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Thread: Subprime Auto Loans

  1. #41
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    Re: Subprime Auto Loans

    Quote Originally Posted by MaggieD View Post
    Know why companies give sub-prime loans? They're very profitable. If they weren't, companies wouldn't make them.
    Know why the government had to give GMAC $17.2 billion. Because they are not always profitable. They help move cars at the risk of not getting paid.

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    Re: Subprime Auto Loans

    Their entry into the sub-prime market is a business decision. If we don't want them to make business decisions, our government should have let them fold.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Subprime Auto Loans

    Quote Originally Posted by washunut View Post
    Know why the government had to give GMAC $17.2 billion. Because they are not always profitable. They help move cars at the risk of not getting paid.
    GMAC is not just in the auto loan biz. I wonder if the housing bubble bust had more to do with their problems.

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    Re: Subprime Auto Loans

    Quote Originally Posted by winston53660 View Post
    GMAC is not just in the auto loan biz. I wonder if the housing bubble bust had more to do with their problems.
    You are correct it did. Remember GM is buying an existing company, we don't know if they are in other markets. We don't know what markets they will move into.

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    Re: Subprime Auto Loans

    Quote Originally Posted by MaggieD View Post
    Their entry into the sub-prime market is a business decision. If we don't want them to make business decisions, our government should have let them fold.
    Correct, bailing out an industrial company was a bad idea.

    Before anyone goes nuts, the bailout started under Bush so the above is apolitical.

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    Re: Subprime Auto Loans

    Quote Originally Posted by Goldenboy219 View Post
    Might as well provide a source for your comment (for the sake of citation).
    Larry Kudlow estimates still in the hole $45 billion.

    Here is the same number from a different source after they paid down a small portion. Notice it says they plan to repay that part through their IPO (which I think if supposed to happen semi soon)...

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    Re: Subprime Auto Loans

    Debt issues are common knowledge, but your source is heavily outdated. GM had a first quarter profit of around $850 million in 2010.

    http://http://www.dailyfinance.com/s...2007/19479846/
    Last edited by Kushinator; 07-27-10 at 01:48 PM.
    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.
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    Re: Subprime Auto Loans

    First off, forgive me as I am posting via an iPad while in traffic.

    My question is, did you post out of intellectual dishonesty, or on purpose. Please remember your initial remark towards me.
    Last edited by Kushinator; 07-27-10 at 01:50 PM.
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Subprime Auto Loans

    Quote Originally Posted by Goldenboy219 View Post
    Debt issues are common knowledge, but your source is heavily outdated. GM had a first quarter profit of around $850 million in 2010.

    http://http://www.dailyfinance.com/s...2007/19479846/
    My first source from 7/22/10 is heavily out of date??

    Also, profit or not, that is irrelevant to the fact that the taxpayer is still in the hole $45 billion courtesy of GM and that will not change until we see how the IPO plays out... (the point of my 2nd outdated link)

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    Re: Subprime Auto Loans

    Quote Originally Posted by NolaMan View Post
    These losses are currently still running in the tens of billions, will have to wait and see how the upcoming IPO plays out and when the government actually gets out of GM.
    Care to comment?
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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