GMAC Refuses to Lend TARP Money (credit, lending, borrow, loan)

[vseale]

A local news channel just ran a news story, here in Dallas, of a local businessman who is ready to replace his 1,000 van fleet. He wants to buy GMC, but GMAC refuses to lend the money. They've been his lender for 20 years, but now refuse to do business with him. GM is boohoo-ing that no one is buying their products. What a bunch of hypocrites! I guess they've got to save all that TARP money for those lovely new factories they're building in Brazil!

I am soooo filled with confidence that our business leaders know what they're doing - not.

Idiots! Idiots! Idiots!

[evilnewbie]

You are surprised? You do realize that Obama just gave them another 4 billion... I hope you didn't vote for Obama... otherwise accept it...

[NoOBama]

Another 6 months of this administration and George Soro's will be begging for George W. Bush to come back to Washington.

[Maabus1999]

Well one abnormal order (1,000 is a TON for this environment) is hardly proof, but it is a warning sign. Especially when they said when they get the money they will immediately start loaning again to anyone above FICO 670.

[HappyTexan]

Originally Posted by Maabus1999

Well one abnormal order (1,000 is a TON for this environment) is hardly proof, but it is a warning sign. Especially when they said when they get the money they will immediately start loaning again to anyone above FICO 670.

The key word there is "said". Nothing in that TARP bill required any one of them to actually "lend" money. They were free to do what they wanted with it. It was a blank check.

[cdelena]

This is what the bank CEOs were saying... they feel they are lending at a good rate but the secondary market which is over 50% has stopped lending.

[texdav]

Fro waht I saw GMAC is how leanding more but they of course require good credit . Last i saw it was 720 and baove. That is the "well qualified borrower " disclaimer in their commercials. All lenders are upping the qualifcations from a year go and before.

[MPC2000]

Although I agree that our problems stem from us being too greedy and trying to keep up with the Jones', and I don't agree with the lending of Bilions to these corporations(corporate welfare!!!!) I did vote for Obama and I hope all goes well, if not, then he won't get my vote the next go around. Bush did do us over though. I did like him becuase he seemed like a normal person, but boy was he lost when it came to the economy.

[wheelsup]

Originally Posted by MPC2000

I did vote for Obama and I hope all goes well, if not, then he won't get my vote the next go around.

You have to admit he was handed a stacked deck, we were screwed no matter who took office.

[Jaggy001]

Originally Posted by wheelsup

You have to admit he was handed a stacked deck, we were screwed no matter who took office.

Well, it was Bush who started throwing the money at the banks and the auto makers not Obama. That said, I was dismayed by the extent to which both Obama and McCain were clueless on the economy during the final weeks of the campaign.