Ford Credit Australia’s announcement that it is to withdraw from retail finance is a miserable act. Especially so because both Ford US and Ford Australia confirmed to Treasurer Swan that Ford Credit will remain in Australia and continue to provide financing to its dealer network.

The assurance was given prior to the Treasurer’s announcement in December [...]

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More bad news concerning the local car industry has hit the headlines today, with the announcement that Ford Credit is pulling out of retail financing (financing cars for private buyers) in Australia, with some in the banking sector expecting its involvement in wholesale finance (financing cars for dealers) to meet a similar fate in the [...]

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The Federal Treasurer Wayne Swan has released an Information Guide for Car Dealers on the Special Purpose Vehicle (SPV) funding facility, designed to fill the $2 billion floorplan financing ‘hole’ left by GE and GMAC’s exit from the dealer financing market.

He also appealed to GE and GMAC to “do the right thing” and continue to [...]

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The Federal Treasurer, Mr Wayne Swan, today announced the establishment of a special fund to provide liquidity to car dealer financiers, and to car dealers, who have encountered financing difficulties as a result of the global credit crisis.

Many in the community are aware that the announced exit of GE and GMAC finance from the dealer [...]

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As we have covered in some detail previously, many Australian new car dealers are facing their own credit crisis, with GE Money and GMAC Financial Services pulling out of the Australian floor-plan credit marketplace at the end of this year.

Dealerships that are currently financing their stock through GE Money and GMAC have until December 31, [...]

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We recently brought you the shock news that GE Finance and GMAC Financial Services are withdrawing their services from the local car market at the end of 2008. What this means to the layman is that dealers who have been using either of the providers to finance their floor stock, are being left high and [...]

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