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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: circlew (Nov 24, 2008 2:31 pm) |
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Replying to: dieselone (Nov 24, 2008 8:48 am) The short list of my dislikes of Bush has grown over the bailouts. Another $350 Billion for citigroup? but nothing for GM? I think Japan owns a good chunk of Citi.
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Sorry, these guys did it to themselves. If we individual taxpayers were in need of a bailout because we couldn't pay our bills, you think the feds would bail each of US out? Don't think so . . .  Originally I was for a bailout because I thought it would save jobs, but let's face facts, the Detroit 3 were going to cut a good portion of those jobs anyways! Let them get themselves out of trouble . . . if they can.
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Replying to: circlew (Nov 24, 2008 2:31 pm) We can only HOPE they take a cut. Or maybe they should just commit hari-kari! BTW, I wonder if the B3 CEOs watched the SNL skit (surely they did). That had to sting . . . or perhaps not.
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Replying to: kernick (Nov 24, 2008 10:34 am) 2 yr old for $10k is BS. With 100k miles on it....maybe. Even the Accord loses over $4k in depreciation in year 1. I could have had an Impala for a price that would have virtually made depreciation a non-factor. Nobody pays MSRP, that's just the number that would give GM a viable business plan
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Replying to: dave8697 (Nov 24, 2008 5:03 pm) I just did the quick appraise on a two year old Impala LT with 30,000 miles. I included the normal kind of stuff. It came back at a little over $9900 trade-in. Rocky just posted his brother buying a $23k Impala for $17,700. That does not bode well for trade-in two years from now. My own sad GMC story: Bought a 2005 GMC hybrid PU in June of 2005 when the family discounts were offered. This truck had lots of nice stuff. MSRP was $36k. I got it after a real haggle for $26k plus TTL. One and a half years later I decided I wanted an SUV and drove the 2007 Denali Yukon. I cannot remember the exact figures. It was over $40k. My PU was perfect and I had added an aluminum roll-top over he bed for $1300. This was the same dealer I bought the truck from. It had 13k highway miles and he offered me $16k in trade. I stood up and told him that was an insult to my intelligence and walked out. I listed it on Craigslist and a fellow from LA came down and gave me $23k cash for the truck. That kind of loss on a PU truck is horrible, and the worst I have ever had. The truck was not as solid as my 1998 Suburban. I did like the Stereo and climate control. That will probably be my last GM vehicle. |
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Replying to: gagrice (Nov 24, 2008 5:28 pm)
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Replying to: dieselone (Nov 24, 2008 5:45 pm) |
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A loan? OK... as long as there are VERY strict terms and conditions regarding what they plan to do with the money and how soon we get it paid back. One of the biggest reasons we're where we are right now was the idiotic decision to encourage loans to people who had no way of ever paying back the loans. Show me that the money is actually going to do some good and isn't going down an eternally-hungry black hole.
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Replying to: gagrice (Nov 24, 2008 5:28 pm) I'm confused by your post. You bought it for $26K+ and sold it for $23. That's a good retention of value for 1.5 years and 13,000 miles.
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