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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 Superfly View Post
    **guilty pleasure**

    I love that show. But yeah, I used to give my daughter all kinds of stuff that I had too much of. I was always giving her unitaskers (as Alton Brown calls them) that I thought I absolutely had to have, that I never used. I still have enough unitaskers that I have a shelf in my garage filled with them.
    if still in the box, future wedding presents for those people you barely know but insist on inviting you to the reception anyway..
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by Tigger View Post
    Not Necessarily. Personal Story....

    In February of 2001 my maternal grandfather passed away in Minnesota. My mother had been visiting for the two weeks before he passed. Once all the plane tickets, hotels, etc.... were added up, it became clear that my parents would be very close to the limit on their one and only credit card. They called the credit card company to ask for a temporary credit increase and were turned down. When they go the letter, it said "Insufficient Activity on Card" as the reason for denial. They used it regularly, but always paid it off at the end of the month. A friend of theirs in the financial industry told them that quite a few credit card companies consider a card "Inactive" in any month that they do not charge INTEREST to that account.
    I'm no expert, but I personally think that your parents' problem (despite what they said) was that they suddenly changed their credit card useage. This is a red flag alert for most credit cards.

    Tom wanted to buy a GPS system in a hurry...this was probably six-seven years ago when they still cost $600 or so. (He's probably got a $10K limit on that card and normally doesn't carry a balance.) We weren't sure which GPS would be the easiest for him to use, and we wanted a particular brand -- but he was willing to take "anything he could get" because he needed it for the next day. So. We bought one for $600 or so at Circuit City . . . then went to Best Buy and bought another brand there . . . finally to a third store...where, when he presented his card, it was confiscated and he was asked to call the credit card company. (This was all in the space of an hour-and-a-half or so.) He had to explain what he was doing, give the last four of his SSN and answer "his secret question" before they released the card.

    I was travelling in Kentucky to see family (I'm from Illinois), and used my card to stay overnight in Cincinnati; charged dinner, etc.; the next day I gassed up in Lexington, KY. Then I went to a gas station/cigarette store in Manchester and bought about ten cartons of cigarettes for some of my family there. My card was refused for much the same reason -- "unusual pattern." Took me an hour to straighten it out, and I had to do the same thing Tom did.

    Big brother is waaaaatching....
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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by KevinKohler View Post
    20% of the average home price is a lot of cash.
    buy below average condition in a nice neighborhood and fix it up.....
    sell it and repeat the process. Fellow I know kept doing that, after 4 of 5 homes he had one built to his wife's liking and paid cash. Down side of that is the frequent moving.
    But that was then, nowadays a house is not so much a growing asset....
    Oracle of Utah
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    Re: GM Ramps Up Risky Subprime Auto Loans

    The GM actions of Obama should feature prominently as a Republican issue.

    The government "loaned" GM billions. GM uses the money to shift US production to China, building new facilities there. GM then "repays" the government with STOCK in GM - meaning not repaying at all. The money, of course, for the US government loan came from borrowing it from China...


    So... the reality is that the US government borrowed money from China to pay for shifting US auto production and jobs from the USA to China - and now we are paying interest to China on the loans used to shift jobs to China paying China to built the auto factories. The president amazing BRAGS of the government PAYING CHINA including with interest to shift US auto production to China.

    GM was not saved. It was moved to China at our expense. The only people saved was possibly pensions for retired GM auto workers.

    Why shouldn't GM get money anywhere it can get if from including sub-prime loans? The government and Obama have no choice but to bailout anything GM does so Obama can keep bragging of "success in saving GM" - when really all he did was us US taxpayer money to shift GM production permanently to China.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by joko104 View Post
    The GM actions of Obama should feature prominently as a Republican issue.

    The government "loaned" GM billions. GM uses the money to shift US production to China, building new facilities there. GM then "repays" the government with STOCK in GM - meaning not repaying at all. The money, of course, for the US government loan came from borrowing it from China...


    So... the reality is that the US government borrowed money from China to pay for shifting US auto production and jobs from the USA to China - and now we are paying interest to China on the loans used to shift jobs to China paying China to built the auto factories. The president amazing BRAGS of the government PAYING CHINA including with interest to shift US auto production to China.

    GM was not saved. It was moved to China at our expense. The only people saved was possibly pensions for retired GM auto workers.

    Why shouldn't GM get money anywhere it can get if from including sub-prime loans? The government and Obama have no choice but to bailout anything GM does so Obama can keep bragging of "success in saving GM" - when really all he did was us US taxpayer money to shift GM production permanently to China.
    GM is building cars in China for the Chinese market -- not for the US market. Same reason that Japanese and Korean companies are building cars in the US: it's expensive to ship cars half-way around the world.

    Of course they are also adding jobs in the U.S., e.g.:

    GM adds 250 jobs at Corvette plant in Ky. | Deseret News
    GM adds 200 jobs at Chevy Volt plant | General Motors news | Detroit Free Press | freep.com
    GM Adds 400 Jobs at Wentzville, MO Plant, Mulls Expansion | LinkedIn
    GM adds third shift at Texas plant, 800 jobs - Jun. 22, 2012
    "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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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by AdamT View Post
    GM is building cars in China for the Chinese market -- not for the US market. Same reason that Japanese and Korean companies are building cars in the US: it's expensive to ship cars half-way around the world.

    Of course they are also adding jobs in the U.S., e.g.:

    GM adds 250 jobs at Corvette plant in Ky. | Deseret News
    GM adds 200 jobs at Chevy Volt plant | General Motors news | Detroit Free Press | freep.com
    GM Adds 400 Jobs at Wentzville, MO Plant, Mulls Expansion | LinkedIn
    GM adds third shift at Texas plant, 800 jobs - Jun. 22, 2012
    Actually, those companies assemble in the US, not build and they do it because by having some of their production here they get no or reduced import duties on all their models. It doesn't really have anything to do with cost of shipping them. Honda actually assembles it's entire accord line in the US (has since the 1980s, or it used to at least) and ships them back to Japan and elsewhere in the world.

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by AdamT View Post
    GM is building cars in China for the Chinese market -- not for the US market. Same reason that Japanese and Korean companies are building cars in the US: it's expensive to ship cars half-way around the world.
    Of course they are also adding jobs in the U.S., e.g.:

    GM adds 250 jobs at Corvette plant in Ky. | Deseret News
    GM adds 200 jobs at Chevy Volt plant | General Motors news | Detroit Free Press | freep.com
    GM Adds 400 Jobs at Wentzville, MO Plant, Mulls Expansion | LinkedIn
    GM adds third shift at Texas plant, 800 jobs - Jun. 22, 2012
    Then why did the Obama administration give Fisker a 529 million dollar loan to build its electric sports car in Finland and sell it in the USA?

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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by DVSentinel View Post
    Actually, those companies assemble in the US, not build and they do it because by having some of their production here they get no or reduced import duties on all their models. It doesn't really have anything to do with cost of shipping them. Honda actually assembles it's entire accord line in the US (has since the 1980s, or it used to at least) and ships them back to Japan and elsewhere in the world.
    Looking into it more, it seems that the main reason Japan is building in the US is the relative strength of the yen vs. the dollar.
    "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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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by jerry7 View Post
    Then why did the Obama administration give Fisker a 529 million dollar loan to build its electric sports car in Finland and sell it in the USA?
    They gave them the loan with the understanding that they would build a plant in the U.S. Funding was cut off when it seemed like Fisker was backing out of their commitment. All of the original loan money was to be spent in the US on parts for the Finland car and the US factory.
    Last edited by AdamT; 07-31-12 at 06:17 PM.
    "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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    Re: GM Ramps Up Risky Subprime Auto Loans

    Quote Originally Posted by AdamT View Post
    Looking into it more, it seems that the main reason Japan is building in the US is the relative strength of the yen vs. the dollar.
    Even with the yen vs dollar, it would of still been cheaper for them to go to Mexico, S. Korea, Brazil and economies like those. I haven't looked up current yen to the dollar, but when I left Okinawa about 10 years ago, it was pretty stable just above 100yen to the dollar. In the 80's, my first time there was in 88, it was around 170 yen to the dollar. GH Bush (AKA Bush I or senior) started forcing it down towards a goal of 100 yen per dollar and Clinton continued the trend until it got near there.

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