STUDY: Each New GM Vehicle Costs Taxpayers $12,200

A study by the obviously pro-government National Taxpayers Union claims each new GM vehicle costs the average taxpayer $12,200. Their bizarre assumptions and our analysis below. » 11/19/09 10:30am 11/19/09 10:30am

So, to quote Pete Sepp of the NTU, "Every time someone in your neighborhood drives home in a shiny new Chevy Silverado, remember that it…

GM Offering Dealers $250 For Every Customer They Don't Send To GMAC

Automotive News » 10/17/08 3:00pm 10/17/08 3:00pm reports that GM is offering dealers up to $250 in bonus money for every loan they sell to a lender other than GMAC. This latest move follows Monday's report on , and "is an encouragement for dealerships to seek out other sources of funding," says Mike Mullaney of Hudson Pontiac-Buick-GMC in Poughkeepsie,…

GMAC Now Officially Requires 700-Plus FICO Score For New Car Loan

The Financiapocalypse » 10/13/08 6:20pm 10/13/08 6:20pm continues. We just received a copy of an e-mail that went out at GMAC, the lending arm jointly owned by GM and Cerberus, from Barbara Stokel, GMAC's EVP of North American Operations. Here's the most salient detail: you'll now need a minimum 700 to get a car loan at dealer invoice or below from…

Car Insurance Companies Have Always Been At War With High Prices

A few of the big insurance companies (Progressive, we're looking at you) have been experimenting with high-tech on-board devices to monitor their customer's driving habits for a few years now. But telematics have finally entered the picture, allowing on-the-fly uploading of driver information, vs the previous systems… » 6/26/08 1:30pm 6/26/08 1:30pm

WSJ Reports GM To Put Up Rest Of GMAC As Collateral For $4.1 Billion…

Well, they already sold off 51% of GMAC to Cerberus, why not mortgage the rest of it on the turnaround effort...err...sorry, "general corporate purposes including working capital needs." Those "general corporate purposes" are why the General's claiming it needs "a supplemental revolving credit facility in an aggregate… » 5/24/07 12:30pm 5/24/07 12:30pm

The Delphi Rhythm Method: Cerberus Pulls Out Early

Jeez, can't the auto industry give us a break today? Don't they know we've got the new concepts from BMW and Audi at the Shanghai show to cover? People these days — so inconsiderate. Well, let's put our industry hats on for a moment and let you know what's going on at everyone's favorite auto supplier, Delphi.… » 4/19/07 12:13pm 4/19/07 12:13pm

Breaking Bigger, Longer And Uncut! WSJ Reports Kirk Kerkorian Sells…

The dream is — according to the Wall Street Journal anyway — dead. The Journal's reporting that the man with the plan's sold not just half of his stock in the General as we reported earlier — but all of his stock in the biggest n' baddest automaker in the world. KirkKerk has left the building, and with him — all hope?… » 12/01/06 12:01am 12/01/06 12:01am

Breaking! GMAC Pays Off A Credit Card, Buys Back $500 Million In Debt


Earlier this week Bloomberg News reported GMAC, the finance subsidiary of the world's biggest automaker, was looking to seek some capital the old-fashioned way. No, not by inheriting it...the other old fashioned way...borrowing it. The New York mayor's trust-held News company reported it might be selling its first… » 9/14/06 9:37am 9/14/06 9:37am

Breaking! GM Announces $14 Billion Agreement To Sell GMAC; Agrees It's…

Not quite yet anyway, but with an agreement by Cerebus Capital to purchase a 51% stake in GMAC for $14 billion announced just a few short minutes ago, the General is one step closer to the solution envisioned by CEO Rick Wagoner. No, not the solution whereby he slips on the toilet seat and has a vision of something… » 4/03/06 9:32am 4/03/06 9:32am

Breaking! Sources Report Cerebus Capital Close To GMAC Majority Stake


Oh, praise the Lord! Reports from numerous sources indicate Cerebus Capital is close to inking a deal with GM over purchase of a 51% stake in GMAC, GM's finance arm. This is the same GMAC GM has had on the block for months...the same GMAC we've been reporting about for months. So...we'll see if this latest rumor ends… » 3/30/06 3:36pm 3/30/06 3:36pm

Oopsie! Bean Counter Mishap At The General (Again...)

One would think with the eyes of the SEC already firmly afixed upon you, now would not be the best time for accounting misstatements to come to light. Or maybe it is, how would we know? Our version of accounting is figuring out how many drinks we had the night before by the number of fingers we can see in front of us… » 3/20/06 10:25am 3/20/06 10:25am