• Jan 18, 2010
Saab floats along in limbo as General Motors figures out what to do with its Swedish plum, meaning that dealers are stuck with moribund product to try and unload. It's as nasty as it sounds for the automaker, but for buyers, it means deals on Saabs like never before.

Being a premium segment brand, you'll get a lot for your money buying a considerably discounted Saab. If you're like most new car buyers, though, you'll still have to borrow the money. Good luck with that if your institution is Bank of America and you're set on a Crazy Eddie priced 9-5. Right there in its eligibility requirements for auto loans, B of A spells out "no Isuzu or Saab vehicles." Being paired with a dead Japanese brand? Just another indignity for the Trolls in Trollhättan.

[Source: Gaywheels.com via Examiner.com]


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  • 33 Comments
      • 4 Years Ago
      Smart move by B of A. Saabs are crap. Liberal yuppies think they are great, another reason to avoid them.
        • 4 Years Ago
        David,

        I'm speechless. Have you ever driven a Saab? Have you ever owned a Saab?

        No?

        yeah don't talk down on Saab unless you have a valid reason to.

        • 4 Years Ago
        Idiot. Douche. Wingnut. Also, you're ugly and your mother dresses you funny.
        • 4 Years Ago
        Another example of flunkie ignorance brought to you by your quality public schools and parental education neglection.

        By the way DO NOT FEED THE TROLLS!!
        • 4 Years Ago
        Harsh, but understandable.

        Tho if residuals are the issue, I wonder whether they'll issue loans for Chrysler products at all. Or "dead" Hummers, Pontiacs, & Saturns still on dealer lots.
      • 4 Years Ago
      Wow Isuzu's dead? I haven't thought about the brand in years but didn't realize they were gone.
        • 4 Years Ago
        They're not, it's just Autoblog who thinks America constitutes the entire world.
      • 4 Years Ago
      A non story. Nobody in their right mind would lend against, and depend on the future value of, any asset with such poor odds of value retention. I'm sure most banks internally have limitations on % of lending value for various cars that are highly doubtful. And if they don't, what are taxpayers doing giving those banks money?

      I mean, if you were a bank and someone without other assets to lend against and/or the situation was you Really needed the car value for security, approached you for a 100% loan on a Sebring, what would YOU do? :D
      • 4 Years Ago
      Also see the next line, "No Independent Dealer Purchases". I wonder if that includes closed Chrysler Corporation dealers, that are trying to sell off their new car stock?
        • 4 Years Ago
        That means they won't floorplan or in other words float money to an independent dealer who needs a short term bank loan to cover his inventory.
      • 4 Years Ago
      BoA should include all Chrysler/Dodge products on that list since they devaluate at just as large a % in a year. Oh don't forget certain Acuras, Kias, Hyundais and Suzukis
        • 4 Years Ago
        More to the point, Chrysler corp is likely to go Chapter 7...
      • 4 Years Ago
      This happens a lot from time to time. Either banks will refuse to loan money or they'll penalize the rates on what they call "cautionary units." Brands that I've seen them flat out refuse are the obvious like Oldsmobile or Daewoo. Brands I've seen some banks list as cautionary and maybe only loan you money if they add 1 or 2% or so to the rate would be like Suzuki, Mitsubishi or even Nissan from time to time.
        • 4 Years Ago
        Correct, SAAB's been on BoA's sh*t list since before the attempted sales to various bidders, months and months and months, I'm not sure why autoblog is running this as news NOW unless they're expecting a very slow monday.
      • 4 Years Ago
      If your argues are true, then why was not Oldsmobile/Pontiac/Saturns giving the same treatment? No loans because the value will drop?
      As usually the Trolls trolling AB make no sense at all.....
      • 4 Years Ago
      This was the funniest part to me...

      "[Source: Gaywheels.com via Examiner.com]"

      Dan tells his wife that he has to go to that site for "work". Heh heh.
      • 4 Years Ago
      I posted this back in August. It's been going on for at least 6 months now..

      http://forums.vwvortex.com/zerothread?id=4511571
      • 4 Years Ago
      I don't know how this is breaking news, BOA has not loaned out money for Saab's for some time now.
      • 4 Years Ago
      That would explain why even with the Detroit dealerships advertising 9-3's at $18,000 they still can't move them.
      • 4 Years Ago
      They don't finance motorcycles either! I'm happy to say I've never financed, and never will, with B.O.A.
        • 4 Years Ago
        A lot of banks won't finance motorcycles, especially not used ones. IF you'll notice when you buy a new one, the lenders that give you finanace a brand new one its usually from the manufacturer's captive finance arm, and you get a rate similar to what a credit card is like. To hold that against a BoA is just a personal issue, or else you'll end up striking a lot of banks off your list. Whats the average depreciation of a 1 year old GSXR? Something like 50%? So it shouldn't be hard to understand why banks aren't beating the door down for that business. If you default in 6 months of payments they stand to lose a lot.

        For people with secondary/subprime credit all sorts of restrictions may apply. Some banks won't do vehicles with manual transmissions or trucks 1-ton and above. There's a lot more to financing then a lot of you booing this story understand. There is no since in trying to villanize BoA for their practices even if they are on the hook for bailout bucks. Its practices like this that are designed to keep them out of trouble.
        • 4 Years Ago
        One of the few exceptions to the motorcycle rule (at least it was in the past) is Harley Davidson. Loan's for a new and used HD used to be very similar to an auto loan and most banks would provide (also true of a few other select brands). Mainly based on the bikes ability to retain value so well, so even on a default the bank could recoup losses. (one of the reasons HD products are so expensive) However, very ironically, HD own captive lending arm, Harley Davidson Credit, got a little too loose with lending in ended up needing some assistance from Warren Buffett.
        • 4 Years Ago
        @gadgetsgalore

        So your awesome reply is that you always use your credit union because of their lower rates and wouldn't use BoA anyway unless maybe they were handing out hookers and beer with their loans. Thanks for proving my point.
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