GM On The Brink? Ramps Up Risky Subprime Auto Loans To 93% To Drive Sales While Stock Plummets
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2012/07/30 13:51:30
Is this the next bail-out on top of bail-out? Wasn't subprime lending the major cause of the housing market crash? 7 of every 10 GM vehicles are now manufactured outside the USA,....... who save what for who...... China? In order for taxpayers to break even, GM's stock would have to completely sell out at over $53 per share which is currently floundering at $22.
"President Obama has touted General Motors (GM) as a successful example of his administration's policies. Yet GM's recovery is built, at least in part, on the increasing use of subprime loans.
The Obama administration in 2009 bailed out GM to the tune of $50 billion as it went into a managed bankruptcy.
Potential borrowers of car loans are rated on FICO scores that range from 300 to 850. Anything under 660 is generally deemed subprime.GM Financial auto loans to customers with FICO scores below 660 rose from 87% of total loans in Q4 2010 to 93% in Q1 2012."
http://news.investors.com/article/620090/201207271807/gm-risk...Top Opinion
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Kat 2012/07/30 14:00:00
He almost sounds proud that they're all but sold out to China already.
What is to stop them from putting their own label on the vehicles and sell them around the world.... like they're doing now anyway?
It will be extremely hard collecting any pensions after they fold.
http://www.youtube.com/watch?...
THEY are running GM into the ground , just like they did the COUNTRY !
This Hurts . I Have Driven G.M. Cars & Trucks Since I First Learned To Drive . The Government Built The VOLT ......... A Car That Is " SUBSIDIZED BY THE TAXPAYERS " ! WE pay a VERY Large part of the cost and it still cost more than the average American would spend on a car . It ONLY gets 26 MILES per charge ( in electric mode ) . You have to charge it overnight ( AT WHAT COST TO YOUR ELECTRIC BILL ? ) . They CATCH FIRE ! ..................... Need I Say More ?
MANY of the G.M. cars are now built OUT OF THE COUNTRY and the VOLT will soon be built in CHINA as well . They Can't Sell These Turds , and they SIT on the lot ,UNSOLD !
NOW , back to the SUB-PRIME LOANS ................. Nobody Is Working ! The ONLY WAY they can sell cars is the same way they were forced to sell houses in t...
THEY are running GM into the ground , just like they did the COUNTRY !
This Hurts . I Have Driven G.M. Cars & Trucks Since I First Learned To Drive . The Government Built The VOLT ......... A Car That Is " SUBSIDIZED BY THE TAXPAYERS " ! WE pay a VERY Large part of the cost and it still cost more than the average American would spend on a car . It ONLY gets 26 MILES per charge ( in electric mode ) . You have to charge it overnight ( AT WHAT COST TO YOUR ELECTRIC BILL ? ) . They CATCH FIRE ! ..................... Need I Say More ?
MANY of the G.M. cars are now built OUT OF THE COUNTRY and the VOLT will soon be built in CHINA as well . They Can't Sell These Turds , and they SIT on the lot ,UNSOLD !
NOW , back to the SUB-PRIME LOANS ................. Nobody Is Working ! The ONLY WAY they can sell cars is the same way they were forced to sell houses in the 90's ........... Sell To People Who Will Never Pay For Them ( just like houses ) . The BANK ( GMAC ) will have to EAT these REPO's and the TaxPayer is stuck with the bill !
GREAT WORK MR. OBAMA !
Are you really that afraid to look at the cold- hard facts? The GM bail-out was a stand-up comedy routine and it still has yet to deliver the final punch-line.
Just like the insolvency of Social Security, and Medicare, the progs opt for the head-in-sand solution, ignore that major problems exist and think putting Trillion dollar band-aids on hemorrhages is the answer to all that ails.
When does that light finally come on in the attic and you understand that money doesn't even stick as well as spaghetti? It stays there for a few weeks or months while the sheep go Ooooo & Ahhhhh and 30 days later the jackass is on the tube asking for more.
Spin it how you will. GM WAS a bailout which didn't force the union pigs to renegotiate their outrageous demands (what caused the whole problem to begin with) and GM used TARP $$$$ to pay off a portion of the bail-out. Peter - Paul syndrome with taxpayer $$$. They still owe over $24 BILLION which is why their lying ads were pulled a week after they aired, claiming they had paid America back.