Low auto sale, Tight credit, financial chaos

A feedsfullspeed. Production

---

Title Low auto sale, Tight credit, financial chaos published to feedsfullspeed.

---

Report sent to feedsfullspeed. about Low auto sale, Tight credit, financial chaos
This article is located at feedsfullspeed.
Tight credit, economic worries and high gasoline prices combined to crush the sales of U.S. and foreign automakers alike last month, with Ford, Toyota, Chrysler and Nissan all posting drops of more than 30 percent.

Ford Motor Co.'s 34 percent decline marked its worst sales month this year, and the results across the industry are a strong indication that the financial turmoil that has swelled since mid-September is pushing the auto industry deeper into its trough. General Motors Corp., buoyed by its offer of employee pricing on most of its vehicles, saw U.S. sales drop a less severe 16 percent, boosting the automaker's market share to its best level all year. Dealers from many manufacturers said their customers are having an increasingly hard time qualifying for loans to buy autos, as banks have restricted lending because of widespread mortgage defaults that led to disruptions in the financial markets and the collapse of several banks. Plus, several automakers' finance arms have limited or discontinued leasing. Jim Farley, Ford's group vice president for marketing, said economic conditions have raised uncertainty among buyers. "Even if you have good credit, there's a reluctance to pull the trigger on a big ticket item," he said. Nissan Motor Co., which posted significant sales increases in July and August, saw its sales plunge 37 percent on double-digit drops in demand for nearly every one of its models. Chrysler LLC said its sales tumbled 33 percent, and Toyota Motor Corp.'s sales fell 32 percent. Honda Motor Co., one of the few automakers that had posted sales growth through August, reported a 24 percent drop. George Pipas, Ford's top sales analyst, said nearly all automakers saw "extremely weak" sales in the waning days of the month as the Wall Street crisis grew and Congress debated the government's $700 billion bailout of the financial industry. "It was tantamount, really, to a natural disaster," he said. GM's market share grew to more than 28 percent in September because it experienced smaller sales drops than its competitors, said Mark LaNeve, the automaker's vice president of North American sales. The share did not come with the expense of incentives, which he said averaged only $100 per vehicle more than in August and were flat from July to August despite the monthlong employee pricing offer, LaNeve said. Incentive spending was reduced, he said, because GM did almost no leasing during the month. But even though it may have gained market share, LaNeve said the numbers were still down year-over-year. "A few years ago I'd have jumped out the window with these numbers, and we're on the 39th floor here," he said in a conference call from GM's downtown Detroit headquarters. If overall U.S. industry sales drop in September, it will be the 11th straight monthly decline when compared with the year-ago period. That would be the longest string of down months since 14 straight negative months ended in December 1991, according to Autodata Corp. The industrywide figures were unavailable until later Wednesday. Buyers continued to favor small fuel-efficient cars over trucks and sport utility vehicles. Ford's truck sales were down 39 percent, while car sales dropped 19 percent. The numbers do not include Ford's Volvo Cars unit. There were few bright spots in Ford-Lincoln-Mercury model lineup last month, with sales of all but three models far lower than the same month a year ago. Sales increased only on the Focus small car, up 5 percent; the Crown Victoria large sedan, up 3 percent; and the Lincoln Town Car, up 69 percent. Sales of F-series pickup trucks, Ford's top selling vehicle, were down almost 42 percent for the month. But Pipas said full-size pickup truck sales were better industrywide when compared with May levels, due largely to increased incentive spending. He also said residual values have improved on pickup trucks and SUVs since May, putting many customers in a better position to trade in vehicles.

---

Very Pool Credit Loans :: Financial Publications
... private student loans to applicants with low credit ... Success One Financial in California, NCA Credit Repair representative "I got ... most common misconception concerning bad credit auto ...
more ...
go to website

Cheap Direct Lender Payday Loans - Refinace home no credit check
No annual fee credit cards for low credit score. ... Reserve Index of Industrial Production hit its low of 52. An auto ... Last Post Threads Posts Mass Chaos Where all the fun ...
more ...
go to website

Mortgage Bank Refinance Low Credit - Investment in Foreclosures
To prevent chaos, I am ... Ads by Google GEICO Auto Insurance How Much Could You Save may low credit ... The Second Largest Financial Institution To Low Mortgage Rates Free Credit ...
more ...
go to website

Low Monthly Computers To Improve Credit Scores - Federal Funds Rate
... relatively low credit ... If cash is tight, determine your cash flow before paying bills. To prevent chaos, I ... auto title loans with bad credit: homecomings financial 1099: fifteen ...
more ...
go to website

Veterans Credit Cards :: Low Rate Cards
... borrowing requirement will arise in a tight credit ... that it is necessary to contact financial institutions or cancel credit cards ... owner-operator customers -­ after the sale credit ...
more ...
go to website

---

Taxpayers Shouldn’t Fund Wall Street’s Bailout
... is no mortgage market it could trigger a depression as credit and ... to provide reasonable mortgage loans at reasonable or low rates to keep people in their homes. The world financial ... back to right joint" again, or it will spiral down to more chaos ...
more ...
go to website
Source: BusinessWeek
NewsDateTime: 9/30/2008

House Republicans Blame Pelosi’s Speech
... jobs, wealth, and capital, but left to its own devices it has created chaos. ... It is a crisis that freezes credit, causes families to lose their homes, cripples ... for the American taxpayer, would compound the damage already done to the financial ...
more ...
go to website
Source: Wall Street Journal
NewsDateTime: 9/29/2008

Automotive X Prize considers ways to include 100-mpg Volt
Several low-speed, freeway-capable vehicles will be available ... While those troubles remain, the drying up of credit for auto loans has made ... as leaks of Volt photos, massive pre-event hype, a dismal financial first half of the year for GM and chaos on ...
more ...
go to website
Source: Los Angeles Times Blogs
NewsDateTime: 9/26/2008

Google opposes ballot initiative that would ban same-sex marriage
... is San Francisco's Pacific Gas & Electric.-- Jessica Guynn Photo: Sergey Brin Credit ... New Grand Theft Auto: Chinatown Wars game said to include drug dealing mini-game. ... The business and financial news network with 50 million subscribers could attract a ...
more ...
go to website
Source: Los Angeles Times Blogs
NewsDateTime: 9/26/2008

Obama's Big Race Speech.
Anything But iPod The Credit Crunch Hits Home (And Your Business) Jill Lublin on Getting Noticed Brett Favre: The Brand Counter ... voters could really do to take the controversy into account, and when it was guaranteed to cause maximum unnecessary chaos ...
more ...
go to website
Source: Slate
NewsDateTime: 9/19/2008




Tax Breaks Sales of F-series pickup trucks, Ford's top selling vehicle, were down almost 42 percent for the month. But Pipas said full-size pickup truck sales were better industrywide when compared with May levels, due largely to increased incentive spending. He also said residual values have improved on pickup trucks and SUVs since May, putting many customers in a better position to trade in vehicles. Ford, like its U.S.-based competitors, has been trying to shift its factories and model lineup from trucks and SUVs to more efficient cars and crossover vehicles, while burning through billions of dollars in cash. The Dearborn-based automaker has mortgaged its assets to stay in business and, as of July, had burned through nearly $11 billion of its cash stockpile in the past year. GM has performed strongly overseas, but plummeting demand for its most profitable products in the U.S. has forced it to close factories and lay off workers, and it burned through $3.6 billion in cash in the second quarter alone. Light truck demand at GM fell 19 percent in September, as sales of the Trailblazer dropped 31 percent and demand for the Tahoe fell 52 percent. Sales of Chevrolet full-size pickups fared comparably better, edging down just 5.5 percent. GM's car sales slid 10 percent, as a 17 percent drop in Cobalt sales and combined declines of more than 30 percent for both Cadillac and Buick cars off set a 68 percent jump in Malibu sales and 17 percent increase in demand for its Impala. Nearly all of Chrysler's models posted sales declines. The few models to post gains included its Caravan and Town & Country minivans, which both posted 6 percent increases. Overall, Chrysler car sales fell 29 percent, while sales of light trucks dropped 34 percent. Ford shares fell 65 cents, or 12.5 percent, to close at $4.55, while GM shares closed unchanged at $9.45. Toyota's U.S. shares fell $1.90, or 2.2 percent, to close at $83.90, Honda's U.S. shares lost 51 cents, or 1.7 percent, to close at $29.60, and Nissan's shares dropped 51 cents, or 3.8 percent, to $13.08. The Associated Press reports unadjusted auto sales figures, calculating the percentage change in the total number of vehicles sold in one month compared with the same month a year earlier. Some automakers report percentages adjusted for sales days. There were 25 sales days last month, one less than in September 2007..

---

---

Videos from YouTube
Title: Crisis on Wall Street
Categories: USA,crisis,academic,economy,wws,lectures,uchannel,News,debt,finance,news,princeton,analysis,financial,

Published on: 9/25/2008 9:56:46 PM
Title: Pelosi on Bailout: Party is over for Wall Street
Categories: Senate,Golden,Wall,CEOs,Chris,Frank,Parachuttes,News,Bailout,Pelosi,Street,Barney,Bush,bill,Dodd,House,

Published on: 9/28/2008 5:40:35 PM
Title: Wall Street - Greed Is Good
Categories: USA,Wall,Sheen,80's,Good,Michael,Charlie,Douglas,Capitalist,Street,Film,America,Stone,Martin,Is,Capitalism,Oliver,Greed,

Published on: 11/9/2007 3:03:42 PM
Title: Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur
Categories: military,economy,congress,taxcuts,gitmo,habeas,News,congresswoman,relief,mama,bush,kaptur,iraq,cheney,bill,corpus,

Published on: 9/22/2008 8:03:52 PM
Title: Wall Street Meltdown
Categories: scales,richter,crisis,street,subprime,parody,wall,Comedy,meltdown,bubble,

Published on: 2/4/2008 4:35:26 PM

---