GM Major Guard?

[DownTownDru]

I'm clocked in at 2 years and 25k miles on the '07 Hoe.

Have any of you considered the GM Major Guard... more specifically, any concerns about GMAC going bankrupt and not honoring the contracts?

I still have a year to pick it up... so I guess wait and see.

A J

 

[07SuburbanLTZ]

And where did you hear that GMAC is going bankrupt?

 

[DownTownDru]

And where did you hear that GMAC is going bankrupt?

I'm sure you can use Google as well as anyone and form your own opinions, but GMAC is in deep **** with falling residual lease values and mortgage losses. Their credit ratings continue to erode.

GM (as a large owner of GMAC) is basically toast in 12 months or less. They are drawing down what appears to be their last line of credit as we speak. Without a bailout, it is pretty much game over for GM. The optimist in me wants to say all is well. The finance MBA in me says otherwise.

I love my Hoe and think the General has made great strides. Just asking if anyone has been holding off on purchasing GMAC warranty contracts given recent economic developments.

A J

 

[ugachs24]

I'm sure you can use Google as well as anyone and form your own opinions, but GMAC is in deep **** with falling residual lease values and mortgage losses. Their credit ratings continue to erode.

GM (as a large owner of GMAC) is basically toast in 12 months or less. They are drawing down what appears to be their last line of credit as we speak. Without a bailout, it is pretty much game over for GM. The optimist in me wants to say all is well. The finance MBA in me says otherwise.

I love my Hoe and think the General has made great strides. Just asking if anyone has been holding off on purchasing GMAC warranty contracts given recent economic developments.

A J

I wouldn't worry about them going under and not honoring your contract. I have had the GM Major Guard and had very good experiences with it. I had it on my 2003 Z71 for 4yrs/100k miles. I had the $0 deductible so whenever I needed to use it, it was just like using the factory warranty.

I have also had good luck with Universal Warranty Co (more specifically VehicleOne). It is a separate company, but is backed and recommended my General Motors. I currently have VehicleOne 100k/6yr warranties on both of my trucks. It has the same coverage as the GMPP and it was about $600 less on each truck. Look into it.

I should add that I paid $1700 for the extended warranty on my '04 and have already made $1900 in claims within two years and have not been canceled, which is a good sign.

 

[07 LT]

warranty ?

Is your warranty still valid if you perform your own maintenance work or does it need to be performed and documented by an authorized shop. I have the major guard and usually do all the fluid changes myself at the recommended intervals.

 

[jeep450]

GMPP is the only "factory" backed warranty. It is a very good warranty and the list of stuff it does not cover is short.

As a GM tech I deal with all kinds of aftermarket warranties and the ONLY ones I would buy would be the GMPP or Easycare. Both of these are good IMHO.

 

[07SuburbanLTZ]

I'm sure you can use Google as well as anyone and form your own opinions, but GMAC is in deep **** with falling residual lease values and mortgage losses. Their credit ratings continue to erode.

GM (as a large owner of GMAC) is basically toast in 12 months or less. They are drawing down what appears to be their last line of credit as we speak. Without a bailout, it is pretty much game over for GM. The optimist in me wants to say all is well. The finance MBA in me says otherwise.

I love my Hoe and think the General has made great strides. Just asking if anyone has been holding off on purchasing GMAC warranty contracts given recent economic developments.

A J

I Googled "GM bankrupt" and came up with plenty of UNRELIABLE SOURCES, ASKING if GM were to go bankrupt and not TELLING us that GM IS going bankrupt.

Google also came up with plenty of RELIABILE SOURCES TELLING us that GM IS NOT going bankrupt.

I copied and pasted some of the info below for everyone to check out for themselves. If anyone knows a reliable source that tells otherwise please post it.


With the strike going on, GM might run into financial trouble. Will it go bankrupt? (ziitrend.com)

Is GM Going Bankrupt? (blogspot.com)

It's almost unfathomable that General Motors could go under. (blogspot.com)

Let's be clear: GM is not in danger of going bankrupt (businessweek.com)

Enough already on General Motors and Bankruptcy. I am tired of the B-word. GM isn't going bankrupt (forbes.com)

 

[JD Larue]

Hmmmmm, I guess if WAMU can go bankrupt anyone can.

 

[Black Dog]

They are in big trouble, losing billions of dollars each quarter or whatever. Somehow they still manage to stay afloat... somehow. As for going BK, I don't think they are near that end yet, and even if they did they would probably still have some way to keep going. And what about all these bailouts, I gotta imagine that if the Gov would help some parasite company like AIG (which I have), that it would also have room to help the General, if that's going to be the new protocol. GM's been serving us cars for a century. It's really sad, and I tend to be more pro-bailout when it's an American Icon in trouble. All those Japanese cars don't look so appealing anymore, if you ask me. We were such a strong economy when we were self reliant. Of course the U.S. makers need to improve the styling and reliability of the product lines, which they have somewhat. But if you ask me Japanese cars are ugly and void of personality, I don't think I'll be buying one anytime soon. As for the warranty product, I can't see you getting totally screwed if something happened, there would probably be either a provision for fulfilling existing contracts, or partial refunds. But who knows. BUY AMERICAN AGAIN! (I know, you did).

 

[DownTownDru]

I Googled "GM bankrupt" and came up with plenty of UNRELIABLE SOURCES, ASKING if GM were to go bankrupt and not TELLING us that GM IS going bankrupt.

Google also came up with plenty of RELIABILE SOURCES TELLING us that GM IS NOT going bankrupt.

I copied and pasted some of the info below for everyone to check out for themselves. If anyone knows a reliable source that tells otherwise please post it.


With the strike going on, GM might run into financial trouble. Will it go bankrupt? (ziitrend.com)

Is GM Going Bankrupt? (blogspot.com)

It's almost unfathomable that General Motors could go under. (blogspot.com)

Let's be clear: GM is not in danger of going bankrupt (businessweek.com)

Enough already on General Motors and Bankruptcy. I am tired of the B-word. GM isn't going bankrupt (forbes.com)

I guess if you consider mainstream media to be a "reliable source" then there really isn't much point to debating with you. The MSM also claimed no financial crisis, no housing bubble, and no inflation problem until the problems were already beyond obvious.

I suggest you check with Standard & Poor's, Moody's, etc, and read up on financial statements at Edgar's... even though these guys don't seem to have a better insight than bloggers anyway and financial reports are mostly fantasy land.

Believe what you will.

A J

 

[07SuburbanLTZ]

I did a search for "GM bankrupt" on Standard & Poor's site and it didn't come up with anything that said that GM was anywhere even near being bankrupt.

Like I said above, if anyone can send a link that GM will go bust then please do.

 

[07SuburbanLTZ]

GM to build $370 million engine plant
http://money.cnn.com/2008/09/25/news/companies/GM_plant.ap/index.htm?postversion=2008092511

 

[DownTownDru]

GM: Almost out of cash
http://money.cnn.com/2008/11/07/news/companies/gm/index.htm?postversion=2008110716

"But the most shocking news came in its statements about its cash position. GM said it had burned through $6.9 billion during the quarter and warned that it "will approach the minimum amount necessary to operate its business" during the current quarter."

"S&P cut GM's credit rating deeper into junk bond status to a rating of CCC+ Friday afternoon, not far above the D rating that indicates default by a company."

S&P downgrades GMAC again
http://money.cnn.com/2008/11/07/news/companies/gmac_junk.ap/index.htm

"The rating agency lowered GMAC two grades to 'CCC' moving it deeper into junk status; another downgrade likely."

"The negative outlooks on GMAC and Residential Capital LLC reflect the dire situation for both entities," S&P said.

A J

 

[DownTownDru]

GM delays dealer reimbursements

"Auto giant in crisis mode says it will delay payments for rebates and sales incentives until Dec. 11."

http://money.cnn.com/2008/11/17/news/companies/gm_dealers.ap/index.htm?postversion=2008111718

A J

 

[DownTownDru]

GM Retains Bankruptcy Counsel

"General Motors Corp. has hired lawyers and bankers to consider whether to file for bankruptcy protection..."

http://online.wsj.com/article/SB122903816924599853.html

 

[73shark]

Remember just because a company goes bankrupt doesn't mean it ceases operations. Hell, half the remaining airlines went thru bankruptcy. IBC has been operating in bankruptcy for so long, I can't remember when they weren't.