Don't buy used GM cars - no warranty anymore

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Here's another aspect of the shocking way our corrupt politicians helped "save" GM:
http://www.naturalnews.com/033461_General_Motors_bankruptcy.html
Good reason not to buy new ones, either, just to punish them. And "fire" all incumbents, next election.
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BUT WAIT !!! Chairman O'Bama said the he(the taxpayer) would cover GM warranty repairs !! WTF happened?? Just words,just speeches???
http://www.autoweek.com/article/20090330/CARNEWS/903309977
U.S. will guarantee GM, Chrysler warranties, Obama says
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In a bid to boost flagging auto sales, the federal government will pay for any warranty repairs on a General Motors or Chrysler vehicle if either company can't because of financial problems or a bankruptcy filing, President Barack Obama said on Monday.
"Let me say this as plainly as I can. If you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired just like always," Obama said in a speech. "Your warranty will be safe. In fact, it will be safer than it has ever been. Because starting today, the United States will stand behind your warranty."
GM and Chrysler are at a high risk of bankruptcy as they face some of the lowest U.S. sales rates in 27 years, analysts have said. The government on Monday took several actions to help shore up the two automakers after forcing the resignation of GM CEO Rick Wagoner
Read more: http://www.autoweek.com/article/20090330/CARNEWS/903309977#ixzz1X12FnipR
Lying sack of shit !!!
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On 9/4/2011 3:59 PM, The PHANTOM wrote:

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If I was one of the many retirees who ended up eating a lot of stock in the 'old' GM, it'd be a cold day in hell before they ever saw a penny from me in their dealerships. While that doesn't apply to me personally, there are only a few of their current offerings I find even slightly interesting, engineering or styling-wise. Most of them simply look bizarre, and the ones that don't mostly look like affected retro designs- ie the Camaro, a 'Hot Wheels' take on what was a nice clean design in 1967. (In fairness, not that impressed with the Dodge and Ford retro-rods either. The Dodge looks stoned. Ford is real irritating- the first 'retro' Mustang looked okay, an homage to the '65. The newer version looks bloated to my eyes.)
Side rant- enough already with the high-beltline chopped-top look on most new cars. It is ugly, and when you are inside, you feel like you are in a bathtub. And don't get me started on the silly-ass wrap-around cat-eye headlight buckets. If there isn't a light source behind that area of plastic, it serves no purpose other than driving up replacement cost.
--
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ord

the colors. A lot of them looked like they were aiming for Day-glo... and missed.
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Invisible? More like butt-ugly. I liked my '93 Vision TSi, though. Well, until the transmission went. Eight years old and well less than 100K and it was junk.
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In typed:

Made some calls today: GM said you and your article are both liars and wrong.
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Hahahahahahahaha. And you'd expect them to say otherwise, why? Have you actually taken a car in for warranty service that was built before the bankruptcy?
snicker
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In typed:

Yes. a 2009 Cavalier and a 2008 Trailblazer. Both were bought used and the new-car warranty transferred to me at the time of sale. One turned out to be a wire loose in the Onstar installation and the other a damaged rear window crank. No questions asked.
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On 9/5/2011 11:37 AM, Twayne wrote:

was massive liability exposure from design flaws that went unchecked. Something about several years of Impala (which had lotsa fleet sales) having a suspension or brake defect?
I think the judge shoulda made them pick a new name for the company, personally. And I think they should go back and pay at least a token payout to all the people holding stock in the old company who got screwed, before they pay any bonuses or dividends.
I suppose they did what they had to do, to keep even more people off unemployment. But if some Ma'n'Pa company with 49 workers proposed a similar sweetheart deal, the judge would laugh them out of court.
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Not often that the people who finance the bankruptcy (debtor-in-possession) get to tell the judge how the bankruptcy WILL be concluded.
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On 9/5/2011 2:04 PM, aemeijers wrote:

On the contrary, this is standard operating procedure in the housing construction and home remodeling business. Incorporate. Build homes/remodel. Acquire a lengthy list of dissatisfied customers demanding satisfaction, and creditors demanding payment. Go bankrupt, dissolve corporation, meaning the corporation issuing the warranty no longer exists. Reincorporate under a new name, thus neatly avoiding liability for past work.
The only thing GM did different was to reuse the original name.
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GM got rid of those pesky bond-holders, and Republican dealerships, too.
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On 9/6/2011 12:56 PM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:

ISTR there is plenty of case law saying that people who play the shell corporation game, and move assets between succeeding corporations without a clear paper trail, lose their immunity from suits against their old companies. IOW, the judge said 'who the hell do you think you are kidding, here?' They were not really corporations, they were thinly disguised DBAs.
Standard disclaimer- IANAL, but I did have 60+ hours of business and contract law back in college, and lotsa 3-day-wonder courses during my career since then.
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Huh? GMs bond holders were thinly disguised DBAs? Dealerships?

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On 9/6/2011 9:20 PM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:

Pay attention- the GM board of directors, as the nominal owners and operators of the 'old' GM.
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I still don't understand what that has to do with the bond holders or dealers who had their property seized.
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On 9/7/2011 8:30 AM, snipped-for-privacy@att.bizzzzzzzzzzzz wrote:

What property? All they lost were now-worthless franchise agreements or bonds. It wasn't seized- it ceased to exist. Nobody else got it. The dealers who were cut loose still owned the property, in most cases, unless GM's real estate arm or similar was leasing it to them.
Just like if a Ma'n'Pa company goes belly up, any unsecured loans they have out from creditors near the end of the line, are now worthless scraps of paper.
Try the same thing with markers you have out to a bookie or loan shark, and you will be able to predict the weather with your knees and knuckles the rest of your life. If they can't get their money, they use you as an example to all the others.
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GM was property. The dealership was property. It was seized.

Property.
Bullshit. GM continued to operate with new owners (unions and government).

Nonsense.
The franchise agreement was property.

Not at all. The first-class bond holders are in line, *way* ahead of other creditors, certainly unions.

What a moronic analogy. Though with Obama and his minions, you may have something.
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Not really. These are franchises and they weren't renewed. Not at all unusual in bankruptcy proceedings. Not really all that much different than Borders, for instance, getting out of leases. This is one of the few standard things that happened, to my mind.
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Auto dealer franchieses are not licenses to print money, they are contracts between two parties and there are clauses in them that allow the manufacturer to terminate under many different conditions. There was a recent situation near here where the dealership took advantage of someone with less than perfect mental capacity, selling her a car when she came in to get her old car repaired. The manufacturer terminated their franchise agreement and took bank the inventory that wasn't paid for. Another dealer group bought the franchise rights and renamed it within weeks.
Typically the manufacturer doesn't have anything to do with the real estate. They may have an agreement about branding and signage for the location, but the dealer owns or leases the location. Some dealerships who lost their GM franchise have opened other franchises in the same location, or opened a used car store.
One thing is very clear. There were too many GM dealerships. The number of dealerships was more reflective of GM's sales dominance in the 70s and 80s than the current situation. Dealers need volume to make profit, and volume helps drive customers to their profitable service departments. GM dealers were selling half to a third of the volume that a Honda or Toyota dealer would sell.
I wouldn't weep for most GM dealers who lost their franchise. Most dealerships are owned by groups who generally buy different franchises to spread the risk around. So what they lose in GM, they might make up at their Ford, or Nissan or another brand franchise they own. Mom and Pop dealers are fading fast.
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