You mean Government Motors is twisting the banks arms to lend to poor
credit types so the taxpayer gets on the hook for more.
If GM buys the auto loan business, here goes the mushroom debt bubble
again. More funny accounting and taxpayer theft.
GM can't tap that market because no one in their right mind would loan
their money to this market.
GM, they keep in sucking.
DETROIT - General Motors Co. says it is working with banks and other
financial institutions so it can sell and lease more cars to buyers
with poor credit.
The talks lessen the likelihood of GM trying to buy the auto finance
business from Ally Financial, its main lender. They also make it less
likely that GM would start its own auto financing unit.
GM considered both options earlier in the year because Ally was
reluctant to fund loan and lease deals to buyers with subprime credit.
About 16 percent of all loans for new cars and trucks go to subprime
buyers. GM recently has been unable to tap that market.
The bigger government gets, the more it tends to rule out common sense.