GM Investing $5B To Modernize, Double Mexican Production
General Motors will invest $5 billion through 2018 into its Mexican facilities to help double production capacity.
Ferrari May Follow FCA Out Of Italy For Fiscal Reasons
Just as Fiat Chrysler Automobiles left Italy to escape the tax man, Ferrari is considering the same as it moves closer to leaving the nest by next October.
Trade Group: CFPB Non-Bank Oversight Threshold 'Too Low'
A trade group representing lenders is finding the Consumer Financial Protection Bureau’s proposal to regulate non-bank auto lenders too much to bear.
Michigan Bills Could Open Door To Auto Title Lenders
Auto title lenders, whose practices are aligned with those dealing in payday loans, furniture leases, and cheaply made wheel-and-tire rentals, may soon be able to profit off of Michigan consumers should a bill in the state senate be passed.
Explosive Growth For Long Term Auto Loans In Q3 2014
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.
Aluminum Mainstreaming May Mean More Dent & Ding Policies
Planning to buy a new 2015 Ford F-150 soon? You might be purchasing a dent-and-ding policy for your ride, too.
Lyft, Uber Et Al Impact US Medallion Market
Transportation network companies like Lyft and Uber are making an impact on the United States livery market, particularly in cities where medallions are sold.
Mahindra Buys Majority Stake In NEVS
Ever wondered what Indian curry and Swedish meatballs tasted like together? You will soon enough, thanks to a new deal between National Electric Vehicle Sweden and Mahindra.
GM Victim Compensation Program Deadline Extended
The victims and families affected by the February 2014 General Motors ignition switch recall can breathe a little easier, as the deadline to file a claim with the victim compensation program administered by attorney Kenneth Feinberg has been extended.
Report: US Median Income Could Soon Outpace Falling Car Prices
Consumers looking for a new car may not need to take their wallets to the hospital afterwards should prices continue to fall and incomes continue to rise.
Ferrari To Pay $2.8B For Its Freedom From FCA
Set to be its own master within a year’s time, Ferrari must first pay its dues before freedom calls, all to the tune of €2.25 billion ($2.8 billion USD).
Takata Issues Newer, Wider Annual Loss Forecast For FY 2014
The hits keep coming for Takata as its airbag debacle moves forward, this time with announcement that its annual loss forecast will grow wider than previously stated.
Tesla Loses $75M In Net GAAP Income In Q3 2015
Tesla’s Q3 2014 earnings report had a few pluses (record deliveries of the Model S, high demand for the D trim sedans) and minuses (the third delay of the Model X, removal of brown and green from the Model S palette). The biggest minus, however, was its bottom line: A net loss of $75 million in GAAP income.
General Motors Stands To Lose $2B If Bankruptcy Protections Collapse
Remember all of those bankruptcy protections sought by General Motors that were made against any and all future lawsuits linked to ignition-related accidents and fatalities that occurred prior to the automaker’s exit from said bankruptcy in July 2009? Guess how much it would owe if the shield collapsed?
Tesla: Model X Delayed Until Q3 2015, D Models In High Demand
Were you hoping to have a Tesla Model X next to your Model S sometime in the next few months? How does Q3 2015 sound?
GM Offers Gift Cards To 700K Affected By Ignition Recall
Just in time for Black Friday or Black Thanksgiving (for those heathens who really want Alex from Target to scan their cheap HDTV, instead of giving him the day off by voting with their wallets), General Motors will be giving their customers a $25 gift card if they bring in their vehicles affected by the February 2014 recall by December 1.
Russian Billionaire Steps In To Keep The Nurburgring Alive
Home to many a ‘Ring time, as well as one 24-hour FIA GT3 throwdown with as many competitors and fans as it can fit, the Nurburgring has found a new owner in Russian billionaire Viktor Kharitonin.
Treasury: GM Bailout Suit Would Hinder Future Actions
Should companies in the future need to be bailed-out by the federal government, they may not be so forthcoming with the necessary information if General Motors’ confidential documents linked to its own bailout see the light of day.
GM Invests $63M Into Lansing Delta Township Expansion
General Motors is gearing up to spend $63 million on expanding its Lansing Delta Township plant — home of the GMC Acadia, Buick Enclave and Chevrolet Traverse — as part of an overall $300 million improvement plan involving the automaker’s Michigan properties.
FCA Spinning Ferrari Off From Parent Company By 2015
By this time next year, Ferrari will no longer be a part of Fiat Chrysler Automobiles, thanks to a plan announced today that will spin the exotic brand off from the rest of the Italo-American automaker.
Tesla, US Bank Team For New Model S Lease Contract
Want to own a Model S without worrying about a long-term commitment or how much it’ll hurt your bottom line? CEO Elon Musk has a deal for you.
Sixty-One GM Victim Compensation Claims Approved For Payout
As of last Friday, 30 fatality and 31 injury claims have been approved for payout from the General Motors victim compensation fund created in the wake of the February 2014 ignition recall, and helmed by the staff of appointed attorney Kenneth Feinberg.
GM: Opel, Vauxhall Edging Closer To The Black Despite Russia
Despite problems with the Russian market, as well as restructuring costs, General Motors says Vauxhall and Opel are on their way out of the red and into the black.
Toyota Sells Some Of Its Stake In Tesla
Daimler wasn’t the only to sell its Tesla shares last week, as Toyota has done the same with some of its shares in the company.
Daimler Financially Divests From Tesla, BMW Could Step In
Over five years ago, Daimler AG acquired a 9.1 percent interest in Tesla, gaining 1,000 battery packs for its Smart EV in exchange for helping to put the Model S on the road to production.
Wednesday, Daimler sold its remaining 4 percent in the company, netting $780 million for the trouble.
GM Slapped With Lawsuits Totalling $10B Over Lost Value Claims
General Motors twice experienced the business end of a leather glove Wednesday, when over 20 million consumers demanded satisfaction via two lawsuits totalling $10 billion in claims over lost resale value as a result of the February 2014 ignition switch recall.
Panasonic Investing "Tens Of Billions" Of Yen In Tesla Gigafactory
Just how much will Panasonic throw down on the table when it comes time to invest in Tesla’s new Gigafactory near Reno, Nev.? According to CEO Kazuhiro Tsuga, “tens of billions” of yen.
NADA, CFPB Fight For Future Of Automotive Financing
According to National Automobile Dealers Association chair Forrest McConnell, the United States government’s plan to tighten automotive finance regulations amounts to an attempt by said government “to take away the consumer’s right to get a discount.”
GM Compensation Claims Total 1130, 24 Death Claims Approved
The compensation fund created by General Motors to pay claims resulting from injuries and deaths linked to a defective ignition switch found in a handful of 2003 through 2007 compact models has approved a total of 24 death claims for payout.
Buffett Enters Dealership Business With Van Tuyl Group Purchase
Warren Buffett — no relation to Jimmy — is a lot of things: investor extraordinaire, railroad magnate, newspaper mogul, hip-hop enthusiast et al. As of last Thursday, however, he picked up a new title: master auto dealer.
State, Federal Authorities Target Subprime Liar Auto Loans
The same subprime lending practices in the mortgage industry that fueled the run-up toward the Great Recession have found a new market to infect: used-car auto lending.
Metaxas: License Plate Recognition Can Improve Originations
Aside from GPS-equipped starter interrupt systems, lenders have another tool to repossess a vehicle, with the added benefit of using the data obtained to acquire better contracts: license plate recognition.
CFPB Brings The Hammer Down On Captives, Dealer Reserve
The hammer has fallen on captive automotive lenders, such as GM Financial, Ford Motor Credit and Toyota Financial Services: The Consumer Financial Protection Bureau began officially asserting its authority over them as the feds and the lenders battle over allegations of discrimination in the latter’s loan products.
NEVS Lays Off 200 In Reorganization Plan
With the Saab name reclaimed by the mothership, a host of financial problems, and no product beyond a 10-year-old platform, what else is left for National Electric Vehicle Sweden to do? If you said, “Tap out,” then you just might see that hand pounding the mat rather quickly.
Lenders Monitor, Control Subprime Nexum Via Connected Vehicle Tech
In a perverse nexus where connected-vehicle technology, privacy and subprime lending intersect, consumers who fall behind on so much as a single payment, or even stray outside a given teritory, may find their vehicles shutdown by their lender from a digital panopticon.
S&P Raises GM Grade Rating, Investors Lower Share Price
Though investors are not happy with General Motors as of late, Standard & Poor’s is, boosting the automaker’s investment-grade rating from BBB- to BB+.
Fifteen Claimants Receive First Offers From GM Compensation Fund
The compensation fund established by General Motors and managed by attorney Kenneth Feinberg to pay accident and fatality claims linked to a defective ignition switch in a handful of 2003-2007 models has made its first cash offers to 15 claimants.
Privacy Concerns By Auto Lenders Shape SEC Asset-Backed Security Rule
It took four years, but the Securities and Exchange Commission has put the final touches on a rule regarding asset-backed securities — including auto loans and leases — and what information is given when a company or investor takes on an ABS.
Goldman Sachs: Tesla Needs $6B In Capital To Meet "Disruptive" Growth
According to the financial overlords of Goldman Sachs, Tesla would need an $6 billion in capital within the next 11 years should its products become truly disruptive to the automotive industry.
Hyundai's Gangnam Style Leads To Partial Strike
Due to a Gangnam-style real estate deal in the Gangnam district of Seoul, South Korea, workers at Hyundai and Kia have gone on partial strike for the next few days.
Captives To Face CFPB Oversight
New rules being announced by the Consumer Financial Protection Bureau would mean that the captive finance arms would be subject to oversight from the CFPB.
Feinberg: 19 Deaths Thus Far Linked To Faulty GM Ignition
Over a month since the first claims were filed by those affected by a defective General Motors ignition switch originally linked to 31 accidents and 13 deaths, compensation administrator and attorney Kenneth Feinberg has found a total of 19 deaths and 31 eligible claims thus far.
US Treasury Begins Second Divestiture Plan Of Ally Stock
Ally Financial, the lending artist formerly known as GMAC Financial, inches closer to freedom from government ownership as the United States Treasury begins a second trading plan to shed its shares.
Nevada Legislature Deliberates Tesla Tax Package In Special Session
Last week, Tesla and Nevada governor Brian Sandoval jointly announced the automaker would be bringing its Gigafactory to Reno. Now, it’s up to both houses of the state’s legislature to pull it all together with a $1.3 billion tax break.
Edmunds: 2014 SAAR May Best 2006 Peak
The surge in United States auto sales last month could push the final figures to a height not seen since 2006 when January 2015 rolls around.
Nissan Declined Stake In Aston Martin As Early As 2012
Prior to becoming Aston Martin’s new CEO, former Nissan senior exec Andy Palmer proposed to the automaker to buy a stake in AM, only for Nissan to decline.
Sandoval, Musk Announce Tesla Gigafactory To Be Built In Nevada
It’s official: Tesla will build its Gigafactory in Nevada pending legislative approval.
NEVS Gains Creditor Protection, Loses Saab Name
First, National Electric Vehicle Sweden was going to be taken to district court and forced to file bankruptcy. Then, it was spared. Then, it saw its application for creditor protection denied due to being “vague.”
Now? The application has moved forward, but at the price of the Saab name.
North Korea Owes Sweden $428M For 1,000 Volvos Swindled In 1974
Forty years ago, the North Koreans and the Swedes entered into an agreement where the latter’s socialist and industrialist interests aimed to bring recognition to the former’s regime while filling its pockets from the country’s mining industry. Part of this agreement included 1,000 Volvo 144 GLs, which were meant to be paid in copper and zinc.
But that was 40 years ago.
Wiedeking Ordered To Stand Trial Over Market Manipulation Charges
Former Porsche CEO Wendelin Wiedeking may be facing jail time in the future if convicted on charges of market manipulation recently revived by a German court.
Repossessions, Delinquencies Up As Oustanding Auto Loan Balances Hit All-Time High
The latest Q2 2014 data from Experian was released this week, and key metrics like repossessions, loan delinquencies and outstanding balances have all seen increases.
Ford, Chevrolet Begin Labor Day Battle Weeks Early
Hold onto your wallets: Ford and Chevrolet are getting the jump on Labor Day sales weeks in advance of what most consider the end of the summer season.
NEVS "Not Insolvent," Will Pay When Possible
Remember when Saab’s new parent company was close to being taken to court and forced to declare bankruptcy by one of its suppliers? New information may have helped changed course.
Ally Financial Closer To Freedom Through Upcoming Stake Cut
Former General Motors lending subsidiary Ally Financial is one step closer from leaving government oversight, thanks to the United States Treasury cutting its stake in the company.
Saab's Newest Owners Face Bankruptcy Petition In Sweden
Saab’s newest parent company may soon be declared bankrupt by a Swedish court, once again bringing the make toward the grave.
VW Works Council Forces Out Consultants Amid Headcount Reduction Fears
Volkswagen AG execs will have to go back to the drawing board to determine where to cut costs after its works council demanded outside consultants be shown the door.
Santander Consumer Receives DOJ Subpoena
Following GM Financial’s subpoena from the Department of Justice, Santander Consumer said that it had received a subpoena as well related to
“production of documents and communications that, among other things relate to the underwriting and securitization of nonprime auto loans since 2007,”
GM Compensation Fund Receives Nearly 100 Claim Submissions Thus Far
Last Friday was the first day claims linked to accidents and fatalities related to the ignition switch that kicked-off the 2014 General Motors recall parade could be submitted to the compensation fund set up by GM and Kenneth Feinberg. Thus far, 93 such claims have been submitted.
Aston-Daimler Partnership Deepens With Component Agreement, Increased Holdings
Daimler’s partnership with Aston Martin is growing, as the former will supply electric and electronic components to the latter for a 1 percent increase in holdings.
Bubble Warnings Loom Large Over US Auto Sales Boom
Business is booming on the lot, with the industry on pace to move some 16 million vehicles out onto the highway by the end of 2014. However, some Wall Street insiders are growing bearish with this bull market, blaming easy credit for the surge in demand.
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