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Dayton Daily News - - BUSINESS -

‘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.

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