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realestatemarketingthisweek.com – Beware of phishing schemes and bank scams GMACs clients hit hard — Part 3 – As promised just before the break, I told you to, listen in if you know anyone who has a GMAC Mortgage, this is one of those too good to be true things. Heres the thing, I have no issues what-so-ever with GMAC, thats not what Im saying, what Im saying is there is a scam of sorts that is going around. A client of ours received a letter, we did a second mortgage for this person a few years ago, they received a letter from GMAC, it looked like GMAC, it sounded like GMAC, and it said that we are willing to forgive your second mortgage of 200 and some thousand dollars in lieu of a one time payment, payable within the next 30 days, of say 20 thousand dollars. I dont recall the exact amount or what it was. There is a phone number on there, it says loss mitigation department on it, a person assigned to this case. They called the phone number, they answered the phone as if you were calling into the loss mitigation department, and verified if you just send us this amount they will release the lien. Well it is completely false. It is absolutely not true. These people are not going to seek you out on their own, now whether it be GMAC, today we have actually seen that one, there may be other ones out there. Folks, if you are getting stuff like this you need to verify it and you need to verify it by sources other than the information on the letter that you have received. If …

Vehicle information Year- 2007 Make-SATURN Model-Relay w/DVD Player & Power Sliding Doors Body style-Minivan Exterior colour-Silver Interior colour-Light Grey Engine-3.6 L Cylinder- 6 Cylinder Transmission- Automatic-5 speed Current kilometres-78000 Vehicle Features Front and rear air conditioning Power windows Power door locks Leatherette/vinyl seats Quad seating Bucket seats Split bench seat 7 passenger seating 17 inch alloy wheels Performance tires AM/FM stereo + CD DVD player MP3 player On star Dual front and side air bags Anti-lock brakes Traction control Security system Remote keyless entry Cruise control Tilt steering wheel Wood grain package Remote Starter 60/100000kms extended warranty Roof rack Power sliding door Lease Take-Over details Leasing company-GMAC Monthly payment, before taxes-6.50 Monthly payment, incl. taxes-4.54 Original down payment-50.00 Security deposit-.00 Purchase Option at end of lease-051.70 Total Kilometre allowance96120 Excess km charge-0.12 Original lease term (months)-48 Lease expiry date-12/27/2010 (M/D/Y)

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General Motors Has Filed For Bankruptcy. Should Cadillac Owners be Worried?

General Motors Has Filed For Bankruptcy. Should Cadillac Owners be Worried?

With the anticipation of 1,100 GM dealers in the US and 300 Canadian dealerships soon to close their doors Cadillac owners are understandably concerned. With fewer dealerships available it could be necessary to travel further for service and repair. There are also other concerns about getting stuck with payments for vehicles traded in if dealerships choose not honor the original trade in agreements. Questions about warranty coverage will also be on the minds of many Cadillac owners. Should they be worried?

The good news is…

Although over a thousand US dealership closures may sound crippling, GM will still have more dealerships across the nation than do competing manufacturers. GM anticipates having 3,600 dealers by 2010 while Toyota currently has 1,470 dealers and Honda has only 1,304 dealers across the nation. GM has selected which dealerships will be closed based on the lowest sales and customer service volume. Most of these dealerships will close in October 2010. Therefore, the most popular dealerships will likely remain open and those that are slated to close will be around for some time. GM owners looking for the closest dealers to perform service on their vehicles can visit the GM Dealer Finder at www.gm.com/vehicles/dealer. Cadillac owners can locate Cadillac dealerships by visiting www.cadillac.com or calling the Cadillac Customer Assistance Center at 800.458.8006

The GM bankruptcy filing also affects Buick, Chevrolet, GMC, Hummer, Pontiac, Saab, and Saturn. To locate a specific dealership; consumers can contact the Better Business Bureau Auto Line.

What about getting stuck with payments for a trade-in vehicle?

If dealerships go out of business before paying off the loans on trade-in vehicles it is possible that the customer could still be liable for these outstanding amounts. However, according to the Better Business Bureau, this happens rarely. In the event that it does, states such as California have established funds to reimburse GM customers.

What about the warranty?

The U. S. Court overseeing the GM bankruptcy has agreed to allow General Motors to continue to honor its warranty commitment. GM owners can still utilize warranty coverage for repair, repurchase or replacement of vehicles. In some cases negotiation might be necessary. For example, in the event that a comparable replacement vehicle is not available and the customer is not pleased with a proposed solution a repurchase option may be arranged. All warranty negotiations can be made directly with the BBB and do not require legal representation.

For warranty disputes the U.S. Court has included The Better Business Bureau’s Auto Line program as a source of resolution. GM is contractually bound to BBB to abide by their decisions and awards granted. Claims that were established through Auto Line prior to the bankruptcy and those filed after will continue to be honored and processed as before. For specific warranty questions and additional assistance consumers can contact the BBB Auto Line at 800-955-5100

Extended service contracts will not be affected by the bankruptcy. The General Motors Protection Plans (GMPP) are provided by a subsidiary of GMAC LLC which is separate from GM. The extended service contracts are backed by MIC Property and Casualty Corporation (MICPAC) also distinct from GM and not included in the bankruptcy case. One further assurance is that GM vehicles sold during the bankruptcy restructuring will be backed by the U.S. government, as noted by the Obama administration in March.

GM reliability will still remain intact as well. GM will continue to test and monitor the safety of their vehicles. In the event of a safety recall GM must still comply with the orders issued by the National Highway Traffic Safety Administration (NHTSA) and continue to notify customers.

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