Archive | Auto Industry News

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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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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Obama Picks Senate Aide Strickland to Oversee NHTSA

President Barack Obama is expected to nominate as early as today a Senate aide as the nation's top auto regulator -- a post that will have a critical impact on vehicle safety regulations, according to The Detroit News. David L. Strickland, 41, is expected to ... Read More » Tags: , ,

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Auto Insurance Industry Opposes Proposed Reform Bill in Michigan

Lansing, Mich. - Michigan's auto insurance industry swiftly rebuffed a 10-bill reform package unveiled by House Democrats on Monday that would turn authority for setting rates over to a state official, reported The Detroit News. Representatives of the Michigan Insurance Coalition, which represents businesses that ... Read More » Tags: , ,

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