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2 blog posts by Marcie Belles were featuredon Thursday
Marcie Belles added 2 blog postson Thursday
steve added a blog poston Thursday
"A widely watched barometer of sentiment has been pushed down, thanks to Americans starting to lose faith in the economy. The Consumer confidence Index is said to stand at 49.3 according to the New- York based Conference board, down from its revis...
Pricing goes aggressive again. See here.
Rob Hagen, Chuck Barrow and Christopher Hawke joined AutoFinanceNews.neton Wednesday
Chris Monk left a comment for Ernie Garciaon Wednesday
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Chris Monk left a comment for Ernie Garciaon Wednesday
Edward T. Grass and Marcie Belles are now friendson Wednesday
Matt Havens and Chris Monk are now friendson Wednesday
OK, thanks.
Not sure about the demand as we are not involved. DB is the lead dealer. Based on the pricing guidance, the spread for two-year bond is 170 bps, 30 bps wider than that BoA deal.
I think SBA is just trying to mitigate its risks. It had originally planned for lower advances, but then spoke to lenders that say they normally advance more. Essentially the SBA is now saying: You can advance at 100% if you want, but we're only g...
Chuck Carboni left a comment for Marcie Belleson Wednesday
The first thought that went through my mind as well was how will manufacturers draft if the lender restricts new advances to 90%.... a 100% advance with an immediate 10% curtailment due from the dealer perhaps? I'm not aware of banks/lenders that...
Does anyone know of any banks or lenders that are actually utilizing this program? It sounds like a great idea, although the $2,000M limitation will not support the vast majority of dealership requirements. Also the 90% advance on new vehicle inve...
Agreed. What kind of demand was there for the deal, Larry? Pricing?
Chrysler Finance just brought an TALF eligible auto ABS deal to market today. It is their first in 2009. Seems that the main business for Chrysler Financial going forward will be servicing the existing 45 B auto loan portfolio which gradually pay...
 

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Blog Posts

Marcie Belles

Incentive Magic

Incentives last month shot up 20% compared with June 2008, yet year-over-year vehicle sales plunged 28%. Despite the divergence, and a relatively low level of vehicle sales, incentives still seem to be doing their job.

June incentives averaged $2,930 per vehicle, according to fresh data from Edmunds.com. Vehicle sales, meanwhile, dropped to 860,101. In June 2008, the average incentive was $2,356 on 1.2 million vehicle sales.

Historically, though, even single-digit increases in incentive spendi… Continue

Posted by Marcie Belles on July 2, 2009 at 2:54pm

Marcie Belles

SBA Starts to Accept Floorplan Apps Today

Dealers in need of inventory financing can tap a new federal program starting today.

The Dealer Floorplan Pilot Program, an initiative of the Small Business Administration, will guarantee inventory lines of credit between $500,000 and $2 million. The agency will start to review and approve applications starting next week.

Here are some guidelines of the program:

• Dealers of titleable assets — including autos, motorcycles, boats, RVs, and manufactured houses — may apply
• Loans are guaranteed… Continue

Posted by Marcie Belles on July 1, 2009 at 12:00pm — 3 Comments

JJ Hornblass

Chrysler Financial to Cut 350 Jobs

From the Wall Street Journal:

Chrysler Financial, once the financial arm of the new Chrysler Group LLC, will dismiss roughly 350 employees, or 9% of its work force.

More than 100 of the layoffs are effective Tuesday and will come primarily out of the company's sales teams. Another 240 will come at the end of August, when a customer call center in Kansas City, Mo., will be closed, the company confirmed.

Ch
Continue

Posted by JJ Hornblass on June 30, 2009 at 9:54pm — 4 Comments

JJ Hornblass

Not Surprisingly, GMAC Cuts Off Certain Chrysler Dealers

GMAC LLC has reportedly cut floorplan financing from about 80 dealers, or 6% of the surviving Chrysler dealerbase. Without floorplan financing, those dealers face daunting prospects, and are likely to fail.

There is no surprise in GMAC's action. The pseudo-captive is merely behaving like a financial institution should, dispensing risk with care.

What is surprising is that… Continue

Posted by JJ Hornblass on June 25, 2009 at 9:32am — 3 Comments

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