News Center, Top Automotive News, Latest Vehicle Data, Digital Media

Struggling finance firm GMAC LLC said Wednesday that bondholders tendered $21.2 billion in notes in its bid to raise capital for its new status as a bank-holding company.

The lender's goal had been to raise $30 billion by converting 75% of its issued debt into preferred stock holdings. The offer expired Friday after having been extended four times.

Since then, GMAC has received commitments from the federal government for $6 billion in aid and already announced it would ease re...

Read More...

As the worst sales year in more than a decade draws to a close, auto dealers are sweetening deals this week in a last-ditch effort to unload acres of cars.

Cash back, 0% interest rates and even wackier deals, such as buy-one-get-one-free, are being tried to squeeze out a few last sales.

General Motors added a last-minute inducement Tuesday by offering 0% to 4.9% financing through Monday on some remaining 2008 models. Financing arm GMAC said the loans were made possible by a $6...

Read More...

GMAC, the automobile financing company, said Tuesday morning that it would immediately resume financing to a wider range of car buyers, a day after the Treasury Department injected billions of dollars into the lender.

GMAC said in a statement that it would modify its credit criteria to include financing for customers with a credit score of 621 or above, a significant expansion of credit compared to the 700 minimum score put in place two months ago. GMAC had significantly cut back on t...

Read More...

The auto sector is expected to be the most financially troubled industry in the United States next year, taking the top spot from the homebuilding group, according to a survey of restructuring and bankruptcy professionals released on Monday.

As the nation has slid into recession, auto and auto parts makers have been slammed by dropping sales, pushing industry stalwarts such as General Motors and their suppliers to the brink of bankruptcy.

Homebuilding was named the most troubl...

Read More...

General Motors Corp. and Chrysler LLC still haven’t figured out how to close thousands of dealerships, a promise in the plan they presented to Congress to win loans, starting with $4 billion that each is due to receive today.

The companies have been hoping that dealers would close or sell stores on their own, as industrywide sales have fallen to the lowest level in 17 years. The attrition hasn’t been happening fast enough, and the automakers have few tools at their disposa...

Read More...

You will need to read your lease agreement to determine what is involved with terminating your lease early. Most lease agreements will include a penalty for early termination and many will require all unpaid monthly payments in addition to the penalty.

I would start by going back to the dealership that originated the lease and explain you are not happy and would like them to remedy the situation. If you are willing to purchase or lease another car from them, they may be willing...

Read More...

Through three decades of decline, union leaders have been predicting a renaissance that has not come. But labor invested more than $300 million to help elect Mr. Obama and enlarge the Democratic majority in Congress, and it expects both to enact legislation that will make it easier for millions of workers to unionize.

Skeptics say the outlook for labor is as bleak as ever. Business leaders and Congressional Republicans have vowed to block the new legislation, and Mr. Obama might want ...

Read More...

The headline sounds absurd. How can someone get paid to lease a vehicle ?

Let me explain.

It is a well known fact that we are in a recession. Many jobs have been lost as a result and for the foreseeable future further losses may continue. For those that have lost their jobs, financial obligations such as mortgages,Car Lease payments, cell phone bills, and subscriptions are still owed. Many  such payments  have contracts that cannot be exited and have several or many ...

Read More...

General Motors Corp. and Ford Motor Co. shares declined for a second day Tuesday as Wall Street continued to absorb the details of the federal government's bailout of the domestic automobile industry.

The White House's $17.4 billion bailout of GM and privately held Chrysler LLC prompted key ratings agencies to slash their outlook for America's carmakers Monday, while fears of a deepening recession have made an already bleak situation that much worse.

As a result, GM's stock lo...

Read More...

The worst U.S. auto market since the early 1990s may force Toyota Motor Corp. to do something that was once unthinkable: cut its North American payroll.

Asia’s largest automaker, which hasn’t shed workers in 24 years of building cars in the U.S., is exhausting options to trim costs after halting work on a Prius plant in Mississippi, idling a Texas truck factory for 15 weeks and planning to pare U.S. and Canadian output next month.

Read More...

When automakers first came to Congress, Americans overwhelmingly opposed making loans to General Motors Corp. and Chrysler LLC to help them through their cash crisis. However, a new poll shows that by the time President George W. Bush approved $13.4 billion in automaker loans on Friday, the nation had changed its collective mind.

The poll of 1,013 adults, conducted by Opinion Research Corporation for CNN Dec. 19-21, showed that 63% supported the loans to the two automakers. But if the...

Read More...

These goals are generally consistent with the conditions I outlined as necessary for the Detroit Three to achieve viability when I testified before the Senate Banking Committee on November 18. For example, laid off workers could no longer sit in the Jobs Banks collecting 90 percent of pay and benefits indefinitely and engaging in productive activities like pinochle.

Financial viability requires projecting a positive net present value, taking into account all current and future costs. ...

Read More...

The tiny town of Lincoln, Ala., is 706 miles from Detroit. But as the U.S. recession deepens, the distance between this Southern enclave of the American auto industry and the Big Three's headquarters to the North seems to be shrinking.

At the edge of the 4,500-resident town looms a massive Honda plant, marked only by two tall towers bearing the Japanese automaker's name and by the sounds of industry that drift into Lincoln on otherwise sleepy afternoons. The plant, which opened in 200...

Read More...

Gettelfinger said the union is willing to make further concessions, but feels workers are being unfairly targeted under the loan deal.

In the meantime, Wagoner said GM will continue to scour for deeper cost cuts as it struggles to weather the worst sales environment in more than 20 years.

While looking to save money, GM is weighing whether to participate in major auto shows outside Detroit, he said. In November GM opted not to attend the Los Angeles auto show. Major shows in N...

Read More...

The news of the once-mighty Big Three auto makers getting a financial lifeline from the federal government is a fitting climax to the long and rocky relationship between Detroit and Washington.

Detroit's car makers helped America win World War II by churning out tanks and planes. They then powered the rise of the blue-collar middle class. More recently, General Motors Corp. helped jump-start the U.S. economy after the Sept. 11, 2001, attacks by promoting zero-interest financing on car...

Read More...

The Bush Administration's plan to use TARP funding to aid the auto industry and Treasury Secretary Henry Paulson’s decision to seek the remaining $350 billion generated more confusion and concern about the already controversial emergency spending program.
CNBC.com

Though the auto bailout package was widely expected, Paulson’s decision represented another policy reversal, having told CNBC just days ago

Read More...

Just four days ago, the George W. Bush administration granted GM and Chrysler a total of 17.4 billion bailout money.  Ford stated that it does not need low zero percent interest funds at this moment.  The 17.4 billion relief fund will be split in two payments – 13.4 billion will come in December and January with a further 4 billion in February.

The money for Gm and Chrysler will come from the Troubled Assets Relief Program (TARP). TARP is a 700 billion fund set ...

Read More...

General Motors and Chrysler will receive up to $17.4 billion in short-term loans from the US government as part of an aid package to the troubled auto industry.

President George Bush will make a statement at 9 am New York time Friday, the White House said.

Bridge loans to carry the companies for several months could be announced as early as Friday, said the sources, who were not authorized to publicly discuss the negotiations.

Read More...

The comments came a day after Chrysler LLC announced it was closing all its North American manufacturing plants for at least a month as it, General Motors Corp. and Ford Motor Co. await word on government action. General Motors also has been closing plants, and it and Chrysler have said they might not have enough money to pay their bills in a matter of weeks.

Prices of GM and Ford stocks were down substantially after the White House comments Thursday. Though Ford, unlike General Motor...

Read More...

Struggling U.S. automakers are launching a round of severe cutbacks as they wait for a government rescue, with Chrysler saying yesterday it will idle all 30 of its U.S. factories for one month.

Chrysler's plants will furlough 46,000 workers beginning Friday, as a planned two-week holiday shutdown is extended to a month and possibly longer. The company, which has told Congress it needed $7 billion to survive the month, also told dealers that it may suspend financing for new cars in a b...

Read More...

Credit unions are stepping into the auto-finance gap, striking deals with U.S. auto makers to provide loans for cars and trucks sold at discounted prices.

Anchored by institutions in the Midwest, credit unions from a dozen states have agreed over the past week to make $22 billion in loans available to members to finance purchases of any vehicle.

For U.S. auto makers, credit-union members could become an important lifeline as they struggle to compete against foreign-based auto ...

Read More...

A government bailout for automakers was being assembled as quickly and carefully as possible, Treasury Secretary Henry Paulson said on Tuesday as a new ratings report showed that bankruptcy was the most likely restructuring scenario for the industry.

The Bush administration came under renewed pressure from fellow Republicans who urged the government extract stiffer concessions from labor and other groups than Democrats and the White House previously agreed were needed to qualify for a...

Read More...

DETROIT -- A pair of new surveys suggest buyers aren't completely unwilling to buy a car from an auto maker in bankruptcy court, as long as the federal government is willing to play a role in helping the company restructure.

This contradicts the conventional view of Detroit auto makers that suggests consumers would shun a bankrupt auto maker over fears related to the resale value of a car, the warranty and the ability to secure service and replacement parts.
video

Read More...

WASHINGTON -- Treasury Department officials are weighing the condition of the nation's banks before they loan money to General Motors Corp. and Chrysler LLC, possibly by Friday.

Treasury Secretary Henry Paulson said automakers would soon get emergency loans but the department is still asking detailed questions of automakers before it allocates any money from the $700 billion Troubled Asset Relief Program, or TARP. GM and Chrysler are seeking up to $15 billion in emergency aid to keep ...

Read More...

A Mini-Fridge for Your Car
$99.99 on ThinkGeek.com

Few things are worse than coming back to your car, dying of thirst, only to take a nice long sip of warm water or soda.

Just the thought of it makes you go "blech!" to try to get the imaginary taste out of your mouth.

Behold, the Car Mini Fridge from ThinkGeek.com.

Read More...

WASHINGTON (Reuters) - The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.

A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively invol...

Read More...

MIAMI, FL--(Marketwire - December 16, 2008) - LeaseTrader.com, the nationwide online marketplace for car lease transfers, reports a 13 percent increase in holiday car shoppers using LeaseTrader.com's Lease Takeover Program in the 2008 holiday season compared to 2007. The increase reflects a resilient consumer willingness to shop for cars in today's economy, as well as people viewing LeaseTrader.com as an affordable way to get a car as a holiday gift.

Although the latest car sales figu...

Read More...

Most Americans continue to oppose a government-backed rescue plan for Detroit's Big Three automakers as majorities blame the industry for its own problems and are unconvinced failure would hurt the economy, according to a new Washington Post-

Overall, 55 percent of those polled oppose the latest plan that Chrysler, Ford and General Motors executives pitched to Congress last week, on par with public opposition to earlier, pricier efforts. But with 42 percent support, the new request fo...

Read More...

General Motors’ bonds are currently yielding a whopping 56 percent. But with the interest rate on U.S. government bonds paying close to 0 percent, are people rushing out to buy these General Motors’ bonds? Do people really think that this is a great way to make a killing? Hardly.

General Motors’ high interest rate means one thing: investors who have their money on the line don’t believe that these bonds will get paid off. In fact, this interest rate is so high ...

Read More...

MIAMI, Florida. – Para muchas personas finalizar el arriendo de su carro, es un gran dolor de cabeza que termina convirtiéndose en una nueva carga financiera que se refleja en eventos de la vida como el matrimonio, un nuevo hijo, cambio de trabajo y salario que llevan los consumidores a buscar maneras de salir del arrendamiento de su auto.

Como forma de hacer frente a esa situación, muchas personas están usando los servicios de LeaseTrader.com que de manera ...

Read More...

Detroit automakers, their suppliers and the United Auto Workers union hope the Bush administration acts quickly this week on a rescue plan that could avert bankruptcy filings by General Motors (GM) and Chrysler. The sticking points are sure to center on the "meaningful concessions" that White House spokeswoman Dana Perino said will be imposed on the companies, creditors and workers to protect the taxpayers. A $14 billion bailout loan package fell apart last week when Senate Republic...

Read More...

As the White House and Detroit's automakers continued working together on a new rescue plan over the weekend, following the collapse last week of the $14-billion lifeline for General Motors Corp. and Chrysler LLC, President George W. Bush hinted Sunday that a new deal was not far from being reached.

The White House said an announcement is still not expected today, but Bush reassured reporters aboard Air Force One during a previously unannounced trip to Iraq and Afghanistan:

Read More...

1.) Conduct a lease takeover. Consult your paperwork and see if this is possible, some lessors will not allow this within certian timeframes. Then list the car on Swapalease.com, Leasetrader.com or a similar site, and find someone to take over your lease. Pay thelease transfer fee, complete the required paperwork, and you are out.

Read More...

Para muchas personas, finalizar el leasing de su carro es un gran dolor de cabeza que a la cual se suma una considerable carga financiera. Eventos de la vida como el matrimonio, un nuevo hijo, cambio de trabajo y salario han impulsado a los consumidores buscar maneras para salir del  leasing de su carro. Como resultado, muchas personas están usando los servicios de LeaseTrader.com (www.leasetrader.com), que de manera fácil y accesible otorga a través de su sitio web ...

Read More...

Senate Republicans voice opposition to auto bailout bill AFP/Getty Images/File – US Senator Tom Coburn (C) speaks as fellow Senate Republicans listen during a news conference on the …

The Senate’s defeat of a White House-backed bailout for the auto industry pushes General Motors Corp. to the brink and puts pressure on President Bush to reconsider his refusal to tap Treasury funds to stave off bankruptcies this winter among Detroit’s Big Three.

Read More...

SEOUL (Reuters) - The collapse of a proposed bailout for U.S. automakers has raised fears of a deeper economic slowdown and further financial shocks that may jeopardize worldwide efforts to ease a global recession.

Any failure or bankruptcy of General Motors Corp, Ford Motor Co or Chrysler LLC could cost tens of thousands of jobs, hit credit markets and disrupt the auto industry's global supply chain, economists said on Friday.

Financial market reaction to the plan's collapse ...

Read More...

Congress was unable to pass the $15 billion emergency relief funds through for the auto industry because of the Union’s unwillingness to cut wages. As a result, GM and Chrysler are now ever more closer to filing for bankruptcy. Ford, although still treading on thin ice, is not as dire as GM and Chrysler are. If anything, Ford is simply asking for what amounts to an emergency line of credit just in case it needs it.

Detroit and lawmakers are running out of options. The nex...

Read More...

WASHINGTON — The prospects of a $14 billion government rescue of the American auto industry seemed to vaporize Thursday morning as the Senate Republican leader, Mitch McConnell of Kentucky, spoke out forcefully against the bill, effectively dooming its chances despite the urgings of the White House.

In a speech on the Senate floor, Mr. McConnell said he and other Republicans had drawn a clear distinction between the Treasury’s $700 billion economic stabilization, which the...

Read More...

Good morning. It's Thursday. Here's what's making news right now:

Bailout: Slate says some of the nation's major newspapers chose to lead their front pages with the news that members of the House approved an emergency $14 billion bailout for the Big Three automakers. The package now moves to the Senate.

Read More...

U.S. stocks rose, recovering more than one-third of yesterday’s slide, as speculation lawmakers will approve a $15 billion bailout to keep automakers afloat and boost the economy pushed commodity producers higher.

Freeport-McMoRan Copper & Gold Inc. jumped 13 percent amid bets that Congress will approve a rescue, lifting demand for metals. Chevron Corp. advanced 4.5 percent as oil climbed after Russia signaled it may coordinate a production cut with OPEC. American Express Co...

Read More...

Compared with the other two domestic automakers, Ford looks like it's already been blessed. The automaker has $18.9 billion in cash and $10.7 billion in untapped credit, which Mulally says has his company positioned to survive the market falloff.

Not that Ford isn't hurting: It lost $129 million in the third quarter and says it won't be profitable again until 2010 — at the earliest.

But its cash position puts it in the enviable position of saying it doesn't plan to tap g...

Read More...

Hot Items Include WI-FI and Smart Mirror with GPS

MIAMI – December 8, 2008 – As consumers gear up for the holiday shopping season, LeaseTrader.com
reveals this holiday season’s top car gadgets according to a recent men’s poll. LeaseTrader.com, a leading provider of automobile lease transfers, polled more than 1000 men that use Leasetrader.com to find the top car-related gadgets that they want this holiday season.

Read More...

Washington -  The proposed $15 billion rescue plan that drew lawmakers back to Capitol Hill this week gives Washington a strong hand in shaping the future of the US auto industry.

In sharp contrast to the relatively lax terms of the recent $700 billion bailout for the financial services industry, the auto rescue plan sets up a level of government oversight and control not seen since World War II.

The draft plan Democratic leaders sent to the White House this week sets up ...

Read More...

The draft bill, first sent to the White House Monday, would call on President Bush to select one or more people within the executive branch to authorize, disperse and oversee a loan for the auto industry. Congress and the White House have been hashing out a plan to give General Motors and Chrysler a total, short-term infusion of about $15 billion in low-interest loans to stay afloat in the months ahead.

GM CEO Rick Wagoner told lawmakers last week that without an infusion of $4 billio...

Read More...

The United Auto Workers union, meanwhile, is planning to seek a stake in General Motors and a seat on its board in exchange for concessions by its members.

The draft bill, which is still being negotiated by Congressional leaders and the Bush administration, would provide emergency bridge loans totaling about $15 billion to the foundering automakers, particularly General Motors and Chrysler, which are in the greatest danger of financial collapse.

The president’s appointee...

Read More...

Congressional Democrats and the Bush White House had reached an agreement in principle to provide stopgap support for the U.S. auto industry, congressional and industry sources said late Friday.

The deal would keep the most troubled companies out of bankruptcy court at least through the end of March.

Two officials familiar with the compromise talks told CNN that the working target is $15 billion to $17 billion in bridge loans.

While the money is less than the $34 billi...

Read More...

After an eventful two years, the 110th Congress is apparently going to conclude its business this week - though whether it will be a successful conclusion for the stricken auto industry remains an open question.

The Senate will convene today and the House will essentially be on standby to take up aid to the auto industry after Congressional officials and White House staff worked through the weekend to put together a bill that would provide the Big Three with cash to tide them over int...

Read More...

Saying he's concerned about the viability of U.S. automakers, President George W. Bush called on lawmakers to act next week on a proposal to give the ailing companies $25 billion in already-authorized loans.

The president, acknowledging for the first time that the U.S. is in a recession, expressed concern for workers who have lost jobs in the downturn and said the administration is working to stabilize financial markets and free up credit.

Ear...

Read More...

What happens if you get caught out there like record producer Scott Storch and you just can no longer afford the monthly lease payments on your Bentley Coupe, Ferrari Enzo and Bugatti Veyron? Obviously you need a bailout! After all the lease payments for one month on those babys could feed a third world nation for a year.

Leasetrader.com is offering a nationwide auto lease bailout program for anyone that wants to cut their bills by escaping their lease without having to break the cont...

Read More...

WASHINGTON — The chief executives of America’s foundering automobile manufacturers returned to Capitol Hill on Thursday and found themselves confronting years of pent-up anger, the harsh politics of a recession and the realization that even their strongest supporters might not be able to muster the votes to save them.

Fiscal hawks are worried that taxpayers will lose billions. Pro-labor lawmakers are furious that union workers are being blamed for causing the

Read More...

MIAMI – December 1, 2008 – As consumers gear up for the holiday shopping season, LeaseTrader.com reveals this holiday season’s top car gadgets according to a recent men’s poll. LeaseTrader.com, a leading provider of automobile lease transfers, polled more than 1000 men that use Leasetrader.com to find the top car-related gadgets that they want this holiday season.

Read More...

As executives for the U.S.-based automakers return to Capitol Hill Thursday it's uncertain if they'll get the full financial bailout that they've asked for, but General Motors Corp. could be granted the funds it says it needs to make it through the rest of the year while Ford Motor Co. could get a credit line it wants, an analyst said.

Read More...

LeaseTrader.com recently released a list of its most popular car accessories products as per the results of a recent poll. Some of the featured items were the following:
Child Minder: A ultra-thin sensor pad goes under the fabric of a child's car seat that is connected to an alarm unit located on the parent's keychain. If the driver leaves the car without taking the child out of the seat, the alarm will go off.
Coffee maker in Car: The coffee machine sits between the arm rests...

Read More...

As the fate of the United States auto industry hangs in the balance, a profound question has taken center stage: what about the planes?

The chief executives of Detroit’s Big Three auto companies are hoping to avoid another drubbing like the one they received during a Congressional hearing on Nov. 19 for having flown on their private jets to Washington to plead for a bailout.

Read More...

What's so bad about letting Ford, Chrysler and GM slip into bankruptcy? Gary Burtless and Daniel J. Ikenson debate bailing out the Big Three.
Two of the Big Three U.S. automakers face grave and immediate peril. They are burning through their cash reserves so fast that they may be forced to seek protection under the bankruptcy laws within the next couple of months. Ford, which is in a stronger financial position than Chrysler or General Motors, may not survive much longer than its more ...

Read More...

up for the holiday shopping season, LeaseTrader.com reveals this holiday season’s top car gadgets according to a recent women’s poll. LeaseTrader.com, a leading provider of automobile lease transfers, polled more than 1000 women that use LeaseTrader.com to find the top car-related gadgets that they want this holiday season.

Read More...

The Detroit "Big Three" continue in their efforts to obtain a financial bailout program sponsored by the American taxpayer. This week the three Detroit car companies, GM, Ford and Chrysler, all went back to Washington (and left their private jets at home) with plan in hand on how the bailout money will help them return to profitability.

Washington lawmakers, however, were thrown a curveball by GM when the company said it needed an additional $4 billion just to survive...

Read More...

Dec. 1 (Bloomberg) -- U.S. auto sales probably fell in November when buyers shunned showrooms as the economy weakened and pleas for federal aid by General Motors Corp., Ford Motor Co. and Chrysler LLC stirred concern of an automaker collapse.

Japanese automakers such as Toyota Motor Corp. and Honda Motor Co., which wouldn’t be included in a loan package, also sold fewer vehicles because of lower consumer confidence and tight credit availability, according to analysts. A decline ...

Read More...