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Ram trucks Ram is the only brand to continue the 60 day “handshake” pledge that allows buyers to return trucks within two months if they aren’t satisfied. Those who foresake this deal can get zero-interest financing for up to five years through Ally Financial on most trucks. There are also rebates on 2010 Ram Heavy [...]
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Judge Arthur Gonzalez has given Chrysler’s unsecured creditors permission to sue Daimler AG, with the claim that Daimler took away Chrysler’s most valuable assets before selling it to Cerberus Capital Management. The group is seeking over $3 billion in debt. The details of the suit have not been released. However, it appears that the Treasury could [...]
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The Detroit News reported that the rate of car payments 60 days or more late has risen 28% in the first quarter, compared with the first three months of 2008. The rate continues to be fairly low, at 0.83% (eight loan payments out of a thousand). Customers seem to have a larger problem making mortgage [...]
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While Chrysler was able to negotiate terms with most creditors and stakeholders relatively early in the Chapter 11 process, General Motors appears to have had more hitches. Owners of $27 billion in bonds have refused to sign onto the GM deal, which would give them a 10% stake in a new GM in return for [...]
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The “Non-TARP lenders” who are still opposing a quick sale of Chrysler, instead favoring liquidation, are listed below (with thanks to sebring96hbg). It is interesting to note that all but one are headquartered in New York, with two in Purchase. There may be some overlap in ownership. The “Arrow Distressed Securities Fund” almost certainly bought the [...]
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The number of creditors objecting to the Chrysler-Fiat-Treasury plan appears to be dwindling, if a motion filed today by the “Attorneys for the Chrysler Non-TARP Lenders” (Thomas Lauria, who claimed death threats as the sole named attorney) is any evidence. In part II, the document tellingly describes the “Non-TARP Lenders” as holding “over $300 million [...]
•Like on Facebook • Tags: banks, Chrysler, credit, creditors, Dodge Ram, Fiat, GEM, government, loans, managers, market, President Obama, stock, Strategic Vision, Treasury, unions, United Auto Workers, VEBA.