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Drive an Expensive Import? You Probably Lease It - Yahoo! News Primary Navigation Home U.S. Business World Entertainment Sports Tech Politics Elections Science Health Most Popular Secondary Navigation Business Video U.S. Economy Stock Markets Earnings Opinion Personal Finance Press Releases Search: All News Yahoo! Uk Guaranteed Personal Loans News Only News Photos countrywide mortgage loans Video/Audio Advanced Drive an Expensive Import? You Probably Lease It By Jim Henry Tue Aug 26, 8:08 AM ET Upscale brands like BMW (BMWG.DE), Saab, and others are cutting back on leasing for some of the same reasons Chrysler quit leasing outright, effective Aug. 1. Ford Motor (NYSE:F - News) and General Motors (NYSE:GM - News) have also said they are taking incentive money out of leasing and putting it toward cut-rate loans and cash rebates. Leasing is more important to luxury brands, having helped finance a luxury-car boom since the early 1990s. Luxury leases will still be available, but as discounts on new leases go down, monthly payments and general motors car loans down payments lowest auto loans on leases will go up. Most-Leased Car: BMW "We are still very committed to the leasing business," said Daniel DeChristopher, vice-president for sales and marketing at BMW Group Financial Services. Four out of the top 10 most commonly leased vehicles in the U.S. auto industry are BMWs, according to J.D. Power & Associates' Power large unscured personal loans Information Network (PIN). (Like BusinessWeek.com, J.D. Power is a unit of The McGraw-Hill Companies (NYSE:MHP - News).) Nevertheless, through Sept. 2, in addition to leases, BMW is offering 0.9% APR loans on almost its entire 2008 lineup, wachovia home equity loans to make room for 2009 models. "There's an amount of risk involved (in leases) where we international loans see the used-car market. We're a little more exposed. We certainly remain committed to leasing, but we are trying to shift," DeChristopher said. BMW is more than a little exposed to leasing. According to PIN data, the flagship BMW 7 Series sedan (BusinessWeek.com, 4/16/07) is No. 1 on the list of most leased vehicles, at 85.3% lease penetration. That is, 85.3% of the Beech Finanve Loans 7 Series customers from Jan. 1 through Aug. 10 leased their cars. The rest took out a loan or paid cash. That's an extraordinarily high percentage of leasing, compared to industry standards. For the whole U.S. industry, leasing accounted for only about 19.7% of retail volume in July vs. 53.8% loans and 26.5% cash. The "cash" category includes all buyers who paid outright for their car. That includes some who may have gotten a loan someplace other than the dealership, like a credit union or a home equity loan. When You Can't Afford Professional Loans Uk to Buy It This is the way leasing works: The customer in effect borrows the difference between the up-front cost of the vehicle, minus what it's worth at the end of the lease, usually called the residual value. Obviously, that yields a lower monthly payment than having to borrow the entire cost of the vehicle. Leasing is attractive for more expensive, aspirational brands, where customers may want to stretch their budget to obtain a pricier car than they would normally buy, if they had to buy it outright. "There are always going cosigner personal loans to be people who need to no doc loans lease," said Jesse Toprak, executive director of industry analysis for Edmunds.com. Leasing is also attractive for the car companies and their dealers because it brings people back to the dealership for service, to turn in their car at the end of the lease, and for another new vehicle. John Blair, CEO of Automotive Lease Guide, said he couldn't imagine luxury brands doing without leasing. ALG, based in Santa Barbara, Calif., maintains a commonly used industry benchmark for setting residual values. "They might Aircraft Loans Rate not be as aggressive, and payments may go up a little bit, but it's such a main part of the selling strategy for luxury vehicles. I don't see how they could abandon leasing and expect to do any volumes," he added. Inflating Residual Values Setting the residual value is where leasing gets tricky. The residual value, which is set ahead of time and specified in the customer's leasing contract, is an estimate of how much the car or truck will be worth at the end of the lease -- say, in 36 or 48 months. At the end of the lease, a customer has three options. He can extend the lease, purchase the vehicle, or simply turn it in, which is what most people do. At that point, the dealer may opt to buy the off-lease vehicle and resell it as degree in doing loans onhomes a used car -- often as a certified pre-owned car, with a factory-backed warranty. BMW was a pioneer in promoting leasing starting in the early 1990s. At the same time, BMW was also one of the first brands to promote certified pre-owned cars, to support the value of off-lease cars, and to motivate BMW dealers to take more off-lease vehicles off BMW's hands. "We almost see leasing as a CRM (customer relationship management) tool, having a customer coming back on a regular basis, the way we work the whole process, from the new help with defaulted student loans car, to the relationship during the lease, to the used car," said DeChristopher of BMW Financial. Across the industry, most off-lease vehicles end up back at the leasing company. The leasing company resells the off-lease vehicles at a wholesale, used-car auction. If the actual value of the off-lease vehicle is the same as the forecast residual value, that's the end of the story. But the car companies and auto lenders often artificially inflate the predicted residual value. student loans repayment That lowers the monthly payments, because the customer is financing only the difference between the up-front cost and the residual value. For luxury brands, hiking the residual value is also seen as less damaging to the brand image than Detroit-style customer cash rebates. The car companies set aside reserves to cover the expected loss from the difference between the inflated residual value and the no dwonpayment mortgage loans actual value of the off-lease vehicle. They get into trouble, especially in the cases of Chrysler, Ford and GM, home loans with a bankruptcy when the actual value of the off-lease vehicle falls substantially. That creates a bigger-than-expected loss on the residual value. Plunging Resale Values That's what happened with trucks this year, when gas prices hit $4 per gallon. Auction prices for used, full-size pickups were down 22.9% in July from the year-ago month; full-size SUVs were down 24.4% and luxury SUVs down 13.3%, according to auction firm ADESA of Carmel, Ind. Those drops forced Ford last month to write down $2 billion from the value of its lease portfolio in the second quarter. GMAC Financial Services took a similar writedown of $716 million for the second quarter. Chrysler is privately held and doesn't disclose its financials, but it's safe to say that big losses on residuals helped motivate Chrysler to drop leasing entirely. "Ford and Chrysler are pretty much getting out of the leasing business. GM is still in it, and leasing is still available for luxury and midline imports," said Charles Oglesby, CEO of Asbury Automotive Group (NYSE:ABG - News), one of the nation's largest dealership chains. He said resale values are dropping so fast for big trucks that the car companies have started programs to encourage customers to turn in their leased trucks early, before the values get any worse. "Particularly on combo loans the heavier vehicles, there's been such a drop in (residual emergency loans values), they're being proactive to get people out of them now, rather than wait 15 or 18 months from now," he said. Looking for Cover The mass-market shakeout has the luxury brands rethinking leasing, too. At BMW Financial, more than 70% of off-lease vehicles are returned, according to an October 2007 filing with the Securities & Exchange Commission. In 2006, the last full year for which numbers were available, BMW had close to 100,000 vehicles coming off-lease, the filing said. That's a big potential liability. GM has said that while it will continue to offer leases, it is not going to put incentives behind them. Of the 10 most leased vehicles in the U.S., the Saab 9-7X is the only pa land loans GM product, at 82.2% leases, according to PIN. Kevin Frayne, marketing manager for SUVs and crossovers at Saab Automobile USA, said that as residual values have fallen for traditional truck frame-based SUVs like the 9-7X, it's gotten to be too expensive for GM to support discount leases. Without loans tulsa incentives, and with lower residual values, he said monthly lease payments would go up "a couple hundred bucks." On the other hand, during the 2008 model year clearance, GM is offering up to $12,000 in incentives to buy a 9-7X. "Maybe folks were used to going out and leasing for X number of dollars per month, and getting something that was more expensive than they would normally buy. They can still get in for X per month, but it's going to be on a five- or six-year loan, instead of a three-year Amberloah Loans lease," he said. Click here to see a slide show of the 10 most leased cars in America. Email Story IM Story Printable View RECOMMEND THIS STORY Recommend It: Not at All Somewhat Moderately Highly Very Highly Average (Not Rated) » Recommended Stories Business News Oil rises on worries Gustav may strengthen AP Sears' 2Q profit drops 62 percent AP Toyota lowers 2009 global sales target AP Stock futures mixed ahead of GDP, jobs data AP Fannie Mae shakes up Low Federal Home Equity Loans management team Home Equity Loans Pa AP Most Viewed - Business China, Iraq reach deal to revive oil agreement AP Oil rises towards $120 as Gustav looms quicken loans arena cleveland Reuters Toyota cuts sales forecast as demand sputters Reuters Oil higher as Gustav heads toward Gulf of Mexico AFP U.S., Europe and Japan planned titl loans in billings mt dollar rescue: report Reuters Business Video U.S. Banks Continue to Struggle ABC News - Wed Aug 27, 1:02 PM ET IFA tech fair branches out Reuters - Wed Aug 27, 2:00 PM ET Edward parents deducting college loans Morse Discusses the Oil Markets FOXBusiness - Wed Aug 27, 4:50 PM ET Should Fannie & Freddie Merge? CNBC - Wed Aug 27, 12:25 PM ET Sponsored Links ( What's this? ) Hitachi Business Solutions Learn how Hitachi can improve your business. Hear the true stories. www.hitachi.us/truestories web hosting services business plan We Have Found the Top 4 Sites for web hosting services business plan. ForCheapDomainHosting.com online printing services business Industry overviews, financials, exec bios, news and competitor info. www.hoovers.com European Movers: monticello loans EADS, Ahold, SAS More Troubles for Tata's Nano How to Cash in on China's Internet Boom Coke's New Design Direction BusinessWeek Online Business Video U.S. Banks Continue to Struggle ABC News IFA tech fair branches out Reuters » All news video News Search Related Searches: residual values certified pre-owned cars BMW 7 Series residual value RELATED QUOTES ABG 12.16 0.00 F 4.26 0.00 GM 10.20 0.00 MHP 42.41 0.00 Delayed Data Providers - Disclaimer Yahoo! News Topic Pages In-depth coverage on topics including oil and ge money loans gas, foreign exchange, and mutual funds. Elsewhere on the Web FOXBusiness: Sears Holdings Quarterly Net Income Drops 62% ABC News: Most Profitable U.S. Airline Announces Cuts Time.com: Can Yahoo! Fix the Buzz Problem? Today's Business Banking on Failures, Expensive Beer Hopping » Read today's column Good Morning Yahoo! 1 man, benefits of consolidation loans 1 day, 100 skydives Play Speed-jumping feat is all for a good cause See today's talked-about videos Yahoo! Sports It's that time again! Sign Wilmington North Carolina Va Loans Banks up today for Fantasy Football '08. ADVERTISEMENT Blockbuster Video Free 2-week high risk personal loans trial! Free delivery, no late fees, return in-store or mail! Start today. Add headlines to your personalized My Yahoo! page (About My Yahoo! and RSS) Business - BusinessWeek Online Add to My Yahoo! Business - Automotive Add to My Yahoo! Add to RSS » More news feeds NEWS ALERTS Get an alert when there are new stories about: Saab 9-7X residual values certified pre-owned cars BMW 7 Series residual value » More alerts Yahoo! - My Yahoo! - Mail Search: All News Yahoo! News Only News Photos Video/Audio Advanced Primary Navigation Home U.S Business World Entertainment Sports Tech Politics Science Health Travel Most Popular Odd News Opinion Copyright © 2008 BusinessWeek Online. All rights reserved.

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Drive an Expensive Import? You Probably Lease It - Yahoo! News Primary Navigation Home U.S. Business World Entertainment Sports Tech Politics Elections Science Health Most Popular Secondary Navigation Business Video U.S. Economy Stock Markets Earnings Opinion Personal Finance Press Releases Search: All News Yahoo! Uk Guaranteed Personal Loans News Only News Photos countrywide mortgage loans Video/Audio Advanced Drive an Expensive Import? You Probably Lease It By Jim Henry Tue Aug 26, 8:08 AM ET Upscale brands like BMW (BMWG.DE), Saab, and others are cutting back on leasing for some of the same reasons Chrysler quit leasing outright, effective Aug. 1. Ford Motor (NYSE:F - News) and General Motors (NYSE:GM - News) have also said they are taking incentive money out of leasing and putting it toward cut-rate loans and cash rebates. Leasing is more important to luxury brands, having helped finance a luxury-car boom since the early 1990s. Luxury leases will still be available, but as discounts on new leases go down, monthly payments and

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down payments lowest auto loans on leases will go up. Most-Leased Car: BMW "We are still very committed to the leasing business," said Daniel DeChristopher, vice-president for sales and marketing at BMW Group Financial Services. Four out of the top 10 most commonly leased vehicles in the U.S. auto industry are BMWs, according to J.D. Power & Associates' Power large unscured personal loans Information Network (PIN). (Like BusinessWeek.com, J.D. Power is a unit of The McGraw-Hill Companies (NYSE:MHP - News).) Nevertheless, through Sept. 2, in addition to leases, BMW is offering 0.9% APR loans on almost its entire 2008 lineup, wachovia home equity loans to make room for 2009 models. "There's an amount of risk involved (in leases) where we international loans see the used-car market. We're a little more exposed. We certainly remain committed to leasing, but we are trying to shift," DeChristopher said. BMW is more than a little exposed to leasing. According to PIN data, the flagship BMW 7 Series sedan (BusinessWeek.com, 4/16/07) is No. 1 on the list of most leased vehicles, at 85.3% lease penetration. That is, 85.3% of the Beech Finanve Loans 7 Series customers from Jan. 1 through Aug. 10 leased their cars. The rest took out a loan or paid cash. That's an extraordinarily high percentage of leasing, compared to industry standards. For the whole U.S. industry, leasing accounted for only about 19.7% of retail volume in July vs. 53.8% loans and 26.5% cash. The "cash" category includes all buyers who paid outright for their car. That includes some who may have gotten a loan someplace other than the dealership, like a credit union or a home equity loan. When You Can't Afford Professional Loans Uk to Buy It This is the way leasing works: The customer in effect borrows the difference between the up-front cost of the vehicle, minus what it's worth at the end of the lease, usually called the residual value. Obviously, that yields a lower monthly payment than having to borrow the entire cost of the vehicle. Leasing is attractive for more expensive, aspirational brands, where customers may want to stretch their budget to obtain a pricier car than they would normally buy, if they had to buy it outright. "There are always going cosigner personal loans to be people who need to no doc loans lease," said Jesse Toprak, executive director of industry analysis for Edmunds.com. Leasing is also attractive for the car companies and their dealers because it brings people back to the dealership for service, to turn in their car at the end of the lease, and for another new vehicle. John Blair, CEO of Automotive Lease Guide, said he couldn't imagine luxury brands doing without leasing. ALG, based in Santa Barbara, Calif., maintains a commonly used industry benchmark for setting residual values. "They might Aircraft Loans Rate not be as aggressive, and payments may go up a little bit, but it's such a main part of the selling strategy for luxury vehicles. I don't see how they could abandon leasing and expect to do any volumes," he added. Inflating Residual Values Setting the residual value is where leasing gets tricky. The residual value, which is set ahead of time and specified in the customer's leasing contract, is an estimate of how much the car or truck will be worth at the end of the lease -- say, in 36 or 48 months. At the end of the lease, a customer has three options. He can extend the lease, purchase the vehicle, or simply turn it in, which is what most people do. At that point, the dealer may opt to buy the off-lease vehicle and resell it as degree in doing loans onhomes a used car -- often as a certified pre-owned car, with a factory-backed warranty. BMW was a pioneer in promoting leasing starting in the early 1990s. At the same time, BMW was also one of the first brands to promote certified pre-owned cars, to support the value of off-lease cars, and to motivate BMW dealers to take more off-lease vehicles off BMW's hands. "We almost see leasing as a CRM (customer relationship management) tool, having a customer coming back on a regular basis, the way we work the whole process, from the new help with defaulted student loans car, to the relationship during the lease, to the used car," said DeChristopher of BMW Financial. Across the industry, most off-lease vehicles end up back at the leasing company. The leasing company resells the off-lease vehicles at a wholesale, used-car auction. If the actual value of the off-lease vehicle is the same as the forecast residual value, that's the end of the story. But the car companies and auto lenders often artificially inflate the predicted residual value. student loans repayment That lowers the monthly payments, because the customer is financing only the difference between the up-front cost and the residual value. For luxury brands, hiking the residual value is also seen as less damaging to the brand image than Detroit-style customer cash rebates. The car companies set aside reserves to cover the expected loss from the difference between the inflated residual value and the no dwonpayment mortgage loans actual value of the off-lease vehicle. They get into trouble, especially in the cases of Chrysler, Ford and GM, home loans with a bankruptcy when the actual value of the off-lease vehicle falls substantially. That creates a bigger-than-expected loss on the residual value. Plunging Resale Values That's what happened with trucks this year, when gas prices hit $4 per gallon. Auction prices for used, full-size pickups were down 22.9% in July from the year-ago month; full-size SUVs were down 24.4% and luxury SUVs down 13.3%, according to auction firm ADESA of Carmel, Ind. Those drops forced Ford last month to write down $2 billion from the value of its lease portfolio in the second quarter. GMAC Financial Services took a similar writedown of $716 million for the second quarter. Chrysler is privately held and doesn't disclose its financials, but it's safe to say that big losses on residuals helped motivate Chrysler to drop leasing entirely. "Ford and Chrysler are pretty much getting out of the leasing business. GM is still in it, and leasing is still available for luxury and midline imports," said Charles Oglesby, CEO of Asbury Automotive Group (NYSE:ABG - News), one of the nation's largest dealership chains. He said resale values are dropping so fast for big trucks that the car companies have started programs to encourage customers to turn in their leased trucks early, before the values get any worse. "Particularly on combo loans the heavier vehicles, there's been such a drop in (residual emergency loans values), they're being proactive to get people out of them now, rather than wait 15 or 18 months from now," he said. Looking for Cover The mass-market shakeout has the luxury brands rethinking leasing, too. At BMW Financial, more than 70% of off-lease vehicles are returned, according to an October 2007 filing with the Securities & Exchange Commission. In 2006, the last full year for which numbers were available, BMW had close to 100,000 vehicles coming off-lease, the filing said. That's a big potential liability. GM has said that while it will continue to offer leases, it is not going to put incentives behind them. Of the 10 most leased vehicles in the U.S., the Saab 9-7X is the only pa land loans GM product, at 82.2% leases, according to PIN. Kevin Frayne, marketing manager for SUVs and crossovers at Saab Automobile USA, said that as residual values have fallen for traditional truck frame-based SUVs like the 9-7X, it's gotten to be too expensive for GM to support discount leases. Without loans tulsa incentives, and with lower residual values, he said monthly lease payments would go up "a couple hundred bucks." On the other hand, during the 2008 model year clearance, GM is offering up to $12,000 in incentives to buy a 9-7X. "Maybe folks were used to going out and leasing for X number of dollars per month, and getting something that was more expensive than they would normally buy. They can still get in for X per month, but it's going to be on a five- or six-year loan, instead of a three-year Amberloah Loans lease," he said. Click here to see a slide show of the 10 most leased cars in America. Email Story IM Story Printable View RECOMMEND THIS STORY Recommend It: Not at All Somewhat Moderately Highly Very Highly Average (Not Rated) » Recommended Stories Business News Oil rises on worries Gustav may strengthen AP Sears' 2Q profit drops 62 percent AP Toyota lowers 2009 global sales target AP Stock futures mixed ahead of GDP, jobs data AP Fannie Mae shakes up Low Federal Home Equity Loans management team Home Equity Loans Pa AP Most Viewed - Business China, Iraq reach deal to revive oil agreement AP Oil rises towards $120 as Gustav looms quicken loans arena cleveland Reuters Toyota cuts sales forecast as demand sputters Reuters Oil higher as Gustav heads toward Gulf of Mexico AFP U.S., Europe and Japan planned titl loans in billings mt dollar rescue: report Reuters Business Video U.S. Banks Continue to Struggle ABC News - Wed Aug 27, 1:02 PM ET IFA tech fair branches out Reuters - Wed Aug 27, 2:00 PM ET Edward parents deducting college loans Morse Discusses the Oil Markets FOXBusiness - Wed Aug 27, 4:50 PM ET Should Fannie & Freddie Merge? CNBC - Wed Aug 27, 12:25 PM ET Sponsored Links ( What's this? ) Hitachi Business Solutions Learn how Hitachi can improve your business. Hear the true stories. www.hitachi.us/truestories web hosting services business plan We Have Found the Top 4 Sites for web hosting services business plan. ForCheapDomainHosting.com online printing services business Industry overviews, financials, exec bios, news and competitor info. www.hoovers.com European Movers: monticello loans EADS, Ahold, SAS More Troubles for Tata's Nano How to Cash in on China's Internet Boom Coke's New Design Direction BusinessWeek Online Business Video U.S. Banks Continue to Struggle ABC News IFA tech fair branches out Reuters » All news video News Search Related Searches: residual values certified pre-owned cars BMW 7 Series residual value RELATED QUOTES ABG 12.16 0.00 F 4.26 0.00 GM 10.20 0.00 MHP 42.41 0.00 Delayed Data Providers - Disclaimer Yahoo! News Topic Pages In-depth coverage on topics including oil and ge money loans gas, foreign exchange, and mutual funds. Elsewhere on the Web FOXBusiness: Sears Holdings Quarterly Net Income Drops 62% ABC News: Most Profitable U.S. Airline Announces Cuts Time.com: Can Yahoo! Fix the Buzz Problem? Today's Business Banking on Failures, Expensive Beer Hopping » Read today's column Good Morning Yahoo! 1 man,

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1 day, 100 skydives Play Speed-jumping feat is all for a good cause See today's talked-about videos Yahoo! Sports It's that time again! Sign Wilmington North Carolina Va Loans Banks up today for Fantasy Football '08. ADVERTISEMENT Blockbuster Video Free 2-week high risk personal loans trial! Free delivery, no late fees, return in-store or mail! Start today. Add headlines to your personalized My Yahoo! page (About My Yahoo! and RSS) Business - BusinessWeek Online Add to My Yahoo! Business - Automotive Add to My Yahoo! Add to RSS » More news feeds NEWS ALERTS Get an alert when there are new stories about: Saab 9-7X residual values certified pre-owned cars BMW 7 Series residual value » More alerts Yahoo! - My Yahoo! - Mail Search: All News Yahoo! News Only News Photos Video/Audio Advanced Primary Navigation Home U.S Business World Entertainment Sports Tech Politics Science Health Travel Most Popular Odd News Opinion Copyright © 2008 BusinessWeek Online. All rights reserved.

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8 Questions About the Latest Auto Bailout - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times Home Page My Times Today's Paper Video Most Popular Times Topics Business All NYT Business World U.S. N.Y./Region Business Technology Science Health Sports Opinion Arts Style Travel Jobs Real Estate Autos Search Business Financial Tools Select a Financial Tool Mutual Funds Analysis Tools Portfolio Alerts More in Business » World Business Markets Economy DealBook Media & Advertising Small Business Your Money Search DealBook DealBook Home Mergers & Acquisitions Investment Banking I.P.O. / Offerings Private Equity Hedge Funds Venture Capital Legal Jobs 8 Questions About the Latest Auto Bailout August 26, 2008, 3:11 pm Link to This E-mail bad credit money loans this Topics Legal Industries Airlines/Autos So, the latest news is that the automakers are asking for another bailout. According to various reports, the industry wants Congress to appropriate $25 billion in low-cost loans authorized in last December’s energy bill. But that is not enough. The Detroit Three are private loans for trade schools now asking for another $25 billion in low-interest loans. payday loans austin texas Before the federal government puts up taxpayer money (again) it might want to ask a few questions: Who Will Get the Upside? Treasury has taken a hard line in financial bailouts, insisting that the shareholders of the subject bailout (Bear Stearns and perhaps Fannie Mae and Freddie Mac) do not benefit. How about the auto companies? The Ford family still controls 40 percent of the voting interests in Ford Motor and have approximately a 6 percent economic interest. Chrysler is owned by the private equity firm Cerberus Capital Management and its co-investors. If the U.S. taxpayers are going to risk $50 billion of their money will it be the Ford family and Cerberus, who benefits? Even in the Chrysler bailout, the government received warrants in order to profit from any turnaround. To be honest, though, this time around the government should be savvier and demand fair compensation and the lion’s share of the benefits for providing this funding. If the auto companies really need the money they will have no choice but to accept the government’s terms. Otherwise, we’re just arranging for a money credit and loans wealth transfer from taxpayers to these private interests. Who Will Really Get the Money? The Detroit Three assert that this money is to provide cash liquidity to the development of more fuel-efficient vehicles. But let’s face it: The reason why they didn’t develop these vehicles sooner is that their cost structure didn’t permit them to profitably build these vehicles. Instead, Detroit focused on building SUVs and trucks with larger profit margins. In the last round of union contracts, the Detroit Three went part of the way to negotiating a more rational cost structure which allowed for profitably building smaller and greener cars. But if the Detroit Three now has more money to play with, will the unions try and claw it back? In other words, will any government bailout work to its opposite effect by preventing the transformative change that the Detroit Three so badly need? What Else Can You Really Do? - Sell assets (these include, say, General Motors’ Hummer, SAAB and even the allegedly untouchable Cadillac brands) - Conduct a rights offering to raise equity - Drop some advertising and a Nascar sponsorship or two - Reduce and defer your small quick loans health care financing agreements (the voluntary employee benefits association, or VEBA) with the unions - Cut more costs, including wages and benefits for union members - Raise more debt on assets - End bad dealer relationships - Simply sell more cars. Wall Street is still willing to finance you somewhat — what would you need to do astrive loans review to open their spigot? At a minimum, the Detroit Three should be required to take the steps Wall Street would require before a bailout. Will This Really Help? We are now almost 30 years from the Chrysler bailout, and 20 years since Michael Moore documented the turmoil in the auto industry during the 1980s. Yet, here we are again with the Detroit Three hat in hand. And in the meantime Bill Ford served as Ford’s chief executive, a position it is safe to say he never would have had if he hadn’t been born to the right Online Loans Collateral family. Meanwhile, Detroit is just starting to implement a viable cost structure. Wouldn’t it be better to look at why we are indeed still here and what would actually change things? Why hasn’t this happened sooner? What Makes You So Special? Let’s face it. We are past the days when the Detroit Three were necessary to the U.S. economy, if that day even existed. The Detroit Three employ about 350,000 and that number is going down. That is a big number and there are many other jobs dependent upon the Detroit Three than who they strictly employ. But Walmart employs 1.1 million and General Electric more than 300,000. Would we bail out them? What is the threshold of importance here? Moreover, the foreign auto companies are an increasingly prominent force in U.S. industry. How does that weigh in this balance? Is This Really That Good For You, Michigan? Not surprisingly, the bailout is being spearheaded by the Michigan congressional district. But Volkswagen just selected a new site for its U.S. auto plant. Was it Michigan? No. In fact, no foreign automaker has built an auto plant in Michigan and about 20 or so auto plants have been built by Toyota and the like. All outside that state. If Michigan were smart, it would determine why that is the case (and here I’m not union bashing, but if that is the cause it would be in the union’s interests also). But it is time for Michigan to move past the automakers and build sustainable industries around what it does have — world class research universities (Michigan, Michigan State and Wayne). It needs to build jobs based on these resources and its vast, higher educated populace. Focusing on the personal loans with a credit score auto industry has been a loser. And that will likely remain so. Clinging to a shrinking industry is bad for low student loans consolidation Michigan and bad for the unions. What About Those Perks? Go read the G.M. and Ford proxies. Both companies require that their chief executives must take private airplanes paid for by the companies when they travel by air, whether it is for business or pleasure. And the benefit includes the privilege for all their families. The reason is tax purposes. If the companies hire a security service to recommend that this is required, the executives are taxed at a lower rate for the benefit provided by the auto companies. And there are other benefits. This is a small point, but if you are going to take taxpayer money, can you justify these perks? And how many aircraft do these companies own anyway? What’s so Bad About Bankruptcy Anyway? Ultimately, as the airlines have shown, bankruptcy is not always liquidation. Perhaps bankruptcy is what you really need to truly restructure and sell cars people buy. Think about that. –Steven M. Davidoff 13 comments so far... 1. August 26th, 2008 3:25 pm The credit crisis has taught us that Wall Street is all about private profit and socialized risk. Why should Detroit be any different? — Posted by George 2. August 26th, 2008 5:01 pm The American auto industry is much more important than firms like Bear Stearns, especially considering the large number of people they employ, the communities and charities they support, and this country’s middle class they sustain. The government should help Ford, GM, and Chrysler, as well as the numerous automotive suppliers in trouble! — Posted by Alex 3. August 26th, 2008 5:02 pm Get rid of the unions and the American auto industry will come back! No more handouts and freebees for doing nothing… — Posted by John 4. August 26th, 2008 5:08 pm I think it’s safe to say that interest only personal loans the 350,000 people the Detroit 3 employ have better benefits and pay than the 1.1 million that WalMart employs. The auto companies grew and sustained the middle class in this country. A person could raise a family and provide a comfortable living, something a cashier couldn’t really do. Let’s not forget that the Detroit 3 are indirectly tied to countrywide home loans south portland me the automotive suppliers (some publicly traded, some minority-owned) that were carved out of these companies. These suppliers that rely on the Detroit 3 employ approximately another 200,000 Americans, if not more. — Posted by Lori 5. August 27th, 2008 8:27 am No car company will build a new plant in Michigan because the state still wants to live in the 1960s and thinks that if only the government will protect them, they can do it again. It is one of the most anti-business, pro-union states, from the Governor on down, and it is the old-fashioned, “we are entitled” form of union. Where did you get the idea that Wayne State is a world-class university? My neighbor’s child left after one semester because a large proportion of his classmates couldn’t speak in coherent sentences and the courses consisted mainly of remedial work for students who didn’t get it in high school. — Posted by R Jefferson 6. August 27th, 2008 10:45 am The only world-class university in the state of Michigan (and probably the Midwest for that matter) is the University of Michigan-Ann Arbor. Others (including MSU, WSU, and UofM-Dearborn and new high risk loans Flint), while respectable, are nowhere near the credibility and prestige that UofM-Ann Arbor offers. — Posted by Joseph 7. August 27th, 2008 11:14 am We can bail out Bear Sterns, Fannie Mae and Freddic Mac but not provide low cost financing for retooling the automotive industry? This is not a bail out and this is nothing different than the investment Germany, Japan and China provide to their automotive manufacturers. You also ignore the greater impact to the economy with the effect on suppliers, dealers, their employees and, yes, foreign automakers. It is an interconnected industry that depends on the good health of all involved. — Posted by Cindy 8. August 27th, 2008 11:43 am 30+ years ago everyone said that the steel industry was important to fha home loans in michigan our domestic economy. No bail out was provided and we survived (including Pittsburgh, Youngstown, etc.). So should we (the US tax payers) bail out the Big 3 for their poor economic decisions to produce more SUVs in the late ’90s and early 00’s and when they should have taken their profits and heavily invested in alternative auto fuel sources. NOT A CHANCE!! Also this bail out would raise every ones taxes and interest rates. All the while slow down our economy even more because of the Big 3 and 350,000 workers. Not a chance!! Should we assist / induce the pharmaceutical industry because every one wants lower healthcare costs. Not a chance!! Should we assist / induce drivers (tax payers) with rebates since gas is so expensive. Not a chance!! We should do only one thing. Invest in our childrens EDUCATION. This will help them better prepare for the future (the real world outside of Detroit) including our future when we all will need to retire and pay less taxes. BTW how can the foreign OEMs make money in our backyard (the US) and the Big 3 can’t? Simple. UNIONS want it only one way, which is theirs. Because the market opportunities are in the South (with little or no UNIONS), lower paying skilled jobs and comparable healthcare benefits. Go and look around there. Americans need to focus on what they can do for themselves and not what your country and taxpayers can do for the Big 3 and their UNIONIZED workers of Detroit. AT — Posted by AT 9. August 27th, 2008 12:28 pm Everyone likes to argue that the Big 3 support not only their employees, but those of auto parts suppliers. Therefore Detroit must be saved because so many people would be effected. What that logic ignores is that the the demand for cars will remain even if one or two of the Big 3 disappear. Those auto parts companies will just have different customers. — Posted by Tony 10. August 27th, 2008 1:04 pm I like the Professor’s summary here. This whole “defense of the middle class” argument really exposes the union’s motivation - maintain above market compensation for minimum wage level work. Assembling cars is not that hard! Just as assembling clothes, making TVs and VCRs and other consumer goods have gone offshore to the cheapest location (to the benefit of the vast majority of Americans) so will automobile assembly. Some components are difficult and guranteed bad credit loans require vast engineering and R&D talent to create. New fuel efficient technology developments will no doubt fall in this category and we should try to keep those jobs in the US. The national objective of lowering emissions and breaking free of foreign oil supplied by hostile governments ceratinly seems like noble goals that most taxpayers would fund. But there is no patriotic need to keep car assembly in Detroit to be done by unionized labor with astronomical pay packages and even more unbelievable health care plans. The “too big to fail” argument doesn’t apply anymore. The Detroit 3 consistently lose market share. Continuing to bail them out just reinforces the moral hazard of running these companies for the benefit of the workers at the expense of the shareholders, taxpayers and auto consumers. The Government should not benefit the 500-600k auto-related workers at the expense of the 300m US citizens. If you backout breakeven sales to corporate fleets and rental car companies, they would be mid-tier automakers at best. So why treat them like national champions? This isn’t Europe and the auto assembly middle class doesn’t run this country. Let the bankruptcy process work for once and cull the herd. — Posted by AKJ 11. August 27th, 2008 1:11 pm Foreign automakers build in as many states as possible to gain more pull with the congressmen of those states to minimize Detroits influence on the US Government. — Posted by tom hoffman 12. August 27th, 2008 4:31 pm AT - How did the steel industry survive? The major players are now foreign-owned (Severstal, Arcelor Mittal, etc.), and cities like Pittsburgh and Youngstown are a shell compared to their former selves (with declining infrastructures, tax base, and population, amongst other things). We cannot let this happen to Detroit. But I do agree with you regarding unions. They must go, and their anti-competitive, anti-American student loans consolidation calculator handouts are weighing the Big cypress home loans roseville ca 3 down with legacy costs. It’s not a monopoly anymore but union morons can’t seem to understand that or the concepts of declining market share/profitability and increased globalization. — Posted by Riley 13. August 27th, 2008 5:03 pm If AKJ had ever worked on an assembly line he/she would no longer cry about the cost of automobiles. If AKJ were a real man or woman they would owe up to the fact that it is some of the hardest work they have ever had to do, if they had that opportunity. AKJ is simply an arm chair quarterback. As for a bailout, I would say loan the money to the industry to help them get back on track. The difference between the Big Three and WalMart is that WalMart is getting away with their greed while the auto industry has had to share with it’s workers and made bad product decisions along the way. — Posted by Fred Add your comments... Name Required E-mail Required (will not be published) Comment Comments are moderated and will be posted if they are on-topic and not abusive. 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