Detroit's automakers have enough cash to last the year without a bailout after learning the hard way
While auto lending delinquencies are a worry as unemployment rates skyrocket, Moody's Investor Services said Wednesday the finance arms of GM and Ford are among those that have "adequate liquidity to ride out coronavirus market disruption."
Executives with both GM and Ford touted the strength of their auto lending arms while announcing first quarter earnings.said Ford Credit " has been indispensable" during the pandemic, while GM's Suryadevara said GM Financial is "inherently cash generative during a downturn." Entering this year, Ford's debt, excluding its lending arm, was at $15.3 billion, up $1.2 billion from the previous year. That compares to GM at nearly $14.4 billion in 2019, up $423 million from the prior year.
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