Information for Consumers and Investors
Is GM going out of business?
GM has entered chapter 11 bankruptcy protection to launch the “New GM.” GM has the support of the U.S. and Canadian governments and the UAW in this effort.
What does this mean for GM’s current customers and future car buyers?
There will be no interruptions in GM honoring customer programs, warranties and provide replacement parts. GM has asked the court for specific orders authorizing GM to honor customer warranties and programs as it always has.
GM dealers will have the same access to replacement parts as they always have; customers of discontinued brands or dealerships that have closed as part of GM’s viability initiative will continue to be supported by other GM dealerships; customer promotions and incentives will continue without interruption; and there will be no impact on OnStar service
How is the New GM being launched?
GM’s anticipates selling its assets to a new entity to quickly launch a leaner, more customer-focused and more cost-competitive automaker, with a much stronger balance sheet that is positioned for profitability. The New GM will be built from GM’s strongest brands and operations.
How long will it take to launch the New GM?
GM expects to receive court approval to sell the assets to New GM within about 30 days after filing, and to complete all of the business transition activities needed to launch New GM’s operations within about 30 to 60 days after court approval.
What will happen from now until New GM is launched?
We expect that the transition will be completed in 60 to 90 days from June 1.
Will New GM honor customer warranty claims?
New GM will assume the obligations to support the express warranties issued by GM to its customers.
Will customers still be able to get service parts to repair their vehicles?
Replacement parts are, and will continue to be, available to service and maintain GM vehicles.
Is it safe to buy a GM car now?
GM is offering sales incentives, including zero-percent financing and/or cash rebates, on many of its models in an effort to boost sales. It is possible to get a very good deal during the restructuring.
What brands and models will still be available?
GM plans to cut the number of brands from eight to four. It will keep Buick, Cadillac, Chevrolet, and GMC, and eliminate or sell Hummer, Pontiac, Saab, and Saturn. GM plans to phase out Pontiac by the end of 2010.