auto loans

GM Looks Set to Report Another Profit

Three months after turning profitable since its bankruptcy, GM CEO Ed Whitacre is expected to report it made even bigger profits -- perhaps in excess of $1 billion -- during the second quarter when it releases its latest results on Thursday.

Consumer Credit Use Falls for Fifth Straight Month

Consumer credit use fell another $1.3 billion in June, the Federal Reserve said, as Americans once again kept their credit cards in their wallets. But the belt tightening was less than expected: Economists had predicted credit would contract by $5 billion.

Millions of Americans See Credit Scores Plummet

Millions of Americans are seeing their credit scores plunge. According to FICO, 25.5% of consumers -- roughly 43.4 million people -- have a credit score below 600, making them a poor risk for lenders, and making it hard for those consumers to get credit cards, auto loans and mortgages.

General Motors Looks to Outside Lenders for Auto Loans

It doesn't look as if General Motors will seek to establish its own in-house financing unit after all. The Detroit-based automaker is instead negotiating with major banks to broaden the availability of auto loans to consumers.

Car Dealers to Congress:
No Oversight, Please

The nation's car dealers are lobbying Congress to cut them a bargain in the new financial reform bill. Their aim -- to keep auto loans outside the purview of the new agency being created to protect consumers from financial services firms' abusive practices.