Syed Sobri: Stop by-election rumours Nov 16, 2008
Many people have taken up loans such as housing loans, car loans, business loans and personal loans. So why pick on me. (The Star Online, Malaysia)
Downturn drags more Americans into bankruptcy Nov 16, 2008
A recent study found that the typical family who filed for bankruptcy in 2007 was carrying about 21 percent more in secured debts, like mortgages and car loans, and about 44 percent more in unsecured debts, like credit cards and medical and utility bills, than filers in 2001. Their incomes, meanwhile, remained static over those six years, according to the study, which used data from the 2007 Consumer Bankruptcy Project, a joint effort of law professors, sociologists and physicians. (International Herald Tribune)
Despite the perception cash not available, buyers can get loans Nov 16, 2008
The trend for car loans has reverted back to the way business was done 20 years ago, Wall and Hannay said. "Banks are still loaning money just like before, but it's gotten back to a more traditional type loan where the bank likes a down payment," Wall said. (Athens Banner-Herald)
Flurry Of Firms Apply For US Treasury Funds By Friday Deadline Nov 15, 2008
The consumer finance sector has come to a standstill on concerns about defaults, raising the costs of car loans, student loans and credit cards, Paulson said. In addition, Paulson outlined plans for a program to inject capital into firms outside of the banking industry through a program that could require firms to first raise private capital. (CNNMoney.com)
Stall in auto sales turns focus to make money in other areas Nov 15, 2008
Customers with good credit can still get car loans, Lane said. But credit has tightened for the 20 percent of his customers who walk onto his lot with bad credit history. (Puget Sound Business Journal, WA)
Eddie Lampert raises stake in AutoNation Nov 14, 2008
41 billion loss in the third quarter as customers worried about the economy and found it hard to get car loans. Revenue plunged 21 percent from a year ago. (BusinessWeek)
Global stocks fall as Germany announces recession Nov 14, 2008
US Treasury Secretary Henry Paulson said Wednesday that the Wall Street bailout plan would be refocused on continued capital injections for ailing banks and possible steps to help the non-bank financial sector, such as car loans and credit cards. "It is shocking to see the US government deciding not to use any of the 700 billion dollars on buying mortgage-related assets, which were the primary reason for the bailout package," Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong... (India Times)
Bailout plan's focus shifts Nov 14, 2008
Paulson said the $700 billion would not be used to buy up troubled mortgage-related securities, as the rescue effort was originally conceived, but will instead be used in a broader campaign to bolster the financial markets and, in turn, make loans more accessible for creditworthy borrowers seeking car loans, student loans and other kinds of borrowing. "During times like these with a slowing economy and some deterioration in credit conditions, even the healthiest banks tend to become more... (Albany Times Union)
How Do You Make Sense of the Current Market? Nov 14, 2008
-- Paying off high-interest consumer debt such as credit card balances and car loans -- and staying out of debt. -- Contributing to your 401(k) or other employer-sponsored plans at least up to the company match. (Townhall.com)
Interest rates soar as credit tightens in Mexico Nov 14, 2008
In recent years, the number of mortgages and car loans also has soared in Mexico, at rates much higher than in the United States. Ford, for example, is offering a five-year, 17% loan on a Focus sedan in Mexico City, and that is with a 25% down payment. (USA Today -- Money)
Wall Street Dow surges in stunning rebound Nov 14, 2008
Consumers' access to credit in the form of car loans, student loans and credit cards remains impaired, ''creating a heavy burden on the American people and reducing the number of jobs in our economy,'' Treasury Secretary Henry Paulson said yesterday. Early losses in stocks today came after the Labor Department's weekly tally of new claims for unemployment insurance benefits climbed by 32,000 to a larger-than-forecast 516,000. (Sydney Morning Herald -- Business)
Rednecks, white hoods, blue chips Nov 14, 2008
"Well, the Klan thought long and hard and agreed with Paulson that illiquidity in this sector is raising the cost and reducing the availability of car loans and credit cards ". Friday. (Sydney Morning Herald -- Business)
NADA Backs Consumer Tax Breaks for Auto Sales Nov 13, 2008
The "Auto Ownership Tax Assistance Amendment" would make interest payments on car loans temporarily tax deductible for the remainder of 2008 through the end of 2009. Congressional leaders have indicated that consideration of a post-election stimulus package is possible to provide emergency assistance to the struggling auto industry. (PR Newswire)
Feds back up GE finance unit's debt Nov 13, 2008
GE Capital provides consumer financing for car loans, mortgages outside the United States and credit cards. Its commercial business finances real estate, corporate lending and leasing. (OregonLive, OR -- Business)
Global stocks tumble as bad news stacks up Nov 13, 2008
Treasury Secretary Henry Paulson said the Wall Street bailout plan would be refocused on continued capital injections for ailing banks and possible steps to help the non-bank financial sector, such as car loans and credit cards. "It is shocking to see the US government deciding not to use any of the 700 billion dollars on buying mortgage-related assets, which were the primary reason for the bailout package," Dariusz Kowalczyk, chief investment strategist at CFC Seymour in Hong Kong, wrote in a... (India Times)
Treasury Reversal Nov 13, 2008
- that bundle all sorts of loans, including car loans, student loans, credit card loans to create securities that are sold, like bonds, to raise cash to make more loans ... Paulson pledged Wednesday to aid another part of this nonbank financial apparatus, which is made up of firms that issue securities backed up by payments for credit cards, car loans, student loans and other items that collectively account for 40 percent of consumer credit. (San Francisco Chronicle -- Business)
Treasury scraps original bailout plan as economy worsens Nov 13, 2008
"Still, the man who shepherded the legislation through Congress, Rep. Barney Frank, D-Mass., was unhappy that the Treasury has moved away from plans to buy mortgage bonds and individual loans in order to prevent foreclosures by modifying the loans."We especially put in that bill authority to the secretary of the treasury to buy whole loans (and) mortgage-backed securities to make us the lender to make us the owner so we could do these kind of reductions," said Frank, the chairman of the House... (Anchorage Daily News)
U.S. Backs Away From Plan to Buy Bad Assets Nov 13, 2008
He also said the Treasury was working with the Federal Reserve on a plan to help restore credit flows to U.S. households by using financial rescue funds to lure investors back to markets for securitized debt, such as car loans, student loans and credit cards. The administration's shifting focus disappointed Wall Street and U.S. stock prices tumbled sharply. (ABC News -- Wire)
Mitsubishi supplier to close local office Nov 13, 2008
The auto industry is in the midst of a downward spiral as consumers struggle to obtain car loans or are leery of spending money in todays soft economy. Mitsubishis U.S. sales through October totaled 87,591, a 23. (The Pantagraph newspaper)
Auto Industry Situation Dire; Congress May Offer Aid Nov 13, 2008
plans to offer legislation on Monday making the interest payment on new car loans tax deductible. "We've got to start massaging the American economy," she said. (ABC 7 News, DC)
Feds switch to bailout Plan B Nov 13, 2008
WHAT IT MEANS: Securitization is the process in which credit card debt, student loans and car loans are bundled together and securitized, or sold as bonds to investors, who receive monthly payments as Americans pay off their credit card bills and loans ... As of last year, outstanding securitized debt for credit cards, car loans and student loans was valued at almost $2 ... "Illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit... (News & Observer)
US scraps toxic debt buyout Nov 13, 2008
He said this illiquidity in the sector "is raising the cost and reducing the availability of car loans, student loans and credit cards.". He said the Treasury and Federal Reserve "are exploring the development of a potential liquidity facility" for such these assets outside the scope of regulated banks. (Sydney Morning Herald -- Business)
Back, Back, Forth, and Forth Nov 13, 2008
The points out that, , the "program is still called the Troubled Asset Relief Program, or TARP, but it will not buy troubled assets." At a news briefing yesterday, Treasury Secretary Henry Paulson emphasized that the consumer credit market "has for all practical purposes ground to a halt," which is "raising the cost and reducing the availability of car loans, student loans, and credit cards." The puts this in perspective by pointing out on car loans "almost doubled from July to September and... (Slate)
Zeti: Bank financing not an issue Nov 13, 2008
Syed Zainal also said approval rates for new car loans were getting lower and the biggest impact was being felt in the sales of Proton and Perodua. Zeti said people had a variety of avenues to complain to Bank Negara about issues related to financing. (The Star Online, Malaysia -- Business)
US drops plans to purchase toxic mortgage assets Nov 13, 2008
Today, the illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards. " He said the Treasury and Federal Reserve "are exploring the development of a potential liquidity facility for highly rated AAA asset-backed securities" that could help this sector, which is outside the scope of regulated banks. "We are looking at ways to possibly use the TARP to encourage private investors to come back to this troubled market, by providing them... (Channelnewsasia.com)
Paulson switches to consumer credit Nov 13, 2008
"Illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards," Paulson said yesterday in a speech in Washington. Bloomberg. (Business Report, South Africa)
Is the Bailout Fund Big Enough? Nov 13, 2008
Instead, he said, Treasury is looking at injecting more money into struggling "banks and nonbanks." He said he plans to use some of the remaining bailout fund to support the market for troubled car loans and credit-card debt, as well as to reduce home foreclosures. "The purchase of mortgage assets is going to be the exception," says Thomas Brown, whose hedge fund, Second Curve Capital, specializes in financial firms. (Time.com)
US abandons plan to buy toxic assets Nov 13, 2008
But on Wednesday he said the money earmarked to buy those debts would be better spent injecting cash directly into struggling banks and shoring up the market for consumer debt such as from credit cards and car loans. "This market, which is vital for lending and growth, has for all practical purposes ground to a halt," he said. (Yahoo! Asia News)
Biofuels to the rescue Nov 13, 2008
Today, the illiquidity in this sector is raising the cost and reducing the availability of car loans, student loans and credit cards. We are looking at ways to possibly use the TARP to encourage private investors to come back to this troubled market, by providing them access to federal financing while protecting the taxpayers' investment. (Salon)
TSX crumbles as consumer worries spark commodity sell-off Nov 13, 2008
Bank share prices tumbled after U.S. treasury secretary Henry Paulson scrapped plans for the government to buy their distressed mortgage securities, shifting bailout funds instead to boost consumer credit vehicles such as car loans, student loans and credit cards. Font. (Vancouver Sun)
Caring for Your 401k Nov 12, 2008
Also, when paying down debt, do so on car loans and credit cards first. And if you can, think about making one extra mortgage payment a year. (WOKR13 Rochester)
PELOSI BACKS SPECIAL SESSION FOR 'AID'... Nov 12, 2008
In the Senate, Maryland Democrat Barbara Mikulski is already pushing a proposal not only to help the auto makers directly but also to boost consumer demand for new autos, by making interest on car loans tax deductible. In an interview, the senator said the proposal, which will be unveiled Wednesday, would help manufacturers as well as dealers, and would be temporary. (The Drudge Report)
On a new topic, House leaders tout health of local banks Nov 11, 2008
Ronald Mariano (D-Quincy) described a healthy banking economy and the availability of mortgages, refinancing, and car loans to individuals "if they're creditworthy.". While a credit crisis has gripped the nation, Mariano said local lenders are ready to make loans. (Belmont Citizen Herald, MA)
Why banks are boosting credit card interest rates Nov 10, 2008
In doing so, it tapped a funding source that financial institutions had previously used mainly for home and car loans. Other banks followed. (USA Today)
India's auto sales plunged in October Nov 10, 2008
Eighteen months ago, car loans cost 7 to 9 percent a year; now they are running 17 to 18 percent, according to the Indian automakers group. Commercial vehicle sales have also been hit by slowing industrial production. (Atlanta Journal-Constitution -- Business)
Police Watchdog Group's Ex-Leader Charged Nov 8, 2008
Donaldson wrote himself checks to pay for personal car loans and as advances. In sentencing him, Judge Morris Jacobson of Alameda County Superior Court ordered Donaldson not to take a job in which he handles financial records or documents with identifying information of other employees. (San Francisco Chronicle -- Crime)
Deluge of Data; Bright Spot in Pending Home Sales Nov 8, 2008
"This report could have been a great deal worse, wrote High Frequency Economics Chief U.S. Economist Ian Shepherdson. The report also shows the supply of homes declined slightly in September. Decline in the supply of homes can be a positive indicator, since having fewer homes on the market can help support house prices, or at least keep them from falling. The monthly consumer credit report derived by the Federal Reserve provides an interesting view of borrowing on the household level. The... (Fox News)
India car sales hit by global financial crisis Nov 7, 2008
Eighteen months ago, car loans cost 7 to 9 percent a year; now they are running 17 to 18 percent, according to the Indian automakers group. In recent days, state run banks, responding to government pressure, have pledged to lower lending rates. (International Herald Tribune)
Republicans Will Emerge Stronger Than Ever Nov 7, 2008
The mortgage crisis will likely be followed by defaults in credit card debt, student loans and car loans. We will probably be set for two years of zero growth, according to economists with whom I talk. (Newsmax)
Obama's uphill task on economy Nov 6, 2008
Indeed, the contraction of lending for housing appears to be spreading to other areas, such as credit cards and car loans. Despite the Federal Reserve having cut US interest rates to 1%, interest rates on mortgages remain high as lenders fear the consequences of default. (BBC News)
Credit Unions To The Rescue Nov 6, 2008
The spread isn't as much with mortgages as it is with credit cards and car loans, but credit unions' mortgage rates are competitive. As of October 15 the average rate on a 30-year fixed rate mortgage was 6. (RealtyTimes)
Toyota slashes annual profit forecast Nov 6, 2008
Japan's largest automaker also reported net profit in the three months ended Sept. 30 dropped by more than two-thirds, hurt by slowing demand, a tightening of car loans amid the global credit crunch and a stronger Japanese currency. The steep declines, larger than those forecast by most analysts, threaten eight straight years of annual profit growth at Toyota, once the envy of the world car industry. (International Herald Tribune)
Living on cash: Guilford debt service firm makes CBS news Nov 5, 2008
"Aside from loans to send kids to college, a home mortgage or car loans, subsist within your income. "Live on cash. Don't spend more than you earn. (Shoreline Times, CT)
Home, car loans set to be cheaper Nov 5, 2008
NEW DELHI: A cut in prime lending rate will lead to reduction in interest rates on home loans, car loans and other consumer loans. Those existing borrowers of home loans who are on floating rates will also benefit as interest rates will also come down. (India Times, India -- Intl Business)
Bankruptcy filings up 62.8% from a year ago Nov 5, 2008
He said many people will take care of their major bills, such as mortgage, rent and car loans, but won't be able to cover their credit card charges. Nationally, bankruptcy filings in October topped 100,000 for the first time since more restrictive bankruptcy laws went into effect three years ago. (Honolulu Advertiser)
Economy drives down BMW profits Nov 5, 2008
BMW said it raised its provision for residual value risks and credit risks especially for used car loans during the quarter by 342 million ($431 million), bringing that total expense recognized in the first nine months to over 1 billion ($1. 26 billion). (CNN -- Money / International)
Rise in demand for Proton, Perodua expected Nov 5, 2008
However, given the current global financial crisis, it was unlikely that the move to promote car loans would spur consumer confidence to buy cars, said another analyst. It may help spur short-term demand for Proton cars but it is unlikely the measure would turn the company around, an analyst said. (The Star Online, Malaysia -- Business)
BMW 3Q net profit falls 63 percent Nov 4, 2008
BMW said it raised its provision for residual value risks and credit risks especially for used car loans during the quarter by 342 million euros ($431 million), bringing that total expense recognized in the first nine months to over 1 billion euros ($1. 26 billion). (International Herald Tribune -- Technology)
October Car Sales Even Worse than Expected Nov 4, 2008
In response, desperate carmakers are now talking about asking Congress for new tax incentives, such as making interest on car loans deductible or granting tax credits for scrapping old cars moves designed to encourage consumers to purchase new vehicles. And it's not just Detroit that's hurting. (Time.com)
Affin pledges to be with its customers through thick and thin Nov 3, 2008
If their business is affected, their employees will also be affected and so will their housing or car loans. This is a time to prove that we are not sunny day bankers, but also cloudy and rainy days, as long as they can ride through. (The Star Online, Malaysia -- Business)
Meltdown down techies' marriage mkt value Nov 2, 2008
Job cuts in the IT industry also spell trouble for banks as they target IT professionals for home and car loans as techies with just three years' experience earn as much as Rs. 40,000 a month. (India Times)
Mexican credit available - at 70% interest Nov 1, 2008
In recent years, the number of mortgages and car loans also has soared in Mexico, at rates much higher than in the United States. Ford, for example, was offering five-year, 17 percent loans on a Focus sedan in Mexico City last week, and that was with a 25 percent down payment. (AZCentral)
Car dealerships reeling from economic downturn Nov 1, 2008
Meanwhile, delinquency rates on car loans taken out at dealerships which accounts for nine out of 10 auto loans have soared, adding to the strain. The percentage of auto loans that were at least 30 days late has doubled since 2004, to more than 3 percent in the second quarter, according to the American Bankers Association. (Atlanta Journal-Constitution -- Business)
Banks asking for credit card debt forgiveness Oct 31, 2008
Many of the people now having trouble making their credit card payments are in a double or triple whammy: their mortgages or car loans also may be under stress. . (MSNBC -- Politics)
A Bad Deal For Credit Card Users Oct 31, 2008
A key objective of the federal government's $700 billion financial recovery package is to unlock credit markets for consumers, easing access to mortgages, car loans, student loans and other forms of credit. So why are federal regulators considering action that would reduce access to credit and make it even more expensive. (Forbes)
Deal sought by banks on some outstanding credit-card debt Oct 31, 2008
Many of the people now having trouble making their credit-card payments are in a double or triple whammy: their mortgages or car loans also may be under stress. And for many, the torrent of envelopes bearing credit-card offers at low initial rates - much like the old "teaser" rates on subprime mortgages - has recently been replaced by more somber notices of crimped credit lines, hikes in interest rates or even accounts being closed as lenders tighten the reins to reduce their risk. (AZCentral -- Business)
As Gas Prices Go Down, Driving Goes Up Oct 30, 2008
The apparent increase in discretionary driving has by no means translated into improved fortunes for the Detroit automobile companies, whose sales remain deeply depressed, partly because the credit crisis is preventing people from getting car loans. The big uncertainty in the minds of analysts is whether the summer s run of high gasoline prices wrought any lasting change in the nation s consumer psychology. (Atlanta Journal-Constitution -- Business)
GMAC Cleared to Join Fed Commercial Paper Plan Oct 29, 2008
The company said on Tuesday that it would stop making new consumer car loans in seven European countries. Approval to use the Fed funding facility comes at a time when U.S. automakers and their affiliated finance companies are asking for a range of government assistance, including the purchase of bad auto loans through the $700 billion program asset-purchase program controlled by the U.S. Treasury. (ABC News -- Wire)
DEALBOOK: GM tugs at heartstrings, seeking a bailout Oct 29, 2008
"With each passing day without a solution, the credit markets continue to freeze up, denying consumers and businesses the needed cash for home loans, car loans, small business loans and the critical investments that grow the economy and create jobs." "Call your respective representative and senators today," Wagoner wrote. He could send the same e-mail message today, this time urging his troops to support a rescue of their own company. (International Herald Tribune -- Business)
Time for a little chat with the automakers Oct 28, 2008
And now with the financial crisis, car dealerships are closing and people can't get car loans. That's why I think it's important for us to get loan guarantees to the automakers. (Boston Globe)
Treasury Working on Aid for GM, Chrysler Merger Oct 28, 2008
White House spokeswoman Dana Perino said officials the Treasury, Energy, and Commerce departments have been in contact with automakers about help -- emphasizing the loan program for fuel efficient cars and the potential for Treasury to buy up bad car loans to spur new lending and jump-start. sales. (ABC News -- Wire)
GM speeds hat in hand to Treasury Oct 28, 2008
"With each passing day without a solution, the credit markets continue to freeze up, denying consumers and businesses the needed cash for home loans, car loans, small business loans and the critical investments that grow the economy and create jobs.". 1. (International Herald Tribune)
White House explores aid for merger between GM and Chrysler Oct 28, 2008
Any U.S. government help for the financing units could be used to provide car loans, which is seen as crucial to increasing car sales. Many dealers have had trouble closing sales with car buyers because of tighter lending standards. (International Herald Tribune)
Evil Wall Street Exports Boomed With `Fools' Born to Buy Securitized Debt Oct 28, 2008
It works by taking anything that has regular payments -- mortgages, car loans, aircraft leases, music royalties -- and channeling the money to a trust that pays bondholders principal and interest ... To accommodate the demand, banks funded more subprime mortgages, with an average life of seven years, replacing car loans with an average life of three years and credit-card bonds paid off within 18 months ... Sales of European asset-backed securities, including bonds for car loans and credit cards,... (Bloomberg)
Fish-ical advocation Oct 27, 2008
Meanwhile, people had access to cheap credit at every turn, from mortgages to car loans to credit cards and home equity. But in the case of mortgages in particular, there was a disconnect between those making the loans and those taking on the risk. (Helena Independent Record, MT)
