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GM to Restrict Car Loans to Those with Credit Score of 700 or Above

Reports of the death of the credit freeze have been greatly exaggerated:PRESS RELEASE: GMAC Financial Services Statement on Automotive Finance Purchase Policy DETROIT, Oct. 13 /PRNewswire/ -- GMAC Financial Services today implemented a more conservative purchase policy for consumer auto financing in the U.S. as a result of the lack of stability in the global capital and credit markets. The changes include limiting purchases to contracts with a credit score of 700 or above. Additionally, the company will restrict contracts with higher advance rates and longer terms. Last week GMAC also increased by 75 basis points the rate it charges dealers for providing non-incentivized consumer auto financing. These changes in pricing and underwriting are related to the current market environment, which has reduced access to funds and increased the cost of funds...continue to full post

Full post as published by Crime & Federalism on October 13, 2008 (boomark / email).