Car buyers standing by GM

GRAND RAPIDS, Mich. (WOOD) - General Motors Corporation stock hit its lowest point in more than 75 years on Friday, falling to just $1.27 per share at one point.

This comes as more analysts voice concern bankruptcy may be on the horizon.

But many buyers of GM vehicles continue to stay loyal in the face of the auto giant's struggles.

Harry McAvoy told 24 Hour News 8 he has bought six new and a few used vehicles in the past -- all General Motors brand.

He worked for GM for nearly 40 years. When he started he was behind the wheel of a Volkswagen. But come the 1980s he made the switch and never looked back.

"In '82 I bought an Astro van and I loved it. It was like driving a little bus. You could get up and walk around in this thing, ya know. Carry a lot of stuff, you know," McAvoy said.

The latest word out of Detroit is that GM needs more money from the government by March 16 -- a few weeks earlier than the March 31 deadline the government gave the company to restructure.

President Barack Obama's top aides are reviewing restructuring plans from GM and Chrysler. The government could recall its loans to the automakers if the companies fail to sign deals for debt restructuring and other concessions from stakeholders by that March 31 deadline.

President Obama will send members of his team to Detroit next week.

Michigan Sen. Carl Levin, co-chairman of the Senate Auto Caucus, is glad they are coming, saying, "What they will see is a highly-modernized auto industry that can compete with the rest of the world if we do what the governments of the rest of the auto-producing countries in the world are doing, which is to make sure their auto industry survives the terrible recession that has drastically cut auto sales for all of the world's manufacturers."

"What's disappointing is that I hear all this bad news and dire predictions, and I'm wondering what is the corporation doing something about this?" asks McAvoy.

He says he wants to see GM get more aggressive with buyers.

His latest purchases were a Sierra and an Aztek. Now he's in the market for another -- a ride for his grandson.

And while he may get a better deal elsewhere, his loyalties won't sway now.

"At this point, no. Six years ago, maybe. Ten years ago, probably. But now? No."

Why not?

"Because they need my business. That's the point. They need my business."