Agent009 submitted on 7/26/2010 Auto Spies Photos Timestamp: 10:52:39 AM
Views : 13,163 | Category: Misc News | Source: | SOURCE: www.bloomberg.com
General Motors Co., the automaker 61 percent owned by the U.S. Treasury, is facing criticism over its decision to pay $3.5 billion to buy a lender that specializes in auto loans to shoppers with less than top-notch credit. While GM plans to use its new lending arm to write auto leases and provide a “modest” boost in subprime loans, U.S. Senator Chuck Grassley asked the watchdog of the government’s bank-rescue program to investigate the purchase. And a member of a think tank questioned the wisdom of a company that is majority-owned by the government lending money to people with poor credit after a financial crisis was sparked by risky loans. 2011 Ford Explorer Photo Gallery2011 BMW X3 Photo GalleryFisker Karma VIP Sneak Photo Gallery4th Of July SoCal Style Photo Gallery2011 Panamera and Cayenne V6 Launch Photo GalleryAutoSpies.com Photo GalleriesIf you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com Share on FacebookRead Article
General Motors Co., the automaker 61 percent owned by the U.S. Treasury, is facing criticism over its decision to pay $3.5 billion to buy a lender that specializes in auto loans to shoppers with less than top-notch credit.
While GM plans to use its new lending arm to write auto leases and provide a “modest” boost in subprime loans, U.S. Senator Chuck Grassley asked the watchdog of the government’s bank-rescue program to investigate the purchase. And a member of a think tank questioned the wisdom of a company that is majority-owned by the government lending money to people with poor credit after a financial crisis was sparked by risky loans. 2011 Ford Explorer Photo Gallery2011 BMW X3 Photo GalleryFisker Karma VIP Sneak Photo Gallery4th Of July SoCal Style Photo Gallery2011 Panamera and Cayenne V6 Launch Photo GalleryAutoSpies.com Photo GalleriesIf you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.com Share on Facebook
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"Normal is an illusion. What's normal for the spider is chaos for the fly."— Agent009 (View Profile)
"Normal is an illusion. What's normal for the spider is chaos for the fly."
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