GM: ResCap May Ram Auto Finance
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Meanwhile, speculation is rampant on Wall Street that ResCap could be headed for bankruptcy and default rates could begin to spike in GMAC's auto finance business as the housing debacle takes its toll on consumer spending.
Henderson's remarks fed those fears, and he also said he expects U.S. vehicle sales to be around 15.7 million vehicles in 2008, down 300,000 from GM's prior projections for the industry. Henderson said there's "more downside than upside" in his forecast, and he said a recession could lead to vehicle sales closer to 15 million. In light of the slowdown, GM has plans to further thin the ranks of its blue-collar workers, Henderson said. The company will unveil the details of its attrition plan in the months ahead.- Loading Comments...
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