Industry News

U.S. Bank and GMAC To Support Lease Programs

GMAC Financial Services announced that it would offer new leasing programs for select GM vehicles in 45 states, according to the Detroit Free Press. GMAC said it was returning to the leasing business because of improved funding flexibility, rising used car values and completed manufacturer restructuring efforts. Read more 

Dealers Can Postpone Disabling Engine in Revised Rule

Dealers can now postpone disabling the engine of a trade-in under the "cash for clunkers" program until after they have received a U.S. rebate instead of having to do so before they apply for the reimbursement. The U.S. Transportation Department amended its rules last month, in part, to avoid sticking dealers with a disabled vehicle that has no value in case their rebate application is turned down, a copy of the new rule shows. The measure also ensures that dealers aren't left with a worthless vehicle if the $1 billion program runs out of money before its Nov. 1 expiration date. Read more

Ford boosts fourth quarter production

Ford Motor Co. has announced it will increase production after a surge in sales ignited by the U.S. "Cash for Clunkers" program. The No. 2 U.S. carmaker said it would build another 6,000 Focus sedans in the current quarter by adding overtime and a Saturday shift at an assembly plant in Wayne, Michigan. Read more