GM 0% and deferred payments for COVID

[RememberTheAyyLmao]

GM offering 0% financing for 7 years, deferred payments amid coronavirus outbreak

General Motors and Ford Motor are offering new vehicle financing programs to spur sales amid the coronavirus outbreak negatively impacting consumer confidence and dealer showroom traffic.

www.cnbc.com

Not a bad deal if the dealerships don't shut down

 

[ttengineer]

I knew that they were doing this for trucks, but not all vehicles.

My wife does want a third row car.


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[phsycle]

What terrible time to go into debt.

 

[Christian P.]

Keep in mind you have to have A+ rating to get this "special"...

 

[Todd n Natalie]

What terrible time to go into debt.

I'm guessing a lot of people agree with you.

Probably why Ford and GM are offering rates to try and spur business.

I don't even think that will work right now. I'm guessing most will be pretty tight fisted with their dollars. Or I'm wrong. Who knows. Maybe it's just me.

 

[rayra]

Keep in mind you have to have A+ rating to get this "special"...

That's the funny part. To qualify, you have to basically be smart enough with money not to need this, or enter into it during such economic uncertainty.

Great deal on a new-model 2020 DesperationHD, if you are independently wealthy, though.

eta Too, today's announcement of a 90 day pushback on tax filings sort of pulls the rug out too. Businesses have banked on the folks who get large returns spending them on cars, trips, capital goods, ********** dab in this period of time. Everyone's going to need that money to replace being out of work, possibly out of a job, or to pay the credit card balance on all the TP and groceries they just bought.
UAW just called for a two week shutdown too.
So automaker stocks should be plummeting right behind cruise and air lines, next.

 

[ttengineer]

Who’s not getting paid?

Everyone I know or have heard of is getting paid.

I’m in construction, and it’s business as usual for us.

I get servers and bartenders are out of work, but for those in a professional setting?


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[RememberTheAyyLmao]

Pay as usual in the military here. I have 8 trucks saved on car gurus right now that I'm watching slowly fall in price until I get back from Kuwait haha

 

[phsycle]

Who’s not getting paid?

Everyone I know or have heard of is getting paid.

I’m in construction, and it’s business as usual for us.

I get servers and bartenders are out of work, but for those in a professional setting?


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My neighbor is a director of a group of tour guides (international travels). Plenty there no getting paid. Hotel staff. Sub teachers. Small businesses. Plenty not getting paid right now.

You’re in construction. Have you not heard what is going on in Boston?

Walsh orders a stop to construction projects in Boston - The Boston Globe

The move will bring billions of dollars of construction work to an abrupt halt, leaving the prospect of half-finished office towers and apartment buildings all over town.

www.bostonglobe.com

 

[HayStax]

Be patient. It’s not yet bottomed out. There will be spectacular deals on big ticket items.

 

[Deleted member 9101]

Well..if I needed a new vehicle I'd be all over it. I could finance it at 0% and then leave my money invested elsewhere earning a return.

 

[Deleted member 9101]

That's the funny part. To qualify, you have to basically be smart enough with money not to need this, or enter into it during such economic uncertainty.

Or to be smart enough to know the value borrowing at 0% ;-)

 

[rayra]

Who’s not getting paid?

Everyone I know or have heard of is getting paid.

I’m in construction, and it’s business as usual for us.

I get servers and bartenders are out of work, but for those in a professional setting?


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Lot of us are in States and cities with panic-mongering officials, ordering places and business categories shut they really don't have a right to. It's a cascading series of events here in L.A. Esp. with entertainment and movie industry stuff shuttering. Ripple effects all over. Not even a week and there's fallout all over.
I do some residential remodeling work (kitchens and bathrooms, mostly) as a side thing and that's pretty much puckering shut as everyone huddles up at home.

 

[rayra]

Or to be smart enough to know the value borrowing at 0% ;-)

That is very true. cuts both ways, especially if one is in a position to take advantage of it.

 

[Deleted member 9101]

That is very true. cuts both ways, especially if one is in a position to take advantage of it.

It goes back to the old saying "the rich keep getting richer." They know when to use someone elses money to save/make them money.