Big 3 question.... - LotusTalk

exarkun1178 · 12-06-2008, 04:58 PM

we all watched leman brothers go under..

as i understand it, any one that had money with them lost it.. all, those that cpould can apply for the fdic insurance. but out side that, they have nothing. yes?

ok.... now my question...

if any of the big three, in my case gm, go under... im not talking about re structure, i mean, are out of business. what happens to my car loan with gmac?

if your owed money/(lemans) and they go under.. there is no company to pay you, so no money. if you owe them money and they go under, what happens? are you obligated to pay some one else the debt? if so, doesnt seem very fair...i cant see them just mailing me my title

if not.

id expect another company "buys the debt" are the terms the same? can you negotiate a new contract? what is involved?

MidasHands · 12-06-2008, 06:12 PM

Most likely another company will buy the debt at a discounted rate but your terms will not change.

Bavarian Motorist · 12-06-2008, 06:15 PM

No free lunch.

texige · 12-06-2008, 07:01 PM

Somebody would pick up your debt but not your warranty.

shokwaves · 12-06-2008, 08:38 PM

If the debt was forgiven, I'd be buying a couple of cars right now and hope for the best. The fact is that you signed a contract and unless you are going bankrupt, you are still obligated to pay it to whomever owns the loan.

12-06-2008, 04:58 PM	#1 (permalink)
exarkun1178 Registered User Join Date: Feb 2007 Location: Point Pleasant Beach, NJ Posts: 4,286	Big 3 question.... we all watched leman brothers go under.. as i understand it, any one that had money with them lost it.. all, those that cpould can apply for the fdic insurance. but out side that, they have nothing. yes? ok.... now my question... if any of the big three, in my case gm, go under... im not talking about re structure, i mean, are out of business. what happens to my car loan with gmac? if your owed money/(lemans) and they go under.. there is no company to pay you, so no money. if you owe them money and they go under, what happens? are you obligated to pay some one else the debt? if so, doesnt seem very fair...i cant see them just mailing me my title if not. id expect another company "buys the debt" are the terms the same? can you negotiate a new contract? what is involved?

12-06-2008, 06:12 PM	#2 (permalink)
MidasHands Registered User Join Date: Sep 2005 Location: Glen Ridge, NJ Posts: 971	Most likely another company will buy the debt at a discounted rate but your terms will not change. __________________ - Mike 2006 KG Elise, Magnolia Interior

12-06-2008, 06:15 PM	#3 (permalink)
Bavarian Motorist Live to Drive Join Date: Nov 2006 Location: NYC/Westchester, NY Posts: 10,852	No free lunch. __________________ Be an alpha male. Drive a Lotus.

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12-06-2008, 07:01 PM	#4 (permalink)
texige Registered User Join Date: Jan 2007 Location: austin texas Posts: 839	Somebody would pick up your debt but not your warranty.

12-06-2008, 08:38 PM	#5 (permalink)
shokwaves Registered User Join Date: Apr 2006 Location: Carson, California Posts: 1,018	If the debt was forgiven, I'd be buying a couple of cars right now and hope for the best. The fact is that you signed a contract and unless you are going bankrupt, you are still obligated to pay it to whomever owns the loan.

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