Cars
AU$18 million or about US$18.1 million at the current exchange rates. That’s how many Australian dollars some 226 plus Aussies owe BMW’s unimaginatively named financial arm "BMW Finance". The Bavarian automotive giant is now perusing bankruptcy proceedings against these persons in Australia’s Federal Magistrates’ Court in an effort to recoup the debt from hundreds of unpaid car loans.
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Cars
BMW Bankruptcy Bust Up in the Bush: The Price of Luxury Car Loans Down Under
AU$18 million or about US$18.1 million at the current exchange rates. That’s how many Australian dollars some 226 plus Aussies owe BMW’s unimaginatively named financial arm "BMW Finance". The Bavarian automotive giant is now perusing bankruptcy proceedings against these persons in Australia’s Federal Magistrates’ Court in an effort to recoup the debt from hundreds of unpaid car loans.
It’s all rather depressing, really, especially in the aftermath of the Global Financial Crisis. Take one man who bought an AU$80,000 Lexus on credit shortly before he lost his AU$110,000 job. Or the woman who signed her name on a car loan for her and her husband, only to have him leave her and get stuck with the debt. "They repossessed the car, but they still want [AU]$25,000. I don't know what to do,†said the 34 year-old.
- Gop Budget Committee Wants To Axe All “green†Loan Programs And High-speed Rail Funds
Five years ago, U.S. President at the time George W. Bush created the Advanced Technology Vehicle Manufacturing Program. It was a legislation providing up to US$25 billion of low-cost government loans to automakers in order to restructure their facilities...
- Polk Estimates Global Vehicle Sales To Reach 77.7 Million Units In 2012, And 96.3 Million In 2016
The analyst gurus at R. L. Polk & Co have issued a new forecast for global vehicle sales in 2012. The automotive market intelligence firm predicts that sales are expected to rise 6.7 percent over 2011 volumes to 77.7 million vehicles, thanks to the...
- Gm Shares Fall 16% On Reports For Bankruptcy
As if General Motors isn't in enough trouble already, the company's shares took a steep fall today after several reports including one from the New York Times late on Sunday, claimed that the Obama administration wants the automaker to begin bankruptcy...
- Usa: Car Loans That Are 60 Days Overdue Rise 17% In Q4 2008
If you had any reasons to doubt that many U.S. consumers are finding it more and more difficult to pay off their car loans, just take a look at the latest figures released today by Experian Automotive, a global information services company. According...
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Adding to the gloomy economic atmosphere, GMAC, General Motors' consumer financial arm announced on Monday that is implementing a tighter policy for auto loans. The changes include limiting purchases to vehicle buyers with a credit score of 700 or...