AlRozzi Posted May 8, 2010 Share Posted May 8, 2010 (edited) Round two of GM's attempt to fool the public about the bailout. Round one was the "we paid back our loans in full" lie. Since GMAC could Never pay back its share of the GM bailout it took, at least this way the public will never again see in the news "GMAC can't pay back..." For those who might say GM doesn't currently own the finance company, the money was still put into GMAC because as part of GM's bailout, it needed to be able to finance its vehicles, so the money given to GMAC was effectively given to GM. Det News Edited May 8, 2010 by AlRozzi Quote Link to comment Share on other sites More sharing options...
twintornados Posted May 8, 2010 Share Posted May 8, 2010 Round two of GM's attempt to fool the public about the bailout. Round one was the "we paid back our loans in full" lie. Since GMAC could Never pay back its share of the GM bailout it took, at least this way the public will never again see in the news "GMAC can't pay back..." For those who might say GM doesn't currently own the finance company, the money was still put into GMAC because as part of GM's bailout, it needed to be able to finance its vehicles, so the money given to GMAC was effectively given to GM. Det News Ally Financial Your link isn't working...try this one.... Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted May 8, 2010 Share Posted May 8, 2010 Hmm. They took the first four letters of "All your money" Quote Link to comment Share on other sites More sharing options...
aneekr Posted May 8, 2010 Share Posted May 8, 2010 Hmm. They took the first four letters of "All your money" :yup: I doubt this is a coincidence... Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted May 8, 2010 Share Posted May 8, 2010 It's also similar to the name of the diet product that can cause unintended BMs: alli. Quote Link to comment Share on other sites More sharing options...
RichardJensen Posted May 8, 2010 Share Posted May 8, 2010 http://www.thewvsr.com/alli.htm Quote Link to comment Share on other sites More sharing options...
twintornados Posted May 8, 2010 Share Posted May 8, 2010 Hmm. They took the first four letters of "All your money" :hysterical: Quote Link to comment Share on other sites More sharing options...
twintornados Posted May 8, 2010 Share Posted May 8, 2010 (edited) Ally Financial At least their advertising tag line is accurate.... File it under "truth in advertising" Edited May 8, 2010 by twintornados Quote Link to comment Share on other sites More sharing options...
silvrsvt Posted May 9, 2010 Share Posted May 9, 2010 Their Home mortgage business took this name a long time ago....and the link isn't working Quote Link to comment Share on other sites More sharing options...
syrtran Posted May 9, 2010 Share Posted May 9, 2010 Round two of GM's attempt to fool the public about the bailout. Round one was the "we paid back our loans in full" lie. Since GMAC could Never pay back its share of the GM bailout it took, at least this way the public will never again see in the news "GMAC can't pay back..." For those who might say GM doesn't currently own the finance company, the money was still put into GMAC because as part of GM's bailout, it needed to be able to finance its vehicles, so the money given to GMAC was effectively given to GM. Det News Since GM hasn't been a major owner for over 4 years, I think continuing to call themselves General Motors Acceptance Corporation was more facetious. In fact, according to Wikipedia, Cerberus is the largest shareholder. Sorry, but no, the GMAC TARP money wasn't put into GM any more than the TARP money that went to Citi or Chase. GMAC financed vehicles for any car company, as well as financing residential and commercial real estate and other loans. They are just another bank/financial institution. Hate them for having bad management practices, rather than picking a name that better reflects that they are not part of GM. Quote Link to comment Share on other sites More sharing options...
AlRozzi Posted May 9, 2010 Author Share Posted May 9, 2010 Since GM hasn't been a major owner for over 4 years, I think continuing to call themselves General Motors Acceptance Corporation was more facetious. In fact, according to Wikipedia, Cerberus is the largest shareholder. Sorry, but no, the GMAC TARP money wasn't put into GM any more than the TARP money that went to Citi or Chase. GMAC financed vehicles for any car company, as well as financing residential and commercial real estate and other loans. They are just another bank/financial institution. Yes but they still finance GM buyers mostly and it was critical to GM's exit from bankruptcy to continue to have it's cars financed. When GMAC was unable to do leases, look how badly it hurt GM. This was all part of the foundation to keep GM in business. Well, Chrylser too as Chrylser financial was allowed to die and now GMAC finances their vehicles. Quote Link to comment Share on other sites More sharing options...
twintornados Posted May 10, 2010 Share Posted May 10, 2010 .... Well, Chrysler too as Chrysler financial was allowed to die and now GMAC finances their vehicles. Bu...bu...bu...but it was a merger of equals to save both marquees Quote Link to comment Share on other sites More sharing options...
630land Posted May 12, 2010 Share Posted May 12, 2010 They had to change name to get other car makers' customers to buy loans. Imagine yuppies at a BMW dealer being offered GMAC loan, they'd go 'Ewwwww!' and walk out. Or at the new McMansion subdivisions, the rich tastemasters would go 'Ewww' to the GMAC name and not buy the house Quote Link to comment Share on other sites More sharing options...
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