Ford Credit Earns $1.23 Billion in 2002
Jan 22, 2003
Ford Credit Earns $1.23 Billion in 2002 Fourth Quarter Profit of $354 Million Reported DEARBORN, Mich., Jan. 21 /PRNewswire-FirstCall/ -- Ford Motor Credit Company reported earnings of $1.23 billion in 2002, up $395 million from earnings of $839 million a year earlier. After-tax financial statement return on average eq ... Continue reading
Ford Posts $130 Million Loss for 4Q - A few bucks here a few bucks there....
Jan 22, 2003
DEARBORN, Mich. January 21, 2003; John Porretto writing for the AP reports that Ford Motor Co. narrowed its loss to $130 million in the fourth quarter, primarily due to its ongoing restructuring, but some observers are skeptical of the company's forecast for market share and hefty earnings growth this year. The world's ... Continue reading
GM forecasts 2003 earnings of $5 per share
Jan 10, 2003
DETROIT, Jan 9, 2003; Reuters reported that General Motors Corp. on Thursday forecast earnings of $5 per share in 2003, excluding its Hughes Electronics Corp. <GMH.N> unit, and laid out a goal to improve its market share in all regions. Estimates from 16 Wall Street analysts for GM's 2003 per-share earnings, including ... Continue reading
New Plana Fora Fiat Cara Businessa
Jan 9, 2003
MILAN, Jan 9, 2003; Reuters reported that investment banker Guido Roberto Vitale has drawn up the latest in a series of plans for troubled Fiat which would see the Italian state take a stake in the group's loss-making car arm, newspapers said on Thursday. Under Vitale's plan, the state would take 33.7 percent of a grou ... Continue reading
Change Seen in CFO Post at Ford
Dec 31, 2002
DETROIT December 30, 2002; Reuters reported that Ford Motor Co. is seeking a replacement for its Chief Financial Officer Allan Gilmour seven months after he came out of retirement to take the job, the Financial Times reported on Monday. The Times, in an online report due to appear in Tuesday's editions, did not offer a ... Continue reading
Association of Consumer Vehicle Lessors Announces Consumer Vehicle Lease Volume Down 14.5% in 2002
Dec 24, 2002
NASHVILLE, Tenn., Dec. 23 -- New lease volume for the period Jan. - Nov. 2002 for the largest national lessors declined 14.5% from the same period in 2001 according to a survey conducted by The Association of Consumer Vehicle Lessors (ACVL). A prior ACVL survey of the full year volume change from 2000 to 2001 found a 4 ... Continue reading
Fiat May Have Staved Off Credit Downgrade
Dec 23, 2002
MILAN, Italy December 22, 2002; The AP reported that Fiat SpA appears to have staved off a credit downgrade with the sale of its 5.1 percent stake in General Motors Corp. and a 51 percent stake in its Fidis consumer finance arm. But while the injection of cash allows the Italian conglomerate to meet key debt-reduction ... Continue reading
GM Names Opel CFO As Treasurer
Dec 21, 2002
DETROIT, Dec 20, 2002; Reuters reported that General Motors Corp. said on Friday it had promoted the chief financial officer of its Adam Opel unit to treasurer. Walter Borst, 41, replaces Eric Feldstein, 43, who had been made president of GM's credit arm, General Motors Acceptance Corp., last month. Borst, who has been ... Continue reading
China to allow GMAC, other car lenders, official says
Dec 11, 2002
WASHINGTON December 11, 2002; Blair Pethel wrting for Bloomberg reported that China will let foreign automakers such automakers such as General Motors Corp. and Ford Motor Co. offer financing to consumers, a breakthrough amid complaints from banks and insurers over delays in opening the financial-services market. The m ... Continue reading
Nov 29, 2002
TOKYO, Nov 29, 2002; Reuters reported that Japan's Toyota Motor Corp said on Friday it had applied for a U.S. banking license last month in a bid to use financial services to strengthen its position in the competitive U.S. automobile market. If granted, the world's third-largest automaker would become the first Japanes ... Continue reading
Phyllis Cochran Named General Manager at Navistar Financial Corporation
Nov 21, 2002
WARRENVILLE, Ill.--Nov. 21, 2002--Phyllis E. Cochran, vice present of operations, Navistar Financial Corporation, has been named the company's general manager effective Dec. 1, 2002. Cochran will report to John Bongiorno, president, Navistar Financial Corporation, who plans to retire on March 1, 2003, at the age of 65. ... Continue reading
Nov 21, 2002
ORLANDO, Fla.--Nov. 20, 2002--AutoCountUSA, a national research company for the auto industry, has teamed up with Credit Union Direct Lending (CUDL) and Callahan & Associates to assist credit unions across the country in capturing a larger share of the auto financing market. AutoCountUSA provides comprehensive reportin ... Continue reading
Ford to Sell $3 Billion of Car Loans
Nov 19, 2002
DEARBORN, Mich. November 19, 2002; Reuters reports that the finance arm of Ford Motor Co. said on Tuesday it was selling $3 billion worth of car loans to Bear, Stearns and Co. in a deal that provides the company with cheap financing for its automotive business while lowering its credit risk. Ford Motor Credit Co. ... Continue reading
Auto Affordability Hits New Record In Third Quarter 2002, Comerica Reports
Nov 12, 2002
DETROIT, Nov. 12, 2002; The purchase of an average- priced new vehicle during the third quarter of 2002 took 19.9 weeks of median family income, before taxes, according to the Auto Affordability Index compiled by Detroit-based Comerica Bank. This is a full week less than the first two quarters of the year, which regist ... Continue reading
Ex-Ford CEO Nasser Lands Job With Bank One Unit
Nov 11, 2002
NEW YORK, November 11, 2002; Dow Jones reported that former Ford Motor Co. CEO Jacques Nasser is expected to announce this week that he will join One Equity Partners LLC, the venture capital arm of Chicago-based Bank One Corp, the Detroit News reports. Nasser was dismissed from Ford in October 2001 as the auto maker sp ... Continue reading
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