Just saw this on Fox News-NOT Good for GM - Page 3

Kiss My SS · 07-30-2012, 09:17 AM

Quote:

Originally Posted by FenwickHockey65

Misinformation is constructive?

You said it was "misinformation". I didnt, just because you dont agree with Fox or whoever thats your decision. I was only reporting what I saw on Fox and if you dont agree thats fine. I happen to agree. Ford does it all the time with "credit amesty" loans all over there state of Florida.

This has nothing to do with politics it has to do with the money GM borrowed from the US Govt and is risk of losing it all....once again.

Kiss My SS · 07-30-2012, 09:18 AM

Quote:

Originally Posted by BowtieBelle

This. 660 is considered "good" in terms of excellent-good-fair-poor.

People need to calm down...

I always thought 660 was good also but not according to banks now, its just a reason for them (banks) not to loan money if your score isnt 800.

ihaveacamaro · 07-30-2012, 09:22 AM

Quote:

Originally Posted by Kiss My SS

I wont comment on that "personal" slam you just did there Obummer.

My apologies, I shouldn't bring politics into this. Can we all just go back to what we can agree on: the Camaro!

Russell James · 07-30-2012, 09:23 AM

The sky is not falling, probably just a slow news day.

BowtieBelle · 07-30-2012, 09:24 AM

Quote:

Originally Posted by Kiss My SS

I always thought 660 was good also but not according to banks now, its just a reason for them (banks) not to loan money if your score isnt 800.

Ummm... man I hate to say it 'cause I'm not trying to start an argument, but this is just not accurate. I got a low-interest loan, as well as a new credit card with a high limit, within the last two years when my score was around 650. When your score drops below 600 banks are less likely to approve-- that is true.

dkp2LT · 07-30-2012, 09:27 AM

I did a little bit of research on this topic this am and one key point I haven't been able to find any info on is what the default rate has been over the past couple of years.

The term subprime automatically creates negative connotations of failure - but as mentioned, even a 650 isn't a horrible score. As long as the default rate is manageable then no harm no foul - just another day of doing business.

jd10013 · 07-30-2012, 09:30 AM

Quote:

Originally Posted by meissen

Fox News doesn't know what they're talking about. GM doesn't finance the auto loans. .

LOL, have you heard of GMAC?

meissen · 07-30-2012, 09:32 AM

Quote:

Originally Posted by jd10013

LOL, have you heard of GMAC?

GMAC renamed to Ally, and as far as I knew I thought Ally was no longer owned by GM... If I'm wrong, I'll be happy to admit it (as I did when I mentioned I forgot about GM Financial). It doesn't change the fact that GM doesn't finance the auto loans. A subsidiary, sure, but not GM.

BowtieBelle · 07-30-2012, 09:32 AM

Quote:

Originally Posted by jd10013

LOL, have you heard of GMAC?

GMAC no longer exists in the form you're thinking of. It's now Ally, and is not owned in majority by GM anymore. If I had to guess, I'd say around 75% of loans on GM vehicles come from other banks. I personally know tons of people with GM cars purchased new, and none of them owe GM anything. They owe Compass Bank, or USBank, or Bank of America, or whoever, like I do.

Quote:

Originally Posted by meissen

GMAC renamed to Ally, and as far as I knew I thought Ally was no longer owned by GM... If I'm wrong, I'll be happy to admit it (as I did when I mentioned I forgot about GM Financial). It doesn't change the fact that the segment was nothing more than scare mongering just like this thread.

myold88 · 07-30-2012, 09:33 AM

Quote:

Originally Posted by ihaveacamaro

yeah but Fox doesn't care if they get to say "I told you so."

Fox is just a bunch of propaganda for people too ignorant to use common sense and research.

So wrong/lame

I guess that's why their ratings exceed all the other news outlets COMBINED !

FenwickHockey65 · 07-30-2012, 09:35 AM

Quote:

Originally Posted by myold88

So wrong/lame

I guess that's why their ratings exceed all the other news outlets COMBINED !

The Corolla is the best selling compact in America, it's the most outdated and inferior compact on the market though...

Just sayin'.

jd10013 · 07-30-2012, 09:36 AM

Quote:

Originally Posted by BowtieBelle

GMAC no longer exists in the form you're thinking of. It's now Ally, and is not owned in majority by GM anymore.

they may call it something different, but GM most definitely finances it's own vehicles. it was the most expensive part of the bailout.

and why anybody is surprised by this is just beyond me. GM was never expected to repay the money given it. GM is still for the most part a bloated, inefficient, and poorly run company. Giving them 90 billion in taxpayer money, and then giving the unions a massive ownership stake didn't do anything to change that. they, and the taxpayers, would have been much better off if they'd just gone the bankruptcy and reorganization route that any other company has to when there in dire financial straits.

meissen · 07-30-2012, 09:36 AM

Quote:

Originally Posted by Topher3134

Lets not let the facts get in the way!!! Oh wait GM does own the bank!!! 9.9 percent of it anyway! And most of the rest is owned by us!

http://www.thetruthaboutcars.com/201...escap-you-did/

Sorry, let's split hairs. GM no longer owns the majority share of Ally... Better? Geesh.

Topher3134 · 07-30-2012, 09:37 AM

Quote:

Originally Posted by meissen

GMAC renamed to Ally, and as far as I knew I thought Ally was no longer owned by GM... If I'm wrong, I'll be happy to admit it (as I did when I mentioned I forgot about GM Financial). It doesn't change the fact that GM doesn't finance the auto loans. A subsidiary, sure, but not GM.

gm owns 9.9 percent of ally and the us gov owns 74 percent. Those are the facts. I don't think it really matters if ally fails. its not like it will hurt gm in the long run. What will hurt gm is cost of labor and retirment just like it has before. The headline should be that the US GOV is giving out loans to people that can't pay them back!

07-30-2012, 09:23 AM	#32
Russell James Drives: '15 SS 1LE, '69 Z28 drag car Join Date: Dec 2009 Location: Mich Posts: 4,482	The sky is not falling, probably just a slow news day.

07-30-2012, 09:27 AM	#34
dkp2LT Drives: '11 2SS, '11 C6 GS, '04 MDX Join Date: Feb 2012 Location: Kearney, MO Posts: 2,907	I did a little bit of research on this topic this am and one key point I haven't been able to find any info on is what the default rate has been over the past couple of years. The term subprime automatically creates negative connotations of failure - but as mentioned, even a 650 isn't a horrible score. As long as the default rate is manageable then no harm no foul - just another day of doing business.