Ford Motor Co. and General Motors Co., gaining ground over Japanese automakers with their most stylish sedans and small cars since the 1970s, are topping Toyota Motor Corp. in customer loyalty, researcher Experian Automotive said.
Toyota Motor Corp. led automakers with the fewest problems reported by U.S. owners of its three- year-old cars, while General Motors Co. and Honda Motor Co. also fielded models that topped their segments.
Three years ago, credit was so tight that the owner of a legal firm with a $400,000 salary and a very good credit score of more than 700 couldn’t get financed to buy the car he wanted from Michael Mosser’s dealership.
Toyota Motor Corp.’s Prius hybrid passed Honda Motor Co.’s Civic to become the best-selling vehicle line in California, the largest U.S. auto market, for the first time as higher fuel prices and new versions of the car drove up demand.
U.S. light-vehicle sales probably rose in December to wrap up a three-year run unrivaled in almost four decades as consumers replaced cars and trucks that are, on average, the oldest ever on the nation’s roads.
Anita Bullock-Morley was $57,000 in debt on 27 credit cards and close to filing for bankruptcy in 2007. With help from an Atlanta counseling service, the 37-year- old says she paid about $1,400 a month and cleared her balances. Now she’s used cash to buy an $800 iPad and upgrade her iPhone.
Chrysler Group LLC is in talks with banks about forming a joint-venture captive-finance arm similar to the one majority owner Fiat SpA has with Credit Agricole SA, according to two people familiar with the matter.