Posted on 12/29/2009 7:46:52 AM PST by SonOfDarkSkies
General Motors Co. is offering its dealers hefty incentives to move thousands of leftover vehicles from its discontinued Saturn and Pontiac brands. The unusual tactic could inflate the car maker's December sales and cut the cost to car buyers by as much as 46% off the sticker price.
In what is equivalent to a year-end fire sale, GM sent letters to dealers Dec. 23 saying it would pay them $7,000 for every new Saturn or Pontiac on their lot that is moved to rental-vehicle or service-vehicle fleets operated by the dealers. Dealers can then sell the vehicles at a more attractive price, though they must be described to customers as used because the dealers technically will be the vehicles' first owner.
The offer expires Jan. 4, the last day of the December car-sales month. GM will book the sales to dealers as fleet deliveries.
(Excerpt) Read more at foxnews.com ...
I still refuse to buy from an illegal government company.
And at trade you might get 20% of what you paid.
Never ever buy anything from Government Inc.
“Happy Holidays” FROM THE U.S. TAXPAYERS!!!
I wouldn’t buy an Obamamobile at any price. May he and the UAW fail together.
I wonder if any shat-upon GM bondholders, are in the market for a Pontiac.
I still don’t understand why the denial of bondholder obligations was not considered groundbreaking-in-its-illegality, news.....
Cash for Government Klunkers II
A coworker of mine bought a brand-new Pontiac G-8 with the high horsepower option right before all these shenanigans. Nice car. Flat out hauls. I’d love to have one, but not from government motors.
So, is it correct that we as taxpayers are giving Pontiac dealers $7k per vehicle so they can cut the price and sell to the taxpayers?
I don’t care if they cost $10 I would never purchase a government motors brand anything. Ever.
Good luck getting them fixed.
Besides, I don’t buy stolen property.
We drove a rented G8 while out of state — it was a nice car.
I PREDICTED THIS !
OBAMA DOES NOT *HAVE TO* TAKE OVER THE ENTIRE AUTO INDUSTRY- ONLY ONE
THEN HE UNDERCUTS THE OTHERS ON PRICE UNTIL THEY GO OUT OF BUISNESS
“I still don’t understand why the denial of bondholder obligations was not considered groundbreaking-in-its-illegality....”
AB_so_frickin_lutely. And this whole issue just kind of....went away, didn’t it?
That was a harbinger moment for me. That upped the ante in the “there ain’t no cops” discussion.
THEN HE UNDERCUTS THE OTHERS ON PRICE UNTIL THEY GO OUT OF BUISNESS"
BINGO! That's EXACTLY what they'll do with Socialized Medical Care; just under-cut the Insurance Companies, and make "regulations" that are too costly to follow....thus, the "public option", aka the exchange, will be the ONLY Insurance you can get, and you get fined if you don't buy it.
"Stoopidity" in American Liberal voters knows no bounds, today....
upped the ante in the “there ain’t no cops” discussion?
Pro’ly so. With Clinton, “I was groping, screwing and raping simply because I could” and Gore only claimed that there was no controlling legal authority to prevent his government office/Buddhist Temple fund-raising phone calls.
Presuming everyone will buy a Pontiac ...
I’ll never again buy a government motors car! GM can pound salt.
I bought a brand new Pontiac in 1965. I sold it in 1995 to a guy in Sweden who restored it. The car had over 444,000 miles on it, and the original engine had been rebuilt once- at 271,000 miles. The car ran like a Swiss watch and the gut in Sweden was tickled to get it.
I sometimes wish I had never sold it.
It was a Catalina station wagon- got as high as 19 miles to the gallon, and carried or towed almost enything I asked it to. Only couldn’t tow my 4 horse trailer.
gut guy
Very sad. I used to be a big Pontiac fan back in the days before Democrats and the UAW train-wrecked it.
I’d get a Trans Am only if it came with Burt Reynolds. (sigh).
In some ways, you’re echoing my point. During Clinton/Gore, we indeed saw brazen levels of corruption, but they were pretty much isolated to Clinton and Gore themselves; Clinton, IMO, outpacing Gore by leagues. Clinton = the gropemaster; Gore: New frontiers in feigned ignorance and denial as to fundraising. Not that he’s engaged in anything like that now, LOL. But let’s not quibble. Please don’t misinterpret what I’m saying to mean that there have never been corrupt politicians pre-Clinton/Gore. Of course not. But those two, I believe, developed whole new vistas of corruption; which have served as models for even greater levels of corruption which have inevitably followed. When there are no cops, the criminals will get more and more brazen, that’s just common sense.
I believe that during the housing boom, say 2004-2007, corruption reached near universal, system-wide levels. I differentiate that from the Clinton era; when only the very topmost levels of gov’t could be imagined to get away with pure outright theft and crime. And corruption was ratified, over and over, and approved from the highest levels of “government”. (”Government” meaning such quasi-gov’t entities as FNM, FRE, and the Fed.) With the crap that went on during this era, literally all elements of sound banking as conceived of over the last 40++ years were discarded. And of course, laxity grew into willful exploitation. (Maybe I’m wrong about that, maybe it was intentionally corrupt from day 1, but ultimately, what does it matter?) It has by now been demonstrated dozens and dozens of times that there simply is no enforcement of any Federal statutes. As Karl Denninger says, there is no “or else” to any financial regulation other than low-grade mafia stock fraud. When Sheila Bair allows banks to go under at a point where their takeover costs the taxpayers hundreds of millions of dollars, that is supposed to be impossible. Those banks are supposed to be examined and if necessary taken over under the doctrine of PCA “prompt, corrective action” **BEFORE** their distressed assets become a taxpayer burden. If the bank requires taxpayer relief, then the officers of the bank ought to be held liable for fraud. But they never are. Nor is Sheila Bair ever held accountable for failing to act timely. Once again, the paradigmatical moment was when Hank Paulson held a gun to the necks of every congressman and demanded $787 billion in a 3-page ransom note, which included unconditional immunity for him, personally. And then he changed the purpose of the funds days later. What was supposed to be the takeaway from that episode?
At this juncture, I believe corruption is both endemic to and emblematic of our government at literally all levels. I believe that the upper levels are grabbing everything they can before the system collapses. And the lower levels are doing everything they can to do the same.
Not much of a deal when you won’t be getting any warranty service or even repair parts for that vehicle and the future trade in value would next to nothing.
“I’d get a Trans Am only if it came with Burt Reynolds. (sigh)”
You prolly mean Burt Reynolds circa 1974. Today, you’d need to make sure there was room for a walker in the trunk if you indeed snagged Burt.
I was so ticked when I found out they discontinued production of the Pontiac Bonneville in 2005 ... now I’m glad I never got one.
Hmmm, this is sounding a lot like the AF of L, CYA.
Government motor cars, can’t sell ‘em, can’t give ‘em away.
The really stupid thing is, people who buy these cars will not be back to buy a full priced vehicle in the next three years or so. This is downright suicidal.
If they can make us buy insurance, they can make us buy their cars.
"You VILL purchase dees auto!"
I can see it now, I'll be siting in jail and another prisoner will ask me what I'm in for...theft? No. Murder? No. Forgery? No. What then? I refused the government order to buy a car.
Cut the price 90% - nope - still not gonna buy from Obama Motors.
You know, on second thought, I'm not sure it's worth it. Probably I'll just stick with my trusty 13 year old Honda Accord station wagon. It's got 150,000 miles on it and probably good for another 150,000 miles.
“And this whole issue just kind of....went away, didn’t it?”
#####
It did.
And that is part of the entire unbelieveable nature of this unprecedented affront to our financial system.
We KNOW the propagandizers in the ObamaMedia aren’t going to cover this historic crime, but where are the bondholders themselves? Not ALL of them can be Ivy League suck-ups, told to keep their mouths shut in order to grease the skids for greater government goodies in the future.
Burt was my first crush. I sneaked into “The Longest Yard” just to see him.
“Burt was my first crush.”
#####
Glad to see some women still like men with hair on their bodies.
Or was it those tight white pants, or the Red Ferrari that he wrecked......
It was his Southern Good Ole Boy S*** eatin’ grin.
“Not ALL of them can be Ivy League suck-ups, told to keep their mouths shut...”
In no way do I put it past this regime to either 1: threaten a hedge fund or other bondholder with indefinite IRS harassmsnt or 2: threaten physical harm to family member(s). Especially in the beginning there, when “action” was supposedly called for. Yes, I am serious. We’re talking about multiple bondholders with billions of dollars, all of whom shut up in unison and simply dropped off the radar screen. I asked a friend who is a skilled BK attorney what he thought about the whole notion of junior bond/debtholders jumping over senior holders of same and he was “tremendously” upset. His words.
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