The Truth About Cars » High Finance http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Wed, 10 Feb 2016 17:42:47 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars » High Finance http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com Outstanding Subprime Loan Balances Hit 8-Year Highs http://www.thetruthaboutcars.com/2014/07/outstanding-subprime-loan-balances-hit-8-year-highs/ http://www.thetruthaboutcars.com/2014/07/outstanding-subprime-loan-balances-hit-8-year-highs/#comments Fri, 25 Jul 2014 14:24:55 +0000 http://www.thetruthaboutcars.com/?p=873226 Buried in a feel good story about auto loans comes the news that subprime auto loans are at levels that we haven’t seen in nearly a decade. Citing data from Equifax, Automotive News reports The credit bureau also noted originations and total outstanding balances for subprime auto loans — defined as loans to customers with credit scores […]

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Buried in a feel good story about auto loans comes the news that subprime auto loans are at levels that we haven’t seen in nearly a decade. Citing data from Equifax, Automotive News reports The credit bureau also noted originations and total outstanding balances for subprime auto loans — defined as loans to customers with credit scores […]

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The New York Times Shines A Light On Subprime http://www.thetruthaboutcars.com/2014/07/the-new-york-times-shines-a-light-on-subprime/ http://www.thetruthaboutcars.com/2014/07/the-new-york-times-shines-a-light-on-subprime/#comments Mon, 21 Jul 2014 13:20:41 +0000 http://www.thetruthaboutcars.com/?p=870066 The issue of subprime car loans, specifically loans with exorbitant interest rates for used cars, has filtered into the New York Times, with the paper’s Dealbook section running an investigation into the practice. The NYT article serves as a primer on the subprime auto loan crisis, though it focuses on used cars, and the unscrupulous practices of dealers […]

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The issue of subprime car loans, specifically loans with exorbitant interest rates for used cars, has filtered into the New York Times, with the paper’s Dealbook section running an investigation into the practice. The NYT article serves as a primer on the subprime auto loan crisis, though it focuses on used cars, and the unscrupulous practices of dealers […]

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Loan Terms, Monthly Payments Hit Record Highs In 2014 http://www.thetruthaboutcars.com/2014/06/loan-terms-monthly-payments-hit-record-highs-in-2014/ http://www.thetruthaboutcars.com/2014/06/loan-terms-monthly-payments-hit-record-highs-in-2014/#comments Mon, 02 Jun 2014 17:05:57 +0000 http://www.thetruthaboutcars.com/?p=835833 The easy-credit train keeps on rolling in the auto world, with credit rating agency Experian reporting new records in key auto finance metrics. Loan terms for new vehicles stretched to 66 months in Q1 2014, up from 65 months a year earlier. Loan terms for used cars grew up 61 months on average, up from […]

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The easy-credit train keeps on rolling in the auto world, with credit rating agency Experian reporting new records in key auto finance metrics. Loan terms for new vehicles stretched to 66 months in Q1 2014, up from 65 months a year earlier. Loan terms for used cars grew up 61 months on average, up from […]

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GM Seeks Aid From NASA, Issues New Ignition-Related Recall http://www.thetruthaboutcars.com/2014/04/gm-seeks-aid-from-nasa-issues-new-ignition-related-recall/ http://www.thetruthaboutcars.com/2014/04/gm-seeks-aid-from-nasa-issues-new-ignition-related-recall/#comments Fri, 11 Apr 2014 09:00:47 +0000 http://www.thetruthaboutcars.com/?p=793690 Autoblog reports 2.19 million of the same vehicles under the current General Motors ignition recall are under a new ignition-related recall, as well. The new recall warns of a problem where the key can be removed without the switch moved to the “off” position. According to GM, the automaker is aware of “several hundred” complaints […]

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Autoblog reports 2.19 million of the same vehicles under the current General Motors ignition recall are under a new ignition-related recall, as well. The new recall warns of a problem where the key can be removed without the switch moved to the “off” position. According to GM, the automaker is aware of “several hundred” complaints […]

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Record Auto Loans Taken As Interest Rates Drop http://www.thetruthaboutcars.com/2013/12/record-auto-loans-taken-as-interest-rates-drop/ http://www.thetruthaboutcars.com/2013/12/record-auto-loans-taken-as-interest-rates-drop/#comments Fri, 06 Dec 2013 13:00:14 +0000 http://www.thetruthaboutcars.com/?p=672706 Though the calendar is about to change to 2014, it appears to be 2007 all over again in dealer lots and showrooms nationwide as a record number of auto loans with low interest rates were signed during the third quarter of 2013. According to Experian, the average amount taken out for a new car loan […]

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Though the calendar is about to change to 2014, it appears to be 2007 all over again in dealer lots and showrooms nationwide as a record number of auto loans with low interest rates were signed during the third quarter of 2013. According to Experian, the average amount taken out for a new car loan […]

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General Motors to Divest Remaining Ownership of Ally Financial http://www.thetruthaboutcars.com/2013/12/general-motors-to-divest-remaining-ownership-of-ally-financial/ http://www.thetruthaboutcars.com/2013/12/general-motors-to-divest-remaining-ownership-of-ally-financial/#comments Thu, 05 Dec 2013 12:53:39 +0000 http://www.thetruthaboutcars.com/?p=671586 Ally Financial, the bank holding company formerly known as GMAC, is still a major part of the United States federal government investment portfolio in the five years since it was bailed out at the start of the Great Recession. Yet, it may be able to soon divest its ownership in part due to General Motors […]

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Ally Financial, the bank holding company formerly known as GMAC, is still a major part of the United States federal government investment portfolio in the five years since it was bailed out at the start of the Great Recession. Yet, it may be able to soon divest its ownership in part due to General Motors […]

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Mainstream Press Finally Worried About Cheap Car Loans http://www.thetruthaboutcars.com/2013/10/mainstream-press-finally-worried-about-cheap-car-loans/ http://www.thetruthaboutcars.com/2013/10/mainstream-press-finally-worried-about-cheap-car-loans/#comments Mon, 14 Oct 2013 16:00:41 +0000 http://www.thetruthaboutcars.com/?p=623585 Months after TTAC started to relentlessly bleat about the glut of money flowing into the auto loan sector, the mainstream media is finally taking notice. Automotive News is finally expressing some worry over the factors that we’ve been discussing for some time: car loan terms are getting longer (to help keep payments low), subprime lending […]

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Months after TTAC started to relentlessly bleat about the glut of money flowing into the auto loan sector, the mainstream media is finally taking notice. Automotive News is finally expressing some worry over the factors that we’ve been discussing for some time: car loan terms are getting longer (to help keep payments low), subprime lending […]

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Leasing Accounts For A Quarter Of New Vehicle Sales As Payments, Residuals Stay Low http://www.thetruthaboutcars.com/2013/09/leasing-accounts-for-a-quarter-of-new-vehicle-sales-as-payments-residuals-stay-low/ http://www.thetruthaboutcars.com/2013/09/leasing-accounts-for-a-quarter-of-new-vehicle-sales-as-payments-residuals-stay-low/#comments Wed, 25 Sep 2013 16:29:36 +0000 http://www.thetruthaboutcars.com/?p=528489 While the engine behind the exceptional growth in new car sales is a hotly debated topic, leasing is proving to be an undeniable catalyst behind this year’s impressive new car sales numbers. Through June of this year, leasing accounted for 25.7 percent of new car sales, versus 22.2 percent in 2012.  A decade ago, that […]

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While the engine behind the exceptional growth in new car sales is a hotly debated topic, leasing is proving to be an undeniable catalyst behind this year’s impressive new car sales numbers. Through June of this year, leasing accounted for 25.7 percent of new car sales, versus 22.2 percent in 2012.  A decade ago, that […]

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A Look Back At The History Of Auto Financing http://www.thetruthaboutcars.com/2013/06/a-look-back-at-the-history-of-auto-financing/ http://www.thetruthaboutcars.com/2013/06/a-look-back-at-the-history-of-auto-financing/#comments Thu, 27 Jun 2013 15:03:34 +0000 http://www.thetruthaboutcars.com/?p=493435 Over at Autobytel, Juan Barnett (better known as DC AutoGeek) takes a look at the history of auto financing, originally intended as a way for the common man to be able to afford an automobile some 90 years ago. The most striking thing is how attitudes have changed so dramatically over time. Initially, bankers were […]

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Over at Autobytel, Juan Barnett (better known as DC AutoGeek) takes a look at the history of auto financing, originally intended as a way for the common man to be able to afford an automobile some 90 years ago. The most striking thing is how attitudes have changed so dramatically over time. Initially, bankers were […]

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Auto Loan Delinquencies, Reposessions Up In Q1 2013 http://www.thetruthaboutcars.com/2013/05/auto-loan-delinquencies-reposessions-up-in-q1-2013/ http://www.thetruthaboutcars.com/2013/05/auto-loan-delinquencies-reposessions-up-in-q1-2013/#comments Thu, 16 May 2013 12:30:31 +0000 http://www.thetruthaboutcars.com/?p=488632 Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013. Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) […]

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Bad news on the subprime front, as credit rating agency Experian reports a rise in delinquencies and repossessions for auto loans in Q1 2013. Melinda Zabritski offered a rather dubious explanation for the nearly 17 percent rise in repos (as well as the 1.3 percent uptick in 30 day delinquencies and 12.4 percent rise in 60-day delinquencies) […]

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GM Financial Double Crosses Their Ally http://www.thetruthaboutcars.com/2013/05/gm-financial-double-crosses-their-ally/ http://www.thetruthaboutcars.com/2013/05/gm-financial-double-crosses-their-ally/#comments Mon, 13 May 2013 12:30:26 +0000 http://www.thetruthaboutcars.com/?p=488221 Following in the footsteps of Spanish bank Santander, GM Financial announced that it would enter the prime lending market in 2014. SNL Financial, a subscription-only financial news service, reports that General Motors Financial Co Inc officials said on a May 2 conference call that the company plans to launch a prime retail product in North […]

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Following in the footsteps of Spanish bank Santander, GM Financial announced that it would enter the prime lending market in 2014. SNL Financial, a subscription-only financial news service, reports that General Motors Financial Co Inc officials said on a May 2 conference call that the company plans to launch a prime retail product in North […]

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Analysis: Tesla Q1 2013 Results http://www.thetruthaboutcars.com/2013/05/analysis-tesla-q1-2013-results/ http://www.thetruthaboutcars.com/2013/05/analysis-tesla-q1-2013-results/#comments Thu, 09 May 2013 20:29:29 +0000 http://www.thetruthaboutcars.com/?p=488015 Tesla Motors, Inc. released its first quarter financial results yesterday, which featured a number of milestones for the auto maker. Among them, Tesla’s revenue rose 83% from the last quarter to $562 million, a record high for the company. Tesla also posted the first ever profitable quarter in its history, with a net income of […]

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Tesla Motors, Inc. released its first quarter financial results yesterday, which featured a number of milestones for the auto maker. Among them, Tesla’s revenue rose 83% from the last quarter to $562 million, a record high for the company. Tesla also posted the first ever profitable quarter in its history, with a net income of […]

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Fitch, Moody’s, Stand Alone As Subprime ABS Skeptics http://www.thetruthaboutcars.com/2013/04/fitch-moodys-stand-alone-as-subprime-abs-skeptics/ http://www.thetruthaboutcars.com/2013/04/fitch-moodys-stand-alone-as-subprime-abs-skeptics/#comments Thu, 25 Apr 2013 19:21:05 +0000 http://www.thetruthaboutcars.com/?p=486190 Ratings agencies and other players in the finance world are beginning to sound the alarm on auto backed securities.  Among the most troubling factors for some investors is the growth of smaller issuers who rely on pools of deep subprime loans. And ratings agencies who are being more conservative with their ratings are missing out […]

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Ratings agencies and other players in the finance world are beginning to sound the alarm on auto backed securities.  Among the most troubling factors for some investors is the growth of smaller issuers who rely on pools of deep subprime loans. And ratings agencies who are being more conservative with their ratings are missing out […]

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Subprime Madness: Shotguns Now Accepted As Car Loan Down Payments http://www.thetruthaboutcars.com/2013/04/subprime-madness-shotguns-now-accepted-as-car-loan-down-payments/ http://www.thetruthaboutcars.com/2013/04/subprime-madness-shotguns-now-accepted-as-car-loan-down-payments/#comments Wed, 03 Apr 2013 15:36:07 +0000 http://www.thetruthaboutcars.com/?p=483440 Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world. And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall […]

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Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world. And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall […]

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Analysis: The Clock Is Ticking For GM’s Oshawa Plant http://www.thetruthaboutcars.com/2013/03/analysis-the-clock-is-ticking-for-gms-oshawa-plant/ http://www.thetruthaboutcars.com/2013/03/analysis-the-clock-is-ticking-for-gms-oshawa-plant/#comments Fri, 08 Mar 2013 13:30:58 +0000 http://www.thetruthaboutcars.com/?p=480513 Upon receipt of a multi-billion dollar loan from the Canadian government, General Motors signed a “Vitality Commitment”, essentially a covenant in the loan agreement between GM and Canada’s government, which guaranteed that a certain amount of GM’s North American production would remain in Canada. That number is widely reported as being 16 percent, while page F-69 of GM’s IPO […]

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Upon receipt of a multi-billion dollar loan from the Canadian government, General Motors signed a “Vitality Commitment”, essentially a covenant in the loan agreement between GM and Canada’s government, which guaranteed that a certain amount of GM’s North American production would remain in Canada. That number is widely reported as being 16 percent, while page F-69 of GM’s IPO […]

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Suzuki Death Watch 6: It’s Official, Suzuki Is No More http://www.thetruthaboutcars.com/2012/11/suzuki-death-watch-6-its-official-suzuki-is-no-more/ http://www.thetruthaboutcars.com/2012/11/suzuki-death-watch-6-its-official-suzuki-is-no-more/#comments Tue, 06 Nov 2012 00:33:26 +0000 http://www.thetruthaboutcars.com/?p=465945 (NSFW language) Months ago, we began our Suzuki Death Watch, and today, we hear the executioner’s song. Suzuki’s North American distribution arm filed for bankruptcy, and will end automotive sales in the United States. Slow sales, an unfavorable exchange rate and a limited lineup of vehicles can all be blamed for the demise of a […]

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(NSFW language) Months ago, we began our Suzuki Death Watch, and today, we hear the executioner’s song. Suzuki’s North American distribution arm filed for bankruptcy, and will end automotive sales in the United States. Slow sales, an unfavorable exchange rate and a limited lineup of vehicles can all be blamed for the demise of a […]

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GM Wants A Big Revolver For Less http://www.thetruthaboutcars.com/2012/10/gm-wants-a-big-revolver-for-less/ http://www.thetruthaboutcars.com/2012/10/gm-wants-a-big-revolver-for-less/#comments Mon, 22 Oct 2012 18:02:31 +0000 http://www.thetruthaboutcars.com/?p=464513 GM wants to double its $5 billion revolving credit line. However, the junk credit rated company does not want to pay junk credit interest for it. “We think we can get it priced as if we’re investment grade, which is kind of one of our goals going into 2013, to achieve investment grade,” GM CEO […]

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GM wants to double its $5 billion revolving credit line. However, the junk credit rated company does not want to pay junk credit interest for it. “We think we can get it priced as if we’re investment grade, which is kind of one of our goals going into 2013, to achieve investment grade,” GM CEO […]

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Companies! Cheap! For You, Special Price: GM’s Hong Kong Dealings http://www.thetruthaboutcars.com/2012/10/companies-cheap-for-you-special-price-gms-hong-kong-dealings/ http://www.thetruthaboutcars.com/2012/10/companies-cheap-for-you-special-price-gms-hong-kong-dealings/#comments Mon, 22 Oct 2012 13:14:06 +0000 http://www.thetruthaboutcars.com/?p=464477 Hong Kong, and I speak from experience, is a great place to incorporate, to save taxes, and to throw a cloak of secrecy over financial operations which otherwise would be out in the open. In the case of GM, it is also a great place to save their Korean behinds. In December 2009, GM sold […]

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Hong Kong, and I speak from experience, is a great place to incorporate, to save taxes, and to throw a cloak of secrecy over financial operations which otherwise would be out in the open. In the case of GM, it is also a great place to save their Korean behinds. In December 2009, GM sold […]

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With Junk Status Looming, PSA’s Finance Arm May Be Its Savior http://www.thetruthaboutcars.com/2012/10/with-junk-status-looming-psas-finance-arm-may-be-its-savior/ http://www.thetruthaboutcars.com/2012/10/with-junk-status-looming-psas-finance-arm-may-be-its-savior/#comments Fri, 19 Oct 2012 14:46:15 +0000 http://www.thetruthaboutcars.com/?p=464073 How does the French government save an ailing car maker that employs thousands of people without actually bailing out the auto maker? By baling out their finance unit, of course! Banque PSA Finance, the credit arm of PSA, could see its loans become costlier if PSA’s debt is downgraded to “junk” status, a move that […]

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How does the French government save an ailing car maker that employs thousands of people without actually bailing out the auto maker? By baling out their finance unit, of course! Banque PSA Finance, the credit arm of PSA, could see its loans become costlier if PSA’s debt is downgraded to “junk” status, a move that […]

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GM Reports $1b Q1 Profit, Still Seeking “Competitive Levels Of Profitability” http://www.thetruthaboutcars.com/2012/05/gm-reports-1b-q1-profit-still-seeking-competitive-levels-of-profitability/ http://www.thetruthaboutcars.com/2012/05/gm-reports-1b-q1-profit-still-seeking-competitive-levels-of-profitability/#comments Thu, 03 May 2012 19:01:42 +0000 http://www.thetruthaboutcars.com/?p=442797 Once upon a time, GM’s North American operations spewed red ink across the firm’s balance sheet, with the whole mess kept afloat by relatively strong overseas operations. Now GM makes most of its money at home while its international divisions limp along. No, really: in its just-released Q1 financial report, GM reveals that some $1.7b […]

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Once upon a time, GM’s North American operations spewed red ink across the firm’s balance sheet, with the whole mess kept afloat by relatively strong overseas operations. Now GM makes most of its money at home while its international divisions limp along. No, really: in its just-released Q1 financial report, GM reveals that some $1.7b […]

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Lotus Investors: Sell! Sell! Sell! http://www.thetruthaboutcars.com/2011/12/lotus-investors-sell-sell-sell/ http://www.thetruthaboutcars.com/2011/12/lotus-investors-sell-sell-sell/#comments Tue, 27 Dec 2011 16:53:02 +0000 http://www.thetruthaboutcars.com/?p=423575 Lotus is one of those brands that every auto enthusiast loved to lionize, despite (or possibly because of) the fact that it hasn’t made a profit for its owner, Proton, in 15 years. But now things are changing. Lotus itself is in the midst of a makeover, seeking to transition from niche sports- and track-car […]

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Lotus is one of those brands that every auto enthusiast loved to lionize, despite (or possibly because of) the fact that it hasn’t made a profit for its owner, Proton, in 15 years. But now things are changing. Lotus itself is in the midst of a makeover, seeking to transition from niche sports- and track-car […]

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Opel Turns 150, Commences Cutting http://www.thetruthaboutcars.com/2011/12/opel-turns-150-commences-cutting/ http://www.thetruthaboutcars.com/2011/12/opel-turns-150-commences-cutting/#comments Wed, 21 Dec 2011 15:03:58 +0000 http://www.thetruthaboutcars.com/?p=423088 Ever since Steve Girsky an his “merry band of hatchet men” touched down in Rüsselsheim, Bertel has been warning that GM’s European division was about to embark on a serious cutting binge. But our worst fears, namely that Opel could go away entirely, have yet to be realized. Instead it seems that self-destructive mutilation will be […]

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Ever since Steve Girsky an his “merry band of hatchet men” touched down in Rüsselsheim, Bertel has been warning that GM’s European division was about to embark on a serious cutting binge. But our worst fears, namely that Opel could go away entirely, have yet to be realized. Instead it seems that self-destructive mutilation will be […]

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Our Daily Saab: A New Administrator, A New Deal, Same Old, Same Old http://www.thetruthaboutcars.com/2011/12/our-daily-saab-a-new-administrator-a-new-deal-same-old-same-old/ http://www.thetruthaboutcars.com/2011/12/our-daily-saab-a-new-administrator-a-new-deal-same-old-same-old/#comments Thu, 15 Dec 2011 23:37:25 +0000 http://www.thetruthaboutcars.com/?p=422578 After enduring a rocky relationship with Saab’s management, Guy Lofalk is officially out as court-appointed administrator for the ailing Swedish brand. But although Saab boss Victor Muller had long hoped for Lofalk’s ouster, the news wasn’t all good for his slow-motion “rescue,” as Lofalk’s first replacement had to step down before he even began his […]

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After enduring a rocky relationship with Saab’s management, Guy Lofalk is officially out as court-appointed administrator for the ailing Swedish brand. But although Saab boss Victor Muller had long hoped for Lofalk’s ouster, the news wasn’t all good for his slow-motion “rescue,” as Lofalk’s first replacement had to step down before he even began his […]

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Our Daily Saab: Banking On A Chinese Bank, Not Bank Of China http://www.thetruthaboutcars.com/2011/12/our-daily-saab-banking-on-a-chinese-bank-not-bank-of-china/ http://www.thetruthaboutcars.com/2011/12/our-daily-saab-banking-on-a-chinese-bank-not-bank-of-china/#comments Mon, 05 Dec 2011 09:18:09 +0000 http://www.thetruthaboutcars.com/?p=421425 Rumors that the Bank of China would be taking a role in the “rescue” of Saab turn out to have been something of a miscommunication. Saab explains the situation as it currently exists. Swedish Automobile N.V. (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China […]

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Rumors that the Bank of China would be taking a role in the “rescue” of Saab turn out to have been something of a miscommunication. Saab explains the situation as it currently exists. Swedish Automobile N.V. (Swan) announces it is in discussion with Zhejiang Youngman Lotus Automobile Co. Ltd. (Youngman) and a bank in China […]

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Our Daily Saab: Muller Losing Faith, Antonov Going Down http://www.thetruthaboutcars.com/2011/11/our-daily-saab-muller-losing-faith-antonov-going-down/ http://www.thetruthaboutcars.com/2011/11/our-daily-saab-muller-losing-faith-antonov-going-down/#comments Wed, 30 Nov 2011 19:09:42 +0000 http://www.thetruthaboutcars.com/?p=420806 A TTAC tipster sent us a Teknikens Värld  interview with Saab’s long-suffering would-be rescuer, Victor Muller, in which the eternal Saabtimist seems ready to admit defeat. In essence, he admits that GM is unlikely to ever approve a plan involving Chinese firms, that the Chinese firms are throwing “money into a black hole” and that all […]

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A TTAC tipster sent us a Teknikens Värld  interview with Saab’s long-suffering would-be rescuer, Victor Muller, in which the eternal Saabtimist seems ready to admit defeat. In essence, he admits that GM is unlikely to ever approve a plan involving Chinese firms, that the Chinese firms are throwing “money into a black hole” and that all […]

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