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Autos get a $12-billion boost

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Victoria Foley and Paul Fredricks

Globe and Mail Update - Monday, January 26, 2009 at 9:34 EST

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Globe and Mail Update

Auto dealers and buyers got a $12-billion boost to their available credit Tuesday as Finance Minister Jim Flaherty provided budget assistance to finance vehicles sales and leases, as well as dealer inventories.

Under the Canadian Secured Credit Facility unveiled in the federal budget, Ottawa will purchase from banks and other regulated financial institutions up to $12-billion worth of securities that are backed by auto loans and leases on vehicles and equipment.

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