Photo: Justin Sullivan / Staff (Getty Images) With an average transaction price of nearly $50,000, it’s no secret that new cars are basically just for rich people now. You can’t even buy a single new car for less than $20,000. If wages had kept up with the rising cost of a new car, that wouldn’t … Read more
When a prospective buyer of a used vehicle from CarMax doesn’t qualify for financing, they’ll likely be offered a loan from Exeter Finance as a lender of last resort. Through its partnership with the country’s largest used car retailer, Exeter positioned itself at the pipeline of sub-prime borrowers, according to a ProPublica report. The lender … Read more
Auto loan debt is at an all time high. While some of the blame for that can be put on things like stubbornly high interest rates and ever increasing car prices, some folks just never learned the kind of financial skills required to make a smart car-buying decision. Take TikToker Blaisey Arnold, who recently revealed … Read more
About a third of American households, according to a survey from the Federal Reserve, don’t have $500 in their savings accounts. Because we live in a car-centric society, having your car unexpectedly break down could cause massive financial hardship. If a car in one of these households needs repairs, and there isn’t enough cash on … Read more
Vietnam’s top soft drinks tycoon was jailed for eight years on Thursday in a $40 million fraud case, the latest high-profile business figure snared in the country’s sweeping crackdown on corruption.The communist nation’s wide-ranging campaign to wipe out endemic graft has seen more than 4,400 people charged with criminal offences, including officials and senior business … Read more
Mumbai: Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the Fairfax-backed non-bank lender, people aware of the development said. “Phoenix ARC has bought the debt from IIFL for ₹1,500 crore in an open auction,” … Read more
Mumbai: The Tata Trusts and Tata Sons are said to be closely monitoring the Shapoorji Pallonji (SP) Group’s bid to raise ₹20,000 crore from state-run institutions to refinance debt taken against stakes in the Tata Group holding company. The Mistry family-promoted SP Group holds an 18.37% stake in Tata Sons, all of which is pledged … Read more
New Delhi: The Mistry family, promoters of Shapoorji Pallonji (SP) Group, is looking to raise ₹15,000 crore in five-year loans against cash flows in their real estate business to replace high-cost debt, according to people with knowledge of the matter. The funds will be used to redeem bonds issued three years ago that have onerous … Read more
ET Intelligence Group: Jana Small Finance Bank (JSFB) plans to raise ₹462 crore through fresh equity to augment capital base and up to ₹108 crore through an offer for sale by some of the existing investors. The promoter Jana Holdings’ stake will fall to 22.5% after the IPO from 25.2%. Ramesh Damani, Ashish Kacholia, Vallabh … Read more
