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

[Stevo]

I do not mean to throw a wet blanket on the party but I wonder about my deposit if GM goes down before the car comes...now that I think about it it's kinda like worrying about if the newspaper will come should an H Bomb fall...

[shank0668]

gm wont go bankrupt. and your deposit is through the dealer right?

[Stevo]

yep...hey if the dealer bellies up does my hard earned $$$ go with him?!

[Maddog78]

GM might go go bankrupt but you will have to worry if your dealer goes bankrupt.

[BeermanSS]

GM has cash to operate through 09. Don't worry.

[zforce]

Originally Posted by Stevo

yep...hey if the dealer bellies up does my hard earned $$$ go with him?!

good question! i had to put down $500 (non-refundable) but if the GM goes belly up, than the dealers would too since they don't have anything to sell but what they have in stock. Can any dealers tell us what would happen to our deposits?!

[jimbo57]

how much did you put down? seriously, the feds will do everything in their power to prevent that from happening. the repurcussions worldwide would be staggering. that being said, the onus is on your dealer to return your deposit. just keep dreaming about delivery day.

[Maddog78]

Originally Posted by BeermanSS

GM has cash to operate through 09. Don't worry.

How do you figure?

They are burning nearly 2 billion a month and have about 16 billion, I think it was in reserve. There is no way they make it through 09 without a bailout.
They lost more per share than the shares are currently trading at in the last quarter.

General Motors shook an already embattled auto industry Friday as it reported a huge quarterly loss that was much worse than expected and warned it is in danger of running out of cash in the coming months.

The nation's largest automaker reported that it lost $4.2 billion, or $7.35 a share, excluding special items. That's up from the loss $1.6 billion or $2.86 a share it reported a year earlier and was far worse than the forecast of analysts surveyed by earnings tracker Thomson Reuters, which had forecast a loss of $3.70 a share.

But the most shocking news came in its statements about its cash position. GM said it had burned through $6.9 billion during the quarter and warned that it "will approach the minimum amount necessary to operate its business" during the current quarter.

The numbers, unlike opinions, tell the truth.

http://jalopnik.com/5079567/gm-decla...-loss#c8794981

[Stevo]

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

[camaro5]

Originally Posted by BeermanSS

GM has cash to operate through 09. Don't worry.

Running on fumes: GM could soon run out of cash

DETROIT – The American auto industry is running on fumes.

General Motors, the nation's largest automaker, warned Friday that it may run out of money by the end of the year after piling up billions in third-quarter losses and burning through cash at an alarming rate. Ford sustained heavy losses, too.

http://news.yahoo.com/s/ap/20081108/.../earns_autos_6

Everyone will get their Camaros, but GM is not cash healthy.

[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.

[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!

[StoutFiles]

When talking to my dealer back when I ordered it, I asked him if I would receive my deposit back if GM goes under or does not make the car...both would get me my money back.

[SS22]

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!

AMEN!