Archive | Auto Industry News

Consumer Credit Rebounds to Pre-Cash for Clunkers Levels

Consumer credit patterns returned to their status quo in September, with interest rates, loan terms and loan-to-value ratios reverting to their pre-Cash for Clunkers (C4C) levels, according to the Federal Reserve’s monthly report. The loan-to-value ratio, which fell to 86 percent in August during C4C, ... Read More » Tags: ,

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3Q Bankruptcy Filings Up 33 Percent

ALEXANDRIA, Va. — U.S. bankruptcies filed in the third quarter 2009 totaled 388,485, a 33 percent increase over the 292,291 cases filed in the year-ago period, according to data from the Administrative Office of the U.S. Courts. Total filings for the first nine months of ... Read More » Tags: ,

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Edmunds.com: Incentives Rise for 2010 Model Year Vehicles

SANTA MONICA, Calif. — Edmunds.com estimates that the average automotive manufacturer incentive in the U.S. was $2,713 per vehicle sold in November 2009, up $52, or 1.9 percent, from October 2009, and up $32, or 1.9 percent, from November 2008. "Now that 2010 models are ... Read More » Tags: ,

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Shut-down Dealer Awarded $4M in Lawsuit Against GMAC

A federal jury sided with a Pennsylvania dealer in November when it awarded him $4 million in damages in a lawsuit against GMAC Financial Services, according to the Reading Eagle. Donald Mente is the former owner of Mente Chevrolet in Richmond Township and Mente Chrysler ... Read More » Tags: ,

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TransUnion: Auto Loan Delinquency Rates Rose in Q3

CHICAGO - The national 60-day auto delinquency rate (the ratio of auto loan borrowers 60 or more days past due) rose between the second and third quarters of 2009 (from 0.73 percent to 0.81 percent). The year-over-year delinquency rate at the national level increased by ... Read More »

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Geely Taps China Banks to Back $1.8B Volvo Deal

HONG KONG - Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor's Volvo unit, is seeking at least $1 billion in loans from Chinese banks to finance its $1.8 billion bid, sources told Reuters. Home-grown Geely, which means "lucky" in Chinese, is ... Read More » Tags: , , ,

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