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GMAC Lowers Minimun Credit Score From 700 to 621 GMAC, GM’s financing arm, has lowered its minimum credit score requirement to 621, meaning more car buyers will have access to loans to buy a GM vehicle. GMAC was approved to become a bank holding company on Dec. 24 and received $5 billion from the U.S. Treasury. A couple months ago, GMAC said it would not finance customers with a credit score less than 700, leaving millions of potential bu[...] .. Read More. Fed Drops Key Rate to Almost Zero Percent The Federal Reserve cut its key interest rate to a range of between 0% and 0.25%, marking the first time ever the rate has dipped below 1%. The Fed said it expects to keep rates near that unprecedented low level for some time to come, CNN Money reports. Investors predicted the Fed would cut rates to either 0.25% or 0.5%. The Fed said it made the move because of the U.S. economy and its recession.[...] .. Read More. Midwest Credit Unions Offering Discounts on GM Vehicles Credit unions in Ill., Ind., Mich. and Ohio have pledged $10 billion in low-cost loans to their members who purchase GM vehicles. In exchange, GM has agreed to offer discounts to any customer who buys a car through the program.  The loans are available now and will offer lower interest rates than would normally be offered on a new car purchase. In states heavily dependent on the U.[...] .. Read More. Toyota Extends 0% Offer, Slashes Sales Forecasts Toyota cut its annual earnings forecast today to less than one-third of last year’s numbers. The struggling global auto market combined with a weak dollar to yen exchange ratio has hurt Toyota’s profits. Because the “Saved By Zero” financing offer Toyota introduced for October helped increase sales so much, Toyota has decided to extend it through Novembe[...] .. Read More.

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GMAC's Lower Credit Score Requirement Gives Dealers Increased Sales
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 ... Read More

Hyundai Genesis Beats Luxury Competitors to Take Top Ranking in Consumer Reports
Hyundai’s new luxury sedan, the Genesis, took top honors with Consumer Reports in its “upscale sedan” category. The Genesis, which ... Read More

Toyota to Close Japanese Plants for 11 Days Due to Drop in Sales
Toyota will stop production at its Japanese plants for 11 days in February and March, as the automaker’s bleak U.S. sales mean Toyota dealers ha ... Read More

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