Will GM or Chrysler going under affect you?

[SuzyQue]

I don't want to start a heated debate as to whether the government should help them anymore, I'm just curious as to how many of my DIS friends will be affected. My DH retired almost 2 years ago after 34 years at Chrysler. We now find out that we may lose 2/3 of our pension and health care if Chrysler goes bankrupt.

 

[Colleen27]

It'll effect us, but not that directly. DH is a residential contractor in a suburb of Detroit and a lot of our customers work for the Big 3 or their suppliers, so our already-slow business will most likely slow down further if even one of the automakers goes under, but I'm pretty sure we can ride it out. I really feel for those of you who will be immediately and seriously impacted. My father and both my grandfathers were auto workers, and I know how hard they work for their pension and health coverage.

 

[Dancemom03]

Yes, DH works in the automotive industry as a shop foreman/auto mechanic and things are already rough. Not to sound cold, but the last thing we need is more technicians/painters/mechanics pounding the streets looking for jobs in an industry that is already tanking.

Will we miss the UAW? Not on your life!
However, every automotive industry job seems to have a trickle down effect on the entire community, not just the few laid off. I know others are facing similar challenges with jobs in the textile industry in nearby states. I can't begin to imagine what it would be like to have seemingly half a town out of work.

Even CarMax (one of the few dealerships actually doing well according to reports) has laid off hundreds of mechanics in the past six months and several area dealerships have closed so, at this point, many of the guys in the automotive field that we know are taking major pay cuts just to keep their jobs - DH included. It's a scary thought to know that after 20, 25, or 30 years in an industry you can be left without options or even much warning...

 

[MoniqueU]

In a crazy way it might help us a little, it certainly won't hurt. My husband works for an import dealer and he may get some of their customers though I think the majority of the buy american crowd would flock to Ford but he may get some others. Chryslers and GM's don't sell all that well in CA already though so not sure how much extra business he would get.

 

[DawnM]

Yes, DH's family either work or have worked (retired) in the auto industry. They are losing a LOT.

 

[maddiesmom0116]

I don't want to start a heated debate as to whether the government should help them anymore, I'm just curious as to how many of my DIS friends will be affected. My DH retired almost 2 years ago after 34 years at Chrysler. We now find out that we may lose 2/3 of our pension and health care if Chrysler goes bankrupt.

yes- my mother has already been affected, she was a logistics manager for a supplier and they already went under. She is 65, so she really cannot find another job, she lost her pension too. She fortunatly owns her home now, so she has that. Once the unemployement runs out it will be challanging for her to live on just her SS, she just started drawing.

This issue is going to affect so many people. Salesman, part buyers, factory workers from parts to assembly and many more. It is really scary.

 

[Shmily1]

I hope neither of them go under, but Chrysler would effect me more. We don't work for either, but I love Chrysler vehicles (they are plush on the inside and last me forever!!) and my next vehicle in a couple months will be another Chrysler product. We are some of the buy America only crowd (have two Durangos, three Mustangs, and three Harleys) so I guess whatever is left is what I would buy.

 

[GoofyFairie]

With the trickle down effect it will affect everybody to some degree. I am really sad for our country. I hope we can pull out of it soon, before more families are affected to higher degree of loss and struggle.

 

[mamalle]

its a domino effect for sure. on that note- I wouldnt buy a chrysler product ever again anyhow. My 2004 town and country is a true lemon. If that type of quality is their trademark.. no wonder.. I just brought it back again after some leaking onto my floors. It turned out to be a part of the a/c system hose was missing our mechanic told us. When I called the parts dept of the local chrysler dealership to buy the hose- they told us that is common.. come on... thank god I found a message board that talks about all the repairs and issues with these vans to help us out... I have never had a vehicle that has been in the shop more than this one.. very sad... Now dh's GM XUV Envoy is great. we do love GM products. dh has a 1967 Camaro sitting in our garage. That would be a tragedy for sure if GM goes under..

 

[pixie921]

I'm sure it will indirectly because we live in southeast Michigan. I can't imagine what things will be like if we take many more financial hits around here.

It will unfortunately affect my bil directly -- he runs a production line for GM.

OP, I hope things turn around and your dh doesn't lose his pension and benefits.

 

[Lisa_M]

I guess it may affect us since we have our van is still under warranty. That said, their supposed bumper-to-bumper isn't covering any of the things wrong with the van (my 1st and last Chrysler) and the service center for the dealership is a 5 star dealership, but absolutely terrible. I wouldn't feel bad if those folks lost their jobs. On the flip side, I worry for the kids and families at the school where I work. Quite a few have parents already laid off. If one of these two companies went under, there would be so many more. Very sad.

 

[Lisa_M]

its a domino effect for sure. on that note- I wouldnt buy a chrysler product ever again anyhow. My 2004 town and country is a true lemon. If that type of quality is their trademark.. no wonder.. I just brought it back again after some leaking onto my floors. It turned out to be a part of the a/c system hose was missing our mechanic told us. When I called the parts dept of the local chrysler dealership to buy the hose- they told us that is common.. come on... thank god I found a message board that talks about all the repairs and issues with these vans to help us out... I have never had a vehicle that has been in the shop more than this one.. very sad... Now dh's GM XUV Envoy is great. we do love GM products. dh has a 1967 Camaro sitting in our garage. That would be a tragedy for sure if GM goes under..

Could you PM me the name of the Chrysler board? I'm needing some advice regarding my T&C problem.

 

[MommaSnowwhite]

Yes my DH's company is a tier one supplier for all of the big 3.

 

[amjg]

We own a GM dealership, so yes! But actually we sell way more used cars than new. Also, of the new vehicles that are sold most are big SUVs and trucks. A little bit different from what you have been hearing about everyone wanting smaller cars.

 

[antmaril]

I retired last year after 36 years with GM. I pray every day that GM will survive.

 

[dfchelbay]

We live in SE Michigan. We've already lost $100,000.00 on our house. Trying to sell right now is really bad. If GM or Chrysler go under, NO ONE will be moving to this area, or buying any of the houses for sale around here.

There's a city called Flint north of here. The auto industry left there many years ago. Now there are no jobs, and it's a very depressed area. I fear that what happened in Flint is heading to the suburbs of Detroit soon.

 

[mominwestlake]

So, if you worked for GM and they declare bankruptcy- you will lose your job and your pension? Sorry if that sounds ignorant but I really don't understand how pensions work compared to 401 Ks.

 

[Chelley00]

I retired last year after 36 years with GM. I pray every day that GM will survive.

My FIL's last day at GM was last Tuesday. He was "asked" to take retirement since he has been there over 40 years. We'll see what happens with his pension, but I can tell you that his retirement package was way less than what they offered 3 years ago when he first considered retiring. It's sad for those people who worked longer hoping to get a better retirement deal, and then are getting next to nothing.

 

[jodifla]

Yes, most of my DH's family lives in Mich. and are tied to the auto industry. They'll be devastated....houses worthless, pensions possibly worthless. no health careetc. No one will be able to move because no one will be able to sell their home.

We stand to be affected greatly as well, even though are jobs aren't in the industry. Most of our neighbors work in the industry, and won't be able to afford their homes with no worth. There are already hundreds of people applying for each available decent job.

It's not impossible to imagine 30 percent unemployment here, or even more. The city of Detroit already has a 22 percent unemployment rate. What jobs there are are in the suburbs, and people can't afford to drive there. Most of the really poor in Detroit don't even have a car.

 

[kelleigh1]

My parents work for a company which manufactures parts for GM. It would mean they would both be laid off and at 60 and 61 years of age, the chances of them finding new jobs is pretty much nil.

They've never really discussed it with us, but I don't think they have a lot put away for retirement or in savings either.