Tuesday, April 28th, 2009...2:10 pm
No Saturn Bargins……Yet!
According to the Detroit News, folks are already hitting Saturn and Pontiac lots looking for “fire-sale” type deals. But, they will probably not find them…….yet. Oh, the deals will come, but not until much closer to the end date that GM has chosen.
Oldsmobile had 2 years left when the announcement was made that they were closing. Saturn has just a few months. I am sure there will be retailers who make a quick decision to get out of the Saturn business and all their cars will probably go back to GM or GMAC.
Here is an interesting thought: If (ok, when) GM files for Chapter 11, what does that mean for retailers who close up shop? Will the retailers themselves have to find a home for all their leftover cars? Part of the Dealer Agreement says that GM/Saturn will help with leftover cars if a retailer closes. But if GM is in bankruptcy, won’t that agreement be null and void?
I bet the retailers will have to get rid of the cars themselves. THEN you will see the fire-sales. And for those who have recently purchased a Saturn, expect your vehicle value to drop like a stone. You may also find banks that are unwilling to even finance a Saturn.
Here is the whole article: * No Fire-Sales…..Yet *
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