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View Poll Results: Should GM offer 0% financing on all vehicles to help boost sales?
Yes! Offer 0% financing! 222 92.50%
No. It's not necessary (read reasons why in posts below). 18 7.50%
Voters: 240. You may not vote on this poll

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Old 05-16-2009, 04:33 PM   #26
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Who wouldn't want 0% financing??? Oh wait there are 7 fools in this forum that don't..lol..
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Old 05-16-2009, 04:35 PM   #27
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Of course all consumers want it, but would it be a good business move? Not at all. I'd like to see GM give away Camaros for free, but that doesn't mean they should.
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Old 05-16-2009, 07:39 PM   #28
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With the exception of the Camaro, If they really wanted to sell vehicles they would be offering 0% on all vehicles. The Camaro's gonna sell right now no matter what.
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Old 05-17-2009, 12:41 AM   #29
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If anyone replied to this post with a 'NO' -- I'd really wonder about where they're coming from.

Here's the problem with zero percent financing.

Take the example that TAG uses --

......the part you're missing is the additional interest on that monthy savings.


..............see-- GMAC -- or Ford Motor Credit - or any captive finance company -- does not offer zero percent financing as an act of kindness.

SOMEONE has to pay for that -- and it comes right from the Divisional Budget -- meaning that you're talking thousands of dollars in additional incentive money to do that.

We DO have low interest financing OR a rebate on most cars -- those that are not selling as fast as we'd like.........


.............but looking at our financials --(we're losing billions...) why would anyone with any business acumen offer zero percent financing on a car that has people threatening me and many others with bodily harm if we don't build (and ship!) their new Camaro two months ago?


So yes -- it would give a 'sales lift' -- but at an even bigger loss............
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Old 05-17-2009, 12:47 AM   #30
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We were able to get 3.99% from the local credit union on our 2010 I am very happy with that rate, considering the loan on my 92 Camaro back in the mid 90's was at 12% with me having great credit.
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Old 05-17-2009, 12:56 AM   #31
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zero % for well qualified buyers, all other buyers finance else where. Or allow the cash allowance, which is what I would hope that they would do on my car. I mean, if I really wanted to, I could borrow a small amount from my credit card and have the whole car payed of day 1. Reality, is the cash allowance is a benefit for both the consumer and the seller. Seller makes all the amount right up front, cunsumer gets the incentive of say 1k-1,500 for doing so. Win Win
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Old 05-17-2009, 12:58 AM   #32
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Quote:
Originally Posted by fbodfather View Post
If anyone replied to this post with a 'NO' -- I'd really wonder about where they're coming from.

Here's the problem with zero percent financing.

Take the example that TAG uses --

......the part you're missing is the additional interest on that monthy savings.


..............see-- GMAC -- or Ford Motor Credit - or any captive finance company -- does not offer zero percent financing as an act of kindness.

SOMEONE has to pay for that -- and it comes right from the Divisional Budget -- meaning that you're talking thousands of dollars in additional incentive money to do that.

We DO have low interest financing OR a rebate on most cars -- those that are not selling as fast as we'd like.........


.............but looking at our financials --(we're losing billions...) why would anyone with any business acumen offer zero percent financing on a car that has people threatening me and many others with bodily harm if we don't build (and ship!) their new Camaro two months ago?


So yes -- it would give a 'sales lift' -- but at an even bigger loss............
So basically because you can't get the cars out in time to meet current high demand, it would be stupid to increase demand even more and then at a loss of even more money with 0% financing.

I would say you guys at GM need to be able to create more Camaro's and less of other less popular vehicles so 0% financing can be done and you could sell more vehicles and at the same time help out those of us who would benefit from paying less each month for the car..
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Old 05-17-2009, 01:32 AM   #33
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It'd be nice to see our Politicians have the balls to stand up to credit card companies, but apparently (as usual) they don't.
Politicians HAVE NO BALLS or ethics.
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Old 05-17-2009, 01:41 AM   #34
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People People People and GM too.... All GMAC needs to do is offer a better rate than a bank or credit union - say 2% financing.

Then as some folks pointed out, buyers would then maybe buy a few more "addons" or MORE buyers would simple buy MORE cars = MORE MARGIN OR REVENUES MEANS LESS TAXPAYER MONEY TO BAIL OUT BIG WIGS THAT RAN THEIR COMPANY INTO THE GROUND BUT STILL GET THEIR MILLIONS IN BONUSES >>>>>>> a win win for today's consumers and whatever is left of today's GM.

BIG COMPANIES GET SLOW, STUPID AND LOSE SITE OF THEIR CUSTOMERS AND WHAT THEY WANT. AND ALSO WHAT GOT THEM BIG IN THE FIRST PLACE....LISTENING AND CARING ABOUTWHO BUYS FROM THEM. LOOK AT ALL OUR BIG BUSINESSES- THE BIG WIGS GET FURTHER FROM THE CUSTOMER EVERY TIME THEY EXPAND....
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Old 05-17-2009, 02:02 AM   #35
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I'm really hoping for 0% when I get my camaro......I could get by without it, but it would be a nice little crutch!
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Old 05-17-2009, 02:19 AM   #36
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People People People and GM too.... All GMAC needs to do is offer a better rate than a bank or credit union - say 2% financing.

Then as some folks pointed out, buyers would then maybe buy a few more "addons" or MORE buyers would simple buy MORE cars = MORE MARGIN OR REVENUES MEANS LESS TAXPAYER MONEY TO BAIL OUT BIG WIGS THAT RAN THEIR COMPANY INTO THE GROUND BUT STILL GET THEIR MILLIONS IN BONUSES >>>>>>> a win win for today's consumers and whatever is left of today's GM.

BIG COMPANIES GET SLOW, STUPID AND LOSE SITE OF THEIR CUSTOMERS AND WHAT THEY WANT. AND ALSO WHAT GOT THEM BIG IN THE FIRST PLACE....LISTENING AND CARING ABOUTWHO BUYS FROM THEM. LOOK AT ALL OUR BIG BUSINESSES- THE BIG WIGS GET FURTHER FROM THE CUSTOMER EVERY TIME THEY EXPAND....

oooooooooooooookay.........


Now --

I have a question:

Have you read about the current state of affairs in this country?

Have you looked at what's going on in the financial community?

GMAC and Chrysler financial cannot raise the funds they need to finance everyone that wants to get financing.......

Go do the math on a $30,000 loan over 5 years -- what the carrying costs are --

I understand your frustration --


And your statement:

QUOTE: LESS TAXPAYER MONEY TO BAIL OUT BIG WIGS THAT RAN THEIR COMPANY INTO THE GROUND BUT STILL GET THEIR MILLIONS IN BONUSES UNQUOTE......


GM is not getting free money from the Government - it is a loan that will be repaid with a substantial amount of interest. (not zero percent!) That is UNLIKE the aid that was given to foreign manufacturers in the State of Alabama by Sen. Richard Shelby....that does not require a payback......

Further, no one at GM is getting 'bonuses' -- and in fact, no one has for a few years. What IS true is that as people are let go, they are getting next to nothing...no matter how long they worked for the company -....I have watched thousands as they are let go - they worked hard and they got caught in the cross-fire. I know of more than one person who, like me, spent weekends with our enthusiasts -- and lived/ate/breathed GM........it's horrible!
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Old 05-17-2009, 02:43 AM   #37
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Originally Posted by fbodfather View Post
oooooooooooooookay.........


Now --

I have a question:

Have you read about the current state of affairs in this country?

Have you looked at what's going on in the financial community?

GMAC and Chrysler financial cannot raise the funds they need to finance everyone that wants to get financing.......

Go do the math on a $30,000 loan over 5 years -- what the carrying costs are --

I understand your frustration --


And your statement:

QUOTE: LESS TAXPAYER MONEY TO BAIL OUT BIG WIGS THAT RAN THEIR COMPANY INTO THE GROUND BUT STILL GET THEIR MILLIONS IN BONUSES UNQUOTE......


GM is not getting free money from the Government - it is a loan that will be repaid with a substantial amount of interest. (not zero percent!) That is UNLIKE the aid that was given to foreign manufacturers in the State of Alabama by Sen. Richard Shelby....that does not require a payback......

Further, no one at GM is getting 'bonuses' -- and in fact, no one has for a few years. What IS true is that as people are let go, they are getting next to nothing...no matter how long they worked for the company -....I have watched thousands as they are let go - they worked hard and they got caught in the cross-fire. I know of more than one person who, like me, spent weekends with our enthusiasts -- and lived/ate/breathed GM........it's horrible!
The UAW should have thought about that 20 years ago while they were slowly suffocating GM and had time to renegotiate to allow the company to reorganize properly. Now...they'll have nothing. You shouldn't feel so sorry for the workers if GM files for Chapter 11 because they had direct control over who was appointed to the UAW, but they too, became greedy. Now on the verge of losing everything, they want to negotiate...after the fact...GM on the fringe. Compassion is a limited commodity most of us use sparingly with GM and the UAW, especially when pity is the fuel it runs on. You know what is ironic too? The unions supported Barack Obama, and what Obama is doing is trying to stop the bleeding for the nation after you and I have bled too much to save GM from itself. We know how those workers are voting come next term.

I'm not in favor of anybody losing their jobs or being "caught in the cross-fire." The workers had the power to do what was right, but the UAW kept milking the golden cow (GM). What do you expect taxpayers to honestly think, fbod? Seriously.

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Old 05-17-2009, 05:05 AM   #38
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If GM (or the dealerships) suddenly started offering zero percent financing, I'd be ordering a Camaro tomorrow. I'm dying to get one like all of us here, but financially I just can't swing it right now.

I was at a Chev dealership just before they received their first Camaro a few weeks ago. I was chatting with the salesman and he told me that they recently announced that they are lowering the restrictions on qualifying for zero percent on the Cobalts. He said "even folks with not so great credit scores can now qualify for zero percent on a Cobalt". And any other car that's being advertised as zero percent, he said that your score has to be at least 640 to qualify (I was given that number by two different dealerships).

But with the Camaro, not only are low interest rates not happening, but most of the dealerships it seems are marking way up over MSRP. So it's the worst of both worlds; high finance rates, along with inflated pricing! It's for those reasons that I will probably have to be forced to wait until next year for my Camaro.

However I do realize that some dealerships are staying at MSRP, so maybe I can consider a purchase in a few months time because of that.
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Old 05-17-2009, 05:11 AM   #39
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The UAW should have thought about that 20 years ago while they were slowly suffocating GM and had time to renegotiate to allow the company to reorganize properly. Now...they'll have nothing. You shouldn't feel so sorry for the workers if GM files for Chapter 11 because they had direct control over who was appointed to the UAW, but they too, became greedy. Now on the verge of losing everything, they want to negotiate...after the fact...GM on the fringe. Compassion is a limited commodity most of us use sparingly with GM and the UAW, especially when pity is the fuel it runs on. You know what is ironic too? The unions supported Barack Obama, and what Obama is doing is trying to stop the bleeding for the nation after you and I have bled too much to save GM from itself. We know how those workers are voting come next term.

I'm not in favor of anybody losing their jobs or being "caught in the cross-fire." The workers had the power to do what was right, but the UAW kept milking the golden cow (GM). What do you expect taxpayers to honestly think, fbod? Seriously.
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Old 05-17-2009, 08:17 AM   #40
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GM has been offering 0% through GMAC consistently for at least three years on specific models. This practice has not helped their bottom line. It's only delayed the inevitable. There is a reason they offer rate or rebate, but not both. GM subsidizes one or the other. GM is not profitable because they stopped making a quality product (ironically, until just recently). All the newest models compare favorably with the competition, including imports: Malibu, Traverse, ZR1, and Camaro.

GM has to get smaller before they can get better (and bigger). The Cruz will be key to the relative success of GM. The Volt should help, as should the Spark and Orlando (1.6l turbodiesel).

If you plan on paying the car off early, take the rebate. If you plan on going the full term of the loan, take the 0%. Google "time value of money".
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Old 05-17-2009, 08:21 AM   #41
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Unfortunately, 0% financing is unrealistic in todays economy - more sales (w/"0%") would equate to LESS gross profit. A dying business model.
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Old 05-17-2009, 08:46 AM   #42
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in 2006, we bought our Z71 Tahoe... we had a PT Cruiser that was paid off as a trade in... the 0% financing was the selling point for that Tahoe... if we had been able to get a 2007 Tahoe for a better rate, we would have gotten one... but with 0% financing, $8000 trade in on the PT, GM loyalty rebate and the demonstrator discount on our Tahoe, we couldn't pass it up... and it is a true 0%, not something that is jacked up after XXmonths

I firmly believe that GM needs to get with some creditors and get 0% offered on some vehicles... if you buy a $25,000 2009 Silverado, getting 0% financing per month pays for one full tank of gas per month... nothing sells cars and trucks better than someone thinking they are getting something for free... or something for a better deal than other companies are offering.
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Old 05-17-2009, 09:40 AM   #43
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Tag, I'm with you. I would put additional savings into the Camaro. Unfortunately I think 0% is unrealistic although I would love to see it. Just remember everyone that "A penny saved is not enough!"
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Old 05-17-2009, 10:54 AM   #44
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It's a great idea but credit seems to be too tight nowadays, particularly from GMAC which lost a lot of money on bad loans. Even people with sterling credit are getting hosed with high rates. And we haven't even seen the worst of the next credit crisis: credit cards.
I feel 0% for tier 1 credit would be good. And if you dont have tier 1 credit the interest rate should reflect where you are at on the tier levels. Just my opinion though
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Old 05-17-2009, 10:55 AM   #45
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The UAW should have thought about that 20 years ago while they were slowly suffocating GM and had time to renegotiate to allow the company to reorganize properly. Now...they'll have nothing. You shouldn't feel so sorry for the workers if GM files for Chapter 11 because they had direct control over who was appointed to the UAW, but they too, became greedy. Now on the verge of losing everything, they want to negotiate...after the fact...GM on the fringe. Compassion is a limited commodity most of us use sparingly with GM and the UAW, especially when pity is the fuel it runs on. You know what is ironic too? The unions supported Barack Obama, and what Obama is doing is trying to stop the bleeding for the nation after you and I have bled too much to save GM from itself. We know how those workers are voting come next term.

I'm not in favor of anybody losing their jobs or being "caught in the cross-fire." The workers had the power to do what was right, but the UAW kept milking the golden cow (GM). What do you expect taxpayers to honestly think, fbod? Seriously.

Who said anything about the UAW?

I'm talking of non-union workers based on the note that I responded to which eluded to "Big Wigs" -- now perhaps I misunderstood that person, but I don't think I did......

Did the UAW do some bad things? You betcha!

Have they made meaningful concessions? You betcha!

The problem with all of this is like everything else in this world -- NOT that simple. If it were as simple as many people say it is, there would not be a problem in the first place. We tend to forget that in nearly every instance, there are smart people working on issues......



There's a couple of facts that need to be remembered here:

The U.S. Market has been around 16.5 to 17 million units a year for the past 5 years.....that's the retail registrations of cars and trucks from all manufacturers.......

Looking at sales from mid summer last year until now, the annualized rate has fallen off a cliff -- figuratively -- to around 9.5 million units.

That's one helluva cliff!!

There is NO WAY that anyone's gonna survive on those numbers for long. Go look at what Toyota just posted for losses........

Moreover, until very recently - if you produced any volume of cars and trucks in this world, you looked to the United States as a market to sell your goods......one, because it was the largest market (China is surpassing us...) and two, we have no trade barriers to speak of.
If the pie doesn't get any bigger -- and more players come into the market (which they have in huge numbers - ) the slices get smaller for all of those who were in it to begin with....

Good book to read: "Why GM Matters" by Richard Holstein -- and while I don't agree with all of his conclusions, he has a passage in there attributable to Richard Wagoner and WHY he felt we MUST go global - go read it - it's a VERY valid point that I'd never thought of!
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Old 05-17-2009, 11:02 AM   #46
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lol at telling a company in trouble to not make money
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Old 05-17-2009, 11:03 AM   #47
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i dont think 0% would be good, maybe 0.9-2% financing deal. they need a lil extra money. they dont make much off cars themselves, they make more off financing. sure 0% would get more sales. but a 0.9% will offer good sales plus a lil extra cash from the interest.

GM needs better commercials. better advertisement. they need to emphasize that quality is equal to if not better then honda and toyota, as well as mpg's still have yet to see a commercial on the new camaro. i see tons of malibu commercials, silverado's but no camaro. hell gm is discontinuing the cobalt and yet they advertise the shit out of the car cuz it gets 38mpg's.

imo gm should focus a lil more dollars on marketing. shit can pontiac, done, shit can saturn, bring the astra to chevy, shit can GMC and offer professional/luxury truck line to chevy. no more rebadging the same vehicle for 4 different brands. the next (G8) should be the Impala. hell the current G8 should have been the Impala.
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Old 05-17-2009, 11:05 AM   #48
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The UAW should have thought about that 20 years ago while they were slowly suffocating GM and had time to renegotiate to allow the company to reorganize properly. Now...they'll have nothing. You shouldn't feel so sorry for the workers if GM files for Chapter 11 because they had direct control over who was appointed to the UAW, but they too, became greedy. Now on the verge of losing everything, they want to negotiate...after the fact...GM on the fringe. Compassion is a limited commodity most of us use sparingly with GM and the UAW, especially when pity is the fuel it runs on. You know what is ironic too? The unions supported Barack Obama, and what Obama is doing is trying to stop the bleeding for the nation after you and I have bled too much to save GM from itself. We know how those workers are voting come next term.

I'm not in favor of anybody losing their jobs or being "caught in the cross-fire." The workers had the power to do what was right, but the UAW kept milking the golden cow (GM). What do you expect taxpayers to honestly think, fbod? Seriously.
you can blame the union leaders but the workers were just looking to improve their lives...i don't blame them

although i've always been against unions since well all it does is spread mediocrity and you stop paying people based on their individual skills and you take away your individual negotiating power and you destroy incentive...

but don't be so harsh on the workers

the yeild curve is pretty low and almost near zero though

the banks are making a lot of money on 30 yr mortgages because they are paying near 0 for the money and lending at 5%
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Old 05-17-2009, 11:18 AM   #49
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Instead of 0% financing which I would love to have, how about the government subsidising my purchase?

Instead of the gov't giving money to the car companies, give it to the consumers with stipulations that they buy a new car from an American car manufacturer. Cars would immediately become more affordable. Loans would still be needed to complete the purchase and 0 or low % financing would make many more sales possible.

And why not on the Camaro, just because they have 18,000 orders right now?
What happens when productuon catches up with the orders which it will soon enough?
18,000-20,000 cars sold from one line is small potatoes. GM will need to sell many times more Camaro's to turn this car into a real money maker.
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Old 05-17-2009, 11:43 AM   #50
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^Well, isn't that what they are doing w/ taxes?...basically trying to help stimulate the economy as it is now?

I agree with what you said^. It would be pretty cool to have the gov't subsidize the purchase. I mean...I'm not too "in the hole" in buying this car. I mean, it's going to happen. But....it would be nice to offset the cost.

Scott, some of my initial thought was obviously flawed (I sure ain't a financial guru!). But, everything else set aside, I'm just trying to toss out some ideas that could help GM get some ground under them. I mean...if you can nab all those people who were "on the verge" of buying, but ...... just ...... couldn't see it happening due to some sort of financing or minimal cost problem...maybe it would help them?

Heck. Since GM would not be getting any return or make any money on the loan, why not just make it more competitive and beat out the other credit agencies (for qualified buyers, of course).

Right now, I can get 3.7% from Randolf Brooks Fed Cred Union. I am hoping that my regular bank will match that financing. They probably will. USAA said they would NOT do price matching. But, when it comes down to it, they CAN make the loan AND make money off of it. OR.....GMAC COULD lower that financing rate down to 3.5 or even lower to 3% and STILL make money off the loan.

Why not?

Sure, GM is hurting. Yes, they would have to loan out the money. BUT....they would still be making more money in the long run. I understand short term would be difficult for selling many, many vehicles and having to finance them ALL at ZERO....but, in the long run, sales would go WAY up resulting in more money for GM.

Ok.

If GM can't do ZERO.....do SOMETHING. Not just for the Camaros...they, of course, will mostly sell themselves.....do it for ALL cars! GM needs the sales!
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