GMAC, the financing department of General Motors, has already announced that borrowers with credit scores under 700 will be turned away. Now GMAC is offering dealers up to $250 per vehicle if they can find a lender other than GMAC for the buyer, Left Lane News reports.
This, along with the 1% dealers are getting back from any 2009 model they sell, means dealers are making more profit per vehicle than ever before. If you’re in the process of buying a new GM vehicle, pay attention to which company the dealership gets your loan through. If it’s not GMAC, you should expect at least part of the $250 incentive taken off your price.
No news on how long this incentive will last, but unlike the existing incentive, left over 2008 vehicles will be eligible along with new 2009s.