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Inside this issue
Retail Sales in U.S. Increased More Than Forecast in July
A Green Light for Car Loans
Feds: Auto Bailout Loss $25B
GM's Finance Arm Bids on Ally
Lincoln Plans New Entry-Level Luxury Crossover
New Insurance Institute Crash Test Trips Several Upscale Models
Click here for more auto industry news at NADAFrontPage.com. .
Top Stories
Retail Sales in U.S. Increased More Than Forecast in July

Retail sales in the U.S. rose more than forecast in July as consumer spending rebounded at department stores, auto dealers and electronics outlets, easing some concern the biggest part of the economy was foundering.
Source: Bloomberg

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A Green Light for Car Loans

Banks, Finance Firms Boost Auto Lending; Fed Survey Finds Easier Standards

Banks and investors are still wary of lending to Americans purchasing houses and almost everything else, but they are lending people money to buy cars—even to borrowers who must stretch to make their payments. The value of auto loans outstanding at the end of the second quarter hit $725 billion, according to the automotive division of Experian, a credit-reporting firm. That is 5.7% above a year ago and the highest level since the first quarter of 2009.
Source: The Wall Street Journal

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Feds: Auto Bailout Loss $25B

Treasury raises estimate by 15% based on lower GM stock prices

The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That's 15 percent higher than its previous forecast.
Source: The Detroit News

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GM's Finance Arm Bids on Ally

Seeks former GMAC worldwide holdings

General Motors Financial Co. Inc. said Monday it placed a bid in July to acquire parts of Ally Financial Inc.'s international operations, the company said in a regulatory filing.
Source: The Detroit News

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Lincoln Plans New Entry-Level Luxury Crossover

No exotic sports cars or super-premium sedans for Ford's luxury Lincoln division. Instead, it's sticking to the basics, including a new entry-level crossover that's due to hit the market in a year, Automotive News reports. The new model will likely be called the MKC and its underpinnings will be from the Ford Escape, according to the News.
Source: USA Today

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New Insurance Institute Crash Test Trips Several Upscale Models

Several 2012 upscale vehicles that meet all existing safety regulations have been dinged in a new crash safety test that mimics small overlap head-on collisions. The Insurance Institute for Highway Safety tested 11 mid-sized luxury and near-luxury cars, but only two of the vehicles -- the Acura TL and Volvo S60 -- achieved "good" ratings on the institute's small frontal overlap test. The Infiniti G earned an "acceptable" rating.
Source: Automotive News

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Quotable
"We’re looking for consumption to pick up.”

   
-- Michael Carey, chief economist for North America at Credit Agricole CIB in New York, referring to an increase in U.S. retail sales, Bloomberg, August 14


 




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