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Crappy credit? Still want a GM product? That's no longer a problem. Thanks to yesterday's $6 billion bailout, GMAC plans to expand credit criteria from a minimum 700 FICO score to 621 or above. More »
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The Financiapocalypse continues. We just received a copy of an e-mail that went out at GMAC, the lending arm jointly owned by GM and Cerberus, from Barbara Stokel, GMAC's EVP of North American Operations. Here's the most salient detail: you'll now need a minimum 700 credit bureau score to get a car loan at dealer invoice or below from GMAC. The full e-mail is below the jump to explain that news as well as the news they'll be restricting approval of contract terms beyond 60 months unless a buyer qualifies for GM-supported 72-month incentives. So what does this means to you? Well, unless you've got above average credit, it's going to become much more difficult to buy a new car. Frankly, that's probably a good thing for consumers. It's probably a bad thing for GM sales numbers. More »
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