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OnlyMe

Gm Subprime Manufacturer

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Meet son of GMAC - Ally. The same GMAC that flooded the UK with BTL shit lending.

Both taxpayer owner, you'd have thought making better cars would be a route to success, nope, running cheaper subprime loans is the answer and guess what if they ru it in house all the problems of lending criteria will go poof.

No wonder people buy Japanese and German cars.

http://finance.yahoo.com/news/GM-wants-more-subprime-buyers-apf-3905021737.html?x=0

GM wants more subprime buyers; will lender agree?

GM wants to lift sales with more subprime buyers but its main lender keeps purse strings tight

Dan Strumpf and Tom Krisher, AP Auto Writers, On Sunday May 16, 2010, 2:56 pm EDT

DETROIT (AP) -- If your credit isn't good, General Motors Co. still wants to sell you a car.

The problem is, it can't. At least not in big numbers. That's why the automaker wants more control over its lending again.

GM's top North American executive Mark Reuss, under pressure to quickly sell more cars and boost GM's value as it gets ready to sell stock to the public, said a shortage of subprime lending is holding back sales in the U.S.

But the automaker's main lender, Ally Financial Inc., has little appetite for risky loans, having spent the last few years cleaning up its own financial mess caused mainly by its failing mortgage lending business. Both companies are majority-owned by the U.S. government.

For decades, GM owned Ally, writing its own loans through the so-called captive finance arm. Nearly every automaker makes loans in such a fashion. But a cash-starved GM sold most of Ally -- formerly known as GMAC -- in 2006.

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Guest sillybear2

Bradford & Bingley were contracted to buy their unending subprime shit, all of which are now residing in holding company shackled to HM Treasury of course.

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Bradford & Bingley were contracted to buy their unending subprime shit, all of which are now residing in holding company shackled to HM Treasury of course.

Unbelievable , in 2007 I was working in the new homes industry and could not believe the people that were getting mortgages via GMAC , anyone who had the 15% deposit could get a mortgage . There was no deposit the developers lied on the price uping it and then discounting it to make it look like there was a deposit ( the banks must have know ) that is why they are not sueing the developers now.

I saw some people complete on the purchase never pay the mortgage rent the place out and collect the rent untill the place was repossessed. B&B have picked up the sh-t and now passed it on to the tax payer . The other people who have got mugged are the buyers who did buy legitimately the dodgy deals held the prices up to make the places look like they were worth the headline price and people bought into this inflated market.

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Guest sillybear2

What does a bankrupt state owned automaker, a bankrupt government owned building society, corporate housebuilders, drug dealers and nigerian fraudsters all have in common? Thamesmead.

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What does a bankrupt state owned automaker, a bankrupt government owned building society, corporate housebuilders, drug dealers and nigerian fraudsters all have in common? Thamesmead.

LoL , yes lots of this went on in Thamesmead !!

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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