The United States Senate has approved stop-gap loans worth $25 billion for the beleaguered Detroit-based auto industry. The loans, which were highly anticipated by the automakers, are to be used for retooling old plants and for developing fuel-efficient new vehicles.
The loans, which will be doled out by the Energy Department, will be available to automakers no sooner than six months from now and will carry a 5 percent interest rate. That’s at least half the interest rate the automakers would have otherwise had to pay given their current status within the weakened economy. The loans will be good for up to 25 years before they will need to be repaid.
Michigan senator Debbie Stabenow has declared that the minimum six month period before the loans become available to automakers to be unacceptable. She says she will work to make the Federal loans available much sooner.



09/29, 10:56 AM
posted by:
Need more oil for GM
I hope the taxes go up to pay for this as punishment for all the unAmerican jackasses out there who buy imports and other non GM vehicles. It is those people who need the huge wakeup call to get with the program and dump their POS for a GM now!
09/29, 11:04 AM
posted by:
SageCallahan
Shut the hell up already. GM cars are just as full of BS as you are. Jesus, I bet you drive a first-gen Beetle judging by the way you post.
09/29, 11:52 AM
posted by:
WootyMcBooty
Oil for GM, I respect what you’re doin’ there, but thats no way to do it. I’m a huge fan of American Cars, as well as a decent majority of German Imports (Asian imports could go away any day and I wouldn’t shed a tear) but pseudo-bullying people on the internet will never come off as a win for GM (or ever change their minds for that matter). If you really love your car company, just let them do the talking, they have a billion dollar a month advertising budget for that.
09/29, 2:02 PM
posted by:
HoosierHero
If anything, Oil for GM just makes me hate them more. Though with their newest Aveo offering it isn’t too hard. GJ douchebag!
09/29, 2:48 PM
posted by:
yarddog82abn
You know, this $25 billion in loans for the Detroit auto industry is the what we needed to keeps and make more Jobs, and Need more oil you need to open your eye and go beyond your little hick town, ya GM is grate and do do make good vehicles, but really it’s getting a little old…..
09/29, 3:58 PM
posted by:
beatusmongous
Guys, NMOFGM is a troll trying to piss everyone off. He really doesn’t believe anything he writes. In fact, it seems like he speaks in opposites almost 100% of the time. He’s either a schizophrenic who thinks he’s Jerry Seinfeld, or he’s really CrackerHemi posing as GM’s version of iHustle. Just ignore him, and he may go away.
By the way, he really WANTS you all to hate GM more. That’s his plan, to act like an @$$ to make people uncomfortable with GM products.
09/29, 4:26 PM
posted by:
johnnycanuck
I wonder if Chrysler’s going to pony up to the trough like the rest of them? Cerberus obviously has deep enough pockets that they don’t need to avail themselves of the Fed’s generosity, but might they anyway just to take advantage of the rate and term?
09/29, 8:33 PM
posted by:
tyler_is_aero_tt
beatusmongous, touche.
09/30, 2:37 PM
posted by:
Need more oil for GM
beatusmongous your wrong pal. I am a devoted GM fan who will not accept import sh1t and I’ll scorn at any unAmerican sh1thead who buys any import POS over a GM. If you opened up your eyes instead of being a closed minded punk you’d see I am doing this country good. My dad raised me on GM products and to hate import garbage.
He used to make anyone who came over our house that wasn;t driving a GM vehicle park down the street at the schoolyard so that they didn’t stink up our driveway. Eventually, my family bought all GM cars so that they didn;t have to walk. YOu should try it sometime
09/30, 4:19 PM
posted by:
beatusmongous
I’m not a close minded punk! You’re just wrong! (Some people will get that)
I am SOOOOO right about you. Especially when your name is “Need more oil for GM”, which seems to indicate your perception that GM cars are gas guzzlers.
It was funny in the beginning, but it’s getting annoying.
Buying American is one thing, but wishing for and promoting the demise of Ford and Chrysler in favor of GM is very un-American. Your statements have been so strong, and so delusional, that it’s difficult to believe you are genuine about your statements. If it’s true that your “daddy” raised you to hate “import garbage”, then he did you a disservice. If it weren’t for that “import garbage”, GM wouldn’t be producing with 1/2 the quality they produce today. When there is no competition, there is no reason to improve, and no limit on price. And that brings us back to the un-American attitude of a GM monopoly.
People all over the world laugh at our products due to their past reputation. Even today, with the ZR1, Ford GT, Cobalt and the Viper being among the most nimble of cars ever, the general perception in the rest of the world is that American cars are only good in a straight line and can’t handle worth crap. And yet, all of those cars can stick to the road as if they were bolted to it. In fact, the NSX (known for its handling) doesn’t even hold a candle to the nimbleness of these American cars. This reputation is because of the lack of response to the competition of the rest of the world. And now, finally, the Big 3 have awakened, and are producing very quality results. Hopefully, if the rest of us don’t screw it up with our arrogant attitudes and our refusal to be more open minded about the world (Need more oil for GM), people in other parts of the world will be proud to say they own an American car.
If you are truly serious, and I don’t believe you are, you are doing our country a disservice by living up to the bad reputation that we Americans have. You are acting like an ignorant and arrogant @$$hole.
10/02, 12:08 PM
posted by:
Need more oil for GM
I hope the taxes go up to pay for this as punishment for all the unAmerican jackasses out there who buy imports and other non GM vehicles. It is those people who need the huge wakeup call to get with the program and dump their POS for a GM