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My 2001 mirrors will fold back towards the rear of the car.
They will fold forward as well, however......
Several people have had the mirrors snap off on them when attempting to fold the mirror for washing/drying. If this happens, it costs you more than a mirror (even if you're under warranty). Apparently, GM paints the replacement mirrors after they're assembled, and you end up with some black between the two parts where previously it matched your body color.
If you search the archives you will find at least one long thread on this topic.
To put it in perspective, I don't notice many, if any people posting here about their mirrors breaking, but enough people did chime in to that one thread (from a little more than a year ago) that I've stopped folding my mirrors.
Yep, they'll do a full 360' turn when you hit one of those orange barrels that the DOT uses to block lanes of traffic. If you believe me, just ask my dad why he's not allowed to drive my car any more.