Tag: loan

By on April 27, 2015

Volkswagen Chattanooga Tower

As Volkswagen plans to expand in Chattanooga and Puebla, the Canadian government is loaning €400 million ($433.8 million USD) to the German automaker in exchange for possible future supplier business.

(Read More…)

By on December 8, 2014

Silverado

Red-hot auto sales and increasingly pricey cars are generally seen as a sign of a resurgent economy and a consumer base that is finally prospering after years of stagnant wages and poor prospects. But according to data from Experian, much of the growth may come from practices generally regarded as financially unhealthy.

(Read More…)

By on October 9, 2014

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After unwinding their Advanced Technology Vehicle Manufacturing loan program in 2011, the Department of Energy is bringing it back. According to The Detroit News, the focus of this round will be on suppliers, as well as lightweight vehicle technology.

(Read More…)

By on June 11, 2014

12116452-subprime-auto-loan-interest-rates

The global outlook for Auto Back Securities (ABS) is steady – except in North America, where underwriting standards and borrower credit are slipping. (Read More…)

By on August 7, 2013

Walt writes:

Mr. Mehta,

I am seriously considering purchasing a 1965 Mustang Fastback from a private seller on craigslist. He owes $3000 on the vehicle. I myself will have to take out a loan to pay for said car. The title to the car is held by the same institution that will be lending me the money. The situation is somewhat further complicated because this institution has no local branches to sit down with a representative and the current payer on the car to do the necessary paperwork. Compounding the issue is the fact that I live in a different state, 200 miles from the car’s location. (Read More…)

By on April 23, 2013

The U.S. government has managed to recover $21 million in cash from Fisker, funds that will go towards repaying the nearly $200 million its received from the government in the form of loans.

(Read More…)

By on April 18, 2013

PrivCo, a private corporate intelligence firm, has published a 20+ page dossier on Fisker’s seemingly strong ability to fundraise for itself, while failing to do a good job of actually creating cars. With Fisker teetering on the verge of bankruptcy, the results are staggering; with just under 2000 units sold, Fisker burned through an estimated $1.3 billion in venture capital, taxpayer-funded loans and private investor funds.

(Read More…)

By on October 19, 2012

Workers at an LG Chem plant in Holland, Michigan have already been put on furlough before a single battery has come off the line. Workers have three weeks of paid “work”, and one week off unpaid at the $300 million plant.

(Read More…)

By on October 4, 2012

Viewers of last night’s Presidential debate may have caught Mitt Romney bad-mouthing Tesla and Fisker during his remarks. Meanwhile, Tesla’s new prospectus shows that they’re hardly out of the woods yet, financially speaking.

(Read More…)

By on July 23, 2012

Canadians have some of the highest household debt levels in the world, thanks to cheap mortgages and home equity credit lines. And car loans are next.

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By on May 14, 2010

Officials working with the Department of Energy tell the Detroit News that GM and Chrysler face no major obstacles in their quest for huge retooling loans from the DOE’s Advanced Technology Vehicle Manufacturing Loan program. GM is seeking $14.4b and Chrysler has asked for $8.55b in low-cost government loans. Says Matt Rogers, a senior adviser to the Energy Department

Project finance details need to be worked through, but those things are working out just fine as we work directly with the companies. It’s really a process of making sure that each of the projects that they have are in fact competitive.

Er, competitive compared to what?

By on May 1, 2010

The Detroit News, by some regarded as the in-house organ of GM, has issues with GM. The DetN doesn’t like GM’s latest TV ad (“some future models shown”) in which Ed Whitacre proclaims that GM paid back its “loan, in full, with interest, years ahead of schedule.”

The “GM ad glosses over the reality” complains the headline of the article in which the former unofficial organ of GM rips Whitacre a new one. Says the DetN: “He’s technically correct because he clearly uses the word “loan.” Otherwise vague? Yes. Misleading? Depends on your perspective.”

Then, the sky is falling once again. (Read More…)

By on April 23, 2010

While the White House and most of the media spent the last two days parroting GM’s claim that it “paid back” taxpayers, Senator Chuck Grassley was busy writing a letter to the Secretary of the Treasury [letter available in PDF here]. The three-page note opens:

Dear Secretary Geithner:

General Motors (GM) yesterday announced that it repaid its TARP loans. I am concerned, however, that this announcement is not what it seems. In fact, it appears to be
nothing more than an elaborate TARP money shuffle.

No surprises there: TTAC has been all over this ruse for months now. Grassley does sum the situation up nicely, stating that “A debt-for-equity swap is not a repayment,” but the most interesting part of his letter is his theory for why GM and the Administration approved the tax-money reshuffle. Thus far, we’ve assumed that PR was the driving concern in this transparent deception. According to Grassley though, there may be another reason…

(Read More…)

By on March 26, 2010

Reuters says GM is making a big deal out of sending a $1b check to the U.S. Treasury next Wednesday, “attempting to settle the loan with the government ahead of schedule.”

Who are they kidding? (Read More…)

By on December 16, 2009

Still in business...

Credit reporting agency TransUnion is forecasting a rise in auto loan delinquencies next year, adding to the list of factors that could slow a turnaround in auto sector sales and profits in 2010. 60-day auto loan delinquency has been rising throughout 2009, reports the WSJ, as tighter lending standards have increased the ratio of delinquencies in outstanding loans. Those tighter standards sill contribute to a slight downturn in delinquencies in the first half of next year TransUnion’s Peter Turek tells Automotive News [sub], but by halfway through the year those numbers should increase again. Nationwide, TransUnion reckons .92 of all auto loans will be in delinquency by the end of 2010, compared to .86 at the end of this year. The average national auto debt is $12,542, and the Freep reports that loan terms are falling and average credit scores for approved loans are rising.

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