Auto Affordability Improves as Borrowing Costs Plunge, Comerica Bank Chief Economist Reports
May 8, 2009
DALLAS, May 8, 2009; The purchase of an average-priced new vehicle took only 21.5 weeks of median family income in the first quarter 2009, according to Comerica Bank's Auto Affordability Index. This reading is down 1.3 weeks from the prior quarter and is the lowest on record. Median family income continued to fall in t ... Continue reading
Toyota Forecasts $8.6 billion Annual Loss as Sales Slide
May 8, 2009
Toyota Announces Year-End Financial Results (All consolidated financial information has been prepared in accordance with accounting principles generally accepted in the United States of America) Tokyo May 8, 2009; TOYOTA MOTOR CORPORATION (TMC) today announced operating results for the fiscal year ended March 31, 2009. ... Continue reading
May 7, 2009
NEW YORK, May 7 -- GMAC Financial Services today confirmed capital requirements for the company resulting from the Federal Reserve's Supervisory Capital Assessment Program (S-CAP). In connection with this program, GMAC has committed that no later than Nov. 9, 2009, the company will have increased the common shareholder ... Continue reading
Chrysler: Reshuffle the Corporate Capital Structure?
May 4, 2009
Chrysler: Reshuffle the Corporate Capital Structure, I just caught up with the Chrysler story today. What I found out shocked me, for the implications could be mind boggling. Here are some key facts I've gathered that are relevant to what I'm about to say. If you think I got any of them wrong, correction is appreciated ... Continue reading
Details of Chrysler Bankruptcy, Restructuring Plan
Apr 30, 2009
Washington DC April 30, 2009; Reuters reported that the Obama administration summarized its plan for Chrysler's Chapter 11 bankruptcy and Chrysler's alliance with Fiat SpA (FIA.MI) as follows: BANKRUPTCY * Chrysler will use Section 363 of the federal bankruptcy code to "clear away the remaining impediments" to its rest ... Continue reading
Apr 30, 2009
NEW YORK, April 30 -- GMAC Financial Services today announced that it has entered into an agreement with Chrysler LLC to provide automotive financing products and services to Chrysler dealers and customers. GMAC will be the preferred provider of new wholesale financing for Chrysler dealer inventory and has a four-year ... Continue reading
Apr 30, 2009
Auburn Hills MI April 30; David Bailey writing for Reuters compiled these facts about Chrysler Chrysler, the No. 3 U.S. based automaker, filed for Chapter 11 bankruptcy protection in New York on Thursday to complete a debt restructuring and help it cement an alliance with Italy's Fiat SpA (FIA.MI). Chrysler, about 80 p ... Continue reading
Statement From Non-Tarp Lenders To Chrysler
Apr 30, 2009
NEW YORK April 30, 2009; As of last nightâs deadline, we were part of a group of approximately 20 relatively small organizations; we represent many of the countryâs teachers unions, major pension and retirement plans and school endowments who have invested through us in senior secured loans to Chrysler. Combi ... Continue reading
GM's Updated Viability Plan Speeds, Deepens Restructuring of U.S. Operations
Apr 27, 2009
DETROIT -- General Motors today presented an updated Viability Plan that will speed the reinvention of GM's U.S. operations into a leaner, more customer-focused, and more cost-competitive automaker. The Viability Plan is included in an exchange offer whereby GM is offering certain bondholders shares of GM common stock ... Continue reading
KeyBanc Predicts Resurgence in New-Vehicle Sales
Apr 16, 2009
Washington DC April 16, 2009; The AIADA newsletter reported that the rising demand for used vehicles and loosening of financing will soon translate into increased demand for new-vehicle sales, according to the latest report from KeyBanc. SubPrime News reports that improving retail auto financing and auto asset-backed s ... Continue reading
Volvo Car UK Offers The Ultimate Peace Of Mind In Troubled Economic Times
Apr 3, 2009
It is commonly believed that one of the biggest barriers to a customer purchasing a new car in the economic downturn is the fear of redundancy. In line with Volvo's traditional focus on customer needs, Volvo Car UK has decided to provide free-of-charge unemployment protection. Available on new C30, S40 and V50 models, ... Continue reading
Apr 2, 2009
So the government has ordered bailout-seekers General Motors (GM) and Chrysler back to the drawing board - and sent GM's former CEO Rick Wagoner packing. The broad message is clear: The Obama administration - and a huge chunk of voters - are fed up with failing companies asking for handouts. But Team Obama also issued ... Continue reading
Porsche Secures Ten Billion Credit Line - Negotiations Successfully Finalised
Mar 25, 2009
Porsche Automobil Holding SE, Stuttgart, finalised negotiations to secure a new credit facility of Euro ten billion to redeem a credit of the same size. The credit framework contract allows Porsche to extend the volume to Euro 12.5 billion in the forthcoming weeks. ... Continue reading
Start Living With The New Caravelle Startline From £299 A Month
Mar 23, 2009
The good news for busy families who need a versatile and spacious seven-seater is that the ultimate MPV, the Volkswagen Caravelle, is now available from £23,950 (on the road), or £299 a month on Volkswagen Commercial Vehicles Finance Solutions (Personal Contract Plan), for the new Startline special edition. A new lon ... Continue reading
Daimler To Sell About $2.7 Billion in Shares to Oil Rich Abu Dhabi's Aabar Investments
Mar 23, 2009
BERLIN March 22, 2009; Matt Moore(AP) -- Abu Dhabi is poised to become the biggest shareholder in Daimler AG after the German maker of luxury cars, buses and trucks said it would sell nearly euro2 billion ($2.72 billion) in shares to the country's Aabar Investments PJSC. In a statement released Sunday by the Stuttgart- ... Continue reading
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