If you buy a new Saturn and lose your job they will make your payments for up to 9 months. Hmm…why not longer? Only a company propped up with taxpayer dollars could make such an offer to buyers, but wait this comes from the wires the other day:
Whether or not General Motors files for bankruptcy protection, the carmaker has made clear that its future plans do not include two brands - Saturn and Hummer - that once seemed to hold immense promise for the company.
So a commercial runs tonight enticing me with this great offer to make my payments if I lose my job, but a few days before that GM is talking of dumping Saturn. Here is how it works: say anything to appease anyone and if the situation changes — lie again.
May 31st, 2009 at 10:59 pm
so let me get this straight: buy a saturn, then lose your job, you keep your saturn… but since they are getting rid of saturn, then effectively both you and your car will be out of a job.
June 1st, 2009 at 2:22 pm
MIchael that is not as priceless as this from Michael Moore, He blames GM “the evil corporation” for alcoholism, drug addiction, divorce, homelessness and mental and physical debillitation of his hometown Flint MI!!!! unbelievable…. http://www.michaelmoore.com/words/message/index.php?id=248
June 1st, 2009 at 5:25 pm
Actually I think it’s pretty smart - due to earlier mismanagement they have lots of Saturns rotting away in parking lots waiting for buyers. GM have no buyers for their cars in the shape of consumers or anyone wanting to takeover Saturn and their inventory.
This means their unsold stock is losing value even faster. Getting rid of their unsold cars to consumers with gimmicks like this seems like a smart move, it costs a lot less than they lose with inventory sitting idle.
Getting themselves into this state in the first place however…..
June 1st, 2009 at 7:23 pm
What’s really amazing is those people that are still buying/holding GM stock even at $0.70/share thinking it will recover even after its declared bankruptcy. I would not be surprised if those still holding are the same ones that bought it at $90/share back in 2000.
June 1st, 2009 at 9:19 pm
Ken, you’ve just described my aunt perfectly. She is a GM retiree, and was buying the stock at its all time high. She always asks my opinion about financial matters. A couple of years ago at Thanksgiving, I told her to sell the stock (I think it was trading around $27/share). She asked why, I told her because the price has been falling. There is no law saying you can’t buy it back if the price starts to rise again. Well, her husband (my uncle) went on to say what terrible advice that was because their E85 fuel efficiency cars were going to take off. I guess that worked out well. It seems like a quote Mr. Seykota a lot…”win or lose, everybody gets what they want”.
June 1st, 2009 at 10:26 pm
Yeah I’ve had similar conversations. The denial psychology is amazing, Ed was so right.
June 2nd, 2009 at 9:53 am
“Only a company propped up with taxpayer dollars could make such an offer to buyers”
Ford is offering three or twelve months, depending on which promotion is going on at the moment.
http://www.fordspecialevent.com/?partner=FordMainSitePromo&referrer=FordVehicles&searchid=426441|28125566|205373347