The Blog For Auto Financing News and Advice
Posted in auto news, car shopping on Apr 30th, 2010
Dealers who were asked to be reinstated by GM and chose to keep their franchise are almost ready to reopen their doors to customers. The timing couldn’t be better. Some of these dealers will be reopening at the start of the busy summer car buying season.
Tom Allen owned a Chevrolet and Cadillac franchise in Monroe, [...]
Posted in auto news, car shopping on Apr 29th, 2010
Toyota says it has resumed sales of the 2010 Lexus GX 460 SUV. Toyota stopped selling the Lexus GX 460 April 14, after Consumer Reports magazine gave it a “don’t buy” warning April 13 for problems with its stability control system.
Consumer Reports said that during a test of the SUV’s performance during unusual turns, the [...]
Posted in auto loans, auto news, car loans, car shopping, leasing on Apr 28th, 2010
In their search for a loophole, auto dealers claim that the new financial reform bill will restrict affordable car loans and result in fee hikes.
“The auto dealers are urging senators to avoid over-regulating their dealerships, burdening them with redundant laws, and ultimately limiting consumers’ credit options. These concerns are unfounded. A key feature of the [...]
Posted in auto news on Apr 27th, 2010
General Motors announced Tuesday it will spend more than $890 million to upgrade five plants, which will create more than 1,600 jobs. GM says the investment will help produce a new generation of fuel efficient small block truck and car engines.
The plants receiving upgrades and jobs are in Tonawanda, N.Y. (710 jobs), St. Catharines, Ontario [...]
Posted in auto news on Apr 26th, 2010
A handful of lawmakers are accusing General Motors of misleading the public by continuing to tell Americans in its ads it has repaid its government loans in full.
You’ve probably seen the TV commercials, where GM CEO Ed Whitacre tells you the automaker has repaid its $6.7 billion government loan “with interest five years ahead of [...]
Posted in auto loans, bad credit, car loans on Apr 23rd, 2010
AutoNation, the country’s largest auto dealership chain, says credit is loosening up, making it easier for consumers to get approved for auto loans.
AutoNation CEO Mike Jackson said auto sales are up for several reasons. Not only is credit becoming more available for shoppers to get car loans, but buyers are more confident that they’ll be [...]
Posted in auto news, car shopping on Apr 22nd, 2010
More Americans say that General Motors, Ford and Chrysler have the best vehicles, compared to their Asian competitors, according to an Associated Press-GfK poll of 1,002 adults, The Detroit News reports.
The poll was conducted in early March by GfK Roper Public Affairs and Media. It found that 38 percent of those polled rated American vehicles [...]
Posted in auto news on Apr 21st, 2010
General Motors has made a final payment of $5.8 billion to the U.S. and Canadian governments, paying off the last of its $6.7 billion in loans, the automaker announced Wednesday. GM wired $4.7 billion to the U.S. Treasury Department and $1.1 billion to Canada, CNNMoney.com reports.
“I am very pleased to announce that, as of today, [...]
Posted in auto news on Apr 20th, 2010
General Motors has offered to reinstate five more dealerships, increasing the total to 666 that have been offered letters of intent to reopen or stay open. GM decided to close about 2,000 dealerships as part of its Chapter 11 bankruptcy. After GM carefully reviewed about 1,100 dealer reinstatement claims that were filed with the American [...]
Posted in auto news on Apr 19th, 2010
Toyota announced Monday it is issuing a voluntary recall for about 9,400 2010 Lexus GX 460 models to update software in the SUV’s vehicle stability control system.
Toyota was under fire for the Lexus GX 460 when Consumer Reports magazine issued a “don’t buy” warning last week. Consumer Reports said that during a test of the [...]