Not looking to be pessimistic, BUT... GM Bankruptcy thoughts?

[JDBeck23]

Originally Posted by pmb1010

"and I can just call my CC company and have them return payment"

you might want to call your CC and verify that they will do that during a dispute.
Typically in a dispute they will tell you to go to the vendor (car dealer) and work with them have them initiate the return of the transaction dollars.

In a case of fraud they take the charge off your card and many times the CC company absorbs those losses - but in cases like this you've entered into a transaction with the dealer. The deal you made was "non refundable deposit".
The credit card might not be willing to just pull the dollars back from the dealer because the transaction was legit and correct.

Maybe I came off the wrong way... im not trying to be "shady" here, when I gave the example of me calling my CC company to have the charge reversed, I was speaking in regards to GM going bankrupt and me having no other option due the castrophic downfall of camaro construction. I realize that probably (hopefully) wont happen. But im not looking to stick it to the dealer either. But ALSO Im not going to be the guy to lay down and take it if the dealer tells me that the deposit was "non-refundable" if Im not provided a camaro at the end of the deal, that's all im saying. If I dont get a damn camaro, I'll get my deposit back, one way or another! TRUST ME!

Also as stated above and I have verified now, thanks again Paul, Virginia state law specifically states, deposits for new car purchases are refundable, by law. So Im not worried about it and I doubt I'd ever have to play that card.... Since im keeping my order.... so all is good, no need to debate whether im a shady bastard or not...

[live2well]

Well we might still want to debate it. But Odds are your a pretty straight up dude. :-)


I would keep my order in an just wait. It will get here when it gets here. :-)

[nards444]

we can speculate if man went on the moon, but until official info comes out why speculate and tell people what you heard. I agree with a deposit keeps multiple orders out and people that think they can afford the cars and really cant, i mean its alot easier to put a order in without nothing then to have to drop a few grand.. Good policy and if you get the car your 2500 to being paid off. Now if Gm doesnt deliver then you will be able to find a way to get your car. But take in mind this is a dealer policy. dealers are not entitys of GM its self.

[GRM RPR]

I am curious as to why anyone here thinks the Oshawa plant will NOT shutdown during a Chp 11 Bankruptcy filing? Do you honestly think PARTS SUPPLIERS are going to give GM parts while Chp 11 filing gets worked out in the courts? Parts Suppliers cutoff Chrysler and I really don't see anything different happening in GM's case.

But some Chrysler plants, including truck assembly and stamping plants in Warren, Mich., shut down earlier than schedule on Thursday. Following the bankruptcy filing, some suppliers who were worried about being paid stopped shipping parts to the plants.

"I was hoping we could get through this unscathed," said Gene Behme, a production technician at the Warren stamping plant as he left work about an hour early. "I'm disappointed. I would like to keep working. Hopefully we'll come through stronger."

Chrysler President Tom LaSorda would not say how many plants would shut down early or how many suppliers had cut off shipments on the bankruptcy news.

"Hopefully most of the suppliers will continue to supply us," he said.

[nards444]

you got a point, but like i said if they do go bankrupt i think it will be more a formaility then reality you know what i mean. I have feelin that GM will be stocking up on parts needs to complete a lot of vehicles. They can t afford to stop making the hottest car around.

[snsdiver72]

I spoke with my dealer regarding this bankruptcy and shutting down and he informed me of this following info. Understand my dealership just had a grand opening and had several members of the GM corporate staff for both the national unveiling and grand opening. The GM head honchos who attended had stated to assure all customers who ordered the camaro will get theirs real soon and nothing is going to happen with production during the bankruptcy and or possible shut downs of certain plants. In fact he stated the equinox and camaro will continue to be produced. Just what he told me so I thought I would pass it on to you all.

[Enator]

Experts say GM bankruptcy almost inevitable:

http://hosted.ap.org/dynamic/stories...MPLATE=DEFAULT

[Sloppy Joe]

Don't forget that bankrupcy is a very, very scary word to the average Joe. Many people will not buy from a car company (or any company) because of a bankrupcy filing. (If Chyrsler is an example, their sales are off 50% just since their filing). What does that mean for he GM/Camaro? IMO, A percentage of people that have orders pending of produced cars will cancel them. That means more a lot more Camaros will start showing up on dealer lots. Sales will drop across all GM lines and Dealers will be scrambling to sell excess inventory. The premiums that dealers are currently asking for the Camaro will evaporate overnight. If the Camaro factory stays open, it's likely that a majority of it's production will be shifted toward producing customer ordered vehicles. Good news for anyone with a pending order because they will probably get their car much sooner. So, if GM files bankruptcy, it will be good news for anyone that wants to buy a Camaro this summer, you will probably be able to find one at or well below MSRP on your dealers lot, or order one and take delivery much quicker.

[justmeron]

Not sure but my salesman told me he hopes they do file and cant wait till it is done and over. He seems to think it will happen and things will be much better for GM and the market afterwards. Just fyi, my salesmans opinion.

[nards444]

i think we beat a dead horse. The thing is this isnt a going to be a bankruptcy then doors close which i beleive is a chapter 8. basically ch 11 lets them get rid of bad debt and the govt oversees how they do it. Chances are if they go into ch 11 they will be out of it in less than month. Production isnt going stop unless they can not get parts from outside suppliers. Chances are GM is buying these up or already have, the have ramped production up to 6 days a wek guarenteed they are working 10-12 days right now and their shutdown is not happening up in Oshawa, so all the parts they need are probably there or on way

[SS 376]

Originally Posted by GRM RPR

I am curious as to why anyone here thinks the Oshawa plant will NOT shutdown during a Chp 11 Bankruptcy filing? Do you honestly think PARTS SUPPLIERS are going to give GM parts while Chp 11 filing gets worked out in the courts? Parts Suppliers cutoff Chrysler and I really don't see anything different happening in GM's case.

I think there's more to this than people think. Outside suppliers will temporarily stop deliveries on parts until the company emerges from bankruptcy (regardless of what Chapter it is). They're not going to ship hundreds of thousands of dollars of parts if there is a risk they won't get paid. Everyone's Camaros will get built but the question is when.

[pmb1010]

Watch what happens to the Tier 1 suppliers.

If they stay in business and can absorb the losses from GM's Ch11 filing, parts will ship since the gov't will step in to back up tomorrow's part shipments payments to them from GM as a creditor.

[nards444]

i think part suppliers cutting off parts will be a double sword. Because if they dont send parts then they have to lay off, and I think a promise for payment from GM might be better than stoping your production and laying off workers. Because if GM cant get parts from you, theres somebody that will supply them

[ddennis]

With my car stuck in the QC triangle my only concern is that it gets delivered before the bankruptcy. I believe all work will stop until the plan is finalized, therefore delaying delivery even more if still in QC hold. The new GM will survive in the long term.