOCY: Some law enforcement officers aren’t pleased. The president of the Federal Law Enforcement Officers Association tells the Wall Street Journal, I know he has his heart in the right place, he believes in law enforcement, but he needs to come out and say it. But for now, Biden’s focus remains on bad cops.

BIDEN: First and foremost, we have to make sure that cops are held accountable like everybody else.

(END VIDEOTAPE)

DOOCY: And within the last hour, the Biden campaign started pushing back on President Trump’s comments earlier today, that Obama and Biden didn’t do anything on police reform because they didn’t know how. In a statement, the Biden campaign says that the Trump administration has actually undone some of the Obama and Biden police reforms like, sending military equipment to small town PDs. Bret?

BAIER: Thanks, Peter. Joining us to discuss race in America and police reform, is the third ranking Democrat in the House Majority Whip, James Clyburn, of South Carolina. Congressman, thanks for being here.

REP. JAMES CLYBURN (D-SC): Well, thanks for having me.

BAIER: Your reaction to the President’s Executive Order and what the administration is trying to do on police reform.

CLYBURN: Much, much too little and does not go far enough. I think that what we’ve got to do is attack this culture that all of us know exists. This is institutional. It was built upon two pillows that we see not the one to deal with. One, being, white people who came to this country of their own free will, who came here in search of freedom, running away from tyranny. The experiences of black people who came here against their will, chained, shackled, and enslaved.

And these two divergent pillows are the institutions of — in this country, were based upon them. Healthcare delivery, education, law enforcement, all built upon them. Policing itself started out as slave patrols. We know that. And so, what we’ve got to do is stop trying to put a band-aid on this problem and attack the institution that is perpetuating this culture.

BAIER: Well, Congressman, what do you say to African-Americans who support President Trump and this administration? What do you say to somebody like Senator Tim Scott, who’s — is working on legislation on police reform? But here’s what he said.

(BEGIN VIDEO CLIP)

SEN. TIM SCOTT (R-SC): It’s this administration that has made permanent the funding for historically black colleges and universities for the first time, in America’s history. It’s this administration that has reversed the damages done by the 1994 Crime Bill, with the First Step Act. It was President Trump that signed that legislation into law. It was President Trump and this administration that decided to work with me on opportunity zones to bring $75 billion from the private sector into the poorest communities in this nation, closing the wealth gap.

(END VIDEO CLIP)

BAIER: What do you say to him?

CLYBURN: None of that’s true. The fact of the matter is, yes —

BAIER: None of that’s true?

CLYBURN: None of that is true. I went to an HBCU. I’m a graduate of Sacramento State University. I have been fighting for HBCUs all of my life. This is not the most money that’s ever gone to HBCUs. That is just absolutely —

BAIER: So, what about the First Step Act or opportunity zones?

CLYBURN: Well, the President signed that bill. But Senator Richmond wrote much more of that deal than the President ever read. So, I know how that deal got done. Hakeem Jeffries wrote that deal. These guys were working on stuff in that deal. But I don’t know how many years. How long have you been trying to get these things done? So, they get wrapped into the bill, his son-in-law, came up and work with people to get the bill done. And the President signed it. But don’t tell me what he did. I know better.

BAIER: But Congressman, he did it. I mean, the administration did it. It wasn’t the Obama administration —

CLYBRUN: The administration —

BAIER: — that did it. It was the Trump administration.

(CROSSTALK)

CLYBURN: I didn’t come here to argue with you. But you can argue it, if you want to. It’s just not true. And that’s not the only thing that this President says that’s just not true.

BAIER: OK. I understand, but you’re not giving the Trump administration any credit for the things that Senator Tim Scott has said it should get credit for.

CLYBURN: Absolutely not. I’m not, because he doesn’t deserve it. I’ll give him a bad credit who deserve it. I work very closely with George W. Bush. And I think he deserved a lot of what he did on Africa, on fighting aids. So, I give credit where credit is due. But I know better than that. Now, I don’t want to get into these opportunity zones. But you tell me about money spent in opportunity zones, I ask you, who got the wealth out of the money spent in opportunity zones?

Go down to Charleston and talk to anybody down there, they will tell you and I’ve seen the headlines other local Charleston papers and opportunity zones in Charleston put Jennifer Kishan on steroids. I didn’t write that headline. A white person wrote that headline. And you will hear it all over this country. That’s what opportunity zones have done. Put justification on steroids.

When you go in and you make an investment with a man, in a black community, and deal a dormitory for college, and you get the income off the dormitory. And none of the people that live in that neighborhood can live in that dormitory. Come on. I know better than that.

BAIER: We’re going to end on this, Congressman. Tomorrow is the fifth anniversary of the mass shooting of Mother Emanuel Church in Charleston, South Carolina. Extremely painful for the country, but specifically for South Carolina and your constituents. Reflections on that and where we’ve come as a country, how far we have yet to go.

CLYBURN: Well, I think most of us know how far we’ve got to go. But I want to give credit where credit is due. We have come far from that day. But there are two things to learn from that event. And I would hope you will take a hard look at it.

Number one, we learned a little bit about policing and what we’re dealing with today. Because when Dylann Roof went into that church and murdered those nine people, and escaped to North Carolina, when he was arrested by three police officers, all of them approached his car with their guns drawn. But when they open the door of the car, they put their guns back in the holster. They didn’t snatch him out of the car. He said that he was thirsty, and they gave him water to drink.

He said that he was hungry, and they took him to a Burger King. That’s the way he was arrested before coming back to Charleston. Now, compare that with the arrests that we’ve seen, George Floyd, a $20-counterfeit dollar. And look what happened to him. Look at this gentleman in Atlanta, the other night, how he was arrested. He talked for 20 minutes with the officer, being deferential. Yes, sir. No, sir. The two lessons to be learned from that.

BAIER: Well, Congressman, we appreciate your time. We always appreciate you coming on FOX News. Thanks for being here.

CLYBURN: (INAUDIBLE) Thank you.

BAIER: We’ll hear a live update from the Trump administration. Reaction to this interview and the day’s events, after this quick break.

(COMMERCIAL BREAK)

BAIER: Well, we just heard from the House Majority Whip in our last segment, let’s get the Trump administration perspective now, in reaction. Joining us now, is Ja’Ron Smith, Deputy Assistant to the President, live from the North Lawn. Ja’Ron, thanks for being here.

JA’RON SMITH, DEPUTY ASSISTANT TO PRESIDENT TRUMP: Thanks for having me, Bret.

BAIER: You just heard the House Majority Whip, not really giving the Trump administration much credit at all. I was quoting and played the soundbite from Senator Tim Scott, your reaction to that interview. You just heard it.

SMITH: With all due respect with the Congressman, he’s so wrong. In fact, we’ve negotiated the whole bill. In fact, the whole concept of prison reform came from the White House and being able to secure to build in the Senate came from the President’s leadership with Republicans to get it on the floor and commitment from law enforcement. That’s why we got the first step back. And for him to say that that’s not true, it’s completely wrong. And last of all, we’re talking about a Republican Congress.

So, the Republicans control the House and the Senate. That goes as well for HBCU funding. All the HBCU funding that was historic in nature, first started with the House Republicans and the Senate Republicans, I’m agreeing with the President to fund them. And more importantly, permanent funding for HBCUs. The democratic plan was temporary. And we made it permanent, through negotiating with Lamar Alexander. And those are just the facts.

You know, he can try to spin things as much as he wants, with all due respect to him. And then with opportunity zones, 75 billion to distressed communities across the nation. What we need is local leadership for the places that he’s talking about that gentrifying. These are localities, we have local leaders who haven’t changed your local system to allow for the people to be beneficiaries of on growth in their communities. And so, if we can get local policy change, I think that’ll work out well for all communities.

BAIER: You know, Ja’Ron, the other thing, Congressman Clyburn said, and a lot of Democrats have said today, is that this Executive Order on police reform is not enough, it falls short. Here is the Senate Minority Leader Chuck Schumer.

(BEGIN VIDEO CLIP)

SEN. CHUCK SCHUMER (D-NY): One modest, inadequate Executive Order will not make up for his decades of inflammatory rhetoric and his recent policies designed to roll back the progress that we’ve made in previous years. Now is the moment for real lasting comprehensive change. We cannot merely make some changes around the margins.

(END VIDEO CLIP)

BAIER: What about that?

SMITH: Yes. My question, Chuck Schumer, he helped create the system that we have, the whole system that we live in, in New York with these underserved areas are all Chuck Schumer’s work. And so, if you want real change, listen to Donald Trump that’s talking about bringing investments into communities and not just doing that, but bringing police and communities together.

You can talk to Chuck Schumer about the families that were represented with this E.O. by giving us some of the key provisions such as bringing co- responders into neighborhoods, to deescalate. Co-responders and social workers will work with law enforcement to deescalate on crimes dealing with mental health or drug addiction or homelessness. I think these are very important markers to create community policing. And Chuck Schumer right now, is just playing politics.

BAIER: Ja’Ron, can you — speaking of families, there were families that met with President Trump and the Attorney General today. Can you take us behind the scenes there? These are victims’ families, and paint the picture?

SMITH: So, well, we want to really protect these families. We wanted to listen to them. And so, I won’t get into too many details to that conversation. But I can tell you, it was a — it was a very emotional moment when we got to hear directly from the families. But I think what speaks louder than anything, the words of the Executive Order that accounted for ways that we can reform our system in a positive way, along with law enforcement. And so, we had law enforcement leaders and the families together.

And so, this is a watershed moment for America to start working on how we revitalize our communities and keep them safe by working with our police and not against them.

BAIER: And last thing, there’s a potential that this election is going to get ugly. I mean, if people were looking at the crystal ball, they would say it’s likely going to get there, if it not — if it’s not already there. Race is an explosive issue. And it’s already being tapped into in some of these ads. Some Democrats go as far as to call the President, racist. Can you address that, from your perspective?

SMITH: You know, it’s a sad state of affairs, but in my experience, has always been the way the Democrats play politics against Republicans, all Republicans are racist and rich, when the truth of the matter is, it’s about results. They’re forgetting that like it’s about the system. It’s about giving economic opportunity to people. It’s about allowing for people to get justice, in the justice system. It’s about getting education and access to education.

And that’s what the President is all about, results. And that’s why he was elected. Because people want to see something real and not just get lied to by politicians. And they forget to do what they were — do — hired to do, and as represent the people and create real change that people can feel.

BAIER: Ja’Ron Smith, we appreciate your time, Deputy Assistant to the President. Thanks a lot.

SMITH: Thanks so much, Bret.

BAIER: Up next, is there a drug that can improve survival from coronavirus? Researchers in England think they may have found one. We’ll bring you that. First, here’s what some FOX affiliates around the country are covering tonight. FOX New Mexico and Albuquerque where the mayor says the statue at the site of the shooting Monday, will come down. A man was shot as protesters clashed with people trying to prevent the removal of a statue of a Spanish conquistador.

Many Native Americans resent that monument because of Spain’s conquest of the area in the 1500s. The victim is in critical but stable condition. FOX 2 in San Francisco is the man charged in the slaying of the Santa Cruz County deputy, is also one of the suspects in the murder of a Federal Security Officer. FBI is saying that Steven Carrillo and another man, killed Dave Patrick Underwood on the night of a George Floyd protest in Oakland.

And this is a live look at Denver from FOX 31m. What are the big stories there tonight? United Airlines says it will strengthen mandatory mask policies to further hinder the spread of COVID-19 and help continue to keep passengers and crew safe. It says any passenger who does not comply will be placed on an internal travel restriction list. We’ll follow that one. That’s tonight’s live look outside the Beltway from SPECIAL REPORT. We’ll be right back.

(COMMERCIAL BREAK)

BAIER: The big retail sales jump John Roberts mentioned sparked another big day on Wall Street today. The Dow soaring 527, the S&P 500 gained 58, the Nasdaq jumped 170.

The Homeland Security Department is extending its travel restrictions between the U.S. and its neighbors in Canada and Mexico. That comes as there is word tonight that a cheap and widely available drug may improve survival from coronavirus. That good news is tempered by the latest reports from several states of increasing infections and hospitalizations. Correspondent Casey Stegall shows us tonight.

(BEGIN VIDEOTAPE)

MAYOR STEVE ADLER, (D) AUSTIN, TEXAS: We’re getting that first early warning sign that this virus is still here.

CASEY STEGALL, FOX NEWS CORRESPONDENT: While New York, the once epicenter of the COVID-19 outbreak, is reporting its lowest number of hospitalizations and deaths, other areas of the country are seeing all-time highs. Florida had more than 2,700 new cases Tuesday, its largest one-day increase since the pandemic began. Arizona’s ICU capacity is that more than 80 percent, while in Texas, COVID hospitalizations reached an all-time high this week, though the governor says they can handle the surge.

GOV. GREG ABBOTT, (R) TEXAS: Only about 10 percent or even less of Texans who test positive for COVID-19 ever even need to go to the hospital in the first place.

STEGALL: Meanwhile, leaders in Oregon, Utah, Tennessee, and Florida are already hitting the pause button on the next reopening phases.

JAY WOLFSON, UNIVERSITY OF SOUTH FLORIDA HEALTH: If there are outbreaks of this disease again in communities, local governments may decide to begin to close things down again. We don’t want that to happen.

STEGALL: New projections from the University of Washington, a model used by the White House, predicts more than 30,000 additional deaths by October. And while a new CDC report shows that patients with underlying health conditions like heart disease and diabetes are 12 times more likely to die of the virus, there is encouraging news. University of Oxford scientists finding that dexamethasone, a low-cost steroid, reduced deaths by a third for patients on ventilators and by a fifth for those receiving oxygen during a 6,000 patient trial.

(END VIDEOTAPE)

STEGALL: And while many Americans are ready for some football, Cowboys running back Ezekiel Elliott as well as other Cowboys players and Houston Texans players have reportedly tested positive for the virus. The NFL says it will test players three times a week once they do eventually return. Bret.

BAIER: Casey Stegall in Dallas. Casey, thanks.

North Korea makes an explosive move that could damage relations with the South. We’ll bring you there. 

(COMMERCIAL BREAK)

BAIER: Tonight there are increasing tensions in one of the most dangerous places in the world. North Korea has destroyed a building set up as a liaison office with South Korea. Senior foreign affairs correspondent Greg Palkot tells us where things stand tonight.

(BEGIN VIDEOTAPE)

GREG PALKOT, FOX NEWS SENIOR FOREIGN AFFAIRS CORRESPONDENT: North Korea blew up something in North Korea today, the explosion and plume of smoke visible from the South. Dubbed the Inter-Korean Liaison Office, it was in the town of Kaesong, just a few miles away from the DMZ. State media confirmed.

UNIDENTIFIED MALE (through translator): At 2:50 on June 16th, the liaison office was tragically ruined by a terrific explosion.

PALKOT: The building had huge symbolic value. Opened in 2018 with South Korean funding as diplomacy was warming between the North, South, and the U.S., it was aimed at facilitating ties between the countries. Closed since January due to COVID-19 concerns, nobody was apparently inside.

SUH HO, INTER-KOREAN LIAISON OFFICE, (through translator): We strongly condemn and expose our regret towards the destruction of the office which was unprecedently senseless.

PALKOT: The move was publicly previewed by North Korea leader Kim Jong- un’s increasingly powerful sister Kim Yo-jong over the weekend. She has been taking the lead on Pyongyang’s deteriorating relations with Seoul. Experts say North Korea tough actions are mostly due to disappointment that the South has not delivered on business deals needed for its struggling economy.

GORDON CHANG, “NUCLEAR SHOWDOWN” AUTHOR: What they’re doing is trying to get Moon Jae-in, the South Korea president, to actually give the North Koreans more of what they want.

PALKOT: None of this helps the Trump administration’s efforts to rein in Kim’s nuclear and missile. The North also announced today it was planning to move more troops closer to the DMZ and recently said it would bolster its nuclear deterrent as nervous neighbors look on.

SHINZO ABE, JAPANESE PRIME MINISTER (through translator): We’ll firmly to closely coordinate with South Korea and the United States to deal with the situation.

(END VIDEOTAPE)

PALKOT: The State Department also weighing, saying it supports South Korea’s efforts and urges North Korea to refrain from further counterproductive actions. Bret?

BAIER: Greg Palkot in London. Greg, thanks.

Relations between the U.S. and China are also at or near a low point. The coronavirus is just one of the sticking points. And China is also lashing out literally against one of its neighbors tonight. State Department correspondent Rich Edson explains.

(BEGIN VIDEOTAPE)

RICH EDSON, FOX NEWS CORRESPONDENT: For the first time in decades, the border dispute between China and India turns deadly. The Indian army says 20 of its troops are dead after a clash with Chinese forces along the Himalayan border between the two countries.

DS DHILLON, INDIAN DEFENSE EXPERT: We have reached a situation where we were standing eyeball to eyeball, and this resulted in a scuffle where we lost our brave ones.

EDSON: The Chinese government blames Indian forces for crossing the border and provoking an attack.

ZHAO LIJIAN, FOREIGN AFFAIRS MINISTRY (through translator): China has lodged strong protests and solemn complaints.

EDSON: As the already troubled relationship between India and China deteriorates, Chinese government officials are traveling to perhaps repair another worsening relationship — with the United States. Secretary of State Mike Pompeo is headed to Hawaii, officials say to meet with state counselor Yang Jiechi, China’s top diplomat. Pompeo has led a steady U.S. verbal offensive against the Chinese government.

MIKE POMPEO, SECRETARY OF STATE: The contrast couldn’t be more clear. During the best of times, China ruthlessly imposes communism.

EDSON: The secretary has also chided the Chinese government for its handling of the coronavirus outbreak, accusing the Chinese of obscuring and deceiving the world about its severity, China’s imprisonment and suppression of its Muslim minority, and in Hong Kong, confronting protests by expanding its control over the city. In response, the Trump administration says it is rolling out economic sanctions and travel restrictions. The U.S. and China are also at odds over trade issues and China’s military expansion on a contested area in the South China Sea.

(END VIDEOTAPE)

EDSON: Already this year the U.S. Navy has conducted multiple operations through the South China Sea to affirm freedom of navigation through the area. Pentagon officials say Chinese forces have harassed American ships as they’ve passed through. Bret?

BAIER: Rich Edson at the State Department. Rich, thanks.

Up next, President Trump reveals his police reform plan, the executive order. We’ll get reaction from the panel.

First, Beyond our Borders tonight. French police fire tear gas at a health worker’s demonstration in Paris. “Reuters” reporting Paris police retweeted video of mass demonstrators overturning a car and throwing stones at officers in that demonstration.

European Union regulators begin two antitrust investigations into Apple’s mobile app store and payment platform. There are concerns Apple’s practices distort competition and hurt consumers by limiting choice and innovation and keeping prices high.

Just some of the other stories beyond our borders tonight. We’ll be right back.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

DONALD TRUMP, (R) PRESIDENT OF THE UNITED STATES: Today I’m signing an executive order encouraging police departments nationwide to adopt the highest professional standards to serve their communities. These standards will be as high and as strong as there is on earth. What’s needed now is not more stoking of fear and division. We need to bring law enforcement and communities closer together, not to drive them apart.

JAMES CLYBURN, (D-SC) HOUSE MAJORITY WHIP: Much, much too little, and does not go far enough. I think that what we have got to do is attack this culture that all of us know exists. This is institutional.

(END VIDEO CLIP)

BAIER: President Trump and the House Majority Whip on this show earlier talking about the executive order signed today. In that executive order on police reform it creates credentialing, certification, and the best practices for the use of force. Part of that initiative, the president wants to ban the use of chokeholds unless an officer’s life is in danger, addresses information sharing to track officers who have repeated complaints against them, and offers federal incentives to police departments to deploy social service experts on issues like mental health, homelessness, and addiction.

Democrats, many of them, the House speaker saying it’s weak, not enough. You heard from the House Majority Whip. Van Jones on another channel said it’s a step in the right direction and progress.

Where are we? Let’s bring in our panel, Jeff Mason, White House correspondent for “Reuters,” Mollie Hemingway, senior editor at “The Federalist,” and Guy Benson, political editor at https://urldefense.proofpoint.com/v2/url?u=http-3A__Townhall.com&d=DwICAg&c=cnx1hdOQtepEQkpermZGwQ&r=tgDLkJy54PfJyWJwul3dKe54qGxqO7b7d5vjo7RcZds&m=-Egs3UuUUtorjl_swKtrkxaUxpL-VTgRaxztROyZnXg&s=YcyLWn2bzypB9eezfpYvHapNMEBVs3ss8m-9l44TBOM&e= , host of “The Guy Benson Show” on FOX News Radio. Mollie, let me start with you. I don’t think the president believes that that’s the be be-all, end-all on the executive order. Obviously, Senator Tim Scott is moving forward with legislation. He’s hoping to get bipartisan support for that, and Democrats have their own.

MOLLIE HEMINGWAY, SENIOR EDITOR, “THE FEDERALIST”: The executive order lays out a number of things that are appropriate for federal executive action. And you have bills happening in the House and the Senate that deal with this as well.

But I wonder if too much of our response has political and too federal. Policing is very local, and more than anything, there’s this huge elephant in the room that nobody is talking about. If you want to improve the situation for people growing up in the United States today, one of the very biggest things you can do is ensure that children are raised in homes with their own married parents. And we have a crisis in this country with 40 percent of children not being born to married parents. And if you’re talking about graduation of my school, getting into college, having a career, not getting in altercations with police, not being incarcerated, not being drug addicted, and all these types of things, this is one of the most important things we could do. Nobody seems to be talking about it, probably because it’s very difficult to talk about it. But it’s very important if we actually care about children in this country and improving their situation.

BAIER: Jeff, obviously the political divide here is strong as far as what’s happening and how it’s being interpreted. But your view from White House perspective about what they think is going to come out of all of this.

JEFF MASON, WHITE HOUSE CORRESPONDENT, REUTERS: Bret, I think what they wanted to do today was have a policy response of some kind, even though it’s just an executive order, it’s not legislation, but some sort of policy response to address the unrest that has been dotting this country and really taking — having so much, such a massive impact on this country over the last couple weeks.

The president talked at the beginning of his remarks today about expressing, or expressed his own concern and condolences to the families of victims of police, of police violence, and then pivoted pretty quickly after that, though, to a discussion of law and order and more of the tougher rhetoric that has characterize his response to this for the last couple weeks.

So it seemed like he was looking for a little bit of a middle ground. The executive order, as you mentioned before, does take a position on banning chokeholds except when the officer’s life is at risk. That is an issue that Democrats and Republicans on the Hill are not entirely aligned on. But in general, he still gave a pretty law and order themed speech today at the rollout of this executive order.

BAIER: You mentioned the families meeting behind closed doors, and Ja’Ron Smith talked about that earlier, didn’t really open the door to it, said they wanted it to be private thing. However, some of the family members talked about it. Here is Ahmaud Arbery’s mother about it.

(BEGIN VIDEO CLIP)

WANDA COOPER-JONES, AHMAUD ARBERY’S MOTHER: I was very, very emotional throughout the whole conference. He was very compassionate. He showed major concerns for all families, not just my family but for all families.

I can say that President Trump was very receiving. He listened, and he addressed each and every family accordingly.

(END VIDEO CLIP)

BAIER: So Guy, did the president in that speech, obviously behind closed doors according to that mother, toned things down — in this speech, what did you think of it?

GUY BENSON, POLITICAL EDITOR, https://urldefense.proofpoint.com/v2/url?u=http-3A__TOWNHALL.COM&d=DwICAg&c=cnx1hdOQtepEQkpermZGwQ&r=tgDLkJy54PfJyWJwul3dKe54qGxqO7b7d5vjo7RcZds&m=-Egs3UuUUtorjl_swKtrkxaUxpL-VTgRaxztROyZnXg&s=-sMaMh2E1N1L8Yp-i3-EDJjhhIr2eGB2TB-dfJU20Xg&e= : I think that he did strike a bit of a new tone in the sense that he was softer. He was acknowledging the pain that these families have gone through because of these various experiences, and I think it’s just a human thing. If you are face-to-face with people who’ve lost someone at the hands of the police and have them sitting right in front of you, that may change not just your tone but also your heart a little bit in the way that you approach an issue.

And it’s right, he did pivot back to law and order. That is a theme that he has sounded many times over his adult life, saying that we are not going to defund the police and that sort of thing. But I think a few of these steps that were taken were smart, and now we turn to Capitol Hill. Will the Republicans and Democrats manage to find a few things that they can agree out and pass something, or is it going to become a political football to motivate political bases with nothing getting done before the election? I know where my money is right now, but I hope I’m being too cynical.

BAIER: Quickly, Mollie, I want to get to this. The Department of Justice filing a lawsuit, a civil complaint against John Bolton, saying “Simply put, the defendant struck a bargain with the United States as a condition of his employment in one of the most sensitive and important national security positions in the United States government. Now he wants to renege on that bargain by unilaterally deciding that a prepublication review process is complete,” and essentially saying it should move forward. What about this? The ACLU says it has no chance, but clearly they’re going to try to block this book.

HEMINGWAY: Apart from even the legal case where there might be legal problems with publishing a book like this, there’s just the matter of ethically advising the president then turning around and publishing a book about those private discussions and whatnot. And this happened to President Obama. It’s happened other presidents. But it’s just unseemly for advisors who have this sensitive information to just turn around before an election and try to publish a book, I think.

BAIER: We will see. He’s already doing interviews about it. Thank you, panel.

When we come back, the brighter side of things — some good news.

(COMMERCIAL BREAK)

BAIER: Finally tonight, the brighter side of things, some silver linings.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: I was checking for entertainment.

Unfortunately, our neighborhood parks are still closed, but we are doing everything we can to not let that get us down.

(END VIDEO CLIP)

BAIER: Kevin Sower (ph) shared video of his three kids reporting some positive news during the quarantine. These young reporters from Colorado, tired of bad news — I hear you — covered everything from movies to their very own backyard water park. There you go.

Seven-year-old Chase Gilchrist was surprised with a drive-by parade, nearly 200 cars at his home in New Jersey. The soon to be third grader found out that he is about to face his fourth battle with metastatic brain cancer. The stream of cars filled with neighbors and well-wishers made sure he knew they were pulling and praying for him and so are we. Thanks for inviting us into your home tonight. That’s it for the SPECIAL REPORT, fair, balanced and unafraid. Here’s Martha.

Hey, Martha.

Content and Programming Copyright 2020 Fox News Network, LLC. ALL RIGHTS RESERVED. Copyright 2020 ASC Services II Media, LLC. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of ASC Services II Media, LLC. You may not alter or remove any trademark, copyright or other notice from copies of the content.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bad Credit

How To Find A Co-Signer For A Loan – Forbes Advisor

Published

on

If you need to borrow money and your financial situation isn’t the strongest, you might be able to boost your odds of approval by seeking out a co-signer. And on the flip side, if you have good credit and a strong income, it’s possible that someone might come to you and ask you to co-sign for their loan.

The truth is that co-signing on a loan can be a win-win for both parties, but it can also result in broken relationships, destroyed credit and financial hardships for the borrower and the co-signer. In order to forge a successful co-signer relationship, you need to know exactly what a co-signer is, how the arrangement works and how to dodge potential pitfalls.

What Is a Co-signer?

A co-signer is a secondary person who agrees to pay back a loan in case the primary borrower defaults (i.e., doesn’t pay it back). When you co-sign on a loan, the loan is recorded on both your credit report and on the main borrower’s credit report. As long as they make on-time payments, you’ll get the benefit of those marks too. However, if the borrower misses a payment or just stops paying on the loan entirely, you’ll be on the hook for the loan. And if you fail to pay up, the lender can actually take you to court for the money.

If you’re looking to borrow money, lenders generally require you to get a co-signer if you have bad credit or no credit, limited income or something else that makes you a lending risk. This is commonly the case for young people who are just starting to build their finances, and who may not have any credit history yet. For example, roughly 90% of all private student loans were made with a co-signer during the 2019/2020 school year according to MeasureOne, a data analytics company.

However, not all lenders accept co-signers, so if you have a limited credit history and think you’ll need help qualifying, it’s best to confirm with the lender before applying.

When a Co-signer Makes Sense

Using a co-signer on your loan can make sense in a lot of cases:

  • You have bad credit
  • You don’t have much income
  • You’re young and you don’t yet have credit in your name

Using a co-signer can help you overcome these barriers so you can get approved for a loan. You may even be able to get lower interest rates if you and your co-signer are approved.

But in order for this setup to work, you’ll need to have a few things in place:

  • Trust between the borrower and the co-signer. The borrower is asking a lot of the co-signer, and so you’ll want to make sure you trust each other.
  • The co-signer needs to have a good credit score. If the co-signer’s credit is the same as yours—or worse—they may not be approved to co-sign on the loan.
  • The co-signer needs to be able to pay the loan on their own. If the borrower defaults on the loan, a co-signer should be able to comfortably afford the payments on their own.

Co-signer vs. Co-borrower

A co-signer is someone who agrees to be a backup for the loan payments. A co-borrower, on the other hand, is someone who’s equally liable for each payment (i.e., before it’s past-due), and who typically also shares ownership rights for whatever the loan was for.

For example, a husband-and-wife team may be co-borrowers on a loan for a house and both listed on the title. This means they own the home equally, and are both responsible for making payments each month.

But if a parent co-signs on their kid’s car loan, they aren’t first in line to make the payments. The lender only contacts them for payment if their kid doesn’t pay up. They also don’t have any ownership rights in the car—even though they’re on the hook to pay for it.

How to Find a Co-signer

Just about anyone can be a co-signer. But since you both need to trust each other, it’s more common to use friends and family with whom you already have an existing and healthy relationship.

If you need a co-signer, make sure you consider who to ask carefully. This is a big ask of them. You’ll need to be open when discussing your financial situation, and they’ll need to be comfortable with disclosing their financial situation, too.

It’s entirely possible that your first choice for co-signer may not be able to comfortably take on the financial responsibilities. If that’s the case, you need to be able to let them off the hook gracefully. Even if they are financially able to co-sign for you, they may not want to take the risk, and you need to be understanding of that.

In fact, it’s entirely possible that you may not have anyone close enough to you who could be a good co-signer. In this case, it may be necessary to consider some popular alternatives to a co-signer arrangement.

Co-signer Alternatives

Not everyone is able to use a co-signer, and that’s OK. But that doesn’t mean you’re out of luck. Here are a few other options to try:

Shopping Around With Other Lenders

The world is full of all types of lenders, some of whom specialize in the types of loan applicants who traditionally need a co-signer. These “bad credit loans” can be a good (if expensive) alternative, but you’ll want to be careful here as there are a lot of shady lenders.

Here are two important things to ask of any bad credit loan lender:

  • What are the rates and fees? Avoid short-term payday loans, which typically charge APRs of 400%, compared to the average two-year personal loan at 9.34% APR.
  • Do you report to the credit bureaus? This will help you build credit, so you don’t need to rely on these types of lenders in the future.

Use Collateral

You might not have a person who can guarantee your loan, but you might have property. Collateral refers to something you own that you agree to give to the lender in case you default on the loan. If a loan has collateral, it’s called a secured loan. Common secured loans include auto loans, mortgages and even some personal loans.

If your lender allows it, you may be able to qualify by agreeing to use something valuable you own as collateral. But remember, if you put up your car as collateral, for example, and fail to pay the loan, your lender can repossess your car.

Ask Friends and Family

If your friends and family are financially stable and willing to lend you the money but prefer not to co-sign on a loan, consider asking them for the money outright. You could ask for it as a gift, or better yet, a loan that you repay back to them.

If you opt for the loan route, make sure you draft up a legal agreement of your own. This reduces the likelihood that your relationship will sour over time if your co-signer feels like they aren’t getting paid back according to schedule. You don’t want to be that family member they’re always hounding for cash.

Go to a Credit Union

Credit unions are often more willing to work with you than banks or other lenders. Of course, it’s not a free-for-all and you will need to meet their loan requirements. But if you’re having a hard time getting approved elsewhere, it might be worth stopping by a credit union in your area to see if they can help.

The downside is that credit unions have their own membership requirements which you’ll need to meet before you apply.

Source link

Continue Reading

Bad Credit

Fall 2020 Brings Increased Regulatory Focus on Financial Institution Detection of Human Trafficking | Moore & Van Allen PLLC

Published

on

On October 15, 2020, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) released its Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity (Supplemental Advisory). The last time FinCEN provided guidance on identifying trafficking in anti-money laundering (AML) processes was in Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking – Financial Red Flags on September 11, 2014. The evolving tactics of human traffickers and behaviors of victims required updated guidance in order for financial institutions to better meet Bank Secrecy Act (BSA) obligations to assist the government in detecting and preventing money laundering. 

The Supplemental Advisory focuses on four emerging tactics used by human traffickers to carry out and hide the proceeds from their illicit operations: front companies, exploitative employment practices, funnel accounts, and alternative payment methods. Front companies are lawful, licensed, and registered businesses which are used by traffickers to comingle the illicit proceeds generated from their scheme of human exploitation with that of a legitimate business. Examples include massage parlors, nail salons, even electrician services, and faith-based mission work. 

Labor trafficking can be harder to detect than sex trafficking for AML departments. FinCEN’s Supplemental Advisory alerts financial institutions to examples of exploitative labor practices, including visa fraud, wage withholding, and recruitment fee advances. Note that in 2019, the Federal Acquisition Regulation: Combating Trafficking in Persons was amended to address prohibited recruitment fees and broadened contractor responsibility for violative recruitment fees in supply chains. 

Funnel accounts continue to be a common tactic wherein a trafficker coerces a victim to open one or more bank accounts in their own name, and then directs them to deposit, transfer, wire, and withdraw monies in amounts below a reporting threshold, for the benefit the trafficker or the enterprise. Because the accounts are often held exclusively in the victims’ names, the trafficker remains anonymous. 

Such account activity may lead to an Unusual Activity Report or Suspicious Activity Report but that would erroneously target the victim, not the perpetrator. Accounts may be closed by the financial institution, or at the direction of the trafficker, following overdraft or low balances, which can cause victims to incur bad credit status and prevent them from accessing financial services in the future. 

The Supplemental Advisory further alerts financial institutions to the prolific use of prepaid cards, virtual currencies, smartphone cash applications, and third-party payment processors to advertise their sex trafficking business and receive payment. 

Although the indicators list addended to the Supplemental Advisory is not significantly different than past iterations, it adds a set of case studies. Specific perpetrator and victim vignettes are effective in modernizing detection tools as they allow financial institutions to keep their pulse on real life examples relayed by law enforcement and survivor advocates. The Supplemental Advisory also reminds financial institutions that they are protected from liability for information sharing afforded under Section 314(b) of the USA Patriot Act. Traffickers often implicate multiple financial institutions and only through a wider lens and open communication can otherwise lawful-appearing activity be identified as suspicious.  

Finally, the Supplemental Advisory notes FinCEN’s Customer Due Diligence Rule, promulgated in 2018, which generally requires some financial institutions to identify beneficial owners of commercial customers. Under the Trafficking Victims Protection Act, “whoever knowingly benefits, financially or by receiving anything of value” may be subject to criminal and civil liability. Therefore, diligence and monitoring processes are to include potential third-party participants in an exploitive scheme.  

FinCEN’s advisory on human trafficking is timely. In the last few months, regulators have signaled increased attention on financial institution responses to human trafficking. This past summer, Deutsche Bank was fined $150M by The New York State Department of Financial Services (“NYDFS”) for compliance failures related to client Jeffrey Epstein, his sex trafficking enterprise and correspondent banks. In the Consent Order, NYDFS found the Deutsche Bank “conducted business in an unsafe and unsound manner [and] failed to maintain an effective and compliant anti-money laundering program.” This September, Westpac Bank was fined $920M USD by the Australian Transaction Reports and Analysis Centre (Australia’s financial intelligence, anti-money laundering and counter-terrorism regulator) for failures in AML reporting, record keeping and detection, including transfers indicative of child sex trafficking. This fine is the largest paid to an Australian regulator for violation of money laundering laws to date. Also in September, the United Kingdom announced that the U.K. Modern Slavery Act of 2015 will be strengthened to (i) allocate more funding to enforce its requirements and (ii) mandate that companies’ modern slavery statements cover certain topics ranging from due diligence to risk assessment. 

Increased regulatory focus on financial institution responses to human trafficking deserves attention.

Source link

Continue Reading

Bad Credit

Can I Negotiate a Bad Credit Auto Loan?

Published

on

Yes, you can negotiate your deal on a bad credit car loan, though you may not have the same leverage as someone with a better credit score. Without the strength of a high credit score behind you, you may not be able to qualify for as low of an interest rate or monthly payment as you’re looking for. But a lot of things associated with an auto loan can be negotiated.

Preparing to Negotiate a Bad Credit Auto Loan

Before you go toe-to-toe with a dealer, make sure you know what kind of power you have in this arena. This means knowing your credit score and what’s on your credit reports. Without this information, you’re powerless to push back against a lender’s assessment of your credit situation.

Auto Credit Express Tip: Remember, you’re most likely going to be interacting with the special finance manager at a dealership, who talks to the lender on your behalf. The dealer isn’t responsible for the rates and terms you qualify for, and the lender can’t determine how much a dealership is willing to cut a deal.

The only way to know you deserve better terms than you’re being offered is to do your research. Find out what the average car loan looks like for people in similar situations. You don’t want to go into a dealer with unrealistic expectations.

  1. First, get your credit score and credit reports. Now is a great time to do this, because the three major credit bureaus – TransUnion, Experian, and Equifax – are offering U.S. consumers free weekly access to their credit reports. This deal only lasts until April 2021; you can request a copy of your reports by visiting www.annualcreditreport.com.
  2. Next, look online for some national averages on auto lending interest rates and see where you fall on the FICO credit scoring model. Knowing where you stand enables you to prepare for the next steps in your car loan: your budget.
  3. The final step to getting ready to negotiate on your auto loan is to plan your car buying budget. If you don’t know what you have to work with, or how to accurately calculate the out-the-door and overall costs of your auto loan, then you won’t have a leg to stand on when talking to a dealership.

What Are You Negotiating For?

Without a plan or a budget to refer to, you can’t have a goal to negotiate for. When it comes to a bad credit car loan, there’s no point in negotiating just because you can.

You should have a set goal in mind, whether it’s a target interest rate, a specific loan term, or a set monthly payment amount. Don’t give these things away to the dealer, though. Keeping your numbers close to the vest is what gives you the power to make a deal on your terms.

In order to get an auto loan deal you can live with, you have to know what you can afford. To find this out, you can do a few simple calculations that the lender does when determining if your budget can handle a car loan. This is your debt to income (DTI) ratio.

Your DTI ratio lets you know how much of your monthly finances are already being used by your existing monthly bills, including an auto loan and car insurance. If you’re using more than 45% to 50% of your monthly income, a lender may not be willing to add to that burden.

To see how much auto loan you could qualify for, and to find out if those monthly payments fit into your budget, you can check out our car loan and monthly payment calculators.

Know What You Can Negotiate

In order to negotiate on your bad credit auto loan, you have to know what you can and can’t change your lender’s mind on. Not everything on a car loan contract is negotiable.

Here’s a look at what you can have a crack at negotiating:

  • Can I Negotiate a Bad Credit Car Loan?Vehicle selling price – The first thing you should know you can negotiate on when it comes to an auto loan is the price of the car. The sticker price on a new vehicle typically lists the MSRP, or manufacturer suggested sale price, and may list a dealership price, too. You can ask for any price you want, but the dealer may not agree to honor it.
  • Your interest rate – Your APR is likely to be a bit higher than you’d like with bad credit, but you can always ask a dealership or lender if what they’re offering is the best rate you qualify for. Often it’s not, there’s no rule that says dealers have to offer you the lowest rate or best deal that you’re qualified for by a lender. With that said, you don’t have to accept a deal that stretches you too thin, either.
  • Your loan term – Shorter loan terms mean higher monthly payments, but stretching your loan too long means a higher overall cost. Being a payment shopper, only looking at the monthly payment and ignoring the overall loan cost, isn’t the place to be with poor credit.
  • Down payment amount – When you have credit challenges, you generally have to meet a down payment requirement set by your lender. However, it may not be set in stone. Depending on your other rates and terms, you may be able to negotiate the amount you need up front.
  • Your trade-in – If you’re using a trade-in to cover some of your down payment amount, you may be able to negotiate what you’re getting out of it. It also helps to know the value of your trade-in before you head to the dealership so you can have more leverage in negotiation.
  • Prepayment penalties – If you have to take on a longer term to get a more favorable monthly payment, you can save money in the long run by paying more on your loan whenever possible. Look over your contract carefully to make sure you aren’t penalized for this, or ask the lender to remove the clause if you are.
  • Optional features and equipment – Some features on the vehicle you’re choosing could be optional, and carry additional fees which can be negotiated on. Things like window tinting, fabric protection, and certain optional packages like wheel protection or cargo nets could be charges coming from the dealer. You don’t have to agree to these. This also goes for extended warranties and GAP insurance coverage.
  • Dealership documentation fees – A “doc fee” on any auto loan contract, which dealers charge for preparing your paperwork and talking to the lender on your behalf, is pretty standard, but the amount varies. There’s no reason to pay through the nose for this, and many states cap the amount you can be charged. Expect a minimum doc fee, but try to lower it as much as possible.

With all these things to haggle over, there are three main things that are non-negotiable when it comes to a car loan (which are set by the state, so there’s no getting around them):

  1. Taxes
  2. Title fees
  3. License fees

Ready to Negotiate Your Next Car Loan?

If you’ve tried negotiating on a bad credit auto loan in the past and were unsuccessful, don’t give up! Just because one dealership isn’t willing to work with you doesn’t mean that others aren’t.

Remember to keep your search for a car loan to a two-week window. If you apply for multiple loans of the same kind with different lenders within that time frame, you stop multiple hard credit inquiries from affecting your credit score.

Additionally, when you have bad credit and need an auto loan, it’s in your best interest to make sure you’re applying with a subprime lender at a special finance dealer. These lenders are able to help people in many tough credit situations, such as bad credit, no credit, and even bankruptcy.

Here at Auto Credit Express, we’ve cultivated a nationwide network of special finance dealerships, and we want to get you matched to one in your area! We’ll get right to work for you after you fill out our fast, free, and zero-obligation car loan request form.

(function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); js.id = id; js.src = "http://connect.facebook.net/en_US/sdk/debug.js"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

Source link

Continue Reading

Trending