Rudd leans on banks for car loan help

Premier Kevin Rudd has called on the nation’s banks to wade into the car loans market in order to plug the gap left by the departure of GMAC and GE Finance.

According to the Herald Sun, Rudd’s request came amid fears that thousands of dealerships would have to close if they could not find an alternative car loans financier.

Now, he is also planning to cast out a $6.2 billion lifeline to support the Australian car manufacturing industry, which is hoped will save thousands of jobs and bring in cash from overseas.

He said that some critics do not believe that it is worth saving the car industry.

“That is not my view, it is not the view of the Australian government and it never will be the view of any government which I lead,” he continued.

GMAC and GE Finance announced their departure from the car loans market last month, soon after the American arm of GMAC said that it would be shutting up shop.ADNFCR-1761-ID-18873069-ADNFCR