[Kiss My SS]

Just saw a 5 min segment on Fox News. Says that GM's auto loans are mostly to bad credit buyers (93%) and that their stock price is now $18 per share and that GM needs to reach $53 a share in order to pay off the remaining $26 Billion that it owes the US Govt!

They say GM is risking it all AGAIN but now risking it on bad credit buyers, people with scores 660 and below and even worse of 520 and below!

If GM fails again what does that mean for us Chevrolet owners!

[AdamChoudhry]

That our cars will be very collectable down the road.

[nytrorcr]

Whats the word..........bail out, yeh thats it bail-out.

[kalimus]

The sky isn't falling. Not yet. Also, 660 really isn't that bad of a score.

[meissen]

Originally Posted by Kiss My SS

Just saw a 5 min segment on Fox News. Says that GM's auto loans are mostly to bad credit buyers (93%) and that their stock price is now $18 per share and that GM needs to reach $53 a share in order to pay off the remaining $26 Billion that it owes the US Govt!

They say GM is risking it all AGAIN but now risking it on bad credit buyers, people with scores 660 and below and even worse of 520 and below!

If GM fails again what does that mean for us Chevrolet owners!

Fox News doesn't know what they're talking about. GM doesn't finance the auto loans. My 2012 Camaro that I bought was financed through TDAutoFinance (Chrysler's old finance arm), for example. Ally (Formerly GMAC) does do vehicle financing but Ally is no longer part of GM, separate company entirely.

Typical scare mongering.

But yes, GM does need to get our stock up such that the federal LOANS that the government gave to GM can be paid back so that there isn't a huge hit on the investment. That's why everyone needs to be doing their best to support GM instead of scare mongering or bashing.

[PsychoZL1]

There's a reason why there are credit scores. If someone consistently has bad credit, chances are they will always have bad credit for the rest of their life and never be able to manage money effectively. They are a risk and it should come to no surprise to auto manufacturers, dealerships, and loan companies when they lose money on those people! Granted, some people can learn how to manage money, but there are some they never will be able to.

[casvg5]

GM doesnt even finance vehicles.............its outside banks

[Kiss My SS]

Originally Posted by casvg5

GM doesnt even finance vehicles.............its outside banks

Correct, but they must be hooked up with some bad credit lenders I suppose. I knew Ally used to be GMAC but now they loan money to whoever for a car...

I hope and pray nothing happens with GM!

[Xmicro_SS]

Credit score means less and less these days. With many peoples money tied up in there homes and those homes being worth less than half what they owe, in many cases, seemingly low risk people wind up walking away and killing their credit. A car loan is much less risky then revolving credit because you have collateral........the car. Most of the loss is mitigated in repossession. Talk to the credit card companies.

The bottom has yet to fall out in this country, but it will. No president will stop it, as it is too late. We are headed into a crisis that I bet will make the depression look like a line at the movie theater. I hope I am wrong, but I doubt it. GM and many others are at fault, especially the banking system, it is a house of cards!

[two_wheel_mayhem]

Fox News would like nothing more than to see GM fail.

[Kiss My SS]

Originally Posted by Xmicro_SS

Credit score means less and less these days. With many peoples money tied up in there homes and those homes being worth less than half what they owe, in many cases, seemingly low risk people wind up walking away and killing their credit. A car loan is much less risky then revolving credit because you have collateral........the car. Most of the loss is mitigated in repossession. Talk to the credit card companies.

The bottom has yet to fall out in this country, but it will. No president will stop it, as it is too late. We are headed into a crisis that I bet will make the depression look like a line at the movie theater. I hope I am wrong, but I doubt it. GM and many others are at fault, especially the banking system, it is a house of cards!

Without going into politics I have to say your correct...

[SlingShot]

Originally Posted by Kiss My SS

Correct, but they must be hooked up with some bad credit lenders I suppose. I knew Ally used to be GMAC but now they loan money to whoever for a car...

I hope and pray nothing happens with GM!

It still has nothing to do with GM, the public buys from a dealer that owns the car.

[Kiss My SS]

Originally Posted by SlingShot

It still has nothing to do with GM, the public buys from a dealer that owns the car.

Who builds GM cars?, Defintely not the dealers!

[FenwickHockey65]

Originally Posted by Kiss My SS

Who builds GM cars?, Defintely not the dealers!

But the public doesn't purchase cars directly from GM. There are federal laws in place to prevent that, in fact.

GM's job is to design, engineer, and build high quality cars, trucks, SUVs, and crossovers. It's the dealers' job to sell them.

And yes, Fox News would LOVE to see GM fail.