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TARP

Chrysler Dealer Lawsuit Against U.S. Government to Go Forward

A lawsuit alleging that the U.S. government acted illegally when it required Chrysler to close down 789 dealerships in order to be eligible for funding from the Troubled Asset Relief Program will be allowed to move forward, a judge ruled last week.

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Ally Subpoenaed By DOJ

On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.

Government Watchdog Calls for GM, Ally Exit Plan

Government watchdog to testify today about the need for the Obama administration to come up with a plan to sell the government's stake in General Motors and its former captive finance arm.

Bush Book Defends Auto Bailout, Criticizes Detroit Three

Two years after leaving office, former President George W. Bush remains a harsh critic of the executives he believes led the U.S. auto industry down the path to self-destruction.

Watchdog Report Says GMAC Bailout Could Cost Taxpayers $6.3 Billion

The Congressional Oversight Panel criticized the Treasury Department last week for its decision to save the struggling GMAC Financial Services without requiring it to provide an exit strategy, proof of viability or plan to fully repay taxpayers.

NADA Pushes for More Lending in Wholesale Auto Credit Market

Lending to the nation’s 17,000 franchised dealers to purchase new- and used-vehicle inventory continues to lag, making it a top issue for the National Automobile Dealers Association (NADA). The dealer association said that a hearing on Feb. 25 by the Congressional Oversight Panel on the Troubled Asset Relief Program (TARP) highlights the ongoing need to provide more liquidity for auto business lending.

Geithner Extends TARP; Hopes to Spur Business Lending

Saying the recovery of the financial system remains incomplete, Treasury Secretary Timothy Geithner extended the government’s $700 billion Troubled Asset Relief Program (TARP) to October 2010, but promised to pledge no more than $550 billion.

Auto Gains, But Charge-Offs Mount for Capital One

Despite its auto finance unit’s profit nearly tripling, mounting charge-offs led Capital One Financial Corp. to report a second-quarter loss of $275.5 million.

Chrysler Financial Repays $1.5 Billion TARP Loans

Chrysler Financial announced July 15 it has repaid in full the $1.5 billion of Troubled Asset Relief Program (TARP) government loans.

A Car is Great; A Job is Better

It’s funny how things work. There were so many detractors of the automotive bailout loan, yet no one has said much about how quickly Chrysler LLC and General Motors put American taxpayers’ money to work.