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Found 6 results

  1. To shoulder the massive costs that will come from the diesel emission scandal, Volkswagen has agreed to terms to take out a 20 billion euro (about $21 billion) bridging loan with a number of banks. Sources tell Reuters the decision to go with a number of banks allows Volkswagen to spread the debt out and that the company hopes to start paying back the loans next year by issuing bonds in the company. A few weeks ago, we heard rumors that Volkswagen was planning to take out 20 billion Euros in short-term loans to act as a buffer for upcoming fines. But since that report, the news has only gotten worse. Volkswagen has admitted that 430,000 vehicles in Europe have "implausible" CO2 figures and prosecutors have opened an investigation into possible tax evasion in connection with the problem (CO2 emissions are taxed in Europe). Then Volkswagen admitted that the 3.0L TDI V6 used in a number of vehicles in U.S. had illegal software that wasn't revealed to the EPA. Finally this week, the German Transport Authority deemed the software Volkswagen uses in their diesel vehicles is illegal. Along with the loans, Volkswagen is considering all options of raising funds internally. Such items include cutting back on their development budget and possibly closing the Dresden factory where the Phaeton. But there is also the possibility of Volkswagen selling off some its assets to bring in more money. Source: Reuters, 2 View full article
  2. To shoulder the massive costs that will come from the diesel emission scandal, Volkswagen has agreed to terms to take out a 20 billion euro (about $21 billion) bridging loan with a number of banks. Sources tell Reuters the decision to go with a number of banks allows Volkswagen to spread the debt out and that the company hopes to start paying back the loans next year by issuing bonds in the company. A few weeks ago, we heard rumors that Volkswagen was planning to take out 20 billion Euros in short-term loans to act as a buffer for upcoming fines. But since that report, the news has only gotten worse. Volkswagen has admitted that 430,000 vehicles in Europe have "implausible" CO2 figures and prosecutors have opened an investigation into possible tax evasion in connection with the problem (CO2 emissions are taxed in Europe). Then Volkswagen admitted that the 3.0L TDI V6 used in a number of vehicles in U.S. had illegal software that wasn't revealed to the EPA. Finally this week, the German Transport Authority deemed the software Volkswagen uses in their diesel vehicles is illegal. Along with the loans, Volkswagen is considering all options of raising funds internally. Such items include cutting back on their development budget and possibly closing the Dresden factory where the Phaeton. But there is also the possibility of Volkswagen selling off some its assets to bring in more money. Source: Reuters, 2
  3. William Maley Staff Writer - CheersandGears.com October 15, 2013 On the face of it, sales for new vehicles haven't been better. Total sales for new vehicles could reach 15.5 million this year and some analysts believe that 2014 will see total sales reach 16 million vehicles. But with increase in sales, warning signs are appearing in automotive loans and leases which could put an end to the increases. Automotive News that the average loan length has gone up to 65 months (about five and a half years). While the longer length means a lower payment, it also means that many consumers will still be in the process of paying their old vehicle off when they decide to buy a new one. Also seeing a rise is the amount of subprime loans. During the second-quarter of this year, subprime loans accounted for 27.4 percent of loans made. That's an increase of two percent when compared to the same time last year. Now the good news is that delinquent loans (loans that three months or more overdue) are low and haven't increased with the number of subprime loans. Analysts worry that the gains gotten by 'easy credit' could easily tumble if interest rates are raised. That could lead to slower sales, increased inventory, and the piling on of incentives. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.
  4. William Maley Staff Writer - CheersandGears.com October 15, 2013 On the face of it, sales for new vehicles haven't been better. Total sales for new vehicles could reach 15.5 million this year and some analysts believe that 2014 will see total sales reach 16 million vehicles. But with increase in sales, warning signs are appearing in automotive loans and leases which could put an end to the increases. Automotive News that the average loan length has gone up to 65 months (about five and a half years). While the longer length means a lower payment, it also means that many consumers will still be in the process of paying their old vehicle off when they decide to buy a new one. Also seeing a rise is the amount of subprime loans. During the second-quarter of this year, subprime loans accounted for 27.4 percent of loans made. That's an increase of two percent when compared to the same time last year. Now the good news is that delinquent loans (loans that three months or more overdue) are low and haven't increased with the number of subprime loans. Analysts worry that the gains gotten by 'easy credit' could easily tumble if interest rates are raised. That could lead to slower sales, increased inventory, and the piling on of incentives. Source: Automotive News (Subscription Required) William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article
  5. William Maley Staff Writer - CheersandGears.com August 31, 2013 The Advance Technology Vehicle Manufacturing (ATVM) loan program could be making a comeback. First introduced back in 2008 by then President George Bush, the ATVM program set aside $25 billion to fund advancements in green vehicle technology. However the program was suspended three years after due to two companies who took loans weren't able to pay them back. When the program was suspended, the Energy Department only gave out about 40 percent of the funds. “With no sunset date and more than $15 billion in remaining authority, the program plans to conduct an active outreach campaign to educate industry associations and potential applicants about the substantial remaining funds available and the application process in general,” said Aoife McCarthy, a spokeswoman for the Energy Department. Some people are not happy with ATVM making a comeback. “At worst, the program threw good taxpayer money after bad. At best, it has risked Americans’ hard-earned money on projects that didn’t need it or didn’t truly advance vehicle technology. The program simply didn’t have the results needed to justify its revival,” said Representative Darrell Issa, a Republican from California. However, the demand for ATVM loans might not be as high as it once was. Taking out a loan from the ATVM program means a company has to agree to to a set of pre-determined milestones. Miss the milestones and the Energy Department will cut you off. See Fisker Automotive as an example of this. “Is this money better than money you can obtain on the private side?” said Alan Baum, an independent auto analyst at Baum & Associates. Baum says the Energy Department will likely seek companies that are looking for supplements to their capital. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster. View full article
  6. William Maley Staff Writer - CheersandGears.com August 31, 2013 The Advance Technology Vehicle Manufacturing (ATVM) loan program could be making a comeback. First introduced back in 2008 by then President George Bush, the ATVM program set aside $25 billion to fund advancements in green vehicle technology. However the program was suspended three years after due to two companies who took loans weren't able to pay them back. When the program was suspended, the Energy Department only gave out about 40 percent of the funds. “With no sunset date and more than $15 billion in remaining authority, the program plans to conduct an active outreach campaign to educate industry associations and potential applicants about the substantial remaining funds available and the application process in general,” said Aoife McCarthy, a spokeswoman for the Energy Department. Some people are not happy with ATVM making a comeback. “At worst, the program threw good taxpayer money after bad. At best, it has risked Americans’ hard-earned money on projects that didn’t need it or didn’t truly advance vehicle technology. The program simply didn’t have the results needed to justify its revival,” said Representative Darrell Issa, a Republican from California. However, the demand for ATVM loans might not be as high as it once was. Taking out a loan from the ATVM program means a company has to agree to to a set of pre-determined milestones. Miss the milestones and the Energy Department will cut you off. See Fisker Automotive as an example of this. “Is this money better than money you can obtain on the private side?” said Alan Baum, an independent auto analyst at Baum & Associates. Baum says the Energy Department will likely seek companies that are looking for supplements to their capital. Source: Bloomberg William Maley is a staff writer for Cheers & Gears. He can be reached at william.maley@cheersandgears.com or you can follow him on twitter at @realmudmonster.

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