Wednesday, December 31, 2008

GM comes up with Ginormously Stupid Plan

So after begging for a bailout, GM (with Chrysler) gets $17.4 billion in aid. And guess what there strategy is? To me...give away cars with 0% finance for 60 months. How long is 60 months? 5 years. You get a car for 5 yeasrs for free. That's nice. Almost as nice as giving someone a house and only expecting them to pay once they've maxed out 23 credit cards on other get now, pay when you're dead freebies.

This sounds like the auto version of the housing idiocy. If you are going to insist on being so utterly stupid with money (and other people's money) the country should bankrupt itself any day now. Officially I mean.
clipped from
GMC Envoys sit on the lot at Capitol City AutoMart in Berlin, Vt., Tuesday, Dec.

NEW YORK – General Motors Corp. said Tuesday it will offer financing as low as zero percent over the next week for several 2008 and 2009 models as the automaker makes a big year-end push to improve sales.

The news comes a day after its troubled lending unit, GMAC Financial Services LLC, agreed to take a $5 billion loan from the Treasury Department. Mark LaNeve, a GM vice president, said GMAC's approval to become a bank holding company and qualify for government funding were crucial steps to affording the new financing offers.

GM said it will offer zero-percent financing for up to 60 months on the 2008 Chevrolet TrailBlazer, GMC Envoy and Saab 9-7X sport utility vehicles through GMAC. The Saab 9-3 and 9-5 sedans also qualify for zero-percent financing.

 blog it

No comments: