Word: loan
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General Motors is getting an even bigger boost. After GM collected $9.4 billion in federal loans last month, its finance arm GMAC, which GM jointly owns with Cerberus Capital LLC, got a Treasury Dept loan of $6 billion. GMAC has been hammered by both the sharp decline in sales of GM vehicles, which it finances, and steep losses in its mortgage portfolio over the past year. (Read "Is This Detroit's Last Winter...
...billion loan to GM raises hopes that the company can survive the first quarter and present a complete re-organization plan by March 31. GM hasn't said yet whether it will require additional loans during this quarter - $4 billion more has been authorized - though CEO Rick Waggoner, speaking to reporters at the Detroit Auto Show, said it is a possibility. He also said that a GM bankruptcy is still "an option...
...supply chain. Shortly before Christmas, the Federal Reserve Board quietly provided $200 million of support aimed specifically at auto dealers, who have had a difficult time financing their inventories - forcing some of them out of business. The support is being administered through the Fed's Term Asset Backed Securities Loan Facility or TALF, which was created this past autumn to encourage banks to start lending again. To further help the dealers, the Fed eased the eligibility requirements so that inventory financing (and there's plenty of inventory to finance) now qualifies as an "asset" that can be packaged into...
Meanwhile, companies large and small are lining up to tap the $25 billion in loan guarantees administered by the U.S. Department of Energy to help the automakers re-tool for building more efficient vehicles. Congress appropriated the money in September and President-elect Barack Obama promised to double the funding during a late October visit to Detroit...
...code. The National Automobile Dealers Association has made the incentives a top lobbying priority; new legislation has already been introduced in Congress. One proposal supported by Democratic Sen. Barbara Mikulski of Maryland and Republican Sen. Kit Bond of Missouri would permit new car buyers to deduct auto loan interest and sales tax on their personal income taxes. "We think temporarily making interest deductible on car loans would spur sales," says NADA economist Paul Taylor. The NADA is also supporting "cash for clunkers" initiatives, which encourage consumers to upgrade their older cars to cleaner, more fuel-efficient models. "None of these...