Chrysler May Lose Hybrid Competitiveness Without U.S. Loan

(Updates with Energy Secretary’s comments starting in third paragraph. For more about the Detroit auto show, see SHOW <GO>.)

Jan. 10 (Bloomberg) -- Chrysler Group LLC risks losing ground against competitors in making hybrid and electric vehicles if it doesn’t receive the U.S. Energy Department loan it applied for, two automotive analysts said.

The agency’s decision on the automaker’s request for a $3.5 billion loan has probably been held up because of a change in ownership that gave Fiat SpA a majority stake last year, said U.S. Senator Debbie Stabenow, a Michigan Democrat who helped set up the loan program.

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Consumer Borrowing Soared in November

Americans increased their borrowing in November by the largest amount in a decade, the Federal Reserve said Monday.

Consumers took out more loans to buy cars and used their credit cards more to buy holiday gifts, a sign to some analysts of their growing confidence in the economy.

The Federal Reserve said total consumer borrowing rose $20.4 billion in November, the largest increase since a $28 billion gain in November 2001.

A category that measures credit card debt rose $5.6 billion, the most since March 2008.

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New Year Car Financing Strategies For People With Low Credit Score

If getting a car is in your list of “things to do” this coming Year, the primary things you should consider will be your personal credit history and score. Is your credit score sufficient to win an auto loan lender’s approval? Is your credit report in good condition? Consider this practical tips on how to get approved for a good car loan deal to fund your car purchase.

Order your report. Consumers are entitled to receive one free copy of credit rating from each of the three major credit agencies annually. The start of the year is the perfect time for you to make use of your consumer right, particularly if you plan to obtain a auto loan.

It’s a great idea to examine your credit rating at least 8 weeks ahead of time before you apply for a car loan or any type of loan or even a credit card. Carefully examine your report and in case you find errors, send directions of dispute to your bureau that issued your report. Disputing credit report errors can take about thirty days which explains why you should get it done at least per month just before submitting your credit application.


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