Pocatello Car Dealerships React to Auto Loan Package (KIFI Idaho Falls)

Car dealerships say thanks to lower gas prices, sales of cars are doing better then they were just a few months ago.  Many of the managers say it's too early to tell what each day will bring let alone the future.  But for now, things are steady and moving along.

US car giants in rescue plea (RTÉ News)

The heads of the three big US car makers appeared before a US Senate committee last night in a bid to secure $25 billion in a stopgap loan. The biggest of the three, General Motors, is under extreme financial difficulty and faces the prospect of bankruptcy.

(AFX UK Focus) 2008-11-19 16:47 Romanian govt suspends car tax to protect jobs (Interactive Investor)

BUCHAREST, Nov 19 (Reuters) - The Romanian government has suspended initial car registration tax for a year in a bid to protect jobs in the country's car industry. As the world financial crisis has intensified, concern has grown that Romania's economy is particularly vulnerable to an economic downturn because of a vast external trade deficit and high rates of hard currency borrowing. Bucharest ...

Bush gives ground on car industry bail-out (Guardian Unlimited)

The shifting balance of power in Washington was graphically illustrated yesterday when Barack Obama wrung his first concession from George Bush over the troubled car industry. During an hour-long meeting with President Bush in the White House on Monday, the president-elect had made a plea for a multibillion dollar bail-out for the country's three struggling car manufacturers, Chrysler, ...

George Bush gives ground to Barack Obama on car industry bail-out (Guardian Unlimited)

The shifting balance of power in Washington was graphically illustrated today when Barack Obama wrung his first concession from George Bush over the troubled car industry. During an hour-long meeting with President Bush in the White House on Monday, the president-elect had made a plea for a multi-billion dollar bail-out for the country's three struggling car manufacturers, Chrysler, ...

Opel seeks loan guarantees from German govt (Deutsche Welle)

German finance minister Peer Steinbrueck has confirmed plans for an automotive summit scheduled for Tuesday. He told reporters on the sidelines of the G20 summit in Washington that the meeting would be used to discuss potential aid for struggling car manufacturers.

Cars Opel could get government loan guarantees 17/11 19:45 CET (Euronews)

Opel has been trying to cover itself in case its US parent company General Motors goes bust. GM’s German subsidiary wants government loan guarantees of up to two billion euros from Berlin and from various state governments where it has plants. Opel employs almost 26,000 people in Germany.

UPDATED: Mich. man gets 10 yrs in federal loan fraud case (Battle Creek Enquirer)

DETROIT â€" A man was sentenced to 10 years in prison today for the worst single case of loan fraud at the U.S. Small Business Administration, a scheme to use federally guaranteed financing to buyers of gas stations, convenience stores and restaurants.

Local Car Dealers Stand Strong in Looming Bailout (KIMT Mason City)

CHARLES CITY, Iowa - There's a lot of concern surrounding the big three auto makers right now. "I don't think any of us wanna know what the United States'll look like if we don't have car manufacturing in it," said Mike Molstead, owner of Mike Molstead Motors in Charles City.

Did Modi offer Rs. 30,000 crore in sops to Tata Motors? (The Hindu)

AHMEDABAD: The Narendra Modi government is claimed to have offered over Rs. 30,000 crore in sops to Tata Motors to bring the Nano car project to Gujarat. Not only has the Modi government agreed to provide a soft loan of Rs. 9,570 crore ...

Sen. Bond to propose tax incentives for auto buyers (The Joplin Globe)

Sen. Christopher “Kit” Bond on Thursday said he plans to introduce legislation that would make interest on car loans tax-deductible to help revive auto sales, while debate swirled on a separate proposal for a $25 billion loan for the country’s ailing automakers.

China banks remain strong amid global financial crisis (People's Daily)

China's top banking regulator rated the country's banking industry as healthy with total assets increasing rapidly, bad loan rates dropping and capital adequacy ratio (CAR) rising. "The performance of Chinese banks has reached a historic peak," said Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission (CBRC), at a financial forum in Beijing on Saturday. Total banking assets ...

Car crash imminent? (ZDNet)

Wow, the battle over the future of American-based car manufacturers is getting more complex. Now there's a major battle brewing WITHIN the majority Democratic Party, and it's centered on the political clout of the Detroit auto interests. ROAD KILL? There's good evidence that the plan to pass any kind of loan package for Detroit this year is road kill. It is likely the Republicans in the Senate ...

Car maker Opel seeks help from German govt (San Francisco Chronicle)

Car maker Adam Opel GmbH, a unit of General Motors Corp., said Friday it will seek loan guarantees from German authorities as the financial crisis grips the European auto industry. The company said it would seek guarantees for an unspecified amount from the...

Tips for purchasing a car (The Kansas City Star)

It's not just a buyer's market for stocks right now. The recession is pushing down prices across the board. And while it is wise to be cautious about making major purchases in a time of economic uncertainty, let's be frank: A car is a necessity, not an option, for most people living in this community.

Pakistan seeking emergency loan from IMF (Los Angeles Times)

The U.S. ally's finance chief says the International Monetary Fund agreed to the bailout after endorsing plans to tackle the country's huge budget and trade deficits. Pakistan has agreed to borrow $7.6 billion from the International Monetary Fund in an effort to stabilize the economy of this strategically important U.S. ally on the front lines of the battle against Al Qaeda and the Taliban.

CARZ FOR GIRLZ: Helping Mom (or Dad) Choose the Next Family Car (The Auto Channel)

Does your forecast call for a future without a brand new Ford Mustang, but rather a more practical sedan or crossover? As mom (or dad) gets geared up to pick out a new car, it seems your opinions about owing your own are taking the backseat.

US to discuss USD25bn aid to car sector (Ireland Business World)

Aides to president-elect Barack Obama have played down reports of tension with the Bush administration over help for the stricken US car industry. General Motors, Ford Motor Co and Chrysler have been lobbying for assistance as a severe downturn in US car sales pummels their balance sheets.

Bush Pushes For $25B Loan To Automakers (WCCO Minneapolis - St. Paul)

The White House is throwing support behind a plan to speed release of $25 billion in loans to troubled automakers but is rejecting a Democratic proposal to use money from a financial bailout for car companies. Senate Democrats will take up a bill to extend $25 billion in emergency loans to the auto industry on Monday.

Edmunds.com Advises Consumers How to Get an Auto Loan During Credit Crunch (Business Wire via Yahoo! Finance)

SANTA MONICA, Calif.----Is it possible to get a car loan in this time of economic stress? Edmunds.com, the premier online resource for automotive information, has compiled the definitive guide to auto loans for car shoppers and anyone else interested in the twists and turns of the economy.

Bush Pushes For $25B Loan To Automakers (WCBS-TV New York)

The White House is throwing support behind a plan to speed release of $25 billion in loans to troubled automakers but is rejecting a Democratic proposal to use money from a financial bailout for car companies. Senate Democrats will take up a bill to extend $25 billion in emergency loans to the auto industry on Monday.

Bush Pushes For $25B Loan To Automakers (KDKA Pittsburgh)

The White House is throwing support behind a plan to speed release of $25 billion in loans to troubled automakers but is rejecting a Democratic proposal to use money from a financial bailout for car companies. Senate Democrats will take up a bill to extend $25 billion in emergency loans to the auto industry on Monday.

Democrats press emergency loans for Big 3 as top senator says car bailout is stalled (Minneapolis-St. Paul Star Tribune)

So the Big Three want an emergency loan. I lived in Michigan for a time, and I can tell you these companies are used to getting what they … read more want because they're so large and powerful. Message to Congress: play hardball. You want a loan from the government?

Car dealers call for bailout for auto industry (SouthtownStar)

Mike Bettenhausen's family has been selling cars in Tinley Park for decades and bristles at talk that the country's automakers are begging for some sort of government handout. "Sadly, they are calling this issue a bailout, and all the manufacturers are seeking is a bridge loan to get through a challenging economy," said Bettenhausen, who sells Chrysler and Dodge vehicles.

My opinion Thomas L. Friedman : Government has protected Detroit automakers to death (Arizona Daily Star)

I was in a hotel room watching CNBC early one September morning. They were interviewing Bob Nardelli, the CEO of Chrysler, and he was explaining why the auto industry, at that time, needed $25 billion in loan guarantees. It wasn't a bailout, he said. It was a way to enable the car companies to retool for innovation.

Government has protected Detroit automakers to death (Arizona Daily Star)

I was in a hotel room watching CNBC early one September morning. They were interviewing Bob Nardelli, the CEO of Chrysler, and he was explaining why the auto industry, at that time, needed $25 billion in loan guarantees. It wasn't a bailout, he said. It was a way to enable the car companies to retool for innovation.

Democrats push to aid car industry (Los Angeles Times)

House leaders hope for quick passage of a bill providing $25 billion. In the Senate it may hit a GOP roadblock. Congressional Democrats are pushing legislation to send $25 billion in emergency loans to the beleaguered U.S. auto industry in exchange for a government ownership stake in the Big Three car companies -- General Motors, Ford and Chrysler.

What the credit crunch means for consumers (Richmond Times-Dispatch)

No doubt you've been hearing a lot about this credit crunch, but do you know what it actually means for you as a consumer? The limits on existing credit cards are in danger of shrinking. And your credit history is being held to a much higher standard. What does that mean? Well, if you do happen to be in need of a mortgage, home equity or car loan, you might have a tough time finding a lender and ...

Protecting Detroit to death (The Hendersonville Times-News)

Last September, I was in a hotel room watching CNBC early one morning. They were interviewing Bob Nardelli, the CEO of Chrysler, and he was explaining why the auto industry, at that time, needed $25 billion in loan guarantees. It wasn't a bailout, he said. It was a way to enable the car companies to retool for innovation. I could not help but...

TIPS ON CHOOSING A USED CAR (Bangkok Post - Thailand's English news)

-.First, it is necessary to establish a budget, which could give a clearer picture of the finance available cash on hand or getting a car loan. The interest rate charged by most finance institutions on car loans is about 3.5 per cent, on an average.

Federal Bailout May Include Credit Card, Loan Companies (Washington Post)

U.S. Treasury Secretary Henry M. Paulson Jr. said he wants to expand the government's $700 billion bailout program to include credit card, student loan and car loan companies, part of an effort to ensure that households and businesses have access to a broad array of borrowing options.

(AFX UK Focus) 2008-11-12 05:03 Tata firms told acquisition plans on hold - paper (Interactive Investor)

MUMBAI, Nov 12 (Reuters) - India's Tata Group, buyer of steel firm Corus in 2007 and car brands Jaguar and Land Rover in 2008, has put acquisition plans on hold unless strategically critical, the Hindustan Times said citing an e-mail from Chairman Ratan Tata. The paper said in a Nov. 6 email to the heads of group companies, which range from salt to software, Tata has directed all pending loan ...

Opel's appeal for state aid turned down (Deutsche Welle)

The German government has rejected a plea from General Motors (GM) for targeted aid for German car factories. GM's German subsidiary arm, Opel, had earlier written to Chancellor Angela Merkel to enlist her support for a 40-billion-euro loan from the European Investment Bank (EIB) to carmakers.

Pawn shops see business rise with economic crisis (Chicago Sun-Times)

Randy Cohen, co-owner of a South Loop pawn shop, has never seen anything like the current parade of cash-strapped customers forced to sell their stuff. ''Anything people can possibly get ahold of to bring in to pay their mortgage and get gas in the car, they're doing it,'' says Cohen, who works at the Royal Jewelers and Loan.

Schaeffler Controls 90% of Continental AG After Offer (Update1) (Bloomberg.com)

Sept. 22 (Bloomberg) -- Schaeffler Group, the family-owned ball-bearing maker buying Continental AG , controls more than 90 percent of the car-parts maker's stock following a takeover offer, exceeding a self-imposed limit on the stake.

Pawn shops see business rise with economy crisis (Chicago Sun-Times)

Randy Cohen, co-owner of a South Loop pawn shop, has never seen anything like the current parade of cash-strapped customers forced to sell their stuff. ''Anything people can possibly get ahold of to bring in to pay their mortgage and get gas in the car, they're doing it,'' says Cohen, who works at the Royal Jewelers and Loan.

Auto Loan Help (WROC Rochester)

For pretty much all of us, buying a car can be a stressful event. First, you have to figure out what car you want to buy and then you have to figure how you’re going to pay for it.

U.S. car companies hint at needing bailout (KATU Portland)

"We left the meetings convinced that our nation's automobile industry - the heart of our manufacturing sector - and the jobs of tens of thousands of American workers are at risk," Pelosi, D-Calif., and Reid, D-Nev., said in their letter to Paulson.

THE RATINGS GAME: Deutsche Bank Cuts GM To Sell; Shares Seen Likely Worthless (Nasdaq)

LONDON (Dow Jones) -- Shares of General Motors Corp. got downgraded to sell from hold and were labeled Monday as likely to be worthless by Deutsche Bank, which said the car maker may not be able to fund its U.S. business past December without government intervention.

Thai Bank of Ayudhya aims for 7 pct 2009 loan growth (Reuters via Yahoo! Philippines News)

BANGKOK, Nov 10 (Reuters) - Bank of Ayudhya (BAY), Thailand's fifth-biggest lender, said on Monday it expected to lend a net 40 billion baht ($1.15 billion) in 2009, up 7 percent from this year, boosted by higher consumer loans.

Locals question possible automaker bailout (The MetroWest Daily News)

Local car dealers are cheering a call from congressional leaders to loan money to troubled American automakers, but many area residents yesterday said the idea should go the way of the Ford Pinto.

Tiny car draws stares, questions (Las Vegas Sun)

Driving a Smart Fortwo car is like punching the kid sitting next to you in third grade. Sure, it will get you attention. But maybe not the kind you were looking for.

Reid, Pelosi Urge Treasury to Extend Aid to Automakers (Washington Post)

With the nation's automotive industry hemorrhaging cash, congressional leaders called on the Bush administration yesterday to offer government assistance to the car companies as part of the Treasury Department's $700 billion emergency rescue program.

AutoNation swings to $1.41 billion 3Q loss (Washington Post)

RICHMOND, Va. -- AutoNation Inc. said Thursday it swung to a loss in the third quarter, with customers finding it increasingly difficult to get a car loan and the overall economy heading south.

Local auto loan market strong, car dealers assert (The Daily Mail)

CATSKILL â€" While the recent meltdown on Wall Street has created ripple effects throughout many aspects of the middle-class economy, auto dealerships in the area make no bones about explaining that does not include the average buyer’s ability to secure an auto loan for a new vehicle.

AutoNation swings to $1.41 billion loss (Lansing State Journal)

RICHMOND, Va. - AutoNation Inc. said today it swung to a loss in the third quarter, with customers finding it increasingly difficult to get a car loan and the overall economy heading south.

(AFX UK Focus) 2008-11-08 14:54 UPDATE 1-German "car banks" to seek state guarantees -report (Interactive Investor)

FRANKFURT, Nov 8 (Reuters) - The finance arms of three German car companies have agreed to ask for state guarantees to help them raise several billion euros in financing through capital markets, Der Spiegel news magazine reported on Saturday, giving no details of its sources. In an advance copy of an article for its Nov. 10 edition, the magazine said that the car banks of BMW, Volkswagen and ...

How is the credit crunch affecting you? (The Canton Repository)

Do you have a good, or at least decent credit score, but you're still having problems getting a loan for significant items like a car or home? We'd like to talk with you.

Car sales in Brazil fall for first time since 1999 (The Economic Times)

New car sales in Brazil fell for the first time in nine years in October because of a tightening of credit due to the international financial crisis, the national car-makers association Anfavez said on Thursday.

Still Moving: Rare and Exotic Car Sales (HispanicBusiness.com)

Shop around for a car and you'll see endless buying and leasing incentives . . . for those fortunate enough to qualify for a loan in the current credit markets. Car dealerships are offering tremendous promotions because, simply, they need to sell cars and move inventory.

US car makers seek a fresh loan (Independent Online)

Chief executives of General Motors, Ford and Chrysler, seeking another $25 billion (R243 billion) in government-backed loans, were due to meet house of representatives speaker Nancy Pelosi last night, two people familiar with the matter said yesterday.

Ukrainians see winter of unease despite IMF loan (Unian)

From Lada taxi drivers to antique dealers, steelworkers to pastry sellers -- Ukrainians are suffering from the global financial crisis and few expect a multi-billion dollar IMF loan to do much to ease the pain, Reuters reported.

Ukrainians see winter of unease despite IMF loan (KYIV Post)

(Reuters) - From Lada taxi drivers to antique dealers, steelworkers to pastry sellers -- Ukrainians are suffering from the global financial crisis and few expect a multi-billion dollar IMF loan to do much to ease the pain.

Car Repairs on the Rise (KOLR - KSFX Ozarks)

(Springfield, MO) -- The past few months have been bad for many industries. That's especially true for those who sell cars and trucks. The reports are ominous. Car sales fell to the lowest levels in 25 years last month. The industry is in turmoil with layoffs at major American car manufacturers.

AutoNation swings to $1.41 billion 3Q loss (San Francisco Chronicle)

AutoNation Inc. said Thursday it swung to a $1.41 billion loss in the third quarter, with customers finding it increasingly difficult to get a car loan and the overall economy heading south. Fort Lauderdale, Fla.-based AutoNation, the nation's largest...

LOWER LOAN RATES (Erie Times-News)

Recently, the Federal Reserve cut interest rates for the sixth time this year in its efforts to restrain the credit crisis. The move that reduced the rate to 1 percent was a shot in the arm for Wall Street. But what have all these cuts meant for you?

For car dealers, tight credit is fueling a 'catastrophe' (USA Today)

They may be folks you love to hate, but it's hard not to have sympathy for car dealers these days. These business owners are manning the bucket brigades in an auto industry meltdown.

Five-year car "loan" ends in nine-year jail term for China official (People's Daily)

Taking advantage of a public post to borrow something can be considered as taking bribery in China, and an official has been convicted of bribe-taking for "borrowing" a company's car for five years. Chen Xiaoping, former deputy head of the energy and transport division of the provincial development and reform commission in east China's Shandong Province, was recently sentenced to nine years in ...

GMAC Now Officially Requires 700-Plus FICO Score For New Car Loan [Financiapocalypse] (Jalopnik)

The Financiapocalypse continues. We just received a copy of an e-mail that went out at GMAC, the lending arm jointly owned by GM and Cerberus, from Barbara Stokel, GMAC's EVP of North American...

ANALYSIS: Weak credit arm poses sales hurdle (Detroit Free Press)

As automakers deal with the lowest monthly sales since 1983, companies with weak loan and financing affiliates face even larger hurdles than others as they try to lure buyers back into dealerships and overcome low consumer confidence.

Moody's: US auto lenders face weakening market (AP via Yahoo! Finance)

Credit ratings agency Moody's Investors Service said Tuesday the U.S. auto finance sector faces a grim credit outlook into 2009 because of lenders' expanding risk of loan defaults, the deteriorating economy and ongoing credit crisis.

Honda won't offer zero-percent financing in US (The Economic Times)

Honda Motor Co will lower auto loan rates in the United States to help stem a slide in US car sales but will not follow rivals into zero-percent financing, its chief financial officer said on Tuesday.

Taking the Car to Hooverville (Portfolio.com via Yahoo! Finance)

First Takeaway: So the Treasury Department won't be writing out any big checks to General Motors. But it is weighing using the $700 billion Tarp program to include a broader array of financial companies, reports Deborah Solomon of the Wall ...

Auto parts industry seeks U.S. loans (Detroit Free Press)

The U.S. auto parts industry asked the Bush administration Monday to set up a loan-guarantee plan for auto suppliers as part of the $700-billion financial bailout plan, as well as to speed $25 billion in loans for retooling.

Tots in peril in car seats (New York Daily News)

City officials said Thursday that nine out of 10 car seats across the five boroughs are not installed properly and too often lead to tragic deaths like that of 4-year-old Queens girl Jacinda Stevens.

Auto suppliers seek federal loan guarantees (Detroit Free Press)

WASHINGTON â€" The U.S. auto parts industry asked the Bush administration today to set up a loan guarantee plan for auto suppliers as part of the $700-billion financial bailout plan, as well as speed $25 billion in loans for retooling.

Citic Pacific May Issue Shares for $1.5 Billion Loan (Update1) (Bloomberg)

Nov. 3 (Bloomberg) -- Citic Pacific Ltd. , under investigation after predicting a HK$15.5 billion ($2 billion) loss from unauthorized currency bets, said talks with its parent for a standby loan facility may involve a share sale.

Car dealers hit by sales decline, weak economy (Reuters via Yahoo! News)

Auto retailers swung to quarterly losses in the third quarter, beaten down by the decline in U.S. car sales, tight consumer credit, and a weakening U.S. economy as well as hurricane-related damages.

Car industry asks taxpayers to foot the bill for its irresponsibility (Eu Business)

The car industry is asking taxpayers to foot the bill for its irresponsibility and inaction, while continuing to churn out inefficient cars, said Greenpeace following a meeting of European politicians and leading carmakers in Brussels.

Except for car sales, rural Utah towns faring well in poor economy (The Salt Lake Tribune)

RICHFIELD - In times like these, Joe Betar doesn't really like being cast as a barometer of economic tides. He sells Chevys and Dodges at Classic Motors in the central Utah town of Richfield - a postcard of small-town America.

Keep it simple: Vote yes on Issue 5 to lower payday loan rates (The Cleveland Plain Dealer)

Sheryl Harris writes this column in The Plain Dealer on Sundays.Previous columns onlinePLAIN DEALINGA weekly column about consumer affairsThey rarely want to share their names. They're too embarrassed. They didn't have enough money in their pockets. Then they took...

Festive season fails to prop up auto sales (The Hindu)

NEW DELHI: This festive season has so far failed to prop up sales of major auto companies, mainly due to higher loan rates and overall gloomy economic environment. Maruti Suzuki has reported over 8 per cent dip in its passenger car sales, ...

Car Loan Defaults Could Reach Record Numbers (CBS4 Miami)

Home foreclosures are hitting high numbers, but there are also a large number of car loans being defaulted on in these tough times. The vehicle auction company ADESA predicts there will be around 1.9 million repossessed vehicles this year, a new record.  Nonetheless, there's good news for people searching for credit.

Reserve Bank cuts key rates (Navhind Times)

MUMBAI - Paving the way for easing home, car and commercial loan rates, the Reserve Bank of India on Saturday announced steps to pump in an estimated additional Rs 85,000 crore in the system by cutting deposit requirements and key rates, a move that complements the government’s steps to boost economic growth.

EU Carmakers To Press Call For 40 Bln Euro EU Loan (Planet Ark)

BRUSSELS - European carmakers will press their call for an EU loan of 40 billion euros (US$50.98 billion) to help develop greener cars in a meeting with the bloc's executive on Wednesday, their industry association chief said.

TODAY’S MONEY-SAVING TIP: pUT MORE MONEY DOWN ON CAR LOAN FOR BETTER CREDIT TERM (The Citizens' Voice)

â€" STAFF REPORT Banks and finance companies are tightening their standards for borrowers, especially on larger loans with terms of 60 months or more. For those in the market for a new car, plan to put substantial amounts of money down as part of the deal. This will increase your chances of getting a better credit term. With more car loans going into default, fewer people are qualifying for the ...

Car dealers hit by sales decline, weak economy (Washington Post)

DETROIT (Reuters) - Auto retailers swung to quarterly losses in the third quarter, beaten down by the decline in U.S. car sales, tight consumer credit, and a weakening U.S. economy as well as hurricane-related damages.