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Rant....Ford & GM stupid

  • Thread starter Deleted member 3577
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So if GM (or Ford or Chrysler) thinks that people won't buy their cars or they won't be able to get financing if they file Chapter 11, maybe the Gov't can loan them the money or back their warranties after they file Chapter 11.
 
vagt6 said:
If the person who's buying the dealer's assets does not have a franchise agreement with the vehicle manufacturer, he cannot sell the new cars as "new". All 50 states have similar dealer franchise laws that prohibit the sale of new cars without a franchise agreement. And, it's very, very expensive and hard to obtain franchise agreements, especially with foreign marques such as Toyota & Honda.

Also, I doubt if the dealer actually owned all the cars on his lot(s). Most franchised dealers "floor plan" their vehicles, financing at least part if not all the vehicles' cost with a loan with a bank, or with the manufacturer's lending plan (i.e., GMAC).

A franchised car dealership is a cash business that operates on relatively thin profit margins. If cars aren't selling, there's no cash and things can go south very quickly. That's what we're witnessing here. And, if a dealer doesn't have a thriving service department nowadays (big cash generator in a dealership), he's dead in the water, kaput.

I <span style="text-decoration: underline"><span style="font-style: italic">hate</span></span> to see this economic collapse. Car dealers pay a LOT of local taxes and support a lot of people locally. I formerly worked for a state franchised dealer trade association and met many great dealership owners who performed tons of charity work and vigorously gave back to their locale. The best of them were the pillars of their communities, and extremely savvy businessmen.

I sure do hope things turn around soon . . . we're losing an American retail icon. Very sad, indeed.
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So, Bob Qvale must know something about buying a Chevrolet dealership cheap....or he's figured a way to take a huge tax loss from the present financial problems of the Big Three!
 
AM news this morning showed the "big three" before congress asking for money to bail them out. They flew from Detroit to Washington on 25 million dolar private jets that cost $10,000 round trip. Seems GM has six of these for the execs to tool sround in.
Am I missing something? Last I saw round trip for us folk on United from Detroit to Washington was $288. Even less if they would drive one of those cars they produce.
 
terriphill said:
AM news this morning showed the "big three" before congress asking for money to bail them out. They flew from Detroit to Washington on 25 million dolar private jets that cost $10,000 round trip. Seems GM has six of these for the execs to tool sround in.
Am I missing something? Last I saw round trip for us folk on United from Detroit to Washington was $288. Even less if they would drive one of those cars they produce.
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hehehehe...but the GM big dog did pull up to the hearings in his Chevrolet hybrid - good press that.
 
So, if he had bothered to drive the 536 miles in that Hybrid that gets approximately 35 mpg...he would have used 15-20 galllons of gas at an average of $2 per gallon. hmmmmm....
$40 and an 8 hour drive....vs. $10,000 for travel in your private jet. I'm beginning to see :smile:
 
Just curious....
What's the record for posts/views in a single thread?
 
terriphill said:
AM news this morning showed the "big three" before congress asking for money to bail them out. They flew from Detroit to Washington on 25 million dolar private jets that cost $10,000 round trip. Seems GM has six of these for the execs to tool sround in.
Am I missing something? Last I saw round trip for us folk on United from Detroit to Washington was $288. Even less if they would drive one of those cars they produce.
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Ya know, I kinda wonder about some people. I mean come on!!! "Pat, I'd like to buy a CLUE please." JEEEEZE!!!! I heard on the morning news that this is like a man driving his Lexus to the soup kitchen line. :wall: :wall: :wall:
 
mailbox said:
Ya know, I kinda wonder about some people. I mean come on!!! "Pat, I'd like to buy a CLUE please." JEEEEZE!!!! I heard on the morning news that this is like a man driving his Lexus to the soup kitchen line.
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These CEOs don't seem to understand leadership. Flying commercial might not have saved them anything, but the symbolic value would have been large. Instead, they come across as arrogant and entitled. I find that now I can't listen to Rick Wagoner speak at all without wanting to slap him. The hubris of these folks is incredible.
 
Here's something I heard on the radio this morning: <span style="font-style: italic">"The Big Three should ask their unions for a loan from their pension funds in exchange for part ownership."</span> If the unions said 'no' that's the end of that! It says more about the viability of the Big Three than anything anybody could say.

If the unions said 'yes', they'd have a vested interest in solving problems, streamlining, becoming more cost conscious, build better products, etc.
 
tony barnhill said:
If the unions said 'yes', they'd have a vested interest in solving problems, streamlining, becoming more cost conscious, build better products, etc.
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I'd want control of what type of vehicle was being produced. Giving up my retirement fund to people who have a bad track record wouldn't be something I'd be willing to do. Living in a semi-private room in a retirement home so the execs can still fly around in private jets doesn't sound like money well spent.
 
That pension fund money belongs to the people who worked for it. They were promised the retirement funds and to take any part of it away is nothing short of stealing. The very idea is morally reprehensible.

If the unions agree to FUTURE reductions in pensions, fine. But those who worked under the current pension funding should receive every single penny they were promised.

How would YOU feel if all of a sudden, YOUR pension funds were dramatically cut or eliminated???
 
vagt6 said:
That pension fund money belongs to the people who worked for it. They were promised the retirement funds and to take any part of it away is nothing short of stealing. The very idea is morally reprehensible.

If the unions agree to FUTURE reductions in pensions, fine. But those who worked under the current pension funding should receive every single penny they were promised.

How would YOU feel if all of a sudden, YOUR pension funds were dramatically cut or eliminated???
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Don't think the panel discussing it meant to ever change the pension agreements...they were all saying the pension funds should be repaid - just that the interest on the loan would be part ownership.

If it did happen (will never), the unions would then have a say on executive salaries & benefits!
 
I had one for the pro's and cons or Pertronix that was good and heated.
 
Does anyone watch cspan besides me? Did hear correctly? Or was I dreaming?
The U.A.W. representative talking to congress about some lady that was receiving a survivor benefit and her own benefit package in the total sum of $350.00 a month? Then he went on to say that they {the U.A.W.} worked to get retirees a bonus package and that her share of that bonus was $450.00 of which she gave 10% to charity and kept out $100.00 for Xmas then put the rest {$300.00} in a "rainy day fund".
And her son ... even ..... wrote them { The U.A.W. } a letter of thanks! AND the son went o n to say "you dont have a clue what this means to her"!
MAN! AM I ever GLAD I didn`t work under a U.A.W. lodge or for one of the "Big Three"!

My retirement package isn`t much .... BUT ... my health package equals more than $300.00 a month!
 
Retired UAW worker (high school education or less) who spent 30 years at one of the Big Three receives a pension of $4,000 each month plus medical benefits for life without copays for doctor visits or prescriptions & they never have to switch to Medicare...plus Social Security check!

Retired Army colonel (at least 1 masters degree) who spent 30 years in the Army (including 1 or more wars & probably being wounded) receives a pension around $3750 plus medical benefits for which he pays copays & must switch to Medicare at 70...plus Social Security check! Oh, if his wife is to receive any monthly survivor benefit the colonel must give up $1875 of his retirement from the day he retires until he dies to pay for her benefit!

Which is the better retirement plan?

Don't get me started on union benefits........
 
Hey Autoist. Are you a member of NAUS? If not you might explore it and see about joining...(that is National Association of Uniformed Services).. I remember recruiters telling that if you signed up and spent twenty years in you and your family would get FREE medical for life....
 
RonMacPherson said:
Hey Autoist. Are you a member of NAUS? If not you might explore it and see about joining...(that is National Association of Uniformed Services).. I remember recruiters telling that if you signed up and spent twenty years in you and your family would get FREE medical for life....
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Maybe back in the day when they promised us free healthcare for life...but since a president about 8 years ago, everything's changed.
 
Ohhhh, yeaaaa. and that is an after tax figure Tony posted. That's take home.
 
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