Auto Loans Site Responds to Energy Department Bill

Friday, the Senate failed to pass a bill that proposed a $1.5 billion cut to the federal government’s auto loan program intended to rejuvenate the American auto industry. Lenders affiliated with Auto Loans are encouraged by the vote’s outcome, claiming the program will help borrowers and lenders alike.

Online PR News – 28-September-2011 – – AutoLoans.com, a complimentary provider of estimates for those seeking car financing, reports the overwhelming approval of the Senate’s recent defeat of a bill that would slash $1.5 billion from the now $4 billion auto loan program. The program offers low-interest financing for the purpose of renovating or rebuilding dilapidated car factories and auto-parts factories.

“This bill was hotly contested in the House and remains highly controversial in the senate. However, our lending affiliates strongly feel that the Senate ultimately made the right choice by refusing to cut the auto loan program’s funding. They feel it was been beneficial to the auto industry as a whole and will have the greatest effect if allowed to run its full course. In the end, American auto buyers will profit from it,” said Mick Ronson, spokesperson for Auto Loans.

Car financing lenders were not the only group putting pressure on the Senate to vote against the bill, however. The Senate was under tremendous pressure from auto worker unions, car manufacturers, and the Chamber of Commerce to maintain the full funding. The bill, which failed once before passing in the House, failed in the Senate by a vote of 59-36.

“Our lenders see this as a good sign that Congress will not cut the funding of the auto loan program, but they’re cautious because the bill is not yet dead. On Monday, there are likely to be fierce debates in the Senate over how much to alter the program’s funding, if at all. Only time will tell whether the American people will continue to reap the benefits of this important initiative,” said Mr. Ronson.

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Mick Ronson
AutoLoans.com

800-609-1716

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