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GM Ramps Up Risky "Sub Prime" Auto Loans To Artificially Boost Lagging Sales

 
Saddletramp
We Don't Rent Pigs...

User ID: 812002
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07/30/2012 12:30 PM

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GM Ramps Up Risky "Sub Prime" Auto Loans To Artificially Boost Lagging Sales
Yeah, this worked so well for the mortgage industry...

From Investors.com

[link to news.investors.com]

President Obama has touted General Motors (GM) as a successful example of his administration's policies. Yet GM's recovery is built, at least in part, on the increasing use of subprime loans.

The Obama administration in 2009 bailed out GM to the tune of $50 billion as it went into a managed bankruptcy.

Near the end of 2010, GM acquired a new captive lending arm, subprime specialist AmeriCredit. Renamed GM Financial, it has played a significant role in GM's growth.

The automaker is relying increasingly on subprime loans, 10-Q financial reports shows.

Potential borrowers of car loans are rated on FICO scores that range from 300 to 850. Anything under 660 is generally deemed subprime.

Subprime Key Driver

GM Financial auto loans to customers with FICO scores below 660 rose from 87% of total loans in Q4 2010 to 93% in Q1 2012.


norespect

Last Edited by Saddletramp on 07/30/2012 12:31 PM
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Saddletramp (OP)
We Don't Rent Pigs...

User ID: 812002
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07/30/2012 12:32 PM

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Re: GM Ramps Up Risky "Sub Prime" Auto Loans To Artificially Boost Lagging Sales
Just one more reason I will never again buy a GM made auto...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
508527

User ID: 1432018
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07/30/2012 12:35 PM
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Re: GM Ramps Up Risky "Sub Prime" Auto Loans To Artificially Boost Lagging Sales
they better get those repo wreckers gassed up and ready.
Saddletramp (OP)
We Don't Rent Pigs...

User ID: 812002
United States
07/30/2012 12:59 PM

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Re: GM Ramps Up Risky "Sub Prime" Auto Loans To Artificially Boost Lagging Sales
They just have to keep up the charade long enough to try and get O re-elected, then it's down the toilet with GM...again...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."

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