GMAC gets help from $21.2B debt swap

By David Goldman CNNMoney.com staff writer NEW YORK (CNNMoney.com) ... would help it become better capitalized and viable for the future. The company, which provides loans to auto dealers and customers, said holders of $21.2 billion of its debt have agreed to a plan [more...]

Date: 2008-12-31 15:30:07

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Cash for clunkers worked like this — (Sticker MSRP + markup + options + fees + taxes - $4,500 = Price you paid).

Financing 100% of the price of a car at anything other than 0% means you are under water after the first year. Most people put nothing down when buying a car — just ’sign and drive’ for whatever you can qualify for and believe the dealer has your interest at heart like with real estate agents. The average new car depreciates 10%- 20% in first year. A 60 month car loan won’t exactly ‘build equity’. Being in the Auto Industry, I can tell you we are having the worst September in our history. [more...]

Date: 2009-09-29 15:46:41

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