GMAC Reports It Funded $1.5 Billion in New, Used Auto Loans From Dec. to Mid-March
DETROIT — GMAC Financial Services issued a statement on Monday offering an update on how TARP funds have helped the company expand its retail automotive financing, in addition to floor planning for dealers.
—Upon receiving TARP funds in late December, GMAC said it immediately expanded the retail credit available to consumers to facilitate the purchase of cars and trucks by lowering the minimum credit bureau score required for consumer auto financing.
—GMAC currently finances a broad spectrum of auto buyers, similar to traditional levels.
—Moreover, the company said it is offering competitive incentive and standard rates to help dealers sell vehicles and reverse the sales slowdown.
—As an example of how TARP funding has enabled GMAC to provide retail financing for consumers, GMAC has financed about $1.5 billion in new- and used-retail auto contracts through mid-March. In addition, GMAC has funded about $6 billion of loans to dealers for the purchase of new car inventory and $1.6 billion in used inventory over the same time period.
—GMAC has funding available to support consumer auto financing, and is looking to increase its volume of retail business.