The Truth About Cars » GMAC http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Wed, 27 Apr 2016 20:11:12 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.4 Giving Thanks: The Dealer Who Swindled $6 Billion From General Motors http://www.thetruthaboutcars.com/2015/11/the-dealer-who-swindled-6-billion-from-general-motors/ http://www.thetruthaboutcars.com/2015/11/the-dealer-who-swindled-6-billion-from-general-motors/#comments Thu, 26 Nov 2015 22:00:49 +0000 http://www.thetruthaboutcars.com/?p=1230009 Editor’s notes: One of the best reads of the year, there’s nothing like some Fargo-style forgery on a massive scale to liven up your afternoon. This piece originally ran September 3rd, 2015. In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to […]

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Editor’s notes: One of the best reads of the year, there’s nothing like some Fargo-style forgery on a massive scale to liven up your afternoon. This piece originally ran September 3rd, 2015. In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to […]

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The Dealer Who Swindled $6 Billion From General Motors http://www.thetruthaboutcars.com/2015/09/dealer-swindled-6-billion-general-motors/ http://www.thetruthaboutcars.com/2015/09/dealer-swindled-6-billion-general-motors/#comments Thu, 03 Sep 2015 13:30:36 +0000 http://www.thetruthaboutcars.com/?p=1154505 In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to cover his tracks with General Motors Acceptance Corporation (GMAC). We can infer that he sold some floor-planned cars and did not pay back GMAC, which was the impetus for the movie’s storyline of […]

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In the opening moments of the above scene from the flick “Fargo,” Oldsmobile dealership sales manager Jerry Lundegaard is working up some bogus paperwork to cover his tracks with General Motors Acceptance Corporation (GMAC). We can infer that he sold some floor-planned cars and did not pay back GMAC, which was the impetus for the movie’s storyline of […]

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Chevrolet Offers 14.7% APR Financing To “Well Qualified” Corvette Buyers http://www.thetruthaboutcars.com/2014/06/chevrolet-offers-14-7-apr-financing-to-well-qualified-corvette-buyers/ http://www.thetruthaboutcars.com/2014/06/chevrolet-offers-14-7-apr-financing-to-well-qualified-corvette-buyers/#comments Fri, 27 Jun 2014 10:40:41 +0000 http://www.thetruthaboutcars.com/?p=853809 While perusing Chevy’s website to see if there is any color of the 2014 Corvette that actually makes the car look halfway decent, I came across the financing offer pictured above. And, no, I did not enter any personal info that would lead GM’s captive Ally Financial (or whoever the hell GMAC is now) to […]

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While perusing Chevy’s website to see if there is any color of the 2014 Corvette that actually makes the car look halfway decent, I came across the financing offer pictured above. And, no, I did not enter any personal info that would lead GM’s captive Ally Financial (or whoever the hell GMAC is now) to […]

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General Motors to Divest Remaining Ownership of Ally Financial http://www.thetruthaboutcars.com/2013/12/general-motors-to-divest-remaining-ownership-of-ally-financial/ http://www.thetruthaboutcars.com/2013/12/general-motors-to-divest-remaining-ownership-of-ally-financial/#comments Thu, 05 Dec 2013 12:53:39 +0000 http://www.thetruthaboutcars.com/?p=671586 Ally Financial, the bank holding company formerly known as GMAC, is still a major part of the United States federal government investment portfolio in the five years since it was bailed out at the start of the Great Recession. Yet, it may be able to soon divest its ownership in part due to General Motors […]

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Ally Financial, the bank holding company formerly known as GMAC, is still a major part of the United States federal government investment portfolio in the five years since it was bailed out at the start of the Great Recession. Yet, it may be able to soon divest its ownership in part due to General Motors […]

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97 Months And Running http://www.thetruthaboutcars.com/2013/04/97-months-and-running/ http://www.thetruthaboutcars.com/2013/04/97-months-and-running/#comments Mon, 15 Apr 2013 11:00:14 +0000 http://www.thetruthaboutcars.com/?p=484814 8 years to pay off a car? A report by the Wall Street Journal claims that in Q4 of 2012, the average car loan stretched out to 65 months, or just over 5 years. Loan terms were being stretched out over increasingly longer terms too, with credit firm Experian reporting that nearly 1 in 5 […]

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8 years to pay off a car? A report by the Wall Street Journal claims that in Q4 of 2012, the average car loan stretched out to 65 months, or just over 5 years. Loan terms were being stretched out over increasingly longer terms too, with credit firm Experian reporting that nearly 1 in 5 […]

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How A New Generation Of Sub-Prime Auto Financing Could Cause Another Catastrophe http://www.thetruthaboutcars.com/2013/04/qe-is-not-just-a-ship-how-a-new-generation-of-sub-prime-auto-financing-could-cause-another-catastrophe/ http://www.thetruthaboutcars.com/2013/04/qe-is-not-just-a-ship-how-a-new-generation-of-sub-prime-auto-financing-could-cause-another-catastrophe/#comments Fri, 05 Apr 2013 14:40:53 +0000 http://www.thetruthaboutcars.com/?p=483661 March was the 5th straight month of a SAAR above 15 million vehicles.  Industry analysts have explained the strength of the market in a number of ways. The need to replace older vehicles is one (new car sales were hit hard during the recession as consumers held on to their vehicles for longer. This also […]

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March was the 5th straight month of a SAAR above 15 million vehicles.  Industry analysts have explained the strength of the market in a number of ways. The need to replace older vehicles is one (new car sales were hit hard during the recession as consumers held on to their vehicles for longer. This also […]

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The Artist Formerly Known As GMAC Comes Back To Mami – Partially http://www.thetruthaboutcars.com/2012/11/the-artist-formerly-known-as-gmac-comes-back-to-mami-partially/ http://www.thetruthaboutcars.com/2012/11/the-artist-formerly-known-as-gmac-comes-back-to-mami-partially/#comments Thu, 22 Nov 2012 15:36:01 +0000 http://www.thetruthaboutcars.com/?p=467707 Bailed-out GM agreed to pay about $4.2 billion for the European and Latin American operations of likewise bailed-out Ally Financial, formerly known as GMAC. Ally, 74 percent owned by the U.S. government, did put the international operations up for sale to raise money for the repayment of bailout funds. The money now comes from GM. […]

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Bailed-out GM agreed to pay about $4.2 billion for the European and Latin American operations of likewise bailed-out Ally Financial, formerly known as GMAC. Ally, 74 percent owned by the U.S. government, did put the international operations up for sale to raise money for the repayment of bailout funds. The money now comes from GM. […]

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GM’s Floorplan Banker Could Take Mortgage Arm Bankrupt http://www.thetruthaboutcars.com/2012/05/gms-floorplan-banker-could-take-mortgage-arm-bankrupt/ http://www.thetruthaboutcars.com/2012/05/gms-floorplan-banker-could-take-mortgage-arm-bankrupt/#comments Tue, 08 May 2012 10:35:47 +0000 http://www.thetruthaboutcars.com/?p=443455 There is new trouble brewing in an important part of GM’s business: Ally, the former GMAC. Nearly 75 percent of the credit that GM dealers in the United States use to finance their inventories is from Ally, says a Reuters report. The report also says that Residential Capital (ResCap) – Ally’s mortgage servicing and lending […]

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There is new trouble brewing in an important part of GM’s business: Ally, the former GMAC. Nearly 75 percent of the credit that GM dealers in the United States use to finance their inventories is from Ally, says a Reuters report. The report also says that Residential Capital (ResCap) – Ally’s mortgage servicing and lending […]

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GM’s AmeriCredit Deal: Awaiting Approval http://www.thetruthaboutcars.com/2010/07/gms-americredit-deal-awaiting-approval/ http://www.thetruthaboutcars.com/2010/07/gms-americredit-deal-awaiting-approval/#comments Fri, 23 Jul 2010 17:59:44 +0000 http://www.thetruthaboutcars.com/?p=361460 Now that GM’s acquisition of the subprime lender AmeriCredit has had 24 hours to sink in, howls of protest are starting to surface. The charge is being led by Senator Chuck Grassley, who has requested a review of the deal from the SIGTARP, saying If GM has $3.5 billion in cash to buy a financial […]

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Now that GM’s acquisition of the subprime lender AmeriCredit has had 24 hours to sink in, howls of protest are starting to surface. The charge is being led by Senator Chuck Grassley, who has requested a review of the deal from the SIGTARP, saying If GM has $3.5 billion in cash to buy a financial […]

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Desperately Seeking Subprime: White House Admits GM’s IPO Dash Hurting Ally’s TARP Payback http://www.thetruthaboutcars.com/2010/06/desperately-seeking-subprime-white-house-admits-gms-ipo-dash-hurting-allys-tarp-payback/ http://www.thetruthaboutcars.com/2010/06/desperately-seeking-subprime-white-house-admits-gms-ipo-dash-hurting-allys-tarp-payback/#comments Thu, 24 Jun 2010 18:24:19 +0000 http://www.thetruthaboutcars.com/?p=359482 The WSJ [sub] reports that GM is officially looking outside of its former captive finance arm Ally Financial (formerly GMAC) as it seeks more subprime loan deals to drive sales volume ahead of its IPO. GM execs tell the WSJ that The General could do even better with an in-house finance arm, but that these […]

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The WSJ [sub] reports that GM is officially looking outside of its former captive finance arm Ally Financial (formerly GMAC) as it seeks more subprime loan deals to drive sales volume ahead of its IPO. GM execs tell the WSJ that The General could do even better with an in-house finance arm, but that these […]

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GM Captive Finance Push Explained: The General Wants More Subprime Business http://www.thetruthaboutcars.com/2010/05/gm-captive-finance-push-explained-the-general-wants-more-subprime-business/ http://www.thetruthaboutcars.com/2010/05/gm-captive-finance-push-explained-the-general-wants-more-subprime-business/#comments Mon, 17 May 2010 22:56:04 +0000 http://www.thetruthaboutcars.com/?p=356759 When we first heard that GM was eying a return to in-house financing, our first reaction was to worry that the potential for falling back into old bad habits can’t be ignored. Clearly our concern wasn’t wasted, as the AP [via Google] reports that The General’s major motivation for considering re-creating a captive lender is […]

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When we first heard that GM was eying a return to in-house financing, our first reaction was to worry that the potential for falling back into old bad habits can’t be ignored. Clearly our concern wasn’t wasted, as the AP [via Google] reports that The General’s major motivation for considering re-creating a captive lender is […]

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GM And Chrysler Racing Towards Captive Finance? http://www.thetruthaboutcars.com/2010/05/gm-and-chrysler-racing-towards-captive-finance/ http://www.thetruthaboutcars.com/2010/05/gm-and-chrysler-racing-towards-captive-finance/#comments Thu, 13 May 2010 18:25:16 +0000 http://www.thetruthaboutcars.com/?p=356451 News that GM is considering a number of options for a return to captive finance, has lit a fire under Chrysler CEO Sergio Marchionne, who tells the Detroit News that One of the things that we do not wish under any circumstance is to have an uncompetitive relationship vis-À-vis GM That would certainly be the […]

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News that GM is considering a number of options for a return to captive finance, has lit a fire under Chrysler CEO Sergio Marchionne, who tells the Detroit News that One of the things that we do not wish under any circumstance is to have an uncompetitive relationship vis-À-vis GM That would certainly be the […]

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GM Eying Return To Captive Finance? http://www.thetruthaboutcars.com/2010/05/gm-eying-return-to-captive-finance/ http://www.thetruthaboutcars.com/2010/05/gm-eying-return-to-captive-finance/#comments Tue, 11 May 2010 23:43:49 +0000 http://www.thetruthaboutcars.com/?p=356229 Three years after spinning off GMAC, with which it pioneered captive auto financing, General Motors may be considering a return to in-house finance. Bloomberg BusinessWeek reports that: GM may buy back the GMAC business, start a new finance unit or form a partnership with banks and other lenders, said the people, who asked not to […]

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Three years after spinning off GMAC, with which it pioneered captive auto financing, General Motors may be considering a return to in-house finance. Bloomberg BusinessWeek reports that: GM may buy back the GMAC business, start a new finance unit or form a partnership with banks and other lenders, said the people, who asked not to […]

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GMAC Renames Itself Ally Financial http://www.thetruthaboutcars.com/2010/05/gmac-renames-itself-ally-bank/ http://www.thetruthaboutcars.com/2010/05/gmac-renames-itself-ally-bank/#comments Sat, 08 May 2010 16:58:35 +0000 http://www.thetruthaboutcars.com/?p=355789 Perhaps the most fundamental challenge facing bailed-out financial and auto firms is convincing consumers to leave aside their anti-bailout prejudices and start buying their products. For GM, the first step in this process was as simple as repaying a loan and airing a “Mission Accomplished” advertisement that did everything but show Ed Whitacre landing on […]

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Perhaps the most fundamental challenge facing bailed-out financial and auto firms is convincing consumers to leave aside their anti-bailout prejudices and start buying their products. For GM, the first step in this process was as simple as repaying a loan and airing a “Mission Accomplished” advertisement that did everything but show Ed Whitacre landing on […]

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GM, GMAC Go Their Own Ways http://www.thetruthaboutcars.com/2010/03/gm-gmac-go-their-own-ways/ http://www.thetruthaboutcars.com/2010/03/gm-gmac-go-their-own-ways/#comments Wed, 17 Mar 2010 18:19:04 +0000 http://www.thetruthaboutcars.com/?p=349298 In their latest report, the Congressional Oversight Panel suggested that GM’s formerly captive finance arm GMAC shouldn’t have been split from the automaker it still supports. If this led you to believe that GM would take the troubled finance firm back under its corporate wing, you have another thought coming. The WSJ [sub] reports that […]

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In their latest report, the Congressional Oversight Panel suggested that GM’s formerly captive finance arm GMAC shouldn’t have been split from the automaker it still supports. If this led you to believe that GM would take the troubled finance firm back under its corporate wing, you have another thought coming. The WSJ [sub] reports that […]

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Congress: The GMAC Bailout Might Have Been A Bad Idea http://www.thetruthaboutcars.com/2010/03/congress-the-gmac-bailout-might-have-been-a-bad-idea/ http://www.thetruthaboutcars.com/2010/03/congress-the-gmac-bailout-might-have-been-a-bad-idea/#comments Fri, 12 Mar 2010 17:12:59 +0000 http://www.thetruthaboutcars.com/?p=348745 After three separate bailouts totaling over $17b, Congress is beginning to wonder if keeping auto-finance giant GMAC alive was worth it. Forbes reports that the Congressional Oversight Panel reckons at least $6.3b of that money could be gone forever, as GMAC flounders towards barely breaking even. And like the rest of the bailouts, the fundamental […]

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After three separate bailouts totaling over $17b, Congress is beginning to wonder if keeping auto-finance giant GMAC alive was worth it. Forbes reports that the Congressional Oversight Panel reckons at least $6.3b of that money could be gone forever, as GMAC flounders towards barely breaking even. And like the rest of the bailouts, the fundamental […]

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GMAC Needs More Loan And Lease Subsidies To Survive http://www.thetruthaboutcars.com/2010/02/gmac-needs-more-loan-and-lease-subsidies-to-survive/ http://www.thetruthaboutcars.com/2010/02/gmac-needs-more-loan-and-lease-subsidies-to-survive/#comments Fri, 12 Feb 2010 17:55:37 +0000 http://www.thetruthaboutcars.com/?p=345170 Having recently posted a nearly $5b loss, bailed-out auto finance giant GMAC says it needs more help from automakers to remain competitive. Automotive News [sub] reports that GMAC CEO Mike Carpenter told reporters that “the success of GMAC Financial Services hinges on more loan and lease subsidies from General Motors Co. and Chrysler Group,” and […]

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Having recently posted a nearly $5b loss, bailed-out auto finance giant GMAC says it needs more help from automakers to remain competitive. Automotive News [sub] reports that GMAC CEO Mike Carpenter told reporters that “the success of GMAC Financial Services hinges on more loan and lease subsidies from General Motors Co. and Chrysler Group,” and […]

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Congressional Oversight Panel: Why Did We Bail Out GMAC Again? http://www.thetruthaboutcars.com/2010/01/congressional-oversight-panel-why-did-we-bail-out-gmac-again/ http://www.thetruthaboutcars.com/2010/01/congressional-oversight-panel-why-did-we-bail-out-gmac-again/#comments Fri, 15 Jan 2010 19:33:28 +0000 http://www.thetruthaboutcars.com/?p=341896 The TARP bailout of GM finance partner GMAC is being criticized by a congressional oversight panel [full report in PDF format here], reports the Detroit Free Press. The panel alleges that the Treasury has not yet articulated a specific and convincing reason to support the company… It has never stated that a GMAC failure would […]

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The TARP bailout of GM finance partner GMAC is being criticized by a congressional oversight panel [full report in PDF format here], reports the Detroit Free Press. The panel alleges that the Treasury has not yet articulated a specific and convincing reason to support the company… It has never stated that a GMAC failure would […]

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Bailout Watch 579: GMAC To Score $3.5b More http://www.thetruthaboutcars.com/2009/12/bailout-watch-579-gmac-to-score-3-5b-more/ http://www.thetruthaboutcars.com/2009/12/bailout-watch-579-gmac-to-score-3-5b-more/#comments Thu, 31 Dec 2009 16:20:36 +0000 http://www.thetruthaboutcars.com/?p=340452 The underlying cause of GMAC’s failure was no different than so many other American financial institutions: giant bets on risky mortgages at the height of a real estate bubble. And though that error alone would have qualified GMAC for a bailout rescue along with the other failed banks, The WSJ reports that the ongoing support […]

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The underlying cause of GMAC’s failure was no different than so many other American financial institutions: giant bets on risky mortgages at the height of a real estate bubble. And though that error alone would have qualified GMAC for a bailout rescue along with the other failed banks, The WSJ reports that the ongoing support […]

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Chrysler’s Latest Metal-Moving Trick: Retiree Leases Are Back http://www.thetruthaboutcars.com/2009/12/chryslers-latest-metal-moving-trick-retiree-leases-are-back/ http://www.thetruthaboutcars.com/2009/12/chryslers-latest-metal-moving-trick-retiree-leases-are-back/#comments Thu, 10 Dec 2009 21:34:53 +0000 http://www.thetruthaboutcars.com/?p=338845 Well, we’ve been here before… about this time last year, to be exact. The Freep reports that Chrysler, which had to quit leasing for much of last year due to falling resale values and the credit crunch, is reinstating subsidized leasing for its 26,000 qualifying retirees. Under the terms of the plan, retirees could lease […]

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Well, we’ve been here before… about this time last year, to be exact. The Freep reports that Chrysler, which had to quit leasing for much of last year due to falling resale values and the credit crunch, is reinstating subsidized leasing for its 26,000 qualifying retirees. Under the terms of the plan, retirees could lease […]

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DetN Bailout Report: White House Forced Rapid Bankruptcy, UAW Refused Hourly Pension Freeze http://www.thetruthaboutcars.com/2009/11/detn-bailout-report-white-house-forced-rapid-bankruptcy-uaw-refused-hourly-pension-freeze/ http://www.thetruthaboutcars.com/2009/11/detn-bailout-report-white-house-forced-rapid-bankruptcy-uaw-refused-hourly-pension-freeze/#comments Tue, 24 Nov 2009 15:58:23 +0000 http://www.thetruthaboutcars.com/?p=336834 On October 13th of last year, when TTAC’s Bailout Watch clocked in at a mere 115 entries, GM’s then-CEO Rick Wagoner and board members Erskine Bowles and John Bryan approached the Treasury for a “temporary” bailout. Not that we knew it at the time. “In this period of continued uncertainty in the markets, you really […]

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On October 13th of last year, when TTAC’s Bailout Watch clocked in at a mere 115 entries, GM’s then-CEO Rick Wagoner and board members Erskine Bowles and John Bryan approached the Treasury for a “temporary” bailout. Not that we knew it at the time. “In this period of continued uncertainty in the markets, you really […]

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Bailout Watch 573: GM Bailout Cost Taxpayers $12,200 Per Car http://www.thetruthaboutcars.com/2009/11/bailout-watch-573-gm-bailout-cost-taxpayers-12200-per-car/ http://www.thetruthaboutcars.com/2009/11/bailout-watch-573-gm-bailout-cost-taxpayers-12200-per-car/#comments Thu, 19 Nov 2009 17:14:52 +0000 http://www.thetruthaboutcars.com/?p=336115 This according to the National Taxpayer’s Union report “The Auto Bailout: A Taxpayer Quagmire,” authored by Rochester Institute of Technology Professor of Economics, Thomas D. Hopkins. That number includes the $52.9b taxpayer “investment” in General Motors, as well as GM’s portion of the GMAC bailout, which brings GM’s taxpayer tab to over $60b. Chrysler’s GMAC-inclusive […]

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This according to the National Taxpayer’s Union report “The Auto Bailout: A Taxpayer Quagmire,” authored by Rochester Institute of Technology Professor of Economics, Thomas D. Hopkins. That number includes the $52.9b taxpayer “investment” in General Motors, as well as GM’s portion of the GMAC bailout, which brings GM’s taxpayer tab to over $60b. Chrysler’s GMAC-inclusive […]

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Chrysler Dealers Appeal to Marchionne in GMAC Dispute http://www.thetruthaboutcars.com/2009/11/chrysler-dealers-appeal-to-marchionne-in-gmac-dispute/ http://www.thetruthaboutcars.com/2009/11/chrysler-dealers-appeal-to-marchionne-in-gmac-dispute/#comments Thu, 12 Nov 2009 15:22:10 +0000 http://www.thetruthaboutcars.com/?p=335091 “I don’t see anyone bleeding to death,” Sergio Marchionne told reporters and analysts a week ago, when asked what he thought of Chrysler’s current dealer body. He might be about to change his tune. The US Treasury will stop guaranteeing GMAC’s floorplan loans to Chrysler Group dealers on the 21st of this month, and the […]

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“I don’t see anyone bleeding to death,” Sergio Marchionne told reporters and analysts a week ago, when asked what he thought of Chrysler’s current dealer body. He might be about to change his tune. The US Treasury will stop guaranteeing GMAC’s floorplan loans to Chrysler Group dealers on the 21st of this month, and the […]

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Bailout Watch 374: Obama Admin Favors Multiple Car Czars http://www.thetruthaboutcars.com/2009/02/whats-wrong-with-this-presentation-czarevitch-edition/ http://www.thetruthaboutcars.com/2009/02/whats-wrong-with-this-presentation-czarevitch-edition/#comments Thu, 05 Feb 2009 19:55:38 +0000 http://www.thetruthaboutcars.com/?p=240581   An increasing number of media reports are indicating that instead of a single “car czar,” Obama will appoint a team to oversee the auto industry turnaround effort. Current reports indicate that Democrat fundraiser Steve Rattner will likely take the top oversight position, but his total lack of (non-political) qualifications for the job is considered […]

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  An increasing number of media reports are indicating that instead of a single “car czar,” Obama will appoint a team to oversee the auto industry turnaround effort. Current reports indicate that Democrat fundraiser Steve Rattner will likely take the top oversight position, but his total lack of (non-political) qualifications for the job is considered […]

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