Bailout Voted Down by Senate, Automakers Look to Bush
President George W. Bush said over the weekend that he and the Treasury Department are at work on a plan to provide aid to ailing U.S. automakers. On Friday, the Senate voted 52-35 against a House bill that would have provided $14 billion in loans to General Motors, Chrysler and Ford Motor Co.
WASHINGTON — President George W. Bush said over the weekend that he and the Treasury Department are at work on a plan to provide aid to ailing U.S. automakers. On Friday, the Senate voted 52-35 against a House bill that would have provided $14 billion in loans to General Motors, Chrysler and Ford Motor Co.
The Big Three's next best hope is to tap the $350 billion remaining in the Troubled Asset Relief Program, a $700 billion effort to aid banks and Wall Street finance firms.
"Obviously, this will not be a long process because of the ... fragility of the autos," Bush said Sunday. "Given the status of the financial system, an abrupt bankruptcy for the autos could be devastating for the economy. And therefore, we've tried to work with Congress to accomplish the objective of not cratering the economy as well as making sure good money doesn't go after bad."
GM is requesting $4 billion in loans to remain solvent through the month of December and another $4 billion in January. Chrysler's chief has asked for $4 billion to pay its bills through March. Ford has not sought immediate aid but did request a $9 billion line of credit on which to draw if its situation grows worse.
More F&I
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →
Amplify 2026 Billed as Turning Innovation Into Results
Reynolds and Reynolds says its annual retail summit will connect dealers with practical strategies, peer insight, and technology-driven ideas.
Read More →
Own Your Outcome: F&I in the Digital Customer Journey
Finance has historically been the last step in the car-buying process, but it doesn’t have to be. The customer’s journey starts long before they arrive at the dealership, and so should F&I’s involvement.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Lifetime Battery F&I Product Meant to Drive Dealer Traffic
EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.
Read More →
The Psychology Behind Menus That Increase Add-On Sales
There is a science to crafting a menu that gives customers confidence in the choices presented, and moving the process outside the F&I office can further boost results.
Read More →
Why Your F&I PVR Is Misleading You
Here’s a handy checklist of the numbers to track in 2026 instead.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →