Market expects more interest rate cuts Nov 26, 2008
Lee believes the cut in OPR, to which the base lending rate is tied, will have a positive impact on the productive sector, making cost of funds, mortgages and car loans cheaper. . (The Star Online, Malaysia -- Business)
Government To Unveil Program To Ease Credit |... Nov 26, 2008
WASHINGTON (USA TODAY) -- The Federal Reserve on Tuesday unveiled $800 billion in programs designed to relieve severe pressures in financial markets, and ensure that mortgages, student loans, car loans and other forms of consumer credit remain available at reasonable prices. "Millions of Americans cannot find affordable financing for their basic credit needs," Treasury Secretary Henry Paulson said, announcing the moves jointly with the Federal Reserve. (W-USA News, DC)
Patrick Beck drives home urgent needfor auto aid Nov 26, 2008
Beck said that unlike the recently approved 700 billion TARP (Troubled Asset Relief Program) or bailout program that seems stuck in its tracks, there is no reason to believe that (the 25 billion loan) wont immediately stimulate the economy and go right into the hands of the buyers in the form of car loans. They know now its their constituents whose legs they would be chopping off if they were to vote this down. (Nogales International, AZ)
PARTNERSHIP OVER: GM ends endorsement deal with Woods Nov 25, 2008
GM ends 9-year endorsement relationship with Tiger Woods - USATODAY.com. GM ends 9-year endorsement relationship with Tiger Woods. (USA Today -- Sports)
Georgia schools chief Cox files for bankruptcy Nov 25, 2008
It also shows the Coxes owe more than $33,000 on two car loans for a 2008 Ford F-150 and a 2008 Ford Edge. The filing said the Coxes have continued to give $100 a month to Peachtree City United Methodist Church. (Atlanta Journal-Constitution -- Metro)
Uni students struggling more than ever: report Nov 25, 2008
Funny too, how many graduates can obviously afford to pay off $20,000 car loans after they get their first job. (0). (ABC Online)
Obama presents his economic team Nov 25, 2008
The program would effectively create a government bank to finance hundreds of billions of dollars in commercial debt, like car loans and business leases. The Treasury is expected to contribute $10 billion to $20 billion in seed capital, which would come from the $700 billion originally provided to shore up the financial system. (International Herald Tribune)
Burns Harbor steelworkers could face layoffs Nov 25, 2008
Subtract un-employment payments from the state, lost income tax revenue, sales tax revenue, and then figure in all the jobs that will be lost by these steelworkers not having any money to spend at the grocery store, Best Buy, K-Mart, Wal-Mart, the local restaurant, the casino's, and their mortgages and car loans. If you believe your job or company will be untouched in this global economic environment, then you are either ignorant or stupid. (Munster Times, IN)
ND car dealers report healthy sales Nov 25, 2008
The director of lending at Gate City Bank, Blaise Johnson, says the bank is working on more car loans this year than last year. Copyright. (Wahpeton Daily News, ND)
Nissan to pass on auto shows in Detroit, Chicago Nov 25, 2008
TROUBLED AUTO INDUSTRY. Tiger's financial bite. (USA Today -- Autos)
Fed pledges billions for mortgages, consumer loans Nov 25, 2008
Billions coming for mortgages, credit cards, student, car loans - USATODAY.com ... Billions coming for mortgages, credit cards, student, car loans. (USA Today -- Money)
For Detroit, Chapter 11 would be a disaster Nov 25, 2008
Banks also have exposure through investment vehicles whose value is tied to car loans. And the pain would be intensified because the banks have not hedged their exposure to auto loans. (International Herald Tribune -- Ed/Op)
Your views: Fired up about bailouts Nov 24, 2008
Pay credit-card bills, mortgages, loans, car loans, hospital bills, etc. Now the banks will have money to lend. (Florida Today)
New Citigroup rescue as Obama names eco team Nov 24, 2008
99% Bad Credit Car Loans Approved. Guaranteed Acceptance, Drive Today. (Yahoo News -- Top Stories)
U.S. auto industry's troubles may touch the financial sector Nov 24, 2008
That figure does not include $47 billion of risky loans made to various affiliates of Chrysler, Ford and GM that are backed by auto leases and car loans to individual car buyers, some of whom are now struggling to pay their own bills as the economy craters. Many of these auto bonds and loans have plummeted in value as things have gone from bad to worse for Detroit's once-proud carmakers. (International Herald Tribune)
Obama low key but active in auto rescue talks Nov 24, 2008
TROUBLED AUTO INDUSTRY. WASHINGTON (AP) Even while publicly sidelining himself, President-elect Barack Obama was active behind the scenes during congressional debate this past week over an auto industry bailout. (USA Today -- Autos)
More Americans are delinquent on car, truck loans Nov 24, 2008
That's already happening in auto loans, notably when General Motors' financing arm, GMAC, recently stopped making car loans to anyone with a credit score below 700. "Delinquencies definitely make banks more hesitant," she says. (USA Today -- Autos)
Officials say auto CEOs must be specific on bailout plans Nov 24, 2008
Getty Images file for 'Meet the Press. TROUBLED AUTO INDUSTRY. (USA Today -- Autos)
Europe ready to help its carmakers if Detroit's Big 3 get a bailout Nov 24, 2008
European governments poised to help their automakers - USATODAY.com. Real solutions for your real estate needs. (USA Today -- Money)
Obama aide: Congress should work quickly on recovery plan Nov 24, 2008
Real solutions for your real estate needs. Choose from the selections below. (USA Today -- Money)
Officials: Auto CEOs need bailout plan specifics Nov 24, 2008
Officials say auto CEOs must be specific on bailout plans - USATODAY.com. Officials say auto CEOs must be specific on bailout plans. (USA Today)
Can Debt Consolidation Free Holiday Cash? Nov 21, 2008
Secured debt covers things like home equity loans and car loans. A secured loan on home equity "is usually a win-win for a lot of people. Its easier to pay off, but the margin is longer," said Tim Dwyer, with U.S. Bank. (KSBW 8, CA)
Car Dealerships Concerned About Future Nov 21, 2008
Besides some sort of bailout, the National Automobile Dealers Association is pushing for a variety of tax breaks for consumers who buy cars, such as deductibility of interest on car loans. Email Story. (WKRC.com, OH)
Business Is Off, Auto Dealers Say Nov 21, 2008
He said it caused people to believe that no loans were available for anyone -- when in reality, dealers have had access to money for car loans without any problems. "That was information that was misinterpreted, and the government may have painted the picture with too broad a brush," Phillips said. (The Pilot Newspaper)
Spending drops, luxury takes a back seat Nov 21, 2008
Spending drop, luxury takes a back seat. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Pink slips replace green flag Nov 21, 2008
But to the people involved in this sport, this is the way they pay their mortgages, and this is the way they pay their car loans and send their children to school and pay their bills. This is the way that you make a living, and at a time when the economy turns bad, it's just tough times. (Florida Times-Union)
EDIT: Boost Demand Nov 21, 2008
Car loans too are hit, with private sector banks hiking the margin money borrowers must cough up. When times were good, hotels were overbooked. (India Times, India)
Economist sees slow climb out of recession Nov 20, 2008
They were issuing car loans that would extend out for 10 years when the car itself would only last for seven, Bitner said by way of example. Meanwhile, creative thinkers on Wall Street were creating impressive instruments promising favorable returns but were blind to the risk involved. (Marblehead Reporter, MA)
National economy has local impacts Nov 20, 2008
GM s financing arm has tightened up dramatically on credit, making it harder for people to get car loans. And I ve never seen the used car market as volatile as it is now, Odom said. (Troy Montgomery Herald, NC)
Answer Desk: The debt legacy Nov 20, 2008
5 trillion in credit card, car loans and other debts. Banks and Wall Street investment firms borrowed tens of trillions of dollars more to create complex investments that now are worth a lot less than everyone thought. (MSNBC -- Business)
Unemployment rate surges to 9.3 pct Nov 20, 2008
He said sales will increase once the credit markets start loosening up so people can get car loans, but added it's hard to say when that will happen. Comments. (Ionia Sentinel-Standard, MI)
How many cars will solvency take? Nov 20, 2008
So let's give GM credit for the progress it has made, then ask the inconvenient question: What's normal if car dealers can no longer offer abnormally cheap car loans. The key number here is 17, as in 17 million. (Globe and Mail -- Business)
G.S.'s Rookie Sensation Nov 19, 2008
But Morrow has definitely proven that, despite the draft-day snub, he is eminently employable and probably won't be skipping off to Ukraine without paying off his lease or car loans. Just a few months ago, Morrow thought he might be bound for that exotic locale, on a contract that his agent arranged when the NBA looked unlikely. (San Francisco Chronicle -- Crime)
DAN KLINE COLUMN: Fail huge and get a big handout Nov 19, 2008
If we bail out overreaching homeowners, financial institutions and the auto industry, why not help people with bad car loans, the newspaper industry and huge restaurant chains. You simply can't reward failure and the economy does not work if the government stops dying companies from dying. (Swampscott Reporter, MA)
Financial crunch is speeding big layoffs at NASCAR Nov 19, 2008
And this is the way they pay their car loans and send their children to school and pay their bills. Sponsored Links. (San Diego Union-Tribune -- Sports)
Brazilian Retail Sales Rise 9.4% in September, Beating Economist Forecasts Nov 19, 2008
Updated: New York, Nov 19 03:37 London, Nov 19 08:37 Tokyo, Nov 19 17:37. Brazil September Retail Sales Rise More Than Expected (Update3). (Bloomberg -- Latin America)
Let Detroit suffer its fate Nov 18, 2008
Purchases of new homes Rent Interest on credit cards, mortgages and car loans Doctor bills Utilities Gasoline (30 percent in addition to current taxes, which would not be repealed) Legal fees At todays prices, gasoline would cost almost $1 per gallon more. A $150,000 new home would run $195,000 plus the 30 percent tax that the buyer would pay on the interest on the mortgage. (Atlanta Journal-Constitution -- Opinion)
Brazil Car Loans Have Recovered to Near Pre-Crisis Levels, Meirelles Says Nov 18, 2008
Brazil Car Loans Near Normal Level, Meirelles Says (Update1). By Laura Price and Katia Cortes. (Bloomberg -- Latin America)
Financial crunch will lead to layoffs in NASCAR Nov 18, 2008
Web Search powered by YAHOO. You must fill in all fields. (Yahoo News -- Auto Racing)
Congress debating auto industry bailout Nov 18, 2008
Automakers have been hit hard by the economic downturn as consumers put off purchases of big-ticket items, and the credit crunch has made it difficult for would-be buyers to get car loans. But the Big Three are also struggling from years of bad management decisions, heavy labor and health care costs, and a failure to keep pace with consumer trends - such as the growing demand for hybrid vehicles like Toyota's top-selling Prius. (San Francisco Chronicle)
The bailout's next 60 days Nov 18, 2008
He also announced that the Treasury and the Federal Reserve were considering a plan to use taxpayer money to jump-start consumer lending via credit cards, car loans and student loans. The Fed quickly said the plan was still in early development. (International Herald Tribune -- Ed/Op)
Syed Sobri: Stop by-election rumours Nov 16, 2008
Many people have taken up loans such as housing loans, car loans, business loans and personal loans. So why pick on me. (The Star Online, Malaysia)
Downturn drags more Americans into bankruptcy Nov 16, 2008
A recent study found that the typical family who filed for bankruptcy in 2007 was carrying about 21 percent more in secured debts, like mortgages and car loans, and about 44 percent more in unsecured debts, like credit cards and medical and utility bills, than filers in 2001. Their incomes, meanwhile, remained static over those six years, according to the study, which used data from the 2007 Consumer Bankruptcy Project, a joint effort of law professors, sociologists and physicians. (International Herald Tribune)
Despite the perception cash not available, buyers can get loans Nov 16, 2008
The trend for car loans has reverted back to the way business was done 20 years ago, Wall and Hannay said. "Banks are still loaning money just like before, but it's gotten back to a more traditional type loan where the bank likes a down payment," Wall said. (Athens Banner-Herald)
Flurry Of Firms Apply For US Treasury Funds By Friday Deadline Nov 15, 2008
The consumer finance sector has come to a standstill on concerns about defaults, raising the costs of car loans, student loans and credit cards, Paulson said. In addition, Paulson outlined plans for a program to inject capital into firms outside of the banking industry through a program that could require firms to first raise private capital. (CNNMoney.com)
Stall in auto sales turns focus to make money in other areas Nov 15, 2008
Customers with good credit can still get car loans, Lane said. But credit has tightened for the 20 percent of his customers who walk onto his lot with bad credit history. (Puget Sound Business Journal, WA)
Eddie Lampert raises stake in AutoNation Nov 14, 2008
41 billion loss in the third quarter as customers worried about the economy and found it hard to get car loans. Revenue plunged 21 percent from a year ago. (BusinessWeek)
Global stocks fall as Germany announces recession Nov 14, 2008
US Treasury Secretary Henry Paulson said Wednesday that the Wall Street bailout plan would be refocused on continued capital injections for ailing banks and possible steps to help the non-bank financial sector, such as car loans and credit cards. "It is shocking to see the US government deciding not to use any of the 700 billion dollars on buying mortgage-related assets, which were the primary reason for the bailout package," Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong... (India Times)
Bailout plan's focus shifts Nov 14, 2008
Paulson said the $700 billion would not be used to buy up troubled mortgage-related securities, as the rescue effort was originally conceived, but will instead be used in a broader campaign to bolster the financial markets and, in turn, make loans more accessible for creditworthy borrowers seeking car loans, student loans and other kinds of borrowing. "During times like these with a slowing economy and some deterioration in credit conditions, even the healthiest banks tend to become more... (Albany Times Union)
How Do You Make Sense of the Current Market? Nov 14, 2008
-- Paying off high-interest consumer debt such as credit card balances and car loans -- and staying out of debt. -- Contributing to your 401(k) or other employer-sponsored plans at least up to the company match. (Townhall.com)
Interest rates soar as credit tightens in Mexico Nov 14, 2008
In recent years, the number of mortgages and car loans also has soared in Mexico, at rates much higher than in the United States. Ford, for example, is offering a five-year, 17% loan on a Focus sedan in Mexico City, and that is with a 25% down payment. (USA Today -- Money)
Wall Street Dow surges in stunning rebound Nov 14, 2008
Consumers' access to credit in the form of car loans, student loans and credit cards remains impaired, ''creating a heavy burden on the American people and reducing the number of jobs in our economy,'' Treasury Secretary Henry Paulson said yesterday. Early losses in stocks today came after the Labor Department's weekly tally of new claims for unemployment insurance benefits climbed by 32,000 to a larger-than-forecast 516,000. (Sydney Morning Herald -- Business)
Rednecks, white hoods, blue chips Nov 14, 2008
"Well, the Klan thought long and hard and agreed with Paulson that illiquidity in this sector is raising the cost and reducing the availability of car loans and credit cards ". Friday. (Sydney Morning Herald -- Business)
NADA Backs Consumer Tax Breaks for Auto Sales Nov 13, 2008
The "Auto Ownership Tax Assistance Amendment" would make interest payments on car loans temporarily tax deductible for the remainder of 2008 through the end of 2009. Congressional leaders have indicated that consideration of a post-election stimulus package is possible to provide emergency assistance to the struggling auto industry. (PR Newswire)
Feds back up GE finance unit's debt Nov 13, 2008
GE Capital provides consumer financing for car loans, mortgages outside the United States and credit cards. Its commercial business finances real estate, corporate lending and leasing. (OregonLive, OR -- Business)
Global stocks tumble as bad news stacks up Nov 13, 2008
Treasury Secretary Henry Paulson said the Wall Street bailout plan would be refocused on continued capital injections for ailing banks and possible steps to help the non-bank financial sector, such as car loans and credit cards. "It is shocking to see the US government deciding not to use any of the 700 billion dollars on buying mortgage-related assets, which were the primary reason for the bailout package," Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong, wrote in a... (India Times)
Treasury Reversal Nov 13, 2008
- that bundle all sorts of loans, including car loans, student loans, credit card loans to create securities that are sold, like bonds, to raise cash to make more loans ... Paulson pledged Wednesday to aid another part of this nonbank financial apparatus, which is made up of firms that issue securities backed up by payments for credit cards, car loans, student loans and other items that collectively account for 40 percent of consumer credit. (San Francisco Chronicle -- Business)
Treasury scraps original bailout plan as economy worsens Nov 13, 2008
"Still, the man who shepherded the legislation through Congress, Rep. Barney Frank, D-Mass., was unhappy that the Treasury has moved away from plans to buy mortgage bonds and individual loans in order to prevent foreclosures by modifying the loans."We especially put in that bill authority to the secretary of the treasury to buy whole loans (and) mortgage-backed securities to make us the lender to make us the owner so we could do these kind of reductions," said Frank, the chairman of the House... (Anchorage Daily News)
U.S. Backs Away From Plan to Buy Bad Assets Nov 13, 2008
He also said the Treasury was working with the Federal Reserve on a plan to help restore credit flows to U.S. households by using financial rescue funds to lure investors back to markets for securitized debt, such as car loans, student loans and credit cards. The administration's shifting focus disappointed Wall Street and U.S. stock prices tumbled sharply. (ABC News -- Wire)
Mitsubishi supplier to close local office Nov 13, 2008
The auto industry is in the midst of a downward spiral as consumers struggle to obtain car loans or are leery of spending money in todays soft economy. Mitsubishis U.S. sales through October totaled 87,591, a 23. (The Pantagraph newspaper)
Auto Industry Situation Dire; Congress May Offer Aid Nov 13, 2008
plans to offer legislation on Monday making the interest payment on new car loans tax deductible. "We've got to start massaging the American economy," she said. (ABC 7 News, DC)
Feds switch to bailout Plan B Nov 13, 2008
WHAT IT MEANS: Securitization is the process in which credit card debt, student loans and car loans are bundled together and securitized, or sold as bonds to investors, who receive monthly payments as Americans pay off their credit card bills and loans ... As of last year, outstanding securitized debt for credit cards, car loans and student loans was valued at almost $2 ... "Illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit... (News & Observer)
US scraps toxic debt buyout Nov 13, 2008
He said this illiquidity in the sector "is raising the cost and reducing the availability of car loans, student loans and credit cards.". He said the Treasury and Federal Reserve "are exploring the development of a potential liquidity facility" for such these assets outside the scope of regulated banks. (Sydney Morning Herald -- Business)
Back, Back, Forth, and Forth Nov 13, 2008
The points out that, , the "program is still called the Troubled Asset Relief Program, or TARP, but it will not buy troubled assets." At a news briefing yesterday, Treasury Secretary Henry Paulson emphasized that the consumer credit market "has for all practical purposes ground to a halt," which is "raising the cost and reducing the availability of car loans, student loans, and credit cards." The puts this in perspective by pointing out on car loans "almost doubled from July to September and... (Slate)
Zeti: Bank financing not an issue Nov 13, 2008
Syed Zainal also said approval rates for new car loans were getting lower and the biggest impact was being felt in the sales of Proton and Perodua. Zeti said people had a variety of avenues to complain to Bank Negara about issues related to financing. (The Star Online, Malaysia -- Business)
