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US Treasury said it would make available a $1.5 billion (£1 billion) loan to Chrysler LLC's finance department to be used for new auto lending in the hope of increasing revenue and eventually getting the automaker back into profit.} First $100 million from the loan is likely to be available next Wednesday.
Conditions demand that Chrysler pays interest at 1 percent above the London Interbank Offered Rates for the first year and at 1.5 points above Libor for the rest of the five-year period. For today Libor, this corresponds to an early growth of about 1.36%.
An SPV established by Chrysler Financial will also grant options to Treasury in the amount of 5% of the loan's aggregate volume in the shape of supplementary bonds.
Financial department Toyota in credit calls | World | News
Toyota's finance arm is in discussions with a Jap state-backed banking institution about a possible loan and underlines the serious plight of the automotive sector in the face of a slump in worldwide sales.} gigya.socialize.showShareBarUI(showShareBarUI_params); Toyota said no detail had been made. Television coverage indicated that Toyota Financial Services had requested a 200 billion yen (1.45 billion pounds) loan from the state.
70% of the lender's operations are in the US, where there has been a slump in unit selling and a streamlining of lending. Before the US subprime mortgage meltdown started last year, Toyota had grown well. However, it now expects a deficit of 350 billion Japanese yen (£2.5 billion) for the year to March as overall growth in US dollar exchange rates and rising US dollar profits will drive down overall growth.
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