That's what GM is banking on, anyway. Yes, the same GM that Congress just handed billions of your dollars. Yes, the same subprime loans that caused our current Jenga-like financial collapse. Be honest, you're not really surprised.
In an effort to convince somebody, somewhere to buy its cars, GM has decided to remove virtually all requirements, including that of a pulse, for receiving a car purchase loan from its financing branch.
As of Tuesday, GMAC was offering 0% financing on several models -- hey, if 0% is good enough for Ben Bernanke, it's good enough for you -- and said it would extend credit to buyers with credit scores as low as 621 -- right on the edge of subprime territory. The median credit rating is 723.
If you're wondering, the answer is, "Yes, you read that right." GM's cunning plan to stop sucking at business is to hand enough money to purchase one of their cars to anybody who isn't being physically mugged by creditors, trust that person to pay the money back without interest (thereby actually losing money due to inflation), then proudly stand under a "Mission Accomplished" banner and declare, "Look at all the cars we sold!"
Remember, there's a good reason the execs in Detroit are paid millions of dollars. They know how to run a company.
