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GM begging for loser loans

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.

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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.

Reply to
Canuck57
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Very interesting here you have a seller with a poor credit looking for a buyer with poor credit.

It must be a match made in ...... Well something or somewhere

Reply to
Bjorn

It is relatively easy to make cars and sell when the demand is great. A growing market makes it possible to sell anything. Now that the market has turned around it gets harder. Everyone and his mother has at least one two or three cars. So why buy more? People are starting to realize they do not need so many cars. Also if you do buy a new car you want it to be better than the current cars in some way. So the producers are facing real problems. Not only do they have overcapacity they also do not have the cars people want. And the demand is going down.

Why should and would GM want to continue to make cars and give them away for nothing?

Reply to
Bjorn

From my perspective, the economy is still not responding by providing jobs to the mass of people. One of our few job providing industries here closed about a week ago. On a microlevel, this causes a lot of insecurity.

If people have money, they will spend it, but the signs are still not good that this is happening.

Enjoy your 4 years of dictatorship, Democrats.

Reply to
hls

Actually, it is is getting worse. A Obama-dem-debt grows like a mushroom cloud, so does the chances of people having more moeny to spend. Obama is not addressing the cause of the depression at all.

You can't spend your way out of a debt problem be you a person or Obama. This will leave Americans short of cash for decades as the debts are paid off. And people with no cash and no credit can't spend.

Answer is simple, pay the bills and stop borrowing, less taxes and less government leaving people money to spend.

GM is like a person with 45 tumors, still alive but as good as dead. Sooner or later they will become even too much of a drag even on government.

Reply to
Canuck57

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