General Motor's "biggest China manufacturing joint venture said it would offer interest-free car loans, as the company maneuvers for advantage in the increasingly competitive China market and tries to encourage people in this cash-centered economy to borrow to buy cars," the Wall Street Journal reports.
Even worse: other dealers are apparently offering better deals. Negative amortization. Debt that grows its own equity. Leverage the buys itself out.
GM-China Joint Venture Offers No-Interest Loans [Wall Street Journal]
Posted by Bulging Bracket , Aug 22, 2007 11:46AM
Neg-am or negative interest? In other words: US home crisis or Japanese lending crisis of the late 90s/early 00s?
Posted by Commies , Aug 22, 2007 12:39PM
These clowns are fighting for the business of trusting mainland Chinese to pay them back? And Beijing will enforce this -- even if millions of people get themselves in trouble? So the world's gone all hugs-and-kisses? What? Are we going to sing Cumbaya next? Fuck ME.
Somebody must have dropped a shitload of E into Lutz's drink.
Posted by , Aug 22, 2007 1:07PM
Maggie Brennan. That chick is like the hills north of L.A. in the summer time. Smoking hot.