It's a sign of the times that even the banks don't have money. With everyone hurting in this economic climate, several large banking groups have been prompted to cancel their sponsorship activities in Formula One. Credit Suisse announced it was withdrawing its sponsorship of the BMW Sauber team for this season. Dutch banking giant ING, which invested heavily – some 50 million Euros (about $63M USD), according to some estimates – in the Renault team, trackside advertising and title sp
It's not getting any easier to be a Chrysler-Dodge-Jeep dealer. Last month, when Chrysler Financial asked banks and investors to renew their $30 billion line of credit, they came up about $6 billion short. To make matters worse, the investors forced the automaker to follow much tighter financial guidelines (including a requirement to get out of leasing). Now, the cash shortfall is forcing the financial division to significantly turn up the heat on their retailers. Over the next few months, the f
What's the second biggest purchase after a home? Most of the time, it's a car. And with so many people losing their homes, it's really no surprise that so many people are also losing their cars. Repossession companies are reporting record business -- so much so in fact that they are securing additional lots on which to store the delinquent goods.