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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: ruking1 (May 08, 2009 5:48 am) Is there any data to suggest that GMAC financed vehicles have a higher default rate than FoMo Credit financed cars? GM builds $260 Billion dollars worth of vehicles in a good year. Where do you think the money to borrow to buy them comes from? The TARP money to GMAC is a small fraction of one years worth of gross sales dollars.
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Replying to: dave8697 (May 08, 2009 7:23 am) You sort of get what I am saying, but not the real point. My prior post should have clearly indicated that I understand organizations like GMAC are finance companies. Indeed that is what I called it. Are you really taking umbrage to the fact you call it a bank and I a finance company? (I don't think so) While you ask the rhetorical question ... "Do we hate GM so much that we now want to stop financing from being available to those who dare even buy a GM?"... my take is folks that can not/will not pay cash will most certainly fianance it. The problem is credit is so tight right now, seemingly only the HIGHEST credit rating folks can get a "fair loan" (0 to 8%) let alone a loan at all. (you can read the post again for why folks are even ASKING for car loans regardless) So in effect they are only loaning to those who can afford to.... pay cash!!?? So again, (not to be rude) for example; you just lost your job  , and or your spouse is about to lose theirs : are you going to go out and 1. pay cash for a new GM/Ford/Chrysler, etc., automobile 2. FINANCE one? this is the BAD/ good? news!! Now * this by the 9/10% unemployment rate (30 M folks)
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Replying to: ruking1 (May 08, 2009 7:44 am)
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Replying to: ruking1 (May 08, 2009 7:44 am)
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Replying to: lemko (May 08, 2009 9:06 am)
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Replying to: fezo (May 08, 2009 8:47 am) 
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Replying to: ruking1 (May 08, 2009 9:20 am) I've known people who have paid as bad as ~20% for their car loans.
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Replying to: andre1969 (May 08, 2009 10:36 am) Geez, it's getting old talking about bailing out companies and people that show no signs of common sense. 
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Replying to: pf_flyer (May 08, 2009 12:54 pm) Maybe common sense isn't so common after all?
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Replying to: bpizzuti (May 08, 2009 4:34 pm) What a beautiful blue sky we have today! Well YOU say it's blue, that doesn't make it true. KAFLOOOEEE!!!!
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