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The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue. The Republican senators were unwilling to provide aid, some even suggesting that bankruptcy might be the best option as it would free manufacturers from the employment deals agreed with the ...
Lewenza disagreed, saying that the bailout should be seen by Canadians as a loan that will be paid back when the country's economy is prosperous again. [7] On December 20, the government of Canada and the province of Ontario offered $3.3 billion in loans to the auto industry.
Recommendations also included directives on improving wage and benefit structures, and developing competitive fuel efficient cars for the future. In March 2009, the Task Force recommended up to $5 billion in support for automotive industry suppliers, [ 5 ] and by late May 2009, following the recommendations of the Task Force, the U.S ...
Bankrate insights. If you have more credit card debt than you can handle, you have some options: Stop paying your credit card bill: If you opt for this approach, the debt is turned over to a ...
Learn about your options. Elizabeth Rivelli. December 15, 2022 at 3:03 PM. ... Whether you should get a car loan after bankruptcy depends on your unique situation. For example, you might need to ...
Nissan, another leading Japanese car manufacturer, announced that it also would be slashing production and will reduce its output by 80,000 vehicles in the first few months of 2009. [18] In December 2008, Suzuki, Japan's fourth biggest car manufacturer, announced that it will cut production in Japan by about 30,000 units due to falling demand ...
A car loan charge-off occurs when a lender moves an auto loan during accounting from the asset category to the liability category. Lenders charge off an auto loan when the borrower stops making ...
Congress declined to act, but in December 2008 the Bush administration provided a "bridge loan" to General Motors with the requirement of a revised business plan. [23] It said it needed $4.6 billion in loans within weeks, from the $18 billion it had already requested, and an additional $12 billion in financial support in order to stave off ...