None of them are banks. But because a large part of their business involves extending credit to customers to buy their cars, trucks, and flat-screen TVs, they have to recalculate and increase loan-loss reserves like banks do. GM has disclosed that it expects to have to set aside another $500 million to $700 million; Ford, an additional $200 million, and ...
Jan. 23, 2020, 9:45 AM
‘Bank’ Accounting Change Looms for Automakers, Other Non-Banks
Nicola M. White