What Does it Mean for GM Owners if they go Belly-Up?

As the senate is currently busy debating whether or not they should offer up a sizable portion of billions of dollars in taxpayer money to bailout the auto industry, some of the largest US automakers are on the verge of ceasing to exist. GM posted its largest losses in the history of the company this year, and without a few billions dollars in accessible cash; they predict that they will be out of business in early 2009. So what does this tragedy mean for those who already own or just purchased a brand new GM vehicle? Your Car Warranty Could be Voided With GM out of business for good, you would no longer have a warranty on your car. This would mean that you pay for any and all repairs out-of-pocket, and that the value of your GM vehicle would be affected because the warranty is voided. Repair Parts Could Triple in Cost and Accessibility With the makers of GM belly up, the accessibility and the cost of repair parts would skyrocket as more consumers demand them and supplies dwindle. Additionally the costs of repairing your now extinct vehicle line would raise enough to make you squint. The Resale Value of your GM Auto Could Drop Finally, the resale value of your GM vehicle would suffer substantially as they no longer make the car and nobody really wants to buy a used car that is made by a company that no longer exists. You may even find it hard to sell your car, and even when selling it at a loss, many would be more inclined to purchase a foreign vehicle instead.