Word: borrowings
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Dates: during 2000-2009
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...walked across the street to Ganley's used-car dealership. There he found a 2007 Impala with 13,000 miles that cost $5,000 less than new one. At that price, he could pay cash. "Now's a good time to buy, but it's a bad time to borrow," Groening, 75, said on Tuesday as the continuing credit crisis dominated the news...
Back at Ganley Chevrolet, the dealership's bank announced in a meeting yesterday morning that it will increase the floor plan rate - the interest on money that car dealers borrow to buy new inventory - by 1.5%. "Which forces me to have less inventory on hand," says Jim Helton, the general manager. "That makes it harder for me to sell cars, because I'm giving people fewer choices." The dealership's owners were planning this summer to spend millions of dollars on a complete renovation and expansion of the façade, showroom and service area. Rising credit costs, combined with...
That's what Cleveland resident Mildred Maldonado realized last week when the timing belt of her 1994 Saturn broke, causing the engine to seize. She would like to borrow money for a used car. If her Saturn had died two months ago, perhaps she could have qualified. But Maldonado has a low credit score. And banks, nervous about a global credit crunch, are requiring down payments of up to 30%, according to several Cleveland dealers. Maldonado cannot afford that. So she begs relatives for rides. "I hate it, but there's nothing else I can do," says Maldonado, 49. With...
This week's moves fit the pattern. But they also show just how far the crisis has spread. The decision to shore up commercial paper will allow companies that are unable to borrow money from either the shadow or the real banking system to have access to the lender of last resort (the government), ensuring that credit still moves in the system - hopefully. And the $700 million program Paulson is steaming ahead with will allow for the clearing of bad loans, and inevitably the orderly failure of companies that invested too heavily in them...
...advantage in having the rest of the world use your currency is that you can borrow easily: that's why the U.S. government and U.S. companies have long been able to borrow cheaply and why mortgage rates in the U.S. have historically been low. If the dollar has to share top billing with other currencies, it will be harder for the U.S. to finance a profligate lifestyle and run big deficits, as the nation currently does. Expect mortgage rates to shoot up and your overseas vacation to get a lot more expensive. In the past, Snower says, "the U.S. could...