09-20-2008, 10:37 PM
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Engineering first
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Real Name: Bob
Location: Huntsville, AL
Hybrids: Prius Classic 03
Posts: 5,608
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Credit crisis - cars
http://www.bloomberg.com/apps/news?p...aeM&refer=news
Quote:
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U.S.-based automakers are suffering more from tougher lending conditions than Honda, BMW and Toyota Motor Corp., which are in stronger financial shape and have better-funded lending units that remain eager to write loans, he said.
``Not 45 days ago I had someone from BMW Credit sitting in my office asking me if I would spread business around, sending them more used-car business and customers from our Pontiac store,'' Ursomarso said.
Perceived Edge
Similarly, Toyota Financial Services, the largest Japanese automaker's U.S. lending arm, expects credit conditions to help its business.
``We benefit from having a triple-A credit rating,'' George Borst, chief executive officer of the Toyota unit, said in an e- mailed statement. ``This positions us as one of the auto finance companies with ready access to financing.''
The Toyota unit was the largest auto lender in the U.S. by market share this year through June, topping for the first time GM's former finance arm, GMAC LLC, trade publication Automotive News said last month, citing data from Experian Plc's AutoCount research unit.
Toyota Financial Services arranged 6.4 percent of U.S. vehicle finance and lease contracts in the first half, compared with 6.2 percent for GMAC, the report said.
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Like ripples in a pool, the rings continue to expand.
Bob Wilson
After April 3, use e-mail to contact me:
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