If GM goes bankrupt...is my deposit gone?

[kanakattack]

Originally Posted by Foster26

We don't need people putting the fear of losing their deposits into those who have ordered or are going to order! They are NOT going to go belly up! What is needed is people who want one to order NOW and ultmately buy when they come out!

If you are in the market for a car, buy American! It's funny how the new fad these days is let's not buy gas from certain non-America companies but yet we are still buying up tons of non-American cars. WE NEED TO BUY AMERICAN AND BUY AMERICAN NOW!

Okay I know i'm going to get heat from this but here goes. When you say buy American what do you mean, because the Toyota Camery and Tundra is made in the U.S. as well as the M.B. M-class and I'm sure some other models that have headquarters outside of the U.S. The car that has ignited our passion is built on an Australian Holden foundation and was largely developed in Australia. The manufacturing plant for this and other models such as the Chrysler 300/Dodge Charger and Challenger is in Canada. The parts for many cars today originate from all over the world. I understand and agree whole heartedly the necessity to keep the money in the U.S. but to be honest I think that too many U.S. corporations have outsourced the R/D and manufacturing of various products not only automobiles to other countries, while the corporate heads rake in the profits. So should we not buy Camerys, Tundras and the like and risk losing more middle class U.S. jobs or should we insist that these companies come back to the U.S. and invest and see the beauty of the next door neighbor that they've ignored for too long. I have an order in for a Camaro but feel guilty that Canadian and Australian workers would benefit more than U.S. ones. I just get frustrated in seeing fellow U.S. citizens suffer for corporate greed, and now when they are in trouble they turn to us not Australia or Canada but the U.S. to help in running their plants in other countries while we still suffer here.

[Jamestwilliams]

Originally Posted by Stevo

I put down my $500 ...could've nearly bought a chinese motorbike for that.

But you would have to another next week after the engine seized.

[rayhawk]

Originally Posted by kanakattack

Okay I know i'm going to get heat from this but here goes. When you say buy American what do you mean, because the Toyota Camery and Tundra is made in the U.S. as well as the M.B. M-class and I'm sure some other models that have headquarters outside of the U.S. The car that has ignited our passion is built on an Australian Holden foundation and was largely developed in Australia. The manufacturing plant for this and other models such as the Chrysler 300/Dodge Charger and Challenger is in Canada. The parts for many cars today originate from all over the world. I understand and agree whole heartedly the necessity to keep the money in the U.S. but to be honest I think that too many U.S. corporations have outsourced the R/D and manufacturing of various products not only automobiles to other countries, while the corporate heads rake in the profits. So should we not buy Camerys, Tundras and the like and risk losing more middle class U.S. jobs or should we insist that these companies come back to the U.S. and invest and see the beauty of the next door neighbor that they've ignored for too long. I have an order in for a Camaro but feel guilty that Canadian and Australian workers would benefit more than U.S. ones. I just get frustrated in seeing fellow U.S. citizens suffer for corporate greed, and now when they are in trouble they turn to us not Australia or Canada but the U.S. to help in running their plants in other countries while we still suffer here.

I hate for this to get too political but keep in mind that Toyota employs zero UAW workers. Is it a coincidence that they pay $10-15/hr instead of $30? Can you see why they can afford to make cars in the US? Pretty simple. That is why those jobs left the US for the domestics. As for the money staying here, don't kid yourself. When BMW makes money, it goes to Germany, not the US, so the taxes they pay, etc. are minimal compared to the Domestics. In other words, they barely contribute to our economy. They only build here to avoid tariffs, and take advantage of things originally put in place to help the domestics.

As for the oft-cited "corporate greed", remember, the "evil greedy corporations" pay taxes and move the stock market up and millions of people's pensions up when they make money, therefore it is good for everyone when an american company does well.

Something else to consider, these are accounting losses, not cash losses, so when you (other poster) say they lost more than their market cap, that just goes to show how low their stock price is. They have real assets worth much more than their market cap right now. The cash reserves are serious but I believe were due to some one time restructuring charges.

A Bankrupt GM would most likely be a restructuring at the very worst, to help them get out of union contracts, etc and start fresh. Think of how every major airline has been bankrupt in the past 5 years, they use it as a way to start fresh, but operations are generally not affected at all.

I am not saying times are good for them, I am just saying they will most likely pull through.

[detroitboy]

Lets think about this now.....hmm...does anyone here know anyone who is receiving a retirement check from Toyota?

I don't see any hands going up in the air.

I rest my case.....

[Captain Awesome]

Originally Posted by RealQuickCamaro

President-elect Obama said Friday his transition team would explore policy options to help the auto industry. He didn't specifically address the industry's new loan requests but said their hardships affect small businesses and auto suppliers.
"The auto industry is the backbone of American manufacturing," he said, promising that his transition team will work to "help the auto industry adjust."
GM and Ford said Friday in a conference call that they and other automakers had asked for an extra 25 billion dollars in government-backed loan guarantees during talks with Democratic House of Representatives Speaker Nancy Pelosi on Thursday in Washington.

"In the meeting yesterday we talked about near-term industry support in the range of 25 billion," said GM president and chief executive Rick Wagoner. "No one said yes or no to that figure and so I don't think that's anywhere near a final one."

He said that "letting GM go" would be far more significant than the bankruptcy of the investment bank Lehman Brothers, which sparked the latest round of the financial crisis in September.

You betcha he's gonna help the U.S. Auto Industry. When he bails them out due to the economic collapse his buddies created he will then stick some ultra aggressive CAFE program on them and probably some extra safety and pollution regs as well. Our beloved Camaro will disappear overnight and we'll all be driving 5,000 pound jellybean shaped hybrid tricycles with 1200 pounds of citric acid batteries.

Those of you who cling to your V8 engines and RWD will pay new emissions taxes and gas taxes because if you want to drive a musclecar you will go bankrupt.

Of course in the above I am exaggerating to make a point but only a tiny bit.

[fbodfather]

First of all -- we have made it clear that we do not consider Bankruptcy as an option.

Second - someone (I won't mention names -- this time -- ) mentioned 'bailout'

LET ME MAKE THIS VERY CLEAR -- and I want everyone to pay attention:


WE are NOT asking for a bailout -- we are simply asking for a low-interest loan.......which we intend to pay back WITH INTEREST.

Now -- go look at what some foreign manufacturers get from their governments...........

It bothers me that I STILL hear about the 'bailout' of Chrysler in the 80s -- IT WAS NOT A BAILOUT -- Chrysler paid back EVERY DIME PLUS INTEREST to Uncle Sam -- AHEAD -- WAY AHEAD -- of schedule...that's right - Chrysler helped America as America helped Chrysler............but some people insist on calling it a bailout...............and some still insist on buying foreign brands -- which does practically nothing for America.

(the above is my opinion -- not that of the company I work for........)


Please stop the panic.......please.

[Jamestwilliams]

Sometimes this place seems like a hen house after chicken little went through yelling the sky is falling.

[fastfret7]

Easy..... GM will never go "bankrupt". There are to many jobs connected to the name. The Government would save them before anything would happen. I just hope they don't try to go cheap with parts and quality.. Yes, GM would try to cut corners

[DET MSCL]

Originally Posted by fbodfather

First of all -- we have made it clear that we do not consider Bankruptcy as an option.

Second - someone (I won't mention names -- this time -- ) mentioned 'bailout'

LET ME MAKE THIS VERY CLEAR -- and I want everyone to pay attention:


WE are NOT asking for a bailout -- we are simply asking for a low-interest loan.......which we intend to pay back WITH INTEREST.

Now -- go look at what some foreign manufacturers get from their governments...........

It bothers me that I STILL hear about the 'bailout' of Chrysler in the 80s -- IT WAS NOT A BAILOUT -- Chrysler paid back EVERY DIME PLUS INTEREST to Uncle Sam -- AHEAD -- WAY AHEAD -- of schedule...that's right - Chrysler helped America as America helped Chrysler............but some people insist on calling it a bailout...............and some still insist on buying foreign brands -- which does practically nothing for America.

(the above is my opinion -- not that of the company I work for........)


Please stop the panic.......please.

"Stop the whining" might be a bit more appropriate here...

Oh, I am starting to wonder if those who "have to" order an SS with the RS package just to get HID headlights, must be younger than me (the "retro" headlights on my 2SS is a must for me...)

[TAG UR IT]

Back on topic.

If GM went bankrupt (which it won't) you would not lose your deposit since a dealer only sells GM products...but is not owned by GM.

Therefore, you would be fine and get your money back.

Question answered!

[TAG UR IT]

Originally Posted by RealQuickCamaro

President-elect Obama said Friday his transition team would explore policy options to help the auto industry. He didn't specifically address the industry's new loan requests but said their hardships affect small businesses and auto suppliers.
"The auto industry is the backbone of American manufacturing," he said, promising that his transition team will work to "help the auto industry adjust."
GM and Ford said Friday in a conference call that they and other automakers had asked for an extra 25 billion dollars in government-backed loan guarantees during talks with Democratic House of Representatives Speaker Nancy Pelosi on Thursday in Washington.

"In the meeting yesterday we talked about near-term industry support in the range of 25 billion," said GM president and chief executive Rick Wagoner. "No one said yes or no to that figure and so I don't think that's anywhere near a final one."

He said that "letting GM go" would be far more significant than the bankruptcy of the investment bank Lehman Brothers, which sparked the latest round of the financial crisis in September.

I watched this headline on CNN tonight. There were some great things about helping out the big three...and that was one of the priorities on his "list of things to do..."

I sure hope he follows through.