Here's What Happens to New Cars at a Dealership That Don't Get Sold

welcomia/iStock via Getty Images
welcomia/iStock via Getty Images

It’s 2020, which means new car models have already started rolling into dealerships and taking their positions in gleaming showrooms. What happens to the “old” models, which fall into a gray area between not-quite-used and no longer new?

According to Reader’s Digest, brand-new cars that fail to find a forever home have a few different fates. One place they can’t go is back to the manufacturer: Once a dealer purchases an inventory of cars from, say, Toyota, the vehicles are theirs. Instead, dealers may look outside of their local market to see if there’s a demand for the make and model they have on hand. A two-door sedan might not have found a buyer in one town, but there might be someone else 50 miles away looking for one.

If they can’t find a buyer close to the retail price, they might consider offering the car at an employee discount—as much as 20 percent—to customers. They might also offer financing incentives to make the deal more attractive.

Dealers typically hang on to new cars for about two years. After that, they begin to grow concerned that customers might assume there’s something wrong with a vehicle that’s been loitering on the lot for so long. Once it finally loses that new car smell, it might go to a dealer auction, where buyers can pick up cars for resale. Some of the cars will wind up in smaller lots, where there’s no pressure to offer a fleet of brand-new models.

Auctions take a percentage of the sale, though, so dealers already discounting the car might take a loss. You might also see a nearly-new car used as a loaner for the dealer’s service department or sold to a rental car company.

One thing is for certain: Dealers don’t like having old model year cars on the property. Because of the need for discounts or other incentives, dealers spent an average of $1100 in incentives per vehicle in 2019 to move 2018 models out the door.

[h/t Reader’s Digest]

10 Wireless Chargers Designed to Make Life Easier

La Lucia/Moshi
La Lucia/Moshi

While our smart devices and gadgets are necessary in our everyday life, the worst part is the clumsy collection of cords and chargers that go along with them. Thankfully, there are more streamlined ways to keep your phone, AirPods, Apple Watch, and other electronics powered-up. Check out these 10 wireless chargers that are designed to make your life convenient and connected.

1. Otto Q Wireless Fast Charging Pad; $40

Otto Q Wireless Fast Charging Pad
Moshi

Touted as one of the world's fastest chargers, this wireless model from Moshi is ideal for anyone looking to power-up their phone or AirPods in a hurry. It sports a soft, cushioned design and features a proprietary Q-coil module that allows it to charge through a case as thick as 5mm.

Buy it: Mental Floss Shop

2. Gotek Wireless Charging Music Station; $57

Gotek Wireless Charging Music Station
Rego Tech

Consolidate your bedside table with this clock, Bluetooth 5.0 speaker, and wireless charger, all in one. It comes with a built-in radio and glossy LED display with three levels of brightness to suit your style.

Buy it: Mental Floss Shop

3. BentoStack PowerHub 5000; $100 (37 percent off)

BentoStack PowerHub 5000
Function101

This compact Apple accessory organizer will wirelessly charge, port, and store your device accessories in one compact hub. It stacks to look neat and keep you from losing another small piece of equipment.

Buy it: Mental Floss Shop

4. Porto Q 5K Portable Battery with Built-in Wireless Charger; $85

Porto Q 5K Portable Battery with Built-in Wireless Charger
Moshi

This wireless charger doubles as a portable battery, so when your charge dies, the backup battery will double your device’s life. Your friends will love being able to borrow a charge, too, with the easy, non-slip hook-up.

Buy it: Mental Floss Shop

5. 4-in-1 Versatile Wireless Charger; $41 (31 percent off)

4-in-1 Versatile Wireless Charger
La Lucia

Put all of those tangled cords to rest with this single, temperature-controlled charging stand that can work on four devices at once. It even has a built-in safeguard to protect against overcharging.

Buy it: Mental Floss Shop

6. GRAVITIS™ Wireless Car Charger; $20 (31 percent off)

GRAVITIS™ Wireless Car Charger
Origaudio

If you need to charge your phone while also using it as a GPS, this wireless device hooks right into the car’s air vent for safe visibility. Your device will be fully charged within two to three hours, making it perfect for road trips.

Buy it: Mental Floss Shop

7. Futura X Wireless 15W Fast Charging Pad; $35 (30 percent off)

Futura X Wireless 15W Fast Charging Pad
Bezalel

This incredibly thin, tiny charger is designed for anyone looking to declutter their desk or nightstand. Using a USB-C cord for a power source, this wireless charger features a built-in cooling system and is simple to set up—once plugged in, you just have to rest your phone on top to get it working.

Buy it: Mental Floss Shop

8. Apple Watch Wireless Charger Keychain; $20 (59 percent off)

Apple Watch Wireless Charger Keychain
Go Gadgets

This Apple Watch charger is all about convenience on the go. Simply attach the charger to your keys or backpack and wrap your Apple Watch around its magnetic center ring. The whole thing is small enough to be easily carried with you wherever you're traveling, whether you're commuting or out on a day trip.

Buy it: Mental Floss Shop

9. Wireless Charger with 30W Power Delivery & 18W Fast Charger Ports; $55 (38 percent off)

Wireless Charger from TechSmarter
TechSmarter

Fuel up to three devices at once, including a laptop, with this single unit. It can wirelessly charge or hook up to USB and USB-C to consolidate your charging station.

Buy it: Mental Floss Shop

10. FurniQi Bamboo Wireless Charging Side Table; $150 (24 percent off)

FurniQi Bamboo Wireless Charging Side Table
FoneSalesman

This bamboo table is actually a wireless charger—all you have to do is set your device down on the designated charging spot and you're good to go. Easy to construct and completely discreet, this is a novel way to charge your device while entertaining guests or just enjoying your morning coffee.

Buy it: Mental Floss Shop

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The Best Way to Defer Your Credit Card Payments During the Coronavirus Shutdown, Explained

Credit card companies can offer financial assistance, but there can be drawbacks.
Credit card companies can offer financial assistance, but there can be drawbacks.
alexialex/iStock via Getty Images

A number of financial relief options are available to Americans who have been affected by the unprecedented health situation created by the spread of the coronavirus. Mortgage companies are offering forbearances; insurance companies have lowered premiums for cars that aren’t being driven. Credit card companies have also acknowledged that cardholders may have trouble keeping up with their bills. While many companies are eager to help with debt and interest, there are some things you should know before picking up the phone.

The good news: If you’re unable to make your minimum monthly payment in a given month, major card issuers like Chase, Capital One, and others are willing to grant a forbearance. That means you can skip the minimum due without being hit with a negative strike on your credit report for a missed payment.

A forbearance is no free ride. Interest will still accrue as normal, and the card issuer may consider the missed payment deferred, not waived. If you pay $50 monthly, for example, and are able to skip a May payment, make sure the card won't expect a $100 minimum in June to cover both months. Ask the company to define forbearance so you know what’s expected. Some may be willing to lower your minimum payment instead, which could be a better option for you.

While the skipped payment won’t impact your FICO credit score directly, be aware that it could still have consequences. Because many minimum payments mainly cover interest, your balance won’t remain the same—it will continue to grow. And because that interest is still adding up, your total amount owed is still going up relative to your available credit, which can affect your score.

If you have a sizable amount due, the National Foundation for Credit Counseling (NFCC) recommends looking into alternatives to forbearance, like using savings to pay down some high-interest cards, taking advantage of zero-interest balance transfer offers, or even taking out a personal loan with a lower interest rate.

If you have multiple credit card balances and the prospect of trying to get through to a human to discuss payment options seems daunting, the NFCC is offering their assistance. The agency can put you in touch with a credit counselor who can act on your behalf, obtaining forbearances or other relief from the card companies. Be advised, though, that card issuers may want to get your permission to deal with the counselors directly. The program is free and you can reach the NFCC via their website.

Be mindful that emergency relief is different from a debt management plan, which consolidates debt and can have a negative impact on your credit card accounts.

In many cases, the best thing to do is to pick up the phone and deal with the card issuer directly. Explain your situation and ask about what options they have. Some might waive payments. Others might offer to lower your interest rate. No two card issuers are alike, and it’s in your best interest to take the time to see what’s available.

[h/t lifehacker]