Lead Stories From February 22 Automotive News Address the Return of Consumer Credit and Toyota's Response

DETROIT, Feb. 19 /PRNewswire/ -- Here are details of two major stories in the upcoming February 22 issue of Automotive News.    

Reporters Donna Harris and Amy Wilson reveal that the worst of the crisis in retail automotive financing has passed. Late last year, lenders began extending more loans to car buyers, even some with weak credit histories, and to dealers.  Ten of the nation's largest dealership groups representing almost 1,000 stores told Automotive News that credit standards are slightly easier for the majority of their customers.

Lenders are approving applications for two main reasons:

1. Credit markets opened up, improving lenders' liquidity.
2. Consumers are more realistic and educated. They have paid off their debt and arrive at the dealership with a down payment, so they're in a better position to get financed.

In continuing coverage of Toyota's recall, Automotive News Washington Reporter Neil Roland looks at how the automaker is responding to government and media.  Toyota Division chief Bob Carter said only 13 complaints about sticky accelerators led to its massive recall of 2.3 million vehicles last month and the suspension of sales of eight models.  But, he said, "It's frustrating that it's gotten to this level [of government and media criticism] for 13 instances."

ABOUT AUTOMOTIVE NEWS

Based in Detroit and owned by Crain Communications Inc, Automotive News has been the place for all the news that is happening among automotive retailers, suppliers and manufacturers since 1925.  In addition to the 100% paid weekly print issue that is received by 65,000 subscribers, autonews.com is a vibrant Web site with more than three million page views monthly.  It contains the day's breaking news and features a daily newscast and webinars.  Daily and weekly e-mails and breaking news alerts keep the industry's top executives up-to-date.

SOURCE Automotive News

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