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Old 01-20-2009, 03:56 AM   #1
Hazdaz
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Default BMW looking into applying for state aid

http://news.yahoo.com/s/nm/20090120/bs_nm/us_bmw_1

BMW looking into applying for state aid

Quote:
FRANKFURT (Reuters) Germany's BMW (BMWG.DE), the world's largest premium car maker, is looking into applying for state guarantees to back up its borrowings, the Bild Zeitung newspaper reported on Tuesday.
BMW was not immediately available for comment on the report.
The car maker would become the second manufacturer in Germany to seek state aid after Volkswagen (VOWG.DE) sought guarantees for its financial divisions to cover refinancing of car loans in December.
Germany's carmakers are suffering from collapsing global demand.
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Old 01-21-2009, 02:46 PM   #2
Pete Holt
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I figured most luxury car companies would be somewhat immune to the recession, but I guess not.
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Old 01-21-2009, 02:54 PM   #3
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Quote:
Originally Posted by Pete Holt View Post
I figured most luxury car companies would be somewhat immune to the recession, but I guess not.
Alot of people driving 1 & 3 series cars in North America are middle class and could get into them because of the low lease rates not because they can necessarily afford them. Middle class are taking a big hit in the economy and even people in upper class are not immune.
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Old 01-21-2009, 02:59 PM   #4
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this is not surprising.. after all VW even asked for assistance. Most if not all car companies are struggling. Subaru is doing pretty well, one of the only ones that may not need assistance. I wouldn't be surprised if they did though.
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Old 01-21-2009, 03:02 PM   #5
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Quote:
Originally Posted by heavyD View Post
Alot of people driving 1 & 3 series cars in North America are middle class and could get into them because of the low lease rates not because they can necessarily afford them. Middle class are taking a big hit in the economy and even people in upper class are not immune.
This is the reason. BMW is highly dependent on leases from customers who could otherwise not afford such a vehicle. Add in the difficultly of getting financing and suddenly their bread and butter product becomes very hard to move.
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Old 01-21-2009, 04:33 PM   #6
Pete Holt
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Quote:
Originally Posted by heavyD View Post
Alot of people driving 1 & 3 series cars in North America are middle class and could get into them because of the low lease rates not because they can necessarily afford them. Middle class are taking a big hit in the economy and even people in upper class are not immune.
You are right. I suppose the X3 fits into that category as well.
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Old 01-21-2009, 06:28 PM   #7
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Especially since their leases have become less appealing, and they are pushing financing more and more because of residuals. Oh well, life goes on now they just need some better deals.
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Old 01-21-2009, 06:40 PM   #8
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or maybe people finally figured out they are overpriced
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Old 01-21-2009, 07:58 PM   #9
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Is this the part where we call BMW a lousy, poor planning, company with terrible executives and lazy workers? Oh yea, they are not a Domestic...
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Old 01-21-2009, 08:04 PM   #10
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Quote:
Originally Posted by WRXVT View Post
this is not surprising.. after all VW even asked for assistance. Most if not all car companies are struggling. Subaru is doing pretty well, one of the only ones that may not need assistance. I wouldn't be surprised if they did though.

Subaru sales are way down like everyone else ..... Subaru has a dad with deep pockets (FHI)
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Old 01-21-2009, 08:08 PM   #11
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Is this the part where we call BMW a lousy, poor planning, company with terrible executives and lazy workers? Oh yea, they are not a Domestic...
+12345

In this economy, even the bestest run companies are faltering.
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Old 01-21-2009, 08:12 PM   #12
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if state guaranty of loans is available at a reasonable price, as it were, then it would be a mistake to not pursue it -- competitors with this state backing would have a competitive advantage.
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Old 01-21-2009, 08:13 PM   #13
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Quote:
Originally Posted by RedTRex View Post
Subaru sales are way down like everyone else ..... Subaru has a dad with deep pockets (FHI)
december wasn't pretty but 2008 overall was a good year for subaru. UP 0.3% for the year. yes, up.

http://news.prnewswire.com/DisplayRe...4949051&EDATE=
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Old 01-21-2009, 08:14 PM   #14
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Quote:
Originally Posted by 2000wrx View Post
Is this the part where we call BMW a lousy, poor planning, company with terrible executives and lazy workers? Oh yea, they are not a Domestic...
The domestics are on their deathbed. They've been circling the drain for years. BMW is far from that. they won't go under next month if they don't get aid. They aren't even asking for loans. Just "assurances", should they need money.
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Old 01-22-2009, 12:51 AM   #15
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Come on...BMW made a profit as recently as Q3. They're not really in trouble, folks. You only have to look at BMW's credit rating and bonds. What's happening here is that you save a lot of money if you can get the government of a large country (which happens to have an 'AAA' rating) to act as a co-signer on your debt. No harm in trying.
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Old 01-22-2009, 09:08 PM   #16
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There is harm in trying... the risk is then placed on the back of the taxpayers... .
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Old 01-24-2009, 05:06 PM   #17
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Most European countries are more socialized in nature, making gov't loans more typical.
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