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Weekly Wrap on Ford Credit debt exposure reduction, declining SAAR
Manage episode 332769397 series 2931337
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Last week, Ford Credit increased its purchase offer on outstanding debt securities to $3 billion as the industry forecasts declining vehicle sales in June, while interest rates rise and consumer sentiment and confidence decline.
New-vehicle sales are projected to slump year over year in June, with the retail seasonally adjusted annualized rate (SAAR) falling 2.3 million units to 11.3 million, according to a joint forecast from JD Power and LMC Automotive. That’s still an improvement from May’s figure of 10.9 million units, however, according to the forecast.
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