Word: crediteers
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...statement about the extended holiday shutdown, Chrysler said the lack of financing for car loans contributed to the move. "Due to the continued lack of consumer credit for the American car buyer and the resulting dramatic impact it has had on overall industry sales in the United States," the action was needed, the company said. At a recent meeting between Chrysler management and dealers at Chrysler's headquarters, the dealers asserted that they have willing buyers for Jeep and Dodge vehicles but are unable to close the deals due to lack of financing. "The dealers have stated that they have...
...company will close all of its passenger-car plants for the month of January and reduce the company's production of new cars and trucks 30% during the first quarter. Chrysler and GM have asked the U.S. government for $14 billion in bridge loans to weather the current credit crunch. (See the 50 worst cars of all time...
Rebecca Lindland, an analyst with Global Insight in Lexington, Mass., echoed the industry's concern, noting that a lack of credit combined with sinking consumer confidence is leaving automakers with little margin for error. "I don't think it's a surprise anymore if manufacturers cut production," Lindland says. "We don't expect to see anything but bad news...
Ford has asked the government for access to a line of credit of up to $9 billion in bridge financing, but reiterated that it hopes to complete its transformation without accessing these funds...
Satoru Ogasawara, economist for Credit Suisse in Tokyo who covers foreign exchange, expects the yen to advance to 85 to the dollar within three months and to 83 over the next year. Intervention, he says, will come at the 85-level, but even then it is difficult to predict what will happen. "What we're seeing is the unwinding of the yen carry trade," says JPMorgan Chase's Sasaki, referring to the practice of buying low-interest yen and investing it in high-yield currencies. "It's a very strong and powerful movement and it's difficult to stop...