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At least 10 U.S. Congressmen spend more than $1,000 a month to lease their corporate vehicles, according to an analysis by Politico.com.



The lawmakers cited a number of reasons for the seemingly high monthly costs for vehicles like the GMC Yukon and Tahoe, Chevy Malibu, and a couple Ford SUVs, among others. For one thing, as members of Congress, they are required to choose fuel-efficient vehicles. Also, because legislators are only in office for two years, their payments are higher t… Continue

Online or in-lane — that is the choice many lenders are pondering when it comes to remarketing vehicles.



For decades, brick-and-mortar auctions dominated vehicle-resale strategies. Lenders would gather as many dealers as they could at their weekly or monthly sales to maximize returns on off-lease vehicles, fleet and rental units, and repossessions. Dealers would get to the auction early to touch and feel — and even test-drive — the cars they w… Continue

In a two-sentence filing with the Securities and Exchange Commission, GMAC announced that Chief Financial Officer Robert Hull had resigned. He has taken a job at private equity firm Providence Equity Partners.



“GMAC Financial Services today announced that Chief Financial Officer Robert S. Hull has elected to depart the company at the end of March to pursue another career opportunity,” according to the March 9 filing. “The company will conduct an internal and external search for potent… Continue

Delinquencies are still on the rise for auto financiers, but their pace is slowing.



That was the message from Melinda Zabritski, director of automotive credit for Experian Automotive, in a conference call yesterday detailing fourth-quarter and full-year 2009 auto finance trends.



In a nutshell, the total dollar value of at-risk auto loans dropped 10% to $26.6 billion in the fourth quarter of 2009, from $29.6 billion in the prior-year quarter.



The 30-day delinquen… Continue

In the throes of the credit crisis, banks were vilified for granting loans to unworthy borrowers. The unsurprising result: Banks pulled back. They revamped risk-management policies and clamped down on credit.



Now, it seems, banks are being hammered again — this time, for being too vigilant with credit. At a conference of the National Association of Business Economists yesterday, FDIC chief Sheila Bair warned that tight credit could hamper economic recovery.



"A light needs… Continue