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GMAC frees up $5 billion for consumers

Posted Thursday, Apr 2, 2009, 2:23 pm in Industry News

GMAC Financial Services is setting aside $5 billion for consumer auto loans druing the next 60 days and easing wholesale financing charges for dealers to improve car sales, according to a story in The Detroit Free Press today.

The automotive financing company owned by General Motors Corp. and Cerberus Capital Management LP also said it would relax its lending standards and accept applications from customers with credit scores below 620, the paper said.

Retail customers also will see certain rate reductions for new- and used-vehicle financing, the story said. The financing company also will allow qualified dealers to defer wholesale interest charges for two 30-day periods in the next four months.
 
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