GM stands for General Motors.
This neologism is a synonym for bullshit, scam, ripoff and fucked (or similar). It may be used either as verb, adjective or noun.
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"Dude, I got totally GM'd at the hardware store!"
"What happened, bro?"
"They sold me this brand new high-quality precision screwdriver set; they said it was from an all-American company, but then I read at the back of the box that it was a 'certified pre-owned' kit and that it had been manufactured in fucking Mexico, can you believe that!"
"Man, that's GM! Did it come with a warranty at least? Maybe you can trade-it in for another kit or get your money back?"
"I don't know man, I feel I got totally GM'd."
"True that, bro."