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Posted: 7/22/2010 8:28:14 AM EDT
You can't make this crap up.  



Link

DETROIT (AP) –– General Motors Co. will buy AmeriCredit Corp. for $3.5 billion, a deal that allows the automaker to expand loans to customers with poor credit and offer more leases, key areas where GM must grow to accelerate its car sales.

But the acquisition of the independent auto financing company also means that GM, which is 61 percent owned by the U.S. government, is getting back into the business of making risky loans. GM said it advised the U.S. Treasury Department of the acquisition, although government approval was not required.

GM executives have said for months that they were missing sales opportunities due to lack of credit for lease deals and financing for subprime buyers, those with credit scores below 620 on a 300-to-850-point scale. About 40 percent of U.S. customers have below prime credit scores, said Chris Liddell, GM's chief financial officer.

"Clearly there's an opportunity to bring more people into our showrooms and help them with finance," he said after the deal was announced on Thursday.

Customers should now expect more lease deals from GM, which gets just 7 percent of its sales from leases, compared with 21 percent for the industry, he said. Only 4 percent of GM's sales come from subprime buyers, which the company hopes to expand with the acquisition. Liddell said even a modest increase in subprime buyers from 4 percent to 5 percent would be significant. GM sold just over 1 million vehicles in the U.S. during the first half of the year.

Mike Jackson, CEO of AutoNation Inc., the largest auto dealership chain in the U.S., said he was thrilled with the acquisition because it will help his dealers increase sales.

"This is a big, strategic deal for General Motors. They absolutely needed to add this segment of the market to meet the needs of the customers coming into our dealerships," he said.

The deal allows AmeriCredit to expand into more GM dealerships, while continuing to offer financing to the more than 11,000 dealerships it has relationships with across the U.S.

The two companies have had a financial relationship for years. AmeriCredit, which already works with about 4,000 GM dealers, now gets about one-third of its business from financing new and used GM vehicles, GM said. Overall, the auto financing company has about 800,000 customers and $9 billion worth of auto loans on its books.

Under the $3.5 billion deal, GM will pay $24.50 in cash for each share of AmeriCredit. That's a 24 percent premium over the company's closing price on Wednesday.

Investors were happy with the news, pushing up shares of AmeriCredit by $4.32, or 22 percent, to $24.02 in midday trading Thursday.

AmeriCredit, based in Fort Worth, Texas, has been posting healthy earnings of late after suffering losses at the start of the recession and credit crisis. It reported net income of $63 million, or 45 cents per share, in its fiscal third quarter, which ended March 31.

GM expects the deal to close in the fourth quarter.

The automaker says that its partner, Ally Financial –– formerly known as GMAC Financial Services Inc. –– will continue to finance GM's dealer inventory and make loans to buyers with good credit. GM says it is not considering a purchase of Ally's auto financing unit. GM sold controlling interest in GMAC in 2006. The company eventually had to be bailed out by the U.S. government because of problems with its home mortgage loan unit.

Liddell said the AmeriCredit acquisition is helpful, but not essential for GM's planned public stock offering, which may take place in the fourth quarter. The sale would help the government get rid of at least part of its ownership stake in the company.

"I'll describe it as another useful building block in the foundation for the IPO," Liddell said.

AP Auto Writer Dan Strumpf in New York contributed to this report.

Link Posted: 7/22/2010 8:31:01 AM EDT
[#1]






I would have thrown in a drunken sailor but I couldn't find one.

Link Posted: 7/22/2010 8:37:47 AM EDT
[#2]
Guess they are hoping for The One to be around in 2016 to bail them out again.
Link Posted: 7/22/2010 8:41:26 AM EDT
[#3]
Fuck it, why not? They have the entire federal budget to play with now.
Link Posted: 7/22/2010 8:49:31 AM EDT
[#4]
I don't see what can possibly go wrong....

Posted Via AR15.Com Mobile
Link Posted: 7/22/2010 8:53:02 AM EDT
[#5]
Quoted:
I don't see what can possibly go wrong....

Posted Via AR15.Com Mobile


Yup, since we all know how well DiTech went.

Link Posted: 7/22/2010 9:03:29 AM EDT
[#6]
Debt free my whole life

here is a tip

Don't buy a new car, don't buy a car newer then 4 years

love how they trap people for life on car payments

wish they would start sub prime home lending so I can get that 6000 sq house I can't afford

Link Posted: 7/22/2010 9:08:13 AM EDT
[#7]




Quoted:

Debt free my whole life



here is a tip



Don't buy a new car, don't buy a car newer then 4 years



love how they trap people for life on car payments



wish they would start sub prime home lending so I can get that 6000 sq house I can't afford





Have you been hiding the last few years? :)

Link Posted: 7/22/2010 9:12:26 AM EDT
[#8]
Since the financial "reform" bill passed, the government can step in and shut down large, risky firms.

Maybe not this administration, but hopefully one down the road.


Liddell said the AmeriCredit acquisition is helpful, but not essential for GM's planned public stock offering, which may take place in the fourth quarter. The sale would help the government get rid of at least part of its ownership stake in the company.


I'm long Ford. I'm going to short the shit out of that offering.
Link Posted: 7/22/2010 9:12:55 AM EDT
[#9]
Quoted:

Quoted:
Debt free my whole life

here is a tip

Don't buy a new car, don't buy a car newer then 4 years

love how they trap people for life on car payments

wish they would start sub prime home lending so I can get that 6000 sq house I can't afford


Have you been hiding the last few years? :)


sorry cant help but.....
Link Posted: 7/22/2010 9:16:41 AM EDT
[#10]
Nothing wrong with subprime business. It is needed in the world that we live in. key is to charge the customers high enough rates to cover the expected losses.

Subprime housing was a mistake when they started giving loans at 5% for a 580 credit score customer.

Rates need to be 10% or higher to cover the expected losses.

Subprime has a purpose. Charge higher rates, give people an opportunity to improve credit and get back on track.

It is very profitable and by no means is a bad business model if run correctly.

Subprime housing forgot what the intention of subprime business is, to make money.
Link Posted: 7/22/2010 9:18:58 AM EDT
[#11]
Didn't work for home purchases, but apparently it won't be a problem for auto purchases.....
Link Posted: 7/22/2010 9:20:58 AM EDT
[#12]





Quoted:





Quoted:
Quoted:


Debt free my whole life





here is a tip





Don't buy a new car, don't buy a car newer then 4 years





love how they trap people for life on car payments





wish they would start sub prime home lending so I can get that 6000 sq house I can't afford








Have you been hiding the last few years? :)








sorry cant help but.....
The first one is free, they have them at Radio Shack






 
 
Link Posted: 7/22/2010 9:21:02 AM EDT
[#13]
GM should ask Mitsubishi how auto loans/leases to 'subprime' customers work out.

Mitsubishi USA tried it about ten years ago and some huge number of their deadbeat customers never made a single payment after they drove the cars off the lot.

Maybe part of the predelivery inspection will be slapping a fucking Obama sticker on the bumper.  
Link Posted: 7/22/2010 9:26:12 AM EDT
[#14]
Link Posted: 7/22/2010 10:52:36 AM EDT
[#15]
Shit, I was hoping AmeriCredit burned down.  

After the shit they pulled on my mother less than 3 days after my father unexpectedly died.......................god damn them.


Link Posted: 7/22/2010 10:54:40 AM EDT
[#16]
GM should just close the doors.  



Could they possibly cost the taxpayers any more money?
Link Posted: 7/22/2010 10:57:46 AM EDT
[#17]
Wait...isn't GMAC in trouble financially? WTF?!
Link Posted: 7/22/2010 11:02:14 AM EDT
[#18]
Awesome.



Unsecured loans to unqualified people to buy depreciating assets.  



What could go wrong?
Link Posted: 7/22/2010 11:59:57 AM EDT
[#19]
Quoted:
Unsecured loans to unqualified people to buy depreciating assets.  


Link Posted: 7/22/2010 12:06:28 PM EDT
[#20]
Quoted:
Quoted:
Unsecured loans to unqualified people to buy depreciating assets.  




Sounds like a winning business plan!  I can't wait for the .gov to cash in my 401k and buy stock in that for me.
Link Posted: 7/22/2010 12:08:16 PM EDT
[#21]
Quoted:
Quoted:
Quoted:
Unsecured loans to unqualified people to buy depreciating assets.  




Sounds like a winning business plan!  I can't wait for the .gov to cash in my 401k and buy stock in that for me.






Link Posted: 7/22/2010 12:15:16 PM EDT
[#22]
Jesus H Christ! between this and the dems trying to ease up lending to homeowners again??? wtf are these fuckstains thinking? they've got to know this is exactly what got us in this mess to begin with.
Link Posted: 7/22/2010 12:20:08 PM EDT
[#23]
A simple example of how pissed off people are about GM (not to mention the government). My 88 yo Dad just today came home with a Ford. His '98 Buick was on it's last legs. He has never in his entire life, ever bought a Ford. It has always been a GM vehicle. Buick, Chevy, new or used, always GM. The last non GM car he bought was in the 1950's and it was a Hudson Hornet (because his brother was a dealer). He said he didn't even consider buying a GM. He narrowed it down to Ford, Toyota or Honda. The Toyota and Honda were a tough pill for him to swallow. Ever since I was a kid, he always refused to buy Jap vehicles. For him to forgive the Japs after 70 years and pick them over GM is a huge change.
Link Posted: 7/22/2010 12:22:07 PM EDT
[#24]
GM is just adding Americredit to their portfolio so they can be/look more profitable.
Americredit is one of the top subprime auto lenders in the business.
GMAC used to do a lot of subprime, but GM sold most of it a few years ago because it needed cash...now they simply bought a new subprime bank
There is no story here;


most GM lots are prolly already signed up w/ Americredit, the only difference is GM will again have a personal stake in subprime auto  loans.
Speed





ETA: As someone who as actually dealt w/ Americredit as a car dealer, I can say, financially, that company seems to have their shit together.

Sure they take risks, but not HUGE risks, and when they write a subprime loan, not only do they typically stipulate a warranty for the car (so the "bog" can't say the car broke and stop paying) they also charge the dealership a fee and only allow the dealership to charge so much, so the poor fucker financing $13Kat 17% isn't completely buried in it.



They make their money in a number of ways and seem pretty profitable.





When I sold cars, Americredit was always good for those 560-620 scores that had income, but were just sloppy in paying folks.

Link Posted: 7/22/2010 12:46:00 PM EDT
[#25]
Why does the .gov STILL own 61% of GM?
Link Posted: 7/22/2010 12:49:31 PM EDT
[#26]
Quoted:
Nothing wrong with subprime business. It is needed in the world that we live in. key is to charge the customers high enough rates to cover the expected losses.

Subprime housing was a mistake when they started giving loans at 5% for a 580 credit score customer.

Rates need to be 10% or higher to cover the expected losses.

Subprime has a purpose. Charge higher rates, give people an opportunity to improve credit and get back on track.

It is very profitable and by no means is a bad business model if run correctly.

Subprime housing forgot what the intention of subprime business is, to make money.


Let those risking THEIR OWN FUCKING MONEY ON A subprime market, and I am all for it.

Most markets work just fine, right up until the .gov gets involved, and starts to determine who is fair, and who the winner and loser is.  This is repeated in every facet of America.  Which is why we have the problems we do.

This is what leftists want.

TXL

Link Posted: 7/22/2010 12:51:10 PM EDT
[#27]
Quoted:
When I sold cars, Americredit was always good for those 560-620 scores that had income, but were just sloppy in paying folks.


I worked in Financial Services for years and I build in to our models substantially higher risk rates for these people.

If people are sloppy about paying their bills, they are sloppy in other things, including being dependable enough, in the long term, to keep a job.
Link Posted: 7/22/2010 12:52:16 PM EDT
[#28]
Quoted:
GM is just adding Americredit to their portfolio so they can be/look more profitable.


Americredit is one of the top subprime auto lenders in the business.


GMAC used to do a lot of subprime, but GM sold most of it a few years ago because it needed cash...now they simply bought a new subprime bank




There is no story here;
most GM lots are prolly already signed up w/ Americredit, the only difference is GM will again have a personal stake in subprime auto  loans.




Speed


ETA: As someone who as actually dealt w/ Americredit as a car dealer, I can say, financially, that company seems to have their shit together.
Sure they take risks, but not HUGE risks, and when they write a subprime loan, not only do they typically stipulate a warranty for the car (so the "bog" can't say the car broke and stop paying) they also charge the dealership a fee and only allow the dealership to charge so much, so the poor fucker financing $13Kat 17% isn't completely buried in it.

They make their money in a number of ways and seem pretty profitable.


When I sold cars, Americredit was always good for those 560-620 scores that had income, but were just sloppy in paying folks.



GM paid a 25% premium over their value to acquire.

GM IS NOT A PRIVATE COMPANY, THEY ARE USING MY MONEY.  

AGAIN, what could go wrong......


TXL
Link Posted: 7/22/2010 12:52:17 PM EDT
[#29]



Quoted:


Why does the .gov STILL own 61% of GM?


Because they paid for 61% of it's assets?



 
Link Posted: 7/22/2010 12:57:00 PM EDT
[#30]



Quoted:


Debt free my whole life



here is a tip



Don't buy a new car, don't buy a car newer then 4 years



love how they trap people for life on car payments



wish they would start sub prime home lending so I can get that 6000 sq house I can't afford



I was looking at a truck back in the 90s....... Any thing decent and nice was $600 to $700 a month.





 
Link Posted: 7/22/2010 12:57:17 PM EDT
[#31]
Yea, I heard that on the radio today.  Struck me as an awesome idea.  Can't see how it could go wrong.
Link Posted: 7/22/2010 12:58:12 PM EDT
[#32]
When I try to figure out how a company on a gov't lifeline has the money to buy anything, my head goes............................
Link Posted: 7/22/2010 1:02:04 PM EDT
[#33]
Quoted:
Nothing wrong with subprime business. It is needed in the world that we live in. key is to charge the customers high enough rates to cover the expected losses.

Subprime housing was a mistake when they started giving loans at 5% for a 580 credit score customer.

Rates need to be 10% or higher to cover the expected losses.

Subprime has a purpose. Charge higher rates, give people an opportunity to improve credit and get back on track.

It is very profitable and by no means is a bad business model if run correctly.

Subprime housing forgot what the intention of subprime business is, to make money.


Not quite true.   Paying a mortgage on time every month doesnt really do shit to help your credit score , if its the only thing you owe money on. Ask me how I know.  My credit score went DOWN by 30 points for having no "current revolving " debt.

Link Posted: 7/22/2010 1:12:12 PM EDT
[#34]



Quoted:



Quoted:

GM is just adding Americredit to their portfolio so they can be/look more profitable.





Americredit is one of the top subprime auto lenders in the business.





GMAC used to do a lot of subprime, but GM sold most of it a few years ago because it needed cash...now they simply bought a new subprime bank
There is no story here;

most GM lots are prolly already signed up w/ Americredit, the only difference is GM will again have a personal stake in subprime auto  loans.
Speed





ETA: As someone who as actually dealt w/ Americredit as a car dealer, I can say, financially, that company seems to have their shit together.

Sure they take risks, but not HUGE risks, and when they write a subprime loan, not only do they typically stipulate a warranty for the car (so the "bog" can't say the car broke and stop paying) they also charge the dealership a fee and only allow the dealership to charge so much, so the poor fucker financing $13Kat 17% isn't completely buried in it.



They make their money in a number of ways and seem pretty profitable.





When I sold cars, Americredit was always good for those 560-620 scores that had income, but were just sloppy in paying folks.







GM paid a 25% premium over their value to acquire.



GM IS NOT A PRIVATE COMPANY, THEY ARE USING MY MONEY.  



AGAIN, what could go wrong......





TXL

Yeah, it sucks that GM is owned by the fed .gov.



But from a financial standpoint, buying an established, profitable, lending institution is really not a bad thing...



GMAC was a cash cow for them; it's time they got some profit rolling back into the company.

Hopefully they will make enough profit to pay back the .gov; then, GD won't be able to nitpick every financial decision of GM
Speed





 
Link Posted: 7/22/2010 1:47:54 PM EDT
[#35]
Look, while a business model can show profits, there is no way, in this environment that this fucking company should pay a premium, with our money, to buy a company that is loaning money to morons on a depreciating asset.  Do you think this recession is over?

Really?

There is NOTHING GOOD ABOUT THIS.  In a world not manipufucked by the government, GM would not even exist.

TXL
Link Posted: 7/22/2010 2:03:32 PM EDT
[#36]



Quoted:


Look, while a business model can show profits, there is no way, in this environment that this fucking company should pay a premium, with our money, to buy a company that is loaning money to morons on a depreciating asset.  Do you think this recession is over?



Really?



There is NOTHING GOOD ABOUT THIS.  In a world not manipufucked by the government, GM would not even exist.



TXL


Believe me I understand your frustration and agree w/ you about the bailouts.



But I really think you are getting worked up over nothing;



Paying over market share for a company is pretty standard on a buyout AFAIK.



Americredit is a sound company, even if you don't agree w/ their business model.

It is profitable and GM already has lots of successful experience in subprime auto lending.





If the recession gets worse, then companies like Americredit will have to adapt or fail.

God knows they've tightened up a lot since 2008 already.
Man, I never thought I'd be defending a boge bank, lol.
Speed



 
Link Posted: 7/22/2010 2:18:36 PM EDT
[#37]
Quoted:
Quoted:
When I sold cars, Americredit was always good for those 560-620 scores that had income, but were just sloppy in paying folks.


I worked in Financial Services for years and I build in to our models substantially higher risk rates for these people.

If people are sloppy about paying their bills, they are sloppy in other things, including being dependable enough, in the long term, to keep a job.


Saw a billboard last week on the side of I35 between Austin and San Antonio-home of the $250 car payment-$6995 down, 18% APR.
Link Posted: 7/22/2010 2:25:13 PM EDT
[#38]
Fan-fucking-tastic

More reasons to make everyone hate GM.

Heads officially all the way up asses.
Link Posted: 7/22/2010 3:05:20 PM EDT
[#39]
Just an off the wall thought.............

Since the US Gov't is a 61% owner of GM, shouldn't the majority owner of the company, the US taxpayers, have a say in whether or not this deal should go through.  Shouldn't Congress, at a minimum vote on our behalf?  Not that they would make any reasonable decision, with an 11% approval rating and all, but at least we the bailouters would have representation in this mess.
Link Posted: 7/22/2010 3:13:48 PM EDT
[#40]
Bet those loans get forgiven for certain "historically disadvantaged populations."
Link Posted: 7/22/2010 3:16:05 PM EDT
[#41]
Quoted:
Jesus H Christ! between this and the dems trying to ease up lending to homeowners again??? wtf are these fuckstains thinking? they've got to know this is exactly what got us in this mess to begin with.


They don't blame themselves nor know what really caused this, they just blame the big banks. Didn't you see the video?

http://www.zerohedge.com/article/wall-street-reform-neanderthals

Everything will be fine, the Government knows what its doing. All it need to do is get bigger and bigger and everyone will be saved
Link Posted: 7/22/2010 4:48:26 PM EDT
[#42]
Quoted:
Quoted:
Quoted:
When I sold cars, Americredit was always good for those 560-620 scores that had income, but were just sloppy in paying folks.


I worked in Financial Services for years and I build in to our models substantially higher risk rates for these people.

If people are sloppy about paying their bills, they are sloppy in other things, including being dependable enough, in the long term, to keep a job.


Saw a billboard last week on the side of I35 between Austin and San Antonio-home of the $250 car payment-$6995 down, 18% APR.


18% APR?  Holy Sh*t!!!
Link Posted: 7/22/2010 4:57:31 PM EDT
[#43]
Ahhh Geez.......All you have ever needed to buy a car was a job and a pulse.
Link Posted: 7/22/2010 5:08:57 PM EDT
[#44]
Great the Government now has a finance company all to its self, anytime you buy a car and finance it the loan comes with red tape.  AmeriCredit tried to hold my title because the loan was paid off 3 yrs early and they demanded a premium price for early pay off, funny how that was no legal because state law says no prepayment penalty can be charged...  Will this mean that the FED's will try that tactic?
Link Posted: 7/22/2010 5:36:59 PM EDT
[#45]


Further proof that the US taxpayers are nothing but a Life-Support system for the UAW.



Your government is going to resume giving credit to non-credit worthy auto buyers, just to keep Union workers rolling in paychecks.



Here we go again with more subprime lending.  





Please Don't Patronize GM or Chrysler.  You are only helping Unions and Validating Obama's socialist policies.
Link Posted: 7/22/2010 6:04:12 PM EDT
[#46]
This entire thread is like a wall of stupid
Let's recap this whole GM situation real quick:
GM: Shit, sales are down, lets sell some assets and keep this ship afloat.
GM: we sold everything that's profitable and we're still bleeding money, lets get a loan from .gov
GM: Hey .gov, it's gonna be a while till we can pay you back; think we can have some more cash?
.GOV: Sure GM, but now we OWN YOU!
So, in true fascist spirit, the .gov takes over control of GM, even firing the CEO, "for the common good"
Now this is where arfcom GD defies logic and capitalistic principals and folks start posting emotional dribble...
There are only 2 positive outcomes for the nation in regards to GM:
1) GM folds and natural market forces fill the void, creating new products and jobs
or
2) GM pays back the .gov and continues on as it's former self; a profitable, publicly traded company
However, for #2 to happen, GM would have to make some savvy financial decisions and probably some restructuring;




Acquiring profitable assets would obviously be a step in the right direction, right?
NO! According to arfcom, since .gov owns GM, they want CONGRESS! For fucks sake CONGRESS to, idk, what? Deliberate for a few months about a freaking investment?
ASSHOLES! We are not supposed to want ANYONE in the government telling ANY company what to do!!!!
How are they ever going to repay the .gov if CONGRESS, of all the blessed institutions, has to give them the ok on every financial decision?
Let GM try to make money the best way it knows how to...they will never pay us back if we don't LET them
C'mon arfcom...I thought we were better than that?
ETA: and while I'm on the subject, subprime auto lending and subprime mortgages are not even in the same ballpark.


There are no community organizers suing banks, forcing them to write subprime auto loans.


There's no "Fair Car Ownership ACT"


If the used car market tanks, a subprime borrower is left w/ a couple more thousand in negative equity on a 48-60 month loan; NOT $100k on a 30 year note


A subprime car loan isn't going to readjust, leaving folks homeless (or carless)


And, with the amount of up front fees and higher interest rate determined by an individual's risk level in subprime lending, the lender is able to make profit well before the loan is paid off.





Add all that to the fact that Americredit (which is a scummy lender btw, don't Ever finance through them unless you HAVE to), is one of the LARGEST and most profitable; subprime auto lenders in the country...


They obviously know wtf they are doing, and GM's purchase is prudent for a long term strategy IMHO.
Speed
 
Link Posted: 7/22/2010 6:39:00 PM EDT
[#47]
what? now all these people can go buy a new car with little interest, small monthly payment and im stuck with my 7 year old truck thats paid off. I havent worked in months but im trying to spend as little as possible. doesnt make sense. wonder how many will still get repoed. maybe gm only cares about putting out numbers on how many were sold for the stock owners or something, sounds like a scam us taxpayers will be paying for again in the future, if there is one.
Link Posted: 7/22/2010 6:43:57 PM EDT
[#48]







Quoted:




what? now all these people can go buy a new car with little interest, small monthly payment and im stuck with my 7 year old truck thats paid off. I havent worked in months but im trying to spend as little as possible. doesnt make sense. wonder how many will still get repoed. maybe gm only cares about putting out numbers on how many were sold for the stock owners or something, sounds like a scam us taxpayers will be paying for again in the future, if there is one.




You CANNOT buy a new car w/ low interest and a small monthly payment unless you have good credit.


PERIOD.





Thats not how subprime lending works.
This deal changes absolutely nothing except where the profit flows.
Speed
 
Link Posted: 7/22/2010 6:45:59 PM EDT
[#49]
Some people still have good credit but have no money, its just I wonder how many will end up getting repoed. Now isnt a good time to go buy a new car unless you 100% sure your job is secure.
Link Posted: 7/22/2010 6:49:15 PM EDT
[#50]



Quoted:


Some people still have good credit but have no money, its just I wonder how many will end up getting repoed. Now isnt a good time to go buy a new car unless you 100% sure your job is secure.


With any luck, a good amount.





That will bring the used car prices back down to reasonable levels (they are getting pretty high right now)
Speed



 
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