Comments on: Automaker Survival Package Moves Closer to Reality, but Sticking Points Remain

By: D Lo

D Lo — Wed, 10 Dec 2008 05:25:13 +0000

“One of the things the government can’t do is run anything. The only things our government runs are the post office and the railroads, and both of them are bankrupt.”

Lee Iacocca

By: jbfalaska

jbfalaska — Tue, 09 Dec 2008 04:26:43 +0000

I want a Chevy Volt. Hoping for one in my grage someday. Frankly, I think only $100 a barrel will save America – counterintuitive, but what else will force us to leave oil.

By: GM Volt Fan

GM Volt Fan — Mon, 08 Dec 2008 20:05:36 +0000

If GM gets this bailout money, I want to see car magazines like Motor Trend, Car & Driver, Road & Track, Consumer Reports and JD Power singing the praises of GM’s new cars when they come out in the next 5 years. I want to see GM’s new vehicles become equal to or better than ANYTHING Toyota produces in quality and reliability, etc.

I want AWARD WINNERS and BESTSELLERS … in every segment … from subcompacts to midsize to crossovers … hell even the SMALLER number of trucks and SUVs that might manage to stay in production.

Get ‘er done GM !!!!

By: Shawn Marshall

Shawn Marshall — Mon, 08 Dec 2008 15:50:19 +0000

It’s amusing to see a bloated and corrupt Countrywide politico like Sen Dodd lecturing all of us that GM’s Wagoner must go. It is our government and courts that have handicapped American car manufacturers by making the UAW impregnable. Until that is fixed they are just throwing our good money after bad and no new model or ‘green’ car or anything else is going to address a fundamentally unfair playing field. We have met the enemy and he is us.

By: statik

statik — Mon, 08 Dec 2008 13:40:59 +0000

#76 DonC

#71 Statik

Yes, I just meant that as an owner your income for tax purposes will be understated relative to ordinary employees.

I still couldn’t find the graph you reproduced on myfico. I’ve seen the delinquency rates. I’m wondering if the percent of population relates to the first number. I can believe that 60% of the population has a FICO score of 700, but 750 seems a stretch.

FICO scores sure are amusing though. Having fifty million in net and unencumbered assets doesn’t affect it; having a balance of more than $1K on your credit card does. Gotta love it.
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That number represents the percentile.

ie) 60th…… 700-749… 5%
60% of the population is under the max range 749
87th…… 750-799… 2%
87% of the population is under the max range of 799

I think that is what Wagoner was getting at the hearings, GMAC is setting a baseline of a 770 score to finance…and only 6% of vehicles are now being financed at all. Makes sense if 87% of the population is at 799 or lower.

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Your right though, FICO does not account for unencumbered assets…the best kind (to us), but how well you shuffle/manage credit does.

When I was in my early 20s, I went to get a mortgage on my first house and it was kindly explained to me (like she was speaking to someone in kintergarden) that liquid assets were of ‘no value’ to her or my credit worthiness, and because I worked for myself and didn’t use credit very often I was virtually akin to a homeless person.

I incorporated my business later that year, so I didn’t ‘work for myself, (which was the best $400 I ever spent…made life a lot easier not having to check the ‘self-employed’ box) and immediately started ‘doing the credit dance’ so I didn’t have to go through that again.