Nevada (PRWEB) January 15, 2009
With a recent announcement from Chief of General Motors the auto bail out could face further problems. A worst case scenario has been presented to congress which summarizes that GM's new operations which would need more money then the already allocated $13.4 billion dollars.
However, it seems that the big three auto makers did not account for other streams of cash. Edward Palonek founder of an Internet searchable database for unclaimed money reports that the big three have millions of dollars sitting and collecting dust. He goes on to say, "That the problem of auto makers not collecting money extends to almost all foreign car makers, such as, Toyota and Honda."
According to Foundmoney.com, General Motor Company (GM) has over 1,500 unclaimed money records with the estimated worth of $3.4 million. Chrysler Company has about 1,200 records with unclaimed funds worth over $1.6 million, while Ford Motor Company has more than 1,300 records in the Foundmoney.com database totaling over $2.2 million.
"The problem of domestic companies not realizing that they could recover this money quite easily also extends to foreign car makers" says unclaimed money expert Mr. Palonek.
Toyota has an estimated $918 thousand of unclaimed funds and Honda has over just under $500 thousand in unclaimed money. These companies are not collecting this money.
"Millions of individuals have recovered millions of dollars in recent years with company's like Foundmoney.com" adds Palonek.
While the auto makers sit on a pile of gold, they continue to ask for bailout money. Some auto makers have taken approach of drastic cuts, which is evidenced in the recent Detroit Auto Show where some car makers did not show up. Mitsubishi, Nissan, Ferrari, Land Rover, Rolls-Royce and Suzuki where among those car manufactures that did not attend the auto show in an attempt to save money. Foundmoney.com reports that Nissan has over $700 thousand of unclaimed money, money that could have helped to pay for the auto-show. None of these companies appear to make any attempt to claim what is rightfully theirs.
FoundMoney.com is the Internet's largest search engine for unclaimed funds. Its database was opened in 1995 with over 1,000,000 records. Mr. Palonek started the company after his own parents passed away. As he realized the difficulties imposed by financial institutions when recovering this money, Mr. Palonek made his research available to the public. Featured on many television shows like Oprah Winfrey and Maury Povich, Found Money has prided itself on excellent service and support. In addition, foundmoney assures clients that the information contained within the database will contain more then $50. A service guarantee is provided and backed by a full refund.
Edward Palonek and his company would like to offer the big three automakers a free service to help them recover their millions of dollars in unclaimed money. Something Edward has been doing for over a decade. "Full story be told, millions of dollars are at stake here" he added. In this offer, the company Foundmoney.com would help the auto makers with the appropriate claims for some 7,000 plus records containing millions of dollars. "It's money you just can't ignore when you're strapped for cash" comments Mr. Palonek.
This month, General Motors will receive $9.4 billion and Chrysler, $4 billion. The other $4 billion will come in February, but only when Congress approves a request for the second half of the financial bail out fund. "In the mean time we are in the process of contacting the companies involved and we hope to hear a response soon" says Palonek.
Full story of the bail out package for the big three automakers has yet to be written and the people involved are watching closely. For years the auto makers have ignored missing money. As harsh times are upon the economy, finding unclaimed money could prove to be a great cash infusion not just for the automaker, but also for any individual. Millions of people have already gone to Edward Palonek's Foundmoney.com website for locating their money, which is a proven method for unclaimed funds recovery.
Currently there is more then $30 billion in unclaimed money, according to National Association of State Treasurers. With the total of unclaimed money rising faster then people claiming, it is projected that in the year 2020 there could be as much as $40 billion of unclaimed money. Aging population is adding more significantly to this number. "If someone forgets about a savings accounts today, potentially that account may take over 5 years before it reaches status of unclaimed money" adds Palonek. As in the case of the auto makers, it is certain they will have more unclaimed money coming to them in the coming years.