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FINANCIAL CRISIS * USA - Despite credit crunch, local company to keep trucking
Analysts say the longer Wall Street goes without a plan, the tighter credit markets get. That has left borrowers and small business owners without the money they need to get by
Denver,COL,USA -9 News TV, by Dan Boniface & Simone Wilkinson -1st Oct 2008: -- Laura Gavito is one of those local small business owners who is feeling the financial pinch, and a solution can't come soon enough for her... Gavito says her company, Gavito Trucking, which has been in business for nine years, has never been late paying its bills. They started with just one truck, worked up to four over the years, and are now down to three as the economy forces the family-owned business to slam on the brakes... Despite their regular payments, Gavito says on Monday morning she got a letter from Wright Express saying her line of fuel credit would be cut anyway... In the letter, the company said they were passing on their economic issues... If they have no credit, truckers will be sidelined with far-reaching implications... That means you have to pay more to get the goods you want and need because businesses like Gavito Trucking will have no choice but to raise their prices to survive... They may have to take a detour or two, but Laura says they will keep on trucking...* Credit crisis hits auto sales - U.S. financial squeeze makes car loans scarce; Dealers struggle as Sept. sales sink 27%
Detroit,Mich,USA -The Detroit News, by Robert Snell, Bryce G. Hoffman & David Shepardson -October 2, 2008: -- U.S. auto sales plunged nearly 27 percent in September to less than 1 million vehicles as the credit crisis kept many would-be buyers from getting loans and the Wall Street meltdown further undermined consumer confidence... The sales slump adds to the pressure on the nation's struggling automakers, which have been battered by high gas prices and the implosion of the housing market... The sales pace slowed far below last September's annualized rate of 16.19 million to 12.5 million light vehicles, Autodata Corp. said... The annualized rate is the number of vehicles that would be sold if the pace continued for a full year, adjusting for seasonal changes... (Photo by Charles V. Tines / The Detroit News - Truck demand stayed weak, with sales off 31 percent to 485,342 units, but cars sales were not strong either, falling 21.6 percent... George Gorno Sr. of Gorno Ford in Woodhaven surveys his inventory of new cars. His sales were flat last month, but it is getting hard to get loans for customers with less-than-perfect credit) * SOLUTION ? - Special Finance Programs Designed to Help Get Newer Owner-Operator Truckers on the Road
USA -iNewsMediaMagazine -2 Oct 2008: -- The U.S. credit market has seen some dramatic changes mainly pertaining to the home mortgages. Recently, there has been a trickle-down effect that emerged in other credit markets. It has become increasingly challenging to for owner-operator truckers that don’t have much time in business (less than two - three years) to get financing to buy a used truck. Let’s face it, when you are new in business the used truck often times is the best option... One excellent way to situate yourself to obtain this special financing is to buy off-lease trucks. These are trucks that were either repossessed or turned back in at the end of the lease. Don’t expect prices any lower than fair market value, but do expect excellent finance options. What is meant by excellent finance options is this: Easy 1 page application with a 600 or higher Trans Union score, only 1 payment due up front, bankruptcy & time in business requirements are currently being waived, and great monthly payments... If you are newer in business and need to buy a truck for your long haul (or short haul) business, lower credit scores and lower cash reserves does not necessarily disqualify you from living out your dream. There are special finance programs available to help get the newer owner-operator truckers on the road... Check About Vitality Finance Group...
Labels: financial crisis
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