Monday
October 20, 2014

Chrysler Group Named Official Auto Manufacturer of NAR

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Chrysler Group Named Official Auto Manufacturer of NAR

NAR backs Isakcon bill; poll shows voters concern about housing and jobs; and a National Flood Insurance Program update.

If you’ll be in the market for a new car in the next two years, do yourself a favor and check out the deals available from Chrysler Group. As of Nov. 1, 2011, Chrysler Group is the Official Automobile Manufacturer of the NATIONAL ASSOCIATION OF REALTORS® and the newest partner in the association’s popular REALTOR Benefits® Program.

As part of the program, you receive a $500 cash allowance on the purchase or lease of select new 2012 ­Chrysler, Dodge, Jeep, and Ram models. The allowance is applied over and above the deal you negotiate with the dealer and is in addition to any other Chrysler Group incentive or special programs available.

As an NAR member or REALTOR® association staff member, you may participate multiple times, as long as you’re the buyer of the vehicle. Immediate family members living in the same household may also take advantage of the $500 cash allowance.

REALTORS® meet the requirements for Chrysler’s “On the Job” Program, which means they’ll also receive with their purchase or lease, at no charge, a two-year service agreement that includes eight oil changes (including diesel), lube, and filter, a value of $300.

All told, REALTORS® enjoy an estimated $800 benefit. That’s a sixfold return on your annual NAR membership dues!

After you negotiate your purchase, you must present the dealer with a copy of your current-year NAR membership card and photo identification. Print a copy of your 2012 membership card at memberguide.REALTOR.org. Visit REALTOR.org/Chrysler for instructions and further details.

NAR Backs Isakson Bill to Replace Fannie, Freddie

The Mortgage Finance Act of 2011,” introduced in late 2011 by Sen. Johnny Isakson (R-Ga.) and expected to be part of the mix as Congress considers reforming Fannie Mae and Freddie Mac this year, would create a limited-term, government-chartered secondary mortgage market mechanism called the Mortgage Finance Agency to replace the two secondary mortgage market companies. The new agency would focus on the securitization of “qualified residential mortgage” loans, but those loans wouldn’t be determined based on the amount of the down payment the borrower puts up, as banking regulators have proposed and which NAR opposes. Instead, the loans would be based on sound underwriting principles, which Sen. Isakson and others have said was the original intent of the QRM when it was made part of the Wall Street reform law enacted two years ago.

Voters Concerned about Jobs and Housing

Jobs and housing will be the top two issues in this year’s national elections, a poll by NAR’s consumer-facing Web site HouseLogic finds. Respondents were asked, “What issue area will have the greatest impact on your vote in 2012?” Their answers: Jobs and unemployment, 54 percent; housing, 27 percent; national security, 8 percent; health care, 4 percent.

More Time for Flood Insurance

Congress at the end of 2011 extended the National Flood Insurance Program until May 31 to give lawmakers time to hammer out a five-year reauthorization. The program is critical to home buyers in hundreds of markets in states throughout the country who need the insurance to get financing for their home purchase. NAR has estimated that 1,300 transactions a day would be affected if the program is allowed to expire, which it has five times since 2008. A long-term extension, which passed the House twice last year but still hasn’t gotten out of the Senate, is essential if the housing market is to stabilize, NAR says. Look for more on this as the May 31 deadline nears. NAR supports The Flood Insurance Reform Act, H.R. 1309, by Rep. Judy Biggert (R-Ill.), which includes a five-year reauthorization. 

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