Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
My Credit Score Is Zero...
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="SlugSlinger" data-source="post: 3124959" data-attributes="member: 7248"><p>Ford was also involved in the bailout, and they spun it to sound like they didn’t need the money. They did borrow tax payer money with conditions to focus on what the .gov wanted ford to produce.</p><p></p><p><span style="font-size: 15px"><strong>Ford's Bailout</strong></span></p><p>Although Ford did not receive TARP funds, it did receive government loans. These were critical because banks were not lending during the financial crisis. It requested a <a href="http://money.cnn.com/2008/12/02/news/companies/automakers_plans/index.htm" target="_blank">$9 billion</a> line-of-credit from the government. In return, it pledged to spend $14 billion on new technologies.</p><p></p><p>On June 23, 2009, <a href="https://www.energy.gov/articles/obama-administration-awards-first-three-auto-loans-advanced-technologies-ford-motor-company" target="_blank">Ford received a $5.9 billion loan</a> from the Energy Department's Advanced Technology Vehicles Manufacturing program. In return, it pledged to accelerate development of both hybrid and battery-powered vehicles, close dealerships, and sell Volvo. It upgraded factories in Illinois, Kentucky, Michigan, Missouri, and Ohio to produce hybrid vehicles.</p><p></p><p>Ford used the funds to switch its focus to <a href="https://www.forbes.com/sites/joannmuller/2016/09/21/trump-should-be-asking-will-ford-pay-off-its-government-loan-before-moving-small-cars-to-mexico/#6f2277705e37" target="_blank">commercial electric vehicles</a>. In 2016, CEO Mark Fields said, "We want to become a top player in electrified solutions. The company wants to lead…we can win such as with our commercial vehicles."</p><p></p><p>Eighty-one percent of the funds went to create new efficiency technologies for gas-powered vehicles. For example, they helped fund Ford's aluminum bodies in the F-series pickups. The Congressional Research Service estimated <a href="https://fas.org/sgp/crs/misc/R42064.pdf" target="_blank">the loans saved 33,000 jobs</a>. Ford will repay this loan by 2022.</p><p></p><p>Many argue that Ford needed the funds to sustain its cash flow during the recession. Ford says it was in better shape than the other two because it had mortgaged its assets in 2006 to raise $23.6 billion. It <a href="https://www.cnbc.com/id/30134908" target="_blank">used the loans to retool its product lineup</a> to focus on smaller, energy efficient vehicles. It got the United Automobile Workers to agree it could finance half of a new retiree health care trust with company stock. By April 2009, it retired $9.9 billion of the debt it had taken out in 2006.</p><p></p><p><a href="https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670" target="_blank">https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670</a></p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3124959, member: 7248"] Ford was also involved in the bailout, and they spun it to sound like they didn’t need the money. They did borrow tax payer money with conditions to focus on what the .gov wanted ford to produce. [SIZE=4][B]Ford's Bailout[/B][/SIZE] Although Ford did not receive TARP funds, it did receive government loans. These were critical because banks were not lending during the financial crisis. It requested a [URL='http://money.cnn.com/2008/12/02/news/companies/automakers_plans/index.htm']$9 billion[/URL] line-of-credit from the government. In return, it pledged to spend $14 billion on new technologies. On June 23, 2009, [URL='https://www.energy.gov/articles/obama-administration-awards-first-three-auto-loans-advanced-technologies-ford-motor-company']Ford received a $5.9 billion loan[/URL] from the Energy Department's Advanced Technology Vehicles Manufacturing program. In return, it pledged to accelerate development of both hybrid and battery-powered vehicles, close dealerships, and sell Volvo. It upgraded factories in Illinois, Kentucky, Michigan, Missouri, and Ohio to produce hybrid vehicles. Ford used the funds to switch its focus to [URL='https://www.forbes.com/sites/joannmuller/2016/09/21/trump-should-be-asking-will-ford-pay-off-its-government-loan-before-moving-small-cars-to-mexico/#6f2277705e37']commercial electric vehicles[/URL]. In 2016, CEO Mark Fields said, "We want to become a top player in electrified solutions. The company wants to lead…we can win such as with our commercial vehicles." Eighty-one percent of the funds went to create new efficiency technologies for gas-powered vehicles. For example, they helped fund Ford's aluminum bodies in the F-series pickups. The Congressional Research Service estimated [URL='https://fas.org/sgp/crs/misc/R42064.pdf']the loans saved 33,000 jobs[/URL]. Ford will repay this loan by 2022. Many argue that Ford needed the funds to sustain its cash flow during the recession. Ford says it was in better shape than the other two because it had mortgaged its assets in 2006 to raise $23.6 billion. It [URL='https://www.cnbc.com/id/30134908']used the loans to retool its product lineup[/URL] to focus on smaller, energy efficient vehicles. It got the United Automobile Workers to agree it could finance half of a new retiree health care trust with company stock. By April 2009, it retired $9.9 billion of the debt it had taken out in 2006. [URL]https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670[/URL] [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
My Credit Score Is Zero...
Search titles only
By:
Top
Bottom