Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Ford Motor Company    F   US3453708600

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Brazil Auto Makers Appeal To Government To Loosen Credit

05/14/2012 | 06:50pm US/Eastern

Brazilian auto makers on Monday appealed to Finance Minister Guido Mantega to help pursuade the nation's banks to loosen up a tight market for auto loans, the government said through its official news agency, Agencia Brasil.

Cledorvino Belini, president of the National Motor Vehicle Manufacturers Association, or Anfavea, met with Mantega Monday afternoon. The government news agency said Belini argued for looser consumer credit in order to spur motor vehicle sales.

Mantega offered no immediate response to Anfavea's appeal, according to the news agency.

Brazilian banks in recent months have tightened up on consumer qualifications for auto loans in the face of a rising default rate. Defaults reached 5.7% of all loans in March, up from 5.5% in February, hitting the highest level in over three years, according to data released earlier Monday by the National Association of Auto Financing Institutions.

Historically, about 70% of Brazilian auto sales are made through installment buying.

Earlier this month, Flavio Meneghetti, president of the nation's auto-dealers association, said, "Banks opened up the taps too much before and now they're closing them too much."

Figures for April motor vehicle sales, released last week by Anfavea, were a major disappointment for the industry. April sales were down 10.8% from the same month in 2011 at 257,885. Anfavea executives blamed the tight credit market for the decline in sales.

-By Tom Murphy, Dow Jones Newswires; 55-11-3544-7090; brazil@dowjones.com

React to this article
Latest news on FORD MOTOR COMPANY
3h ago Takata executive warns about ability to fix deadly air bag flaw
3h ago Takata executive warns about ability to fix deadly air bag flaw
7h ago Henrik Fisker is back with a souped up Mustang
12h ago FORD MOTOR : The future of mobility
13h ago TIMELINE : Takata air bag recalls
13h ago SPECIAL REPORT : Plant with troubled past at center of Takata air bag probe
13h ago Special Report - Plant with troubled past at centre of Takata air bag probe
16h ago FORD MOTOR : chairman says drop in oil prices not likely to hurt sales of fuel-e..
16h ago FORD MOTOR : Lower oil prices unlikely to slow green cars
18h ago CHANGAN AUTO SEES SALES TO RISE AROU : executive
Advertisement
Chart
Duration : Period :
Ford Motor Company Technical Analysis Chart | F | US3453708600 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF