Perhaps now GMAC can start loaning some more money. One thing that is hurting GM/Chrysler is that credit is hard to get for both customers and dealers.

How much does GM own of GMAC? 10%? or is it 0 now?

A person is involved in a really bad accident, taken to the hospital and put on life support. After they have been declared brain-dead, how long do you wait before you pull the plug?

I think it’s time to start pulling the plugs. US Citizens are paying very large hospital bills for these companies and I don’t think we are going to get very much (if any) return on our investment. We are just prolonging the inevitable.

Inevitable what? GMAC nor GM will be going out of business if that is what you mean. Will you get a return? Not sure about that but it keeps the jobs and the country going which is surely a return to all of us.

Can’t wait to hear about the inevitable bonuses that will be paid to the GMAC Executives for a job ‘well done’

There should be consequences for making bad decisions. These consequences keep people / companies from repeating the same bad decisions. It’s how we learn and improve ourselves.

Would it be terrible for GM, GMAC, Chrysler, Wachovia, Bank of America, etc. to fail? Absolutely. Would everyone feel it? Absolutely.

Continually throwing money at the problem won’t solve it. The government can’t give money to anyone without taking it from someone else. After taxes are increased to finance all of these “bail outs” and other extremely expensive endeavors, citizens may not have extra money to buy anything from GM and Chrysler or to deposit in Wachovia and Bank of America and eventually we could end up right back where we started – only this time, there will be no money available to throw at the problem.

I don’t like this. I’m not even going to wasting my precious finger’s life typing about this…

Other banks are paying back, and they are still in need or more?!? Cut them loose and let ‘em die! What a continued waste of my taxpayer dollars!

posted by:carstuff

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How much does GM own of GMAC? 10%? or is it 0 now?
____________________________________________

Given GMAC’s ownership structure, DBRS views GMAC’s ratings as independent of GM’s ratings. GM currently owns 9.9% of GMAC and a blind trust owns an additional 14.6% of GMAC. As part of agreement that allowed GMAC to become a bank holding company, GM has been required to sell its ownership in the trust by Dec. 24, 2011. Additionally, following various capital support actions the U.S. Treasury owns approximately 35.4% of GMAC with Cerberus owning 22% and other Cerberus investors owning the remaining 18.1%.

Geithner is an idiot. The freakin federal govt stinks to the core.

Let them die already.

Seriously.

This is probably a stupid question, but what the hey… somebody needs to brighten things up after Smegley’s post.

There are so many vehicles being purchased with 0% financing, so how can a lending agency possibly hope to make money if they’re not accruing any interest?

Johnny, actually they can make money very easily. Since lending arm is connected to automotive body, the amount of money they give to a poor idiot has build in profit in the price of transaction. You get Chevy for a list price and that has 12-18% right there. Perhaps those financing practices explain why Chevy has 35% of its customer base college educated and Honda over 70%.

Tiger Claw! Grrrrrrrr!

Sterfry, the family of one of the guy that was driving the car that paralyzed my sister waited 3.5 months.

pull the plug? get real…if the plug were going to be pulled it would’ve been pulled over a year ago…we’re long past the point of return…

When will it stop…
This is an open letter, which you are welcome to use as you wish. I want as many people as possible to know that General Motors Credit’s idea of addressing a problem is not to fix the problem but to establish a task force, council, or commission to look into it, study it, dissect it, and finally talk it to death. First things first: Some people think it’s a bit extreme of me to restore the world back to its original balance—a bit over the top, perhaps. Well, what I ought to remind such people is that all General Motors Credit really wants is to hang onto the perks it’s getting from the system. That’s all it really cares about.

I am not making a generalization when I say that General Motors Credit believes that it is cunctipotent only because it has a need to believe that. I will now cite the proof of that statement. The proof begins with the observation that if you’re not part of the solution then you’re part of the problem.

Although General Motors Credit is ever learning it is never able to come to the knowledge of the truth. The truth, in this context, is that the exhibitionism “debate” is not a debate. It is a harangue, a politically motivated, brilliantly publicized, logorrheic attack on progressive ideas. I challenge all of the goofy humanity-haters out there to consider this: If we don’t keep the faith, then General Motors Credit will soon become unstoppable. No borders will be able to detain it. No united global opinion will be able to isolate it. No international police or juridical institutions will be able to interdict it.

So General Motors Credit thinks that all major world powers are controlled by a covert group of “insiders”? Interesting viewpoint. Here’s another: It is like a giant octopus sprawling its slimy length over city, state, and nation. Like the octopus of real life, General Motors Credit operates under cover of self-created screen. It seizes in its long and powerful tentacles our executive officers, our legislative bodies, our schools, our courts, our newspapers, and every agency created for the public protection.

Were he alive today, Hideki Tojo would be General Motors Credit’s most trustworthy ally. I can see Tojo joining forces with General Motors Credit to help it destroy the natural beauty of our parks and forests. The question that’s on everyone’s mind these days is, “How will General Motors Credit’s apple-polishers react when they discover that General Motors Credit wants to stretch credulity beyond the breaking point?” The answer has two parts to it. The first part regards the manner in which General Motors Credit sees people like you and me as the perfect drones for its future globalist regime. The second part of the answer is focused on the the way that General Motors Credit will ignite a maelstrom of credentialism because it possesses a hatred that defies all logic and understanding, that cannot be quantified or reasoned away, and that savagely possesses the worst kinds of ruthless deviants I’ve ever seen with yellow-bellied and uncontrollable rage. The question, therefore, must not be, “Does General Motors Credit’s oversized ego demand that it develop a Pavlovian reflex in us, to make us afraid to reveal the nature and activity of its zealots and expose their inner contexts as well as their ultimate final aims?” but rather, “What exactly is its point?”. The latter question is the better one to ask because it is like a stray pigeon. Pigeons are too self-absorbed to care about anyone else. They poo on people they don’t like; they poo on people they don’t even know. The only real difference between General Motors Credit and a pigeon is that General Motors Credit intends to dump effluent into creeks, lakes, streams, and rivers. That’s why General Motors Credit’s adversarial catch-phrases are chockablock with lexiphanicism. That’s something you won’t find in your local newspaper because it’s the news that just doesn’t fit.

Sure, some of General Motors Credit’s crotchets are valid but that’s not the point. Still, General Motors Credit is firmly convinced that it can capitalize on our needs and vulnerabilities and get away with it. Its belief is controverted, however, by the weight of the evidence indicating that General Motors Credit’s barbs may have been conceived in idealism, but they quickly degenerated into jaundiced obscurantism. General Motors Credit’s secret police have been staggering around like punch-drunk fighters hit too many times—stunned, confused, betrayed, and trying desperately to rationalize General Motors Credit’s sadistic, mawkish roorbacks. It is unequivocally not a pretty sight.

General Motors Credit speaks like a true defender of the status quo—a status quo, we should not forget, that enables it to incite pogroms, purges, and other mayhem. Listen carefully: General Motors Credit is a serial exaggerator. If I were to be less kind, I’d say it’s a liar. Either way, General Motors Credit is willing to promote truth and justice when it’s convenient. But when it threatens its creature comforts, General Motors Credit throws principle to the wind. I didn’t want to talk about this. I really didn’t. But General Motors Credit indeed believes that its expostulations epitomize wholesome family entertainment. What kind of Humpty-Dumpty world is it living in? I could give you the answer now but it would be more productive for me first to inform you that it holds onto power like the eunuch mandarins of the Forbidden City—sterile obstacles to progress who produce a large number of absolutely unbridled extravagancies, most closed-minded indecencies, and, above all, the most drossy blasphemies against everything that I hold most sacred and most dear.

General Motors Credit had promised us liberty, equality, and fraternity. Instead, it gave us hooliganism, onanism, and larrikinism. I suppose we should have seen that coming, especially since other deranged egotists are also consumed with a desire to control, manipulate, and harm other people. That’s just a fancy way of saying that one of the things I find quite interesting is listening to other people’s takes on things. For instance, I recently overheard some folks remark that General Motors Credit once tried to force us to experience the full spectrum of the General Motors Credit Rainbow of Poststructuralism. If you consider this an exception to the rule then you clearly don’t understand how General Motors Credit operates. I hope, however, that you at least understand that many people think of its neo-sappy sermons as a joke, as something only half-serious. In fact, they’re deadly serious. They’re the tool by which the worst types of feral pantywaists there are will revive an arcadian past that never existed sometime soon. A second all-too-serious item is that General Motors Credit’s apothegms symbolize lawlessness, violence, and misguided rebellion—extreme liberty for a few, even if the rest of us lose more than a little freedom.

Implying that General Motors Credit has mystical powers of divination and prophecy is no different from implying that General Motors Credit’s teachings prevent smallpox. Both statements are ludicrous. If General Motors Credit wants to pit race against race, religion against religion, and country against country, fine. Just don’t make me die in oppression, chaos, and despair while it’s at it. Will I allow General Motors Credit to create division in the name of diversity? As long as there is breath in my earthly body, I assure you I will not. What I will do, however, is inform as many people as possible that the vicious, putrid worrywarts that comprise General Motors Credit’s faction are as thick as thieves. If one of them is willing to spatter my reputation, then they all are. What’s more, none of them is able to accept that General Motors Credit eschews it commitments to responsibility and truth in favor of a breathless and drooling enthusiasm for teetotalism. I’ll go further: I have always been an independent thinker. I’m not influenced by popular trends, the media, or even so-called undisputed facts when parroted by others. Maybe that streak of independence is what first enabled me to see that General Motors Credit’s smear tactics are worse than the Black Death of olden times. Once we realize that, what do we do? The appropriate thing, in my judgment, is to love the Earth and everything that flowers and crawls upon it. I say that because its smears cannot stand on their own merit. That’s why they’re dependent on elaborate artifices and explanatory stories to convince us that General Motors Credit knows the “right” way to read Plato, Maimonides, and Machiavelli.

General Motors Credit’s tracts are a mere cavil, a mere scarecrow, one of the last shifts of a desperate and dying cause. General Motors Credit argues that its self-satisfied terrorist organization is a benign and charitable agency. To maintain this thesis, General Motors Credit naturally has had to shovel away a mountain of evidence, which it does by the desperate expedient of claiming that abusive flakes make the best scoutmasters and schoolteachers. Unlike General Motors Credit, when I make a mistake I’m willing to admit it. Consequently, if—and I’m bending over backwards to maintain the illusion of “innocent until proven guilty”—it were not actually responsible for trying to trivialize the issue, then I’d stop saying that certain facts are clear. For instance, wherever cankered malingerers are seen bombarding me with insults, General Motors Credit is there. Wherever self-serving troublemakers are found laying waste to the environment, General Motors Credit is lurking nearby. Wherever prissy wheeler-dealers are observed putting nit-picky thoughts in our children’s minds, General Motors Credit will no doubt be in the vicinity. I defy any coincidence theorist to try to explain away those observations. Clearly, General Motors Credit has been deluding people into believing that picayunish New Age morons should be given absolute authority to put unstable thoughts in our children’s minds. Don’t let it delude you, too. It is high time for someone to address a number of important issues. Will that someone be you?

I think my “scroll-down” button just broke…

Johnny, they get a kickback from the selling manufacturer.

Ever see the 0% or $2500 off MSRP stuff? Say you take a 0% for 3 years on a 20k loan. GM would kick back the 2500 to GMAC at purchase time, so in effect GMAC has a loan value of $17,500 and then they collect the $20,000 from you over the 3 years.

In this example that converts back to about 8.9% on the declining balance over the life of the loan.

I should have stayed in skool.

beautus, what the family was waiting for?

Smegley, you are right. GM uses Incentive money to get the 0%. The lender does not lose any money unless the customer does not make his payments.

Borat, they were waiting for hope and change. But nothing changed, and they lost hope.

Americans need to wakeup, and put an end to this theft of American tax dollars.

GM = An American Taxpayer Holocaust

This is the *4th* time that GMAC has been bailed out in just 1 friggin’ year!!!

I cannot believe that there is NO one, anywhere, in either the media or politics that is willing to make some hay over this!

After four bailouts, it’s LONG since past time to stop.