You see, right now, car dealers all over the United States — and the rest of the world — are doing anything that they possibly can to beat the deals being offered by their competitors. There are, for once, too many cars and not enough buyers — which means no money for all those dealers. You only have to look at all the recently bankrupt manufacturers to see the depth of the problem.

Right now, it is possible to get new cars for as much as six thousand dollars less than the same models from a year ago. If you are willing to haggle a little bit and check out the dealerships near you in the most problem, you can walk away with a real steal.

Why would you not get a free Auto Insurance Quote right now? Think about it: it takes just a few minutes, it's absolutely free, it can save you hundreds of dollars per year (sometimes even thousand) and you might even be able to get better coverage! Why not? No reason!

The good assets of the company will end up and be owned by the bond holders, UAW, Canadian government, and the U.S. Treasury Department. The move will give way to the restructuring of the company. Some of the old assets like factories, brands, and dealerships will be under supervision of the court, be closed or be sold.

The U.S. government will be having a 61% stake of GM. Canada and the government of Ontario will get a 12% share in exchange of a $9.5 billion funding.

The bankruptcy is seen by the Obama administration as a way for the car company to rise again from its neck deep financial woes.

The sales of GM have been on a drop looking at the records for the past several decades. The knockdown punch was brought by the global credit crunch last fall forcing the company to ask for more loans and look for other means to survive.

GM will be closing down around 11 assembly plants and hibernate three more as they restructure. The brands like Saturn, Saab, and Pontiac will either be closed or sold. Opel has been sold and Hummer might follow suit soon.

The chapter 11 filing is set to help the company start with a clean sheet off its debts. Our friends over at the GM Auto Blog have more corporate GM news, pay them a visit!