US Government to back warranties

[rolnslo]

Yeah, I just watched the press conference. Interesting plans...

I'd be curious to see how the "cash for clunkers" program is laid out. I know that Germany has had a bit of success with the same type of program - credit for trading in an old car on a new one and the old car gets scrapped, not resold to another consumer.

I've been debating what to do with my truck and I'd likely get more out of this new program than I would if I sold it myself. I'd hate to see it get crushed but I've certainly got my money's worth out of it. Anything I get would go directly towards my new Camaro.

[OverAnxious]

Originally Posted by trm0002

So much for worrying.

Obama stated this morning that the US Government will back the warranties of GM and Chrysler.

Something positive at least...

Of course he also said effectively he will let Chrysler go under if they can't get a merge deal done with Fiat...

Positive? How so?

Just where does the current administration plan to get all of this money from anyway? Unreal....

These may seem like short term fixes to flower up his administration, but the long term effects of this spending is serious business.

[Hylton]

Originally Posted by trm0002

Obama said flat out he wasn't against the idea of a STRUCTURED bankruptcy. IMO, that's where they needed to go 6 months ago. Can I be on his economic team?

Well it certainly sounds like you are!

[trm0002]

Originally Posted by SilverCamaroSS

True. That plus the that the taxes on the vehicle will be reduced greatly to only a few hundred bucks. I just seen it on the news.

Without warranty, buying a new car is pointless. So this will allow people to buy new cars without fear. Nice work Obama!!!!!!!

No. The sales tax will be deductible, saving the average consumer a few hundred bucks. Should save me about $700-$900 here in WNY where the sales tax is 8.75%

[Hylton]

Originally Posted by SilverCamaroSS

Without warranty, buying a new car is pointless. So this will allow people to buy new cars without fear. Nice work Obama!!!!!!!

I disagree. If I had the choice of 100K mile warranty or 2K discount, I'd take the cash to pay for my supercharger!

[arozar]

Originally Posted by trm0002

So much for worrying.

Obama stated this morning that the US Government will back the warranties of GM and Chrysler.

Something positive at least...

Of course he also said effectively he will let Chrysler go under if they can't get a merge deal done with Fiat...

Don't forget who the US government is...."We the people". I don't what to pay for anyone's anything, especially car parts.

[terndude]

Originally Posted by rolnslo

Yeah, I just watched the press conference. Interesting plans...

I'd be curious to see how the "cash for clunkers" program is laid out. I know that Germany has had a bit of success with the same type of program - credit for trading in an old car on a new one and the old car gets scrapped, not resold to another consumer.

I've been debating what to do with my truck and I'd likely get more out of this new program than I would if I sold it myself. I'd hate to see it get crushed but I've certainly got my money's worth out of it.

So, it sounds like now is the time to run out and buy a few $500 clunkers...to get "cash for"!

I think one of the things keeping people from buying new domestic cars is the fear of warranty coverage...so it's a good move to get people thinking about buying again. Of course, I have not really used my last few GM factory warranties anyway!

[rolnslo]

Originally Posted by trm0002

No. The sales tax will be deductible, saving the average consumer a few hundred bucks. Should save me about $700-$900 here in WNY where the sales tax is 8.75%

As for those of us "non-average" people living in states without a state income tax, this new sales tax benefit doesn't do us any good. We can already write off the sales tax paid on large purchases, such as cars.

[terndude]

Originally Posted by trm0002

No. The sales tax will be deductible, saving the average consumer a few hundred bucks. Should save me about $700-$900 here in WNY where the sales tax is 8.75%

Bummer...no sales tax here in Oregon, so no deduction.

Oh, wait, I would not have to pay the tax in the first place! Ok, I like that.

[Supermans]

You voted for it... you got it...Obama to the rescue!!!

[VJCamaro]

Originally Posted by rolnslo

As for those of us "non-average" people living in states without a state income tax, this new sales tax benefit doesn't do us any good. We can already write off the sales tax paid on large purchases, such as cars.

True, but I think it just get a little bit bigger.

[SilverCamaroSS]

Originally Posted by Hylton

I disagree. If I had the choice of 100K mile warranty or 2K discount, I'd take the cash to pay for my supercharger!

Wow i would rather take the 100k mile warranty, save up 2-3k later and let the dealer install a supercharger to keep my 100k warranty. What happens if your supercharger malfunctions, or your tranny goes out? Then What? Spend 5k to get it fixed.

[trm0002]

Originally Posted by OverAnxious

Positive? How so?

Just where does the current administration plan to get all of this money from anyway? Unreal....

These may seem like short term fixes to flower up his administration, but the long term effects of this spending is serious business.

IMO, when all is said and done, warranties will exist like they always have. This is nothing more than a "don't worry, we got your back- now go buy a new car". Even IF they end up in Chapter 11, the bankruptcy judge will most likely keep all warranties in tact IMO.

[CynAgain]

Originally Posted by OverAnxious

Positive? How so?

Just where does the current administration plan to get all of this money from anyway? Unreal....

These may seem like short term fixes to flower up his administration, but the long term effects of this spending is serious business.

You are right! the problem is those in Washington are so concerned about keeping the sky from falling right now they cannot fathom the effects long term. It is beyond them at this point.