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Old 12-31-2008, 12:09 AM   #1
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Default GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009 Satu

A new story entry has been added:

GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009 Saturns

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General Motors today announced new reduced rate 4.9% APR financing on select Saturns, and rates as low as 0% APR for up to 60 months on other select new GM cars and trucks. The reduced rate financing is available to qualified buyers today through January 5, 2009 on many 2008 and select 2009 model year vehicles.

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Old 12-31-2008, 10:36 PM   #2
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

>"We're very excited to offer this reduced rate financing through GMAC to encourage...."

I believe the timing of this was determined by the (delayed) transition of GMAC into a bank holding company , enabling it access to a portion of the TARP funding. It was also necessary for GMACs' bondholders to agree to a "debt-for-equity 'swap' ", which is like a pay cut combined with a pension cut for the bondholders. The delays (and requirements for the bondholders to lose out) are a 'sign of the times' : In 'normal' economic downturns the automakers compete with rebates and liberal financing. Currently the overall financial syatem is so fragile that not only was credit unavailable for prospective car-buyers , it was nowhere to be found for the banks , automakers, suppliers , or the auto-lending entities !

Such a reversal is (I) An example of normal , negative-feedback institutions (which promote economic stability) collapsing into an unintended positive-feedback death spiral at JUST the time when it could have been most useful; (II) A classic indication that the somewhat-regulated financial market structure , while efficient at low levels of variation (of forced inputs) becomes quite hopeless/helpless when the disruptive forces become rather more energetic.

Even with the amount of money gushing out of the Treasury , the bondholders' participation was barely adequate to allow the recapitalization of GMAC to procede.

http://www.nytimes.com/2009/01/01/bu...prod=permalink
Business GMAC Raises $21.2 Billion in Debt Swap
By THE ASSOCIATED PRESS Published: January 1, 2009
The debt-for-equity swap that was intended to help GMAC raise enough capital to qualify for federal aid.

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Old 01-01-2009, 12:01 PM   #3
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

Yes, of course, they are. They are doing whatever it takes to get rid of the remaining Saturn stock. So they can close up shop.

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Old 01-01-2009, 12:50 PM   #4
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

keep in mind they did nothing for saturn. you pay 1000 bucks or more, depending on which car, to get the 4.9. better to take the money and get 5.5 percent from one of our banks. good thought but useless at this point

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Old 01-01-2009, 01:32 PM   #5
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

Saturn is done. all the TV ads are for Cadillac, Pontiac, Chevy, GMC, and Buick. And 4.9% doesn't seem that good to me either....

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Old 01-01-2009, 01:34 PM   #6
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

especially when you have to give up money to get 4.9

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Old 01-02-2009, 01:37 PM   #7
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

Quote:
Originally Posted by onefunkar View Post
keep in mind they did nothing for saturn. you pay 1000 bucks or more, depending on which car, to get the 4.9. better to take the money and get 5.5 percent from one of our banks. good thought but useless at this point
You only get 5.5% at a bank if your credit rating is 700 or above, maybe over 750. I heard that GMAC is going to give the low rate loans to 620 and above.
Apparently the car business (and the economy in general) won't survive without giving credit to people with bad credit.
Frugal people are too frugal.

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Old 01-02-2009, 01:58 PM   #8
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

If you found a 2008 Saab 9-3 on the lot ($30,000) payments would be $535 (including sales tax
at 4.9% a $535 payment would be ~$26500
at 2.9% a $535 payment would be ~$28000
An Astra would be about $382 per month for me at 4.9% ($19000)

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Old 01-02-2009, 02:15 PM   #9
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

true. in some cases with lower credit scores maybe gmac would come out better. hwever i dont see people knocking the doors down to get 4.9 percent on a couple of cars. they need to either make it good or dont bother. the magic number for customers seems to be 0 percent for 6 years. then it gets busy

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Old 01-03-2009, 01:17 PM   #10
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

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Originally Posted by onefunkar View Post
true. in some cases with lower credit scores maybe gmac would come out better. hwever i dont see people knocking the doors down to get 4.9 percent on a couple of cars. they need to either make it good or dont bother. the magic number for customers seems to be 0 percent for 6 years. then it gets busy
I wouldn't get a new car based on interest rate unless my payment ended up being $100 less per month. Say I was going to buy a Ford F150 for $654 per month at 7% interest (about $31K), If Dodge or Chevy announce a 0% deal and I can get a similar $31K truck for $550 a month I'd go for that one. Any less and my judgment still goes by whichever car I like better.

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Old 01-03-2009, 01:31 PM   #11
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

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Originally Posted by Joep76 View Post
Yes, of course, they are. They are doing whatever it takes to get rid of the remaining Saturn stock. So they can close up shop.
At an interest rate of five cents on the dollar? Don't count on Saturns flying off the lots at breakneck speed. I really don't know if bargain basement pricing is the answer to moving the metal either.

It would take a couple of years from when GM makes official a death sentence for Saturn to liquidate its inventory - even with 400 dealers.


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Old 01-03-2009, 02:23 PM   #12
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

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It would take a couple of years from when GM makes official a death sentence for Saturn to liquidate its inventory - even with 400 dealers.
If Saturn stops all product development, with no plans for any 2010 models, I would think the retailers would close a lot sooner than a couple of years.

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Old 01-03-2009, 02:45 PM   #13
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

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If Saturn stops all product development, with no plans for any 2010 models, I would think the retailers would close a lot sooner than a couple of years.
True, but that would depend largely on inventory levels. The higher the number, the more metal retailers have to move. Perhaps the figures have changed but some Saturn models were at 140-160 day supply the last time I checked. That's about 5-6 months' time. If your point is that loads of unsold product and no long term outlook will create the perfect storm of frustration for Saturn retailers, you'll get no argument from me.

I was also using Oldsmobile as the basis for my theory. Now that I think of it GM built Oldsmobiles right up through the 2003 calendar year.


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Old 01-03-2009, 04:08 PM   #14
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

ive NEVER heard anyone say that the 2010 saturn s wont come out.

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Old 01-04-2009, 12:12 AM   #15
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

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ive NEVER heard anyone say that the 2010 saturn s wont come out.
Now you have!

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Old 01-04-2009, 09:33 AM   #16
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

how do you know that? no one knows that if its true. jill doesnt even know that if its true.

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Old 01-04-2009, 01:23 PM   #17
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Default Re: GM Announces New 4.9% Loan Financing for Up to 60 Months on Select 2008 and 2009

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ive NEVER heard anyone say that the 2010 saturn s wont come out.
Me neither. I think it's business as usual until a decision on what to do with non-core brands are finalized. Perhaps you and I should have clarified that we want a press release or an announcement coming from either Rick or Jill, thereby making it official that Saturn is history.

The Blue Oval forum gang is getting the sense that GM may backpedal on shuttering Saturn now that they have the bailout money (and they're not alone). The Ren Cen brass still need a plan going forward if they want more government assistance.


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Last edited by GR898SL2; 01-04-2009 at 01:29 PM..

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