GMAC to get billions more taxpayer funds...

[Pens1566]

So what union is behind this GMAC money grab?

 

[waggy]

wait. people really thought we were done giving GM money? hahahah oh man.

 

[rudder]

The circle of life. GMAC gets government money to survive. The government gives out money for people to buy cars. People finance cars with GMAC. People default on payments because they could really not afford a new car but got one anyway so they would not miss out on Government money, GMAC realizes it made some not so good loans in August, GMAC gets government money to survive.

Maybe not... but we will see.

 

[Pens1566]

Reading is fundamental

 

[StageLeft]

To those who don't like this I ask pithily: Why do you hate America? Every dollar given to GMAC makes 30 jobs for hard-working Americans, right here at home in the heart land. That $1 goes toward a person buying a car, which means his salesman can buy food on the way home for his family (think of his kids), which means that store owner can buy new tires, which means a tire manufacturer in Tennessee can keep its doors open and more hard-working Americans can food put on their table. But remember, the last time GMAC got money it saved 600 M American jobs. Good, respectable jobs. Honest jobs, honest work, honest day's pay, hard-working, keep roof over head, food on the table.

Have I mentioned hard-working Americans and food on the table enough? Maybe. I only mentioned kids once. I will try harder next time.

 

[Pens1566]

Originally posted by: Pens1566
Reading is fundamental

Ahem ....

 

[bfdd]

Originally posted by: TruePaige

Originally posted by: b0mbrman

Originally posted by: ironwing

Originally posted by: TruePaige
They hold my title. 0.0

Fess up; you're a billion or two behind in payments, right?


Edit: Thinking this through logically, wouldn't it make more sense to give the money to the deadbeats who aren't paying their loans with the stip that they must use the money to pay back the loans? GMAC gets the money in needs, the deadbeats get off the hook and can spend like idiots again thereby stimulating the economy, and the taxpayers are no more screwed than they are now.

One would assume that GMAC would prefer to loan to non-deadbeats before they loan to deadbeats, right?

He's basically saying the funds should just pay off the loans of deadbeats so they can go buy more stuff and stimulate the economy while still bailing out GMAC.

Can non-deadbeats get in on that? Like can I have priority for not having missed any payments?

i don't understand why they didn't do that anyways. basically people who owe them money still owe them money and the government is giving them more money to give out to people who can in turn owe them more money.

 

[bfdd]

I just thought of something. Does anyone know how much people who got loans and financing through them owe totaled up? I mean if they're asking for that amount or more the government should tack on the stipulation that they must wipe the debt that is owed to them.


btw, I don't think we should give them any more money they should just die off already.

 

[MovingTarget]

Didn't GM divest itself of GMAC to raise funds a while back? IIRC, GM still holds a significant stake in GMAC, but it no longer really 'controls' that company via majority share.

http://en.wikipedia.org/wiki/GMAC

 

[bfdd]

MovingTarget I think you're right, I know Chrysler Financial isn't even a part of Chrysler anymore also.

 

[dainthomas]

If I had a GMAC loan I'd send a copy of that article for the next payment instead of a check highlighting exactly how much of my money they're already getting.

 

[bfdd]

Originally posted by: dainthomas
If I had a GMAC loan I'd send a copy of that article for the next payment instead of a check highlighting exactly how much of my money they're already getting.

lol nice

 

[boomerang]

Originally posted by: MovingTarget
Didn't GM divest itself of GMAC to raise funds a while back? IIRC, GM still holds a significant stake in GMAC, but it no longer really 'controls' that company via majority share.

http://en.wikipedia.org/wiki/GMAC

You are correct. Additionally, see this article.

http://www.freep.com/article/2...NESS01/91028022/?imw=Y

Some incorrect assumptions here regarding the nature of their troubles. From the article linked above.

GMAC, which lost $3.9 billion in the second quarter of this year, got into financial trouble largely to many sub-prime mortgages and other real estate loans it made during the housing market bubble