GM Loan Repayment Ad is BS?

[Pakman3000]

[youtube:3dbra1c6]SSNPFVLIWjI[/youtube:3dbra1c6]

We have repaid our government loan in full, with interest, five years ahead of the original schedule.

Unless you don't have a TV, you've probably seen the new ads for General Motors where GM CEO Ed Whitacre touts the amazing rebound of the car manufacturer, and how they repaid their "government loan in full, with interest, five years ahead of the original schedule." Yeah, well that might not be exactly true.

Points out Daniel Howes in the Detroit News:


“What he doesn't tell viewers is that a) the repayment of $4.7 billion came from taxpayer funds advanced to GM and b) that the feds still hold 61 percent of GM -- valued at something like $43 billion.”


The ad has also caught the attention of those on Capitol Hill. Yesterday, Rep. Darrell Issa wrote a letter to Whitacre expressing his misgivings:


“We are concerned that GM, under your leadership, has come dangerously close to committing fraud, and that you might have colluded with the United States Treasury to deceive the American public.. If someone relies on your statements in the future... your false statements may expose GM to millions of dollars in damages, further reducing the value of the taxpayer-owned company.”

But an unnamed GM exec defended the TV spot to the Detroit News. "We do have to walk a fine line," said the executive. "You're right: In the ad, we did not say we repaid the loans but we still owe $40 billion.... We didn't say anything false."

Do you think the ads are intentionally misleading?

http://consumerist.com/2010/04/calling- ... tv-ad.html

[Eahkavlar]

A half truth is still a lie.

[saviger]

even if they paid it off, the Federal Govt still owns 75% of the company stock.

[Ironhide400]

Yeah I thought that was a BS add also. They were able to pay some of it back after they dumped all their debt, including lawsuits pending to customers for GM faulty equipment. That is just wrong. They have lost my business over this. I was a die hard GM guy, but am switching to Ford. At least they were able to make it through on their own.

[Pakman3000]

Yeah I thought that was a BS add also. They were able to pay some of it back after they dumped all their debt, including lawsuits pending to customers for GM faulty equipment. That is just wrong. They have lost my business over this. I was a die hard GM guy, but am switching to Ford. At least they were able to make it through on their own.

Not just that but Ford puts out great products. Microsoft Sync and producing cars people actually want will keep them relevant.

[saviger]

Yeah I thought that was a BS add also. They were able to pay some of it back after they dumped all their debt, including lawsuits pending to customers for GM faulty equipment. That is just wrong. They have lost my business over this. I was a die hard GM guy, but am switching to Ford. At least they were able to make it through on their own.

Not just that but Ford puts out great products. Microsoft Sync and producing cars people actually want will keep them relevant.

yup, excellent products indeed.

I usta be a die hard chevy guy as well. 88, 98, and 06 silverado's. But no more, moving to f-150s once I get 200k miles outa my current 1500 4x4.

[BravoTwoZero]

I've heard and don't know how valid the source is but anyway, GM did re-pay their debt to the feds with yet again a hidden loan they took out with the government. I just don't get it with these A-holes, how GM (and Chrysler) can supposedly re-pay their debt with taxpayers' money by taking on more Federal debt with even more taxpayer dollars. Please everyone who reads these posts, DO NOT BUY GM OR CHRYSLER PRODUCTS. Tell your friends and family too. GM and Chrysler are immoral companies that, if you have forgotten, flew their private Leer jets to DC and held their hands out for our Savior and Chief to drop some cash in to keep them afloat. Then of course President Immortal Tel-Prompt Reader used that to sway attention from his administration's decision to spend more money than every single president combined with Stimulus bill #2 (counting Bush's bill) to attempt to fix what got us into this great recession in the first place (spending/corruption problem).

What really grinds my gears is that GM is selling vehicles with your taxpayer dollars, so if your "dumb enough" to buy a car from them then you've just been bent over and F**ked twice. Please don't hate me for saying all of this but, of course the good book says in a round about way, "shame on you for cheating me once, but shame on me for letting you cheat me twice."

PS. I use to be a Jeep boy, but after dealing with a company who sells lemons and does nothing to fix the problem for the customer. I'm a Toyota man now, FJ Cruiser ALL THE WAY!!!

[Simmion_1]

I used to also be a chevy person, i had a jeep as my last vehicle, and currently drive a shitbox 85 toyota 4-runner.. i graduate college this weekend and once i get a job i wanted to buy an American car if i can get a good price, and that will certianly mean a ford..

its just plain un-american to buy a car that will put profits into the presidents pocket.

[ASignorelli]

Ummm if he did in fact lie, than it's false advertisement, and I doubt they are that dumb to do it. Another thing I noticed, as that they are coming out with an all electric car. The funny thing is that they kept the same gas pump iconic thing to it, but is a power cell.

[Pakman3000]

Ummm if he did in fact lie, than it's false advertisement, and I doubt they are that dumb to do it. Another thing I noticed, as that they are coming out with an all electric car. The funny thing is that they kept the same gas pump iconic thing to it, but is a power cell.

Not just that but the Chevy Volt will fail if it debuts at $50K.

[ASignorelli]

50k? F that! Plus where the hell do you charge the cell anyways?

[DaCajun]

On the add itself they worded it to cover their asses but yes it can be misleading and underhanded but we see this everywhere in advertisements to try to generate business. Look at the BS adds between Verizon and AT&T, Dish network and DirectTv, Microsoft Xbox and the Sony Playstation, and so on. It's everywhere and if you believe all the ads you see then I'm sorry you need to come back to reality.

Now on to the GM bashing under this topic. So basically everyone wants to boycott GM now so the over 100k Americans can loose their jobs. Wow how American of you. Lets see GM employs over 100k Americans and around 100k around the world, while Ford employs around 85 k American and over 200k worldwide but Ford is more American, WTF? What makes anyone think that? They are both American companies and they employ Americans one more than the other though. Estimates guys from numbers I've looked up and seem to be consistent where they come up. As for ones who rather just buy automobiles from a foreign company I have nothing to say to you. So lets see the US treasury owns a big portion of GM which means if GM profits money should filter back to the Treasury where it belongs. Pretty sure that GM will want to pay back all of it so they won't be under government control but hey I could be wrong.

I've owned both ford and GM vehicles someday maybe even a Dodge . I always buy American whenever possible. I'm sorry but I try to stay out of these ignorant arguments because simple anyone who believes everything they read, hear, or see from some news media is just a sucker. It's all for ratings and hits on the web. Reminds me of the stupid fanboy rants over which video game platform to support. I support them all, I own all of them.

It also comes down to this, they are a company just like all the others and they care about one thing getting your money and that's it. If you believe that they even care about you then you are delusional. No company is out there because they care about you, they just want your money that's how a business works.

One fact still remains that over 100k Americans are relying on those jobs to feed their families and keep them from living on the streets. Yea let's just put more American families out on the streets. Go America, way to rally and screw your neighbor. Sorry but it pisses me off that people just care about how they can screw the company not just GM but any company and never see how things would affect the little guy at the bottom and causes them to lose their job because they are the first to suffer not the businesses. Which kinda makes me think about all this bittorrent stuff I here people doing, going to sites and downloading software illegally. They say we're screwing the man, no you're screwing the hard working guy at the bottom out of a job. Downloading illegal bittorrents whether is movies, music, or software is theft plain and simple and who suffers not the corporation but the guy on the bottom. But hey I guess that is the American way these days fuck your neighbor as long as it benefits just you.

Sorry for the ranting and changing the subject into talking a torrents also but I hear a lot of it around our members and I remember vaguely reading something about one core value being Integrity and I shake my head.

I will buy a GM vehicle if I want and if you want to call me dumb for doing it which supports American workers, then go ahead. Oh and you want to quote a saying how about this one from the Bible " He who has not sinned cast the first stone" or something to that affect. I see a lot of stone casting around here. I'm not a religious person at all or even believe in it anymore so if I got it wrong, sorry.

[Pakman3000]

50k? F that! Plus where the hell do you charge the cell anyways?

http://www.edmunds.com/chevrolet/volt/2011/index.html

Looks like $40K but adding features will make it near 44K before title and tax etc

[saviger]

Caj what allot of people are upset about with GM and Chrysler is that, The UAW and The Federal Govt OWN the vast majoirty of the company. They didnt allow capitalism work, where the weak company's fail and are replaced by stronger new ones started by entrepreneurs.

[DaCajun]

Caj what allot of people are upset about with GM and Chrysler is that, The UAW and The Federal Govt OWN the vast majoirty of the company. They didnt allow capitalism work, where the weak company's fail and are replaced by stronger new ones started by entrepreneurs.

Yes I understand that but it still saved over 100k Americans from being homeless and out of work. I've been lucky most of my life where I haven't had to live on the streets or fight to barely make it by to feed my family. I say if it keeps my fellow HARD WORKING AMERICANS off the streets than so be it. It's not stopping another company from becoming anything. But I guess that doesn't matter? 100k Americans? In my book it does. I will support other Hard Working Americans, the ones I have a problem with is the lazy ones that just want to milk our government, which essentially falls on the taxpayers, for doing nothing. I won't get started on that.

[Ironhide400]

I am switching because obviously GM can't run a business, and just because they have a clean slate doesn't mean they have learned their lesson. Not to mention the low quality of vehicles I recently have owned from them. I will always buy American trucks, and if I switch my business to Ford, than Ford will have to hire more workers to build more trucks. So in the end it all works out as long as I stay with American trucks....I think?
I try to follow the news the best I can, but I am sure there is WAY more to this story than I know.

In the end I think the taxpayers will get screwed somehow. But I do see Cajun's point with keeping American's employed with GM. I don't want to see anymore imports than we already have.

[David_3033]

I have a POS nissan sentra. :cry: I want one of those new camaros those they are badass IMO.

Here is my dream car. If I ever get MotM again maybe this could be the prize?