I had read how GM has been sort of creating their own little bubble of credit. Selling cars to people they shouldn't for the sake of selling cars. Just a shell game as yea on one hand they looked profitable since they were selling cars, it was the other side GMAC that was going to take a hit when all the subprime loans they made went south.
Well I guess everybody is doing it. The wife wanted to trade her van for a Honda. Well its the end of the year, they are offering better deals to move cars. We can pay the loan and its 100$ less than the van was. But I just couldn't believe that they asked for absolutely no proof of income. Her credit isn't even that great. 'How much do you make a month' was all they asked and wrote it down. We could have told them 10 grand, never asked for a pay stub or anything.
And before anybody says anything, her Honda has 65% US made parts and was assembled here. A quick look at your average GM shows most of their parts are made in Mexico. Pretty sad that everything has reversed, a 'foreign' brand is now mostly US made and domestic brands are made elsewhere.
Well I guess everybody is doing it. The wife wanted to trade her van for a Honda. Well its the end of the year, they are offering better deals to move cars. We can pay the loan and its 100$ less than the van was. But I just couldn't believe that they asked for absolutely no proof of income. Her credit isn't even that great. 'How much do you make a month' was all they asked and wrote it down. We could have told them 10 grand, never asked for a pay stub or anything.
And before anybody says anything, her Honda has 65% US made parts and was assembled here. A quick look at your average GM shows most of their parts are made in Mexico. Pretty sad that everything has reversed, a 'foreign' brand is now mostly US made and domestic brands are made elsewhere.