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GMAC's Lower Credit Score Requirement Gives Dealers Increased Sales

By Liz Opsitnik
Tuesday, Jan 06 2009 14:25

It seems now that GMAC has lowered its minimum credit score and made auto financing more available, buyers are finally coming out of hiding and buying cars.

Car dealers are seeing more traffic in their showrooms and some are even seeing sales increase, reports Dealers Edge.
At Quirk Chevrolet in Manchester, N.H., both foot traffic and sales are up.
“It's beyond hopeful,” said Tim Machunsky, sales manager at Quirk Chevrolet. “We have already seen an increase in sales by 20 percent. It's almost equal to what we were down.”
Dealers in Michigan are seeing the effects of the Treasury’s $5 billion investment in GMAC too.
“I've got a showroom full of people,” said Jim Messick, general manager of Graff Chevrolet in Mt. Pleasant, Mich. “It's really helped.”
Scott Holloway, owner of Holloway Buick Pontiac GMC Cadillac in Portsmouth, N.H., said that his salespeople are more upbeat.
"They're definitely feeling more optimistic after the government stepped up and didn't let domestic manufacturers go out," Holloway said.
 

Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.



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