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That's kind of like saying can you believe in hell without a devil? The argument against bailing out the auto industy is multi-faceted. It is definitely a strong argument. GMAC is an entity separate from GM. Although we all know that it is one and in the same in theory. Ford Motor had Ford Motor Credit. Toyota has Toyota Financial. Each manufacturer has it's own financing company but it is kept separate and apart from manufacturing. Many of these entities were going to be spun away from the manufacturers due to losses in leasing. But, as far as a repossession in itself. The person negotiates with a dealer and negotiates either a lease or retail installment contract. The dealer then gets you a lender and a rate. The contract or lease is then assigned by the dealer to the lender. In your example, you buy a Chevy vehicle from a Chevy dealer. The dealer's finance person gets your application approved. When you sign the lease or contract, your contract is assigned to GMAC. What the contract states is that you agree to pay $x dollars per month commencing on a certain date and continuing for certain months. If you fail to pay as agreed, then they can repossess your car. The car is a secured debt. This means there is a lien. Secured debt is better than unsecured debt. This is why you are required to protect the collateral with insurance. You receive a notice in the mail that says that you owe x month and y month and have like 14 days to pay or they will repossess. if you still don't pay, they'll send you a notice of intent to repossess. if you don't pay, they'll pickup the car. when they get the car, the company sends you a redemption notice instructing you to pay to get the car back by such and such a date or it will be sold. if you still don't come up with the money, they sell the collateral. usually, the cars have some dings or things that have to be repaired before they can sell it. the work is done. that fee is added to your amount owed. they often sell for less than what you like at auction. so, on a contract, the borrower is responsible for the deficiency balance. on a lease, you are responsible for the balance of the monthly lease payments left and owed etc. until the lease termination date. Basically, that's how it works. Companies can't just give cars away to those who can't pay. That's how the company would be bankrupt. I remember working with an idiot that didn't make his car payments, hid the car from the repo guy, and then when he was brought to court to turn the car over, still wanted to keep the vehicle but didn't want to pay. this mentality is what is causing the US to go down. We can eat our cake and still have it too.
I've never had anything repo'd. Thankfully I have always tried to live within my means. I am against a bailing out high level executives who live high on the hog and don't manage their companies well.
I’m for bailouts just because it helps many to keep their job BUT why doesn’t someone ever suggest government TAKEOVER and get rid of the CEO’s, CFO’s and much of the rest of them in managerial positions. And check out the accountants too. How did GWB call it? FUZZY MATH?
Better yet, Why are the Japanese car companies doing so much better WITH FACTORIES HERE new-jersey THE US? Hint: The America big three don't want to survive as they are now, they WANT to go bankrupt so they can break all the union agreements and benefits and start from scratch.
You do realize that buying a car and going in debt is something that you do out of your own free will, right? So you can't be mad if you fail to pay your car note and it gets repossessed.
If you don't make the payments on your auto,,it goes back, so they can sell it to someone who is responsible enough to fulfill their obligations. having said that,,, I am against the bailout
Why didn't you pay your bills like a responsible adult?