GMAC Will Finance Auto Loans For Consumers, Despite GM Bankruptcy
GMAC Will Finance Auto Loans For Consumers, Despite GM Bankruptcy
By Liz OpsitnikTuesday, Jun 02 2009 09:31
GMAC Financial Services, the finance arm of General Motors, says it will continue to conduct all of its operations with GM and Chrysler dealers and customers.
The U.S. Bankruptcy Court approved a motion by GM that allows GMAC to continue to lend money for consumer auto loans and dealer inventory for both GM and Chrysler dealers and customers while GM is going through its reorganization bankruptcy.
Since GMAC is a bank holding company, it is separate from GM and is not involved with the GM Chapter 11 bankruptcy.
If you wanted to obtain an auto loan with GMAC to purchase a vehicle, it’s business as usual. GMAC now accepts auto loan applications from consumers with credit scores below 620, so consumers in most ranges of credit scores should be able to find financing with GMAC.
GMAC is still giving consumer auto loans to purchase vehicles, like the Chevrolet Malibu, while GM goes through Chapter 11 bankruptcy.
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6 comments on this story so far.GMAC accepts auto loan applications for credit scores less than 620, so you should be fine. Find your nearest Dodge dealer and apply and see what happens.
Remember to keep all your auto loan applications in a one to two-week period so you don't lose points on your credit score. You may want to try an online application from a lender like Capital One before you go to the dealer, as they finance consumers with credit scores in your range. See who can give you a better rate.
We think it's worth a shot. The credit score isn't the only thing they look at. They'll definitely look at your income, how much debt you have and your expenses.
You may want to apply with Capital One as well. They work with a lot of consumers with credit scores similar to yours. You can apply with them online.