Will the GM bankruptcy effect you?

[smfcpacfp]

I am not sure, but it seems a foregone conclusion. I have a Z06 Vette still under factory warranty. I also have a GM credit card with rebate dollars good toward the purchase of a new car, which may be lost.

 

[rcrcomputing]

Since we seem to be paying for it, I guess the answer is yes.
As an aside, after watching this fiasco, I'll never again buy another american made car, which of course, is all I've bought in the past and all I own. Other than ford.. Unless they go down the same road...

After like 9 great years, they have two bad years and go bankrupt. Something is very wrong with that.

 

[ultrarunner]

I've owned quite a few GM products and have been satisfied with all... except the maybe the S10 instrument panel...

I'm sure it will affect me because certain replacement parts will certainly be harder to come by.

I never would have thought the day would come... they used to say as GM goes, so goes the America.. I really hope not!

It's ironic because I think they are turning out better products today... I wonder what impact this will have on their international holdings?

 

[nmu98]

I live in an area twhere there is a GM plant in almost every corner of the city. Suppliers are everywhere. I am sure some of it will close. I have always bought GM. I told my wife 3 months ago, I will never buy another GM. Ford will get my business, just because they have handled their company better. This is sick.....

 

[carpenter383]

I though the govenment was supposed to be taking GM over to keep them in opperation?

 

[jdbower]

A lot of people confuse bankruptcy (technically bankruptcy protection) with disappearing off the face of the earth. It's very difficult for a major corporation to actually disappear - especially one with military contracts and government money. Take a look at MCI. They became WorldCom, had some financial scandals and had to file for bankruptcy protection, became MCI again to shed the WorldCom bad press, and then were bought by Verizon. Net effect to their customers was pretty much nil other than changing the "To" line on their checks a few times and now having something that's a pretty good match for the AT&T/SBC merger.

In all likelihood GM won't go away. They may restructure and remove a few redundant lines (Do they need Buick and Cadillac, or Chevy and GMC trucks?) or they may get bought but to suddenly disappear is unlikely. What I find interesting is the closure of a huge number of dealerships - I'm hoping that they come up with a new paradigm whereby you can buy direct from the factory to streamline production. A company like GM has plenty of fleet vehicles, if I had to go to the nearest Enterprise or Hertz to do a test drive I'd be fine with that.

 

[deerefan]

I live in an area twhere there is a GM plant in almost every corner of the city. Suppliers are everywhere. I am sure some of it will close. I have always bought GM. I told my wife 3 months ago, I will never buy another GM. Ford will get my business, just because they have handled their company better. This is sick.....

I feel the same way. I am a GM car guy at heart but do like Ford pickups as much as GM. Their poor business practices effect us all, at least indirectly. It hurts us emotionally to see an american icon fall, eventhough they are not going to disappear. I think there was a time people were proud GM was such a big part of American culture, but now maybe we are a little embarassed by how things have turned out. It is a shame because they have some awesome products hitting the market, like the bad boy ZR1 and the new Camaro. I own a 1970 Corvette that was handed down to me from my dad who was the original owner and am restoring a 1970 Chevelle. These cars signify, to me, a time when GM was "untouchable".

 

[two_bit_score]

I am not sure, but it seems a foregone conclusion. I have a Z06 Vette still under factory warranty. I also have a GM credit card with rebate dollars good toward the purchase of a new car, which may be lost.

I cashed in a lot of GM Card $$'s last year when I bought the '08 Yukon XL. Slowly building back up but I may switch to a Ford card if the situation looks bleak at GM under *****'s management team.

 

[dmccarty]

Since WE the taxpayer now are, or shortly will be, the majority owner of GM, then yes it will affect me/us.

Positively or negatively?

I find it hard to believe that the politicians will run GM better than the people in the car business...

So the answer would be a negative impact.

Later,
Dan

 

[scott_vt]

Good Afternoon Steve,
Well the whole darn thing is pretty sad IMHO ! I thought I would never see the day that anything like this would ever happen ! It doesnt take a rocket scientist to see that there was some pretty severe mismanagement going on. I mean honestly, the bean counters at the top of the company couldnt see that there would be no possible way of funding all these retirees with pensions and health benefits ???

My wife and I did a smartbuy/ lease for 4 years on a Chevy Equinox. We have 6 months left, and we are not opting to buyout ! The dealer that we got the vehicle from has since closed their doors, so I guess we need to figure out who we bring it back to !

Bottom line is that Kathleen is looking at Honda etc...

Like I said, sad !