GMAC will continue to lend money for consumer auto loans and dealer inventory while GM restructures in bankruptcy court
GMAC is not involved in GM's Chapter 11 bankruptcy filing
GMAC accepts auto loan applications from consumers with credit scores less than 620
GMAC Will Finance Auto Loans For Consumers, Despite GM Bankruptcy
By Liz Opsitnik Tuesday, 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.
Comment By: AutoLoanDaily.com on Tue, Jun 2 2009 at 11:32 AM
Chris,
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.
I have a credit score of 563 but am now bringing home a very large income. Being that my score is so low should i even attempt to apply for a loan with gmac
Comment By: AutoLoanDaily.com on Fri, Sep 18 2009 at 11:14 AM
Renee,
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.
Comments
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.