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Terms of Finance – What It All Means

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BY JELANI DANIEL 

The auto financing process can sometimes be overwhelming for first time buyers or those looking to lease. You can use this article as a reference point if you are considering either leasing or financing in the future.

Automobile Financing: Automobile financing itself is a part of the personal financing field, giving clients a series of different options that are available to help the purchaser buy a vehicle they desire without a large initial deposit. Financing can include car leasing (Personal Contract Purchase) as well as car loans that can go towards purchasing a vehicle.

APR: An Annual Percentage Rate is an interest rate that takes a series of financial factors into consideration. Some considerations may include job stability, lifestyle costs and potential job loss. The rate is fixed and will not increase over time, serving as a valuable tool for budgeting in the long run.

Brokerage: A brokerage consists of brokers, and brokers link the buyer with the seller. Typically, the automobile broker issues their services to help clients get the car they want at a price that they can afford. The process is tailored and many considerations are made including the buyer or leasers present income, what type of car they would like and what interest rates they can afford and for how long. Loans and financing options are available to clients, as well as in-house financing and poor credit options, making brokerages suitable for all income levels.

Dealership: A dealership sells new and used vehicles that are offered at standardized costs. As well, they offer financing options as well as leases, much like a brokerage. They may be less forgiving for poor credit but do offer a series of different options for different incomes.

Long Term Financing: A long-term loan has a fixed interest rate and can be applied to both dealership and third party loans. The term of the loan may be just under five years, but can extend to twenty five years or up. The interest rate may be higher or lower than that of a short term loan.

Short Term Financing: The term of the loan may be shorter than two years with a higher or lower interest rate than that of a long-term loan. Short term financing may have promissory-based arrangements (signing a contractual agreement) in order to ensure the loan is paid off quickly.  Both short term and long term financing options look at lifestyle costs and projected incomes.

There are many other terms to consider, but the above are the most common and can help you get a better grasp on financing.

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407ETR Matters

Exploring environmental racism and its impact on Indigenous, Black, and other racialized communities

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Photo Credit: Drazen Zigic

BY KAHA G.

The Canadian Senate’s recent passage of legislation to address environmental racism marks a significant milestone in Canada’s pursuit of environmental justice. The Environmental Justice Strategy Act requires the government to explore how racial and socio-economic factors influence environmental risks and create a national strategy to address environmental racism. This development has generated widespread celebration among advocates for: social justice, environmental protection, and public health.

To understand the significance of this milestone, it’s essential to know what environmental racism is. Environmental racism refers to the placement of harmful industries and environmental hazards in: Indigenous, Black, and other racialized communities, which also have less access to environmental benefits. For a more general definition, the US Environmental Protection Agency defines environmental justice as ensuring all people have equal protection from environmental hazards and equal access to decision-making for a healthy environment.

With that covered, let’s go into the facts. The Environmental Justice Strategy Act requires the Canadian government to explore how racial and socio-economic factors influence environmental risks. It will also create Canada’s first national strategy on environmental racism and environmental justice. This follows a 2020 UN report that highlighted how marginalized groups, especially Indigenous peoples, face unacceptable environmental conditions compared to other Canadians.

Nearly 30 years ago, the United States initiated a similar environmental justice program. Canada’s new law aims to establish equivalent protections. Dr. Ingrid Waldron, a leader in studying environmental racism, stressed that better data collection is essential. She noted that the formal data on environmental racism in Canada is incomplete, leading to a lack of comprehensive understanding of the issue’s severity. According to Dr. Waldron, without proper action, the negative impacts on people’s health and well-being will persist.

Passing the Environmental Justice Strategy Act is a significant step in acknowledging and addressing environmental racism in Canada. The next task is to develop a strategy that reflects the experiences and needs of those most affected. Advocates emphasize the importance of involving these communities in creating effective solutions and call for the government to provide adequate funding for these initiatives.

Bill C-226, which started as Bill C-230, was reintroduced and supported by key political figures, including MP Elizabeth May and Senator Mary Jane McCallum. Its passage was celebrated by several groups, such as: the Canadian Coalition for Environmental and Climate Justice (CCECJ), Environmental Noxiousness, Racial Inequalities and Community Health Project (The ENRICH Project), Black Environmental Initiative (BEI), Breast Cancer Action Québec (BCAQ), Canadian Association of Physicians for the Environment (CAPE), etc.

Before I end this article, I would like to share a quote from one of the group’s reactions to the bill, specifically the Breast Cancer Action Quebec (BCAQ)

“Breast Cancer Action Quebec is thrilled that the Senate has passed the Environmental Justice Strategy Act. And we are even more impressed by the determination of Dr. Ingrid Waldron and her decades long fight to require Canada to formally reckon with its perpetuation of environmental racism. Every day brings examples of corporations egregiously polluting with impunity the air, water and soil of neighboring communities that are most often Indigenous, racialized or low-income. Now Canada will have to map and answer for this treatment.” 

The passage of the Environmental Justice Strategy Act marks a significant milestone in Canada’s pursuit of environmental justice. By acknowledging and addressing environmental racism, Canada can create a healthier and more just environment for all.

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Automotive

Top Caribbean Celebrities and Their Exotic Cars

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BY: MALIAKA BRYCE

Each quarter I take time out to update my Vision Board – a task that helps me stay focused on achieving my goals. Exotic cars are my weakness and motivator of choice. Dreaming of driving a sexy V12 makes me work a little faster and harder. My latest vision board inspiration comes from four of my favorite Caribbean Celebrities and their dream cars.

  1. Nicki Minaj – Trinidad and Tobago

This island girl owns a few beautiful cars, most of which are bright pink including her Lamborghini Aventador valued at $400,000, and Bentley Continental GT worth $250,000. She was also spotted in a $500,000 Maybach 62S boosting a 12-cylinder twin-turbo engine with an astonishing 604 horsepower and 738 lb-ft of torque.

Onika Tanya Maraj was born in Trinidad and Tobago and raised in Jamaica and Queens, New York. The rapper/actress released three platinum-selling albums, Pink Friday, Pink Friday: Roman Reloaded and The Pinkprint. Her album sales coupled with her various movie roles and stint as an American Idol judge, helped Minaj earn approximately $70 million in her career, according to celebritynetworth.com.

  1. Bob Marley – Jamaican

During his lifetime, Bob Marley owned a number of luxury vehicles including a BMW, Land Rover Defender & Mercedes 500SL.  Nesta Robert Marley was the world ambassador for reggae music and one of Jamaica’s biggest superstar singers, musician and songwriter selling over 25 million records throughout his career. To celebrate Marley’s 70th birthday, Jamaica’s Land Rover dealership and the Marley family fully restored Bob’s classic Land Rover truck to its former glory. The vehicle is now on display at the Bob Marley Museum in Kingston Jamaica. The Marley estate is said to be worth over $130 million dollars placing him on Forbes Magazine’ list of the five top-earning dead celebrities.

  1. Wyclef Jean – Haitian

Wyclef owns an exotic car collection of over 37 cars including a $1 million dollar – Mclaren F1 “The fastest car in the world” and the rarest most expensive cars in the world, the Pagani Zonda C12 at $1,400,000.  Wyclef’’s cherry red C12 is one of only three in America. Wyclef Jeanelle Jean is a world famous singer, rapper, musician, actor, and politician. Jean moved to the States from Haiti at the age of nine and rose to fame as a member of the Fugees, winning three Grammy Awards for his work in music. According to People with Money Magazine his property holdings, endorsements, restaurant chain, football team, Vodka, perfume and fashion line puts Wyclef’s net worth over $146 million

  1. Usain Bolt – Jamaican

Bolt is the fastest man alive and the richest runner in the history of track and field and owns a fleet of very fast vehicles including the Nissan GT2 worth over $100,999 custom designed and finished in real gold, Ferrari F30 Spider and a Ferrari 458 valued at over $291,000.00. The Olympic 100m and 200m champion sprinter has endorsements from Puma, Gatorade, Virgin Media, Visa, a best-selling autobiography and commands an appearance fee ranging from $250,000 to $500,000. It is estimated that Usain is worth close to $100 million.

So, keep dreaming big – because if they can do it – so can we… Right?

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Automotive

Three Tips for a Rust-Free Winter

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BY: MALIAKA BRYCE

This may just be the world’s fastest crash course on rust prevention ever written – well maybe not ever but, by the end of this article you will have learned the basics as it relates to rust on your car and how to handle it.

Rust 101

What is Rust? In simplified terms, when iron meets water and oxygen the result is rust.
Vehicles made with iron based products will eventually show signs of rust. The goal, therefore, is to use protection as a method to extend the life of the vehicle. Most cars will rust in two to three years if unprotected. However, once treated and maintained an average car will show little signs of rust for up to five to six years which happens to be the average length of time most Canadians will keep a vehicle. Preventing rust is important to the potential reselling value of the vehicle and should not be overlooked.

Where Does Rust Start? The paint job is the car’s first line of defense against rust. Once the paint is nicked, scratched or exposed corrosion can start to form in those areas. Rust often forms anywhere two iron parts rub together such as the doors, hinges, etc. The undercarriage of the vehicles is also often prone to rust. Salt, dirt, sand, damp weather, heavy snow, and carbon elements all help to speed up the rate at which the iron will start to rust or corrode.

How to Prevent Rust? These are the three basic steps necessary to increase the life of the vehicle and prevent rust: Keep the car protected/oiled, clean, and dry.

1. Keep it Protected and Oiled: Rust proofing spray/undercoating is currently the most popular method of rust protection used in Canada due to its price point and availability and is recommended for new vehicles. Rust proofing is used in areas that are more visible on the vehicle such as the door, wheel wells, fenders etc. and are available as oils, gels, or waxes that require yearly maintenance. The ceramic application is a new alternative to wax products and is said to be five times stronger than wax and lasts for five years. Undercoating protects the undercarriage of the vehicle or the hidden parts of the car and is often called sealants. There are a variety of brands and price ranges
available for rustproofing and undercoating – additional research is recommended before purchasing a package.
a. Electronic Rust Inhibitors – work well on boats and bridges but have been proven less effective on cars and are often not recommended.
b. Paint protection film products represent the latest in protection technology and are removable, self-healing, stain resistant and often maintenance free.

2. Keep it Clean: It is highly recommended to remove the vehicles dirt, salt and all other elements that increase the corrosion rate of the iron as quickly as possible. Washing all parts of the car including the underbody is necessary to prolong the life of the protection option chosen. Use baking soda and not dish-washing soap.

3. Keep It Dry: Once cleaned, the vehicles must be properly dried and kept out of moisture. Store your vehicles inside when ever possible or use a car tarp or tent to protect from heavy snowfall or rain. Keep water away from your vehicle.

You now know the basics of rust prevention. How many of these suggestions will you adopt in your everyday routine? Do you have other rust proofing ideas? We want to hear from you.

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