Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 12-07-2008, 09:07 AM   #1
Senior Member
 
Lukeaa's Avatar
 
Monaco Owners Club
Join Date: Apr 2006
Location: Morro Bay, CA
Posts: 789
I currently have GMAC insurance on my coach. I am beginning to have serious doubts about GM making it. Should I be looking for a new insurer and if so, who do you recommend?

Luke
__________________

__________________
Luke and Kathy & Charlie kitty, Morro Bay,CA
2007 Diplomat 40' SFT
2013 Honda CR-V "More is the enemy of enough."
Lukeaa is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 12-07-2008, 09:07 AM   #2
Senior Member
 
Lukeaa's Avatar
 
Monaco Owners Club
Join Date: Apr 2006
Location: Morro Bay, CA
Posts: 789
I currently have GMAC insurance on my coach. I am beginning to have serious doubts about GM making it. Should I be looking for a new insurer and if so, who do you recommend?

Luke
__________________

__________________
Luke and Kathy & Charlie kitty, Morro Bay,CA
2007 Diplomat 40' SFT
2013 Honda CR-V "More is the enemy of enough."
Lukeaa is offline   Reply With Quote
Old 12-07-2008, 09:28 AM   #3
Community Administrator
 
Route 66's Avatar


 
Newmar Owners Club
Retired Fire Service RVer's
Spartan Chassis
Join Date: May 2000
Location: Newark, DE
Posts: 25,592
It never hurts to compare insurance prices.

Try FARM & CITY INSURANCE.

I recommend them.
__________________
Adios, Dirk - '84 Real Lite Truck Camper, '86 Wilderness Cimarron TT, previously 4 years as a fulltimer in a '07 DSDP

Route 66 is online now   Reply With Quote
Old 12-09-2008, 03:41 PM   #4
Senior Member
 
Lindsay Richards's Avatar
 
Join Date: Dec 2007
Location: Tavares, FL
Posts: 1,644
I too have GMAC (through Good Sam), but was questioning whether or not the failure of GM would close them down. I would assume they are a different business unit and any bankruptcy judge would not close down a successful division. I feel pretty sure that Good Sam has a handle of this situation and would be informing us of any upcoming changes. Maybe an expert on the forum could give us some advise.
__________________
http://www.linandnancy.com
Lindsay Richards is offline   Reply With Quote
Old 12-10-2008, 10:30 AM   #5
Senior Member
 
Lukeaa's Avatar
 
Monaco Owners Club
Join Date: Apr 2006
Location: Morro Bay, CA
Posts: 789
This is why I am worried:

NEW YORK (Reuters) Auto and mortgage lender GMAC said on Wednesday that only a fraction of its bondholders agreed to swap their debt, raising doubts over the company's bid to become a bank holding company and stay solvent.

GMAC, owned by private equity firm Cerberus (CBS.UL) as well as General Motors Corp (GM.N), said it would give bondholders until December 12 to exchange their debt under more favorable terms -- the third time it has extended the date.

GMAC is looking to swap $38 billion of outstanding debt for a smaller amount of new debt, as well as preferred shares and cash, in an effort to raise the capital it needs to qualify as a bank and reduce debt load.

As a bank, GMAC would be eligible for government support including guarantees of new debt that it issues. The company could also apply for billions of dollars of capital under the United States' $700 billion Troubled Asset Relief Program.

GMAC said that so far, investors holding about $6.3 billion of its debt, or about 22 percent of eligible bonds, have agreed to swap their securities. For the company's Residential Capital mortgage unit, holders of about $2.0 billion, or 21 percent, of outstanding notes have agreed. Investors can exchange debt later under less favorable terms.

In both cases, those amounts are well short of the 75 percent approval GMAC needs for the exchange to go through. A successful exchange would help GMAC raise the $30 billion of regulatory capital required for it to become a bank.

GMAC said last month that without bank holding company status, it would likely have to sell assets and take other extraordinary measures to make good on its obligations.

"If GMAC is unable to successfully convert to a bank holding company and complete the GMAC and ResCap offers by December 31, 2008, it would have a near-term material adverse effect on GMAC's business, results of operations, and financial position," the company said in a statement on Wednesday.

But analysts said the company's survival is at stake. If the company does not become a bank, it risks violating the terms of its lending agreements, or covenants.

"If they don't get a waiver on those covenants, they probably don't have any alternative to filing for bankruptcy protection," said Sean Egan, managing director at ratings agency Egan-Jones Ratings Co.

GMAC, which has been the primary lender to GM customers but has curbed loans to borrowers who do not have good credit, lost $2.52 billion in the third quarter, its fifth straight quarterly loss.
__________________
Luke and Kathy & Charlie kitty, Morro Bay,CA
2007 Diplomat 40' SFT
2013 Honda CR-V "More is the enemy of enough."
Lukeaa is offline   Reply With Quote
Old 12-10-2008, 12:20 PM   #6
Senior Member
 
Tom N's Avatar
 
Winnebago Owners Club
Pond Piggies Club
Appalachian Campers
Mid Atlantic Campers
Join Date: Dec 2002
Location: Sarver, PA/Crystal River, FL/Shelocta, PA
Posts: 4,604
Wow!

I held some GMAC BBB SMARTNOTES 4 years ago but they matured.

I also held some Ford Motor Co. paper that was BBB.

At the time they looked like secure investments but the ratings were BBB.

GMAC still gives me a discount for holding their paper.

-Tom
__________________
Sarver, PA/Crystal River, FL/Shelocta, PA FMCA 335149 W3TLN
2005 Suncruiser 38R W24, no chassis mods needed 2013 Honda Accord EX-L 2008 Honda Odyssey EX-L

Tom N is offline   Reply With Quote
Old 12-10-2008, 03:16 PM   #7
Senior Member
 
Lukeaa's Avatar
 
Monaco Owners Club
Join Date: Apr 2006
Location: Morro Bay, CA
Posts: 789
I changed my insurance from GMAC to Progressive. Somewhat more expensive, but it covers me in Mexico.
__________________
Luke and Kathy & Charlie kitty, Morro Bay,CA
2007 Diplomat 40' SFT
2013 Honda CR-V "More is the enemy of enough."
Lukeaa is offline   Reply With Quote
Old 12-11-2008, 05:42 AM   #8
Senior Member
 
Corvette Man's Avatar
 
Monaco Owners Club
Join Date: Jul 2006
Location: Charlotte, NC
Posts: 202
Progressive had the best rates for me in NC. They beat GMAC and Good Sams by several hundred dollars. Just renewed for another year.
__________________
Corvette Man is offline   Reply With Quote
Old 12-14-2008, 10:35 AM   #9
Senior Member
 
Lindsay Richards's Avatar
 
Join Date: Dec 2007
Location: Tavares, FL
Posts: 1,644
Whoops, I think you are right. I am paid up through 07/01/09 and wonder if they will make it. I guess I can only wait and see what happens. I have had them for years and only had a small claim. (Two windshield chips from Quartzite area). They sent out a guy who fixed them for free with that super dooper stuff that keeps the chip from growing. Very easy to deal with and I would hate to see them go under.
__________________
http://www.linandnancy.com
Lindsay Richards is offline   Reply With Quote
Old 12-23-2008, 12:14 PM   #10
Senior Member
 
GraciesMom's Avatar
 
Join Date: Apr 2008
Posts: 782
Send a message via AIM to GraciesMom Send a message via Yahoo to GraciesMom
I think I'll check rates just in case . . . that article made me a little uneasy too.
__________________

__________________
GraciesMom
GraciesMom is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
GMAC INSURANCE'S LONGEVITY? PULLEY Class A Motorhome Discussions 3 12-27-2008 08:06 AM
Insurance-from GMAC to AARP/HARTFORD al koffman iRV2.com General Discussion 14 08-27-2008 01:26 PM
GMAC insurance...any good? skipsor MH-General Discussions & Problems 11 01-05-2008 10:54 AM
insurance doug&sharon flohr Travel Trailer Discussion 2 01-08-2007 06:07 PM
RV Insurance WinnieBunnie Winnebago Industries Owner's Forum 10 05-25-2005 02:59 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 10:22 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.