After GM’s announcement yesterday it will cover auto loan payments for nine months if buyers lose their jobs, GMAC Financial Services, GM’s financial arm, is now offering some new incentives as well.
GMAC will now accept car loan applications from consumers with FICO scores less than 620. Customers will still need to qualify, GMAC said in a press release. GMAC is also lowering rates for new and used vehicle financing and is increasing allowable advance rates for 60-month or less financing terms.
The automotive finance company said it has earmarked $5 billion for consumer auto loans over the next 60 days.
"GMAC now finances a broad spectrum of auto buyers, similar to traditional levels," said GMAC President Bill Muir. "Through March, we financed over $2 billion in new and used retail auto contracts. Over the next 60 days, GMAC will make available at least $5 billion in order to increase the flow of credit to U.S. automotive customers."
GMAC said it will also temporarily ease wholesale finance charges for dealers.
Need a car loan to buy the $50,000+ GMC Yukon Hybrid? GMAC has eased credit restrictions to allow buyers with credit scores less than 620 to qualify.