‘Super prime’ borrowers poised to boost auto sales
NEW YORK —Demand for new cars will likely spike in 2011 among consumers who lenders will be happy to do business with: those with very high credit scores.
More than 60 percent of the leases expiring next year are held by borrowers in the “super prime” category, meaning they have credit scores of 720 or better, reflecting excellent on-time payment histories, according to TransUnion, a Chicago-based credit reporting agency.
“These folks are either going to have to buy the car they’ve been leasing or get something new in 2011,” said Peter Turek, automotive vice president in TransUnion’s financial services group. “That’s a good sign for lenders.”
Even better: Another 30 percent of expiring leases are held by borrowers with credit scores that are “near prime” or between 620 and 659 on the FICO Inc. scale of 300-850, or “prime,” between 660 and 719.
Vick’s former financial adviser sentenced
OMAHA, Neb. — A former financial adviser to Michael Vick and several other NFL players has been sentenced to more than five years in prison for stealing more than $3 million from the players in a Ponzi scheme.
U.S. Attorney Deborah Gilg said Mary Wong of Omaha was sentenced Monday to 63 months in prison for securities fraud. Wong pleaded guilty in September. Wong also was ordered to pay more than $3 million in restitution and serve three years supervised released.
Prosecutors say Wong worked out of her Omaha home and purported to sell investments in luxury properties in Arizona, Tennessee and Michigan, along with private jets and other investments.
AT&T to buy wireless spectrum from Qualcomm
NEW YORK — AT&T Inc. will buy $1.93 billion worth of wireless spectrum from Qualcomm Inc. to add capacity to its forthcoming high-speed data network, the companies said Monday. The purchase will allow AT&T, the second-largest cell phone company in the U.S., to bolster its fourth-generation, or “4G” network, whose higher speeds will make loading video and websites on phones faster. AT&T already has spectrum close to the band it’s buying from Qualcomm, and has been planning to use it for 4G services starting next year.
Qualcomm, based in San Diego, has used the spectrum for its FLO TV service, which allows subscribers to watch 10 to 15 channels of live television on cell phones. Qualcomm will shut down the service because of weak interest.