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An automobile dealership in Orland, California which closed after General Motors cut ties with it and several hundred other dealers as part of its Chapter 11 bankruptcy restructuring efforts in 2009 [1] Beginning in the latter half of 2008, a global-scale recession adversely affected the economy of the United States.
The program was controversial with dealers, many who didn't want to close their dealership or sell their franchise rights. [23] However, Section 363 of the Federal Bankruptcy Code allowed GM to force thousands of dealerships to forfeit their franchise rights. Dealers accused GM of fraud and theft and formed the Committee to Restore Dealer Rights.
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
Here’s how American car dealers use the '4-square method’ to make big profits off you — and how you can make sure you're paying a fair price for all your vehicle costs Moneywise December 5 ...
In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan. [92] By December, President Bush had agreed to an emergency bailout of $17.4 billion to be distributed by the next administration in January and February. [ 93 ]
A Chapter 13 debtor who owns a car, but does not make loan or lease payments on it, may not take the car-ownership income allowance set forth in the Internal Revenue Service's National Standards, when calculating the means test set forth at 11 U.S.C. § 707(b). Ninth Circuit affirmed. Court membership; Chief Justice John Roberts Associate Justices
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