EASTON, Md. (Map, News) - A company that owns two car dealerships on the Eastern Shore has allegedly defaulted on nearly $12 million in loans from GMAC, the financing arm of General Motors Corp.
GMAC has filed in Talbot and Caroline county courts for a confessed judgment, which would require payment without a lawsuit. The company, Bob Smith Automotive Group, owns the GM Giant dealership in Easton and the Giant GMC dealership in Federalsburg.
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Being a GM Giant has a whole new meaning!
16 comments:
the car lot sure is a little more empty today. The repo man must have come by already.
Had heard about the closing but WOW 12M
Don't worry, they will re-open under another name just like others around here have.
GMAC has taken all the vehicles of the lot in Easton and also in Federalsburg. Please keep the families of the 60+ employees in your prayers. The employees were the glue of this organization and fought to keep the dealership open as long as it did.
But yet they are set to receive more than 17 BILLION from bailout money. Seems to me this is exactly what the money was for, to save jobs. Screwed again.
GM Giant is recieving 17 billion in bailout money???? WOW! That is awesome! They should be back in business in no time! The truth of the matter is the bailout money will never help the local dealer..sad to say, but it's true. The bailout money will help the direct employees of GM...not poor dealership people.
Doug they don't care who sells them they just care about who builds them
you ain't seen nothing yet. GM will be back for more of our cash, but they still will not survive. We are in the first 5 hours of a 5 day flight, and this is going to be rough one.
I guess Lee Denney can become a full time singer now.
You people don't know the half of it.
i heard lee denney was goin cuckoo. hes mental or just on expensive drugs.
Yep, the new car dealers will get help with the new tax incentives for people buying NEW, but that does nothing for the ones sell USED cars. They have families to support too.
They are probably hurting more than the new car dealers are I'll bet.
Probably gonna see some of them go under too but go ahead and buy that NEW car that will depreciate to less than what you paid for it the moment you drive it away from the lot instead of buying from reputable late model USED dealers.
You could save THOUSANDS buying USED in some cases! Some even offer you warranties as good as the new dealerships do on their newer models.
This is more corporate GREED.
Instead of paying GMAC the money they owed them, they pocketed it.
Is this really a surprise?
I was so happy to hear about this. I bought a bran new 2006 cobalt from Bob Smith The compressor froze up within months of buyin it. My back light retains water when it rains and my gearshift sticks at times to the point I cant get my key out of the ignition. The employees where so kind when I bought the car but the min I had problems they found every excuse not to help They wanted three grand to fix the car They became very rude and refused to call me back
when i left messages about the trouble I was having I got screwed
TO THE GUY WITH THE 06 COBALT; I WAS ONE OF THE ADVISORS THERE THAT REMEMBERED YOU AND THE CAR -- FOR ONE; THE ONLY WAY YOU WOULD HAVE BEEN CHARGED FOR ANYTHING ON THAT NEW OF A CAR WOULD BE IF WE HAD DETERMINED THAT IT WAS OWNER NEGLECT OR ABUSE;; AND IF I REMEMBER CORRECTLY IT WAS OR YOU WERE OUT OF THE MILEAGE ON THE NEW VEHICLE WARRANTY -- SO DONT BLAME THE DEALER FOR RULES THAT GM SETS UP FOR US TO ADHERE TO...
12 million, dear, I wonder how they got so far behind?
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