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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim Willie CB who wrote (7509)	2/9/2004 10:56:06 PM
From: mishedlo	Read Replies (3) of 110194

Jim I got a desperate call from my GM auto dealer at the end of January. We have a lease - my wife's car (not my choice). At any rate they offer me incentives to terminate the lease 7 months early, no penalty but I had to do it by the end of the month. I told them no way could we act that fast. I told him to call me back if the deal was extended. Got a call just this evening, 10 days later. Deal extended thru end of March. I asked why. He said sales were very poor and thought they needed to meet some target for January (does not know if it was met but doubts it). Said sales are very weak across the board, not just GM but every dealer in the area, and PROBABLY all GM dealers in the country although he was guessing on that latter point. At any rate 7 months early termination, no fees, and $4,000 off on a car (I am assuming a Grand AM which is what my wife picked out for herself). Tell me they can pass on rate hikes. I dare you. This smacks of a huge inventory glut and no pricing power whatsoever. Mish

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