Breaking: GM looking at strategic options for GMAC

[rivieraranch]

They can be as strategic as they want but I will NEVER deal with them, EVER, on any product or service. This is on account of them having a stingy pull ahead program, and excluding the new 2007 models from the pull ahead.

When I turn in my lease in March 2009 it will be dirty as sin and without a drop of gasoline. Then they can take it and shove it so far up that it comes out their eyeballs!

[Josenez11]

Not a big fan of GMAC either!! On two seperate occasions they or their third party agency they deal with has either lost or somehow lost track of my payment. I have had to have my bank fax them proof that they withdrawled money from my account. Then they called and harrassed me threatening to come pick up my car. Finally I told them that they can come pick up the piece of shat, but they would have to visit my dealer because it spends more time in their service bay rather than my driveway.

[FoMoCo Fan]

Don't you just long for the good ol' days when GM was paying Fiat $2 billion for the right not to buy Fiat?

[zete]

One thing I've been thinking of is that if GMAC gets assistance through that $700B won't the feds own a chunk of GMAC and won't, in the end, GM again be the largest shareholder. I think this is probably causing some consternation at Cerberus. To get the money they have to give up control of GMAC. But they need control of GMAC to get GM to buy Chrysler.

Tomorrow is going to be interesting.

[doh]

Originally Posted by zete

One thing I've been thinking of is that if GMAC gets assistance through that $700B won't the feds own a chunk of GMAC and won't, in the end, GM again be the largest shareholder. I think this is probably causing some consternation at Cerberus. To get the money they have to give up control of GMAC. But they need control of GMAC to get GM to buy Chrysler.

Tomorrow is going to be interesting.

Cerebus would suck up any "Bail Out Aid" from the federal bail out. Controling 51% of GMAC. Cerebus would own 35%, Feds would own 34% GM would own 31%.

[zete]

Originally Posted by doh

Cerebus would suck up any "Bail Out Aid" from the federal bail out. Controling 51% of GMAC. Cerebus would own 35%, Feds would own 34% GM would own 31%.

That still leaves Cerberus without controlling interest, totally at odds with the current situation. The Feds and GM could cut deals to simply vote down Cerberus.

[sagegriot]

Originally Posted by FoMoCo Fan

Don't you just long for the good ol' days when GM was paying Fiat $2 billion for the right not to buy Fiat?

I thought I was the only one who remembered that! That joint venture with Fiat was one of the worst ideas of all time IMO, and Fiat cancelled the deal and blackmailed GM. In retrospect $2B seems like peanuts nowdays.