GM to Acquire Ally Financial to Gain Ability to Issue Low-Interest Auto Loans Reports Best Bad Credit Car Loans
General Motors Falls Behind in Sales in November
Though selling so many vehicles while credit card default and debt are still at relatively high rates, car loans seem to be somewhat immune to the risks. Auto-loan delinquencies are currently at near-record lows, which may have emboldened auto retailers last month.
General Motors moved to buy Ally Financial’s business units in Europe, China and South America, according to reports, in an attempt to better situate itself to in the global low-interest auto-loan market. GM Financial, the company’s stateside loan division, says it will pay $4.5 billion for Ally and its assets. The move is expected to help GM to be more competitive with other automakers that current have their own loan-issuing departments.
Ford, Nissan and Honda all report slightly better-than-average sales in the Unites states, according to statistics. Chrysler, Toyota and Hyundai posted strong numbers, as well, and most insiders expect strong sales through the end of the year and into the beginning of 2013.
GM did not fare as well. The top U.S. carmakers said that it did not benefit as much as its rivals during the recovery from Hurricane Sandy earlier in the year.
Kurt McNeil, GM VP of US sales operations said that: “It’s clear that the industry will come in at the high end of our full-year sales forecast. “Exactly how much growth we can expect next year will depend in part on how Congress and the president resolve the fiscal cliff issue. Consumers hate uncertainty, so an agreement on ways to reduce long-term federal budget deficits could remove an impediment to growth.”
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