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Thread: GM Ramps Up Risky Subprime Auto Loans

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Born Free View Post
    For sure they had the wrong card company.
    Interestingly enough it was a GM Card.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Worst thing I ever did for my credit rating was pay off my car two years early. Withou debt, one has no credit. In order to achieve a better credit score, I was advised to ramp up a credit card, and make on tine interest payments. Up till then, I had always paid the total ballance up front. Guess what? It worked, and I was able to buy my house shortly after. True story.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by KevinKohler View Post
    Worst thing I ever did for my credit rating was pay off my car two years early. Withou debt, one has no credit. In order to achieve a better credit score, I was advised to ramp up a credit card, and make on tine interest payments. Up till then, I had always paid the total ballance up front. Guess what? It worked, and I was able to buy my house shortly after. True story.
    If you have 20% down payment when buying a house, they don't care what your credit score is....they HOPE you default....
    Oracle of Utah
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by DVSentinel View Post
    Frankly, except for the need for a warranty, I would stay completely away from newer cars. It may cost a bit, and some won't agree that it is worth that cost, but I prefer transferring a lot of modern technology onto older vehicles. Sure, it's going to cost me a little over $4k to put a decent sequential fuel injection system onto my current project, a '71 Chevelle (I would go for direct injection, but haven't found anyone that produces the system and heads aftermarket for a 454), but I will have complete control of the system (once I learn the software) and I won't need all those special tools and testing equipment to use and troubleshoot it. If I wanted a 'vette, I would go for a late 70s early 80s (80-82) model, they look cooler and for less than half the cost of a Z06, I can add the drivability and end up with one that is faster, better handling, more fuel efficient and would kick the ass of any new one or a GTR. Because I don't have to deal with EPA restrictions, other than cats on post '76 models before the introduction of OBD-I, I can do a lot more with it than anyone ever legally could with the new ones.
    I've done/am doing that to my 76'. New suspension, fully adjustable, made from fiberglass. New tko600, wider wheels, running 295s in the back, and 265s in the front, kumho exta tires, rack and pinion steering, aluminum calipers with hawk pads, and a vortec top end rebuild on the 350, making, maybe...350hp? Either way, though, I can tell you...if I wanted to close in on NEW z06 performance, I'd need a new frame, and lose a LOT of weight. It'd cost me more, I think, to build a street legal car, out of a C3, that could hang with the likes of a new Z06, or a GTR. It's a daunting task. I figure my car can ALMOST hang with a base C5, needing more power to run with the C5 Z. And the difference between the C5 and C6 Z is astronomical. Plus, those new vettes have a heads up display on the windshield that is cool as he'll!
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by UtahBill View Post
    If you have 20% down payment when buying a house, they don't care what your credit score is....they HOPE you default....
    That's true. There were a couple of lenders who were offering subprime mortgages with credit scores below 640, but you had to have a down payment. IIRC, it was something like 580 to 600 you had to have 10%, 600 to 620 you had to have 5% and 620 to 639 you had to have 3%. Wells Fargo was one - I don't remember who the other was.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    20% of the average home price is a lot of cash.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    I never had a problem with mortgages, but then I have VA. They won't let me go non-VA. With VA though, they are all tripping all over themselves trying to get me to refinance. Yeah, like there interest rate for the next 30 years is going to save me back the interest I have already paid and only have 20 years left. Sure, it my payment was at the edge of affordability, maybe, but my mortgage is only about 1/5 of my income.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by KevinKohler View Post
    I've done/am doing that to my 76'. New suspension, fully adjustable, made from fiberglass. New tko600, wider wheels, running 295s in the back, and 265s in the front, kumho exta tires, rack and pinion steering, aluminum calipers with hawk pads, and a vortec top end rebuild on the 350, making, maybe...350hp? Either way, though, I can tell you...if I wanted to close in on NEW z06 performance, I'd need a new frame, and lose a LOT of weight. It'd cost me more, I think, to build a street legal car, out of a C3, that could hang with the likes of a new Z06, or a GTR. It's a daunting task. I figure my car can ALMOST hang with a base C5, needing more power to run with the C5 Z. And the difference between the C5 and C6 Z is astronomical. Plus, those new vettes have a heads up display on the windshield that is cool as he'll!
    Going with a 454 myself, I am persuing a torgue based upgrade instead of hp. Daily driving mostly happens well below 3000 rpm, and with modern double overdrive transmissions, I am looking a tremec 6 speed manual, however there is a 6 speed 4l80 automatic available on summit, and decently high ratio rearend, it won't be the fastest for the power, but will be much more economical and practical for daily use. Suspension, medium up grade that doesn't reduce ride but handles well and keeps stock ride height (might consider a 1" lower, but not more than that", and of course a powered rack and pinion. Breaking is going to be a major pain though, looking for an after market ABS (or a controller to swap in an ABS), disks all around with vented cross drilled rotars and if I spend the money, 4 piston breaks up front. I was looking last night at sleeves for a block, going to have the check the price on after-market blocks, may be cheaper but the centrafugal sleeves are supposed to give better wear and greater strength than stock block materials, will also have to check out price on the newer CGI blocks, much better longterm wear. Even if I go with a new block, going to get an old one anyways and keep it. Many states emissions laws require you to meet the emissions of year of manufacture of the chasis or block, whichever is newer. I sure as hell don't want to meet 2012 standards in a car that was essentially zero emission when new (original was smog pump only, and even Cali doesn't care if you trash those anymore).

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by AdamT View Post
    There is nothing inherently wrong with subprime loans. Someone may be a higher risk and therefore you charge them a higher rate. This isn't like the realestate market where the value of new cars is suddenly going to fall through the floor.
    A new car losses its value once you drive it off the lot. So it suddenly falls.
    Last edited by Blue_State; 07-31-12 at 04:30 PM.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    I've done/am doing that to my 76'. New suspension, fully adjustable, made from fiberglass. New tko600, wider wheels, running 295s in the back, and 265s in the front, kumho exta tires, rack and pinion steering, aluminum calipers with hawk pads, and a vortec top end rebuild on the 350, making, maybe...350hp? Either way, though, I can tell you...if I wanted to close in on NEW z06 performance, I'd need a new frame, and lose a LOT of weight. It'd cost me more, I think, to build a street legal car, out of a C3, that could hang with the likes of a new Z06, or a GTR. It's a daunting task. I figure my car can ALMOST hang with a base C5, needing more power to run with the C5 Z. And the difference between the C5 and C6 Z is astronomical. Plus, those new vettes have a heads up display on the windshield that is cool as he'll!
    Going with a 454 myself, I am persuing a torgue based upgrade instead of hp. Daily driving mostly happens well below 3000 rpm, and with modern double overdrive transmissions, I am looking a tremec 6 speed manual, however there is a 6 speed 4l80 automatic available on summit, and decently high ratio rearend, it won't be the fastest for the power, but will be much more economical and practical for daily use. Suspension, medium up grade that doesn't reduce ride but handles well and keeps stock ride height (might consider a 1" lower, but not more than that", and of course a powered rack and pinion. Breaking is going to be a major pain though, looking for an after market ABS (or a controller to swap in an ABS), disks all around with vented cross drilled rotars and if I spend the money, 4 piston breaks up front. I was looking last night at sleeves for a block, going to have the check the price on after-market blocks, may be cheaper but the centrafugal sleeves are supposed to give better wear and greater strength than stock block materials, will also have to check out price on the newer CGI blocks, much better longterm wear. Even if I go with a new block, going to get an old one anyways and keep it. Many states emissions laws require you to meet the emissions of year of manufacture of the chasis or block, whichever is newer. I sure as hell don't want to meet 2012 standards in a car that was essentially zero emission when new (original was smog pump only, and even Cali doesn't care if you trash those anymore).
    Sounds like Obama has been good to you guys.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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