Struggling auto finance company Ally Financial Inc. had a run-in with the FBI. The Detroit News reports that, according to a search warrant made public Monday, the FBI seized one of Ally’s computers from the company’s headquarters in Detroit, Mich. The reason for FBI involvement in the affairs of the taxpayer-backed company currently remains unknown Read on! →
Tag Archives: auto finance
A nation that many economic experts consider on the cusp of becoming a superpower, Brazil, is looking for ways to bolster new car loans and improve the welfare of its local automakers. Slow vehicle sales have sent inventory soaring to 2008 levels, but as Brazilian media indicates, the government is taking actions to stimulate automotive Read on! →
Auto dealers believe that they’re already regulated enough by federal and state laws, which is part of the reason why roughly 100 dealers are lining up to lobby lawmakers over the new Senate auto finance bill, reports the Detroit Free Press. Car dealers fear that additional restraint would “limit credit for customers and hurt the Read on! →
The Hill blog reports that 62 House Democrats are urging lawmakers to pursue an auto dealer exemption in light of upcoming financial reforms being considered by the Consumer Financial Protection Agency (CFPA). The movement, organized by New York Reps. Bill Owens and Mike McMahon, goes against the wishes of the White House, Defense Department and Read on! →
According to Los Angeles Times reports, General Motors is looking to get back into the auto finance game, with a little help from AmeriCredit Corp. The beleaguered automaker plans to purchase AmeriCredit for $3.5 billion in cash. That’s $24.50 per share. AmeriCredit will fill the void left by GMAC –which spun out of control during Read on! →
When you’re in the market for a new car, it is advisable to consider financing before you visit the dealership. But what length of auto loan should you choose? Three-, five- and six-year loans are the most common options available, and once upon a time, the latter option was popular. However, as numerous automotive industry Read on! →
Ally Financial Inc., which sopped up $17.2 billion in U.S. automotive bailout funds, needs to be cut up, says the U.S. Treasury. Automotive News reports the Treasury has recommended that auto finance company Ally be broken up and sold, preferably back to original owner General Motors. Bloomberg notes that this has much to do with Read on! →