GM to buy auto financing company AmeriCredit

ms (journolist) nbc ^ | 7/22/10 | TOM KRISHER

[Nachum]

DETROIT — General Motors Co. will buy AmeriCredit Corp. for $3.5 billion, a deal that allows the automaker to expand loans to customers with poor credit and offer more leases, key areas where GM must grow to accelerate its car sales.

But the acquisition, announced Thursday, also means that GM, which is 61 percent owned by the U.S. government, is getting back into the business of making risky loans. AmeriCredit is an independent auto financing company that already works with about 4,000 GM dealers.

[Nachum]

The list, ping

[Doogle]

purpose...to loan to people who can't get a loan.... Obamaworld BUY FORD!

[equalitybeforethelaw]

Doesn’t this mean the US Taxpayer just bought AmeriCredit? Great, more government involvement in the financing of government manufactured products. What could go wrong?

[kbennkc]

Good thing they sold GMAC . I guess this clears the way for Obama Motors to be considered a bank needing government financial guarantees.

[Freddd]

It should say

American taxpayers will buy....

[nascarnation]

Baraqqi Motors

Buy here, pay here (twice)
once for the car, the other in taxes

[Caipirabob]

Yes, by all means, keep the corruption in the family...

[paguch]

Here comes Geniemac offering subpar loans for automobiles. No credit required just a drivers liscense,green card or handwritten social security card. All loans backed be the next four generations.

[Oldpuppymax]

TAXPAYERS to buy auto financing company AutoCredit for UAW and Hussein regime.

Headline now fixed.

[q_an_a]

Go Ford -

My question is if they have 3.5 billion for a credit company why don't they pay off the debt they owe to the American people?

[softwarecreator]

So we give them 4 billion and now they can buy another company for 3.5 billion?  In a year they will need to borrow another few billion because of "bad investments".

Looks like the bailout worked!  (heavy sarcasm)

[sodpoodle]

Good question!

They have to *floorplan* the 4,000 hand selected GM dealers who have no money, for their customers who will have no credit.

This way, everyone who deserves a car to drive to the unemployment office will have a new car and the taxpayers will get to keep their klunkers.

[Vinnie]

Who owns Americredit? Dims and friends I’ll bet.

[Nachum]

http://www.earthtimes.org/articles/press/announces-investigation-americredit-corporation,1395295.html

[KarlInOhio]

Subprime loans to buy subprime cars from a subprime company owned by a subprime government.

[Joan Kerrey]

The fredie mack of the car industry. Watch for auto loan packaging into investment instruments to come shortly as GM sales skyrocket via sub-prime loans that will never be paid back, unexpectedly ofcourse.

[Eric in the Ozarks]

But not a penny for the former GM stock holders and bond holders.
What an outrage !

[stephenjohnbanker]

” They have to *floorplan* the 4,000 hand selected GM dealers who have no money, for their customers who will have no credit. kARL

” Subprime loans to buy subprime cars from a subprime company owned by a subprime government. “

You two win Post of the Day.

I can just see the C & D paper now......

On a new caddy.

Leroy & Melba.

498 FICO

Leasin a new Caddy @ 750 per month

On a 2850 gross income

Guaranteed by Dick & Jane Taxpayer.

Floorplan by Dick & Jane Taxpayer

“Obamamoney”

What a country....

[TopQuark]

"Who owns Americredit? Dims and friends I’ll bet."

AmericCredit is a publicly traded company; as such it is probably owned by millions of Americans.

No need for conspiracy theories here.