uncle bubba

GMAC: Happy to Lend You Some of Your Own Money

The help is the stability of GM and keeping GMAC out of bankruptcy which could have pulled GM down further. The fact is credit is and has always been availible to anyone with decent credit. GMAC went to cutting off approvals at anything below a 700 credit score because they did not have the funds to lend. They now can and will look at credit down to a 621 credit score. This is still much higher than in the past, persons with scores as low as 480 had sources for financing with high rates. Credit now is generally unavailible to persons below 600. Credit has tighten but not for the majority of the country. The news made it sound that even with good credit auto loans were hard to get or unavailible. This news helps GM from the standpoint of changing that perception. It is amazing that people with very limited understanding of the financial workings in general are given space to write about things they don't understand.