Dealers Claim GMAC's New Credit Rules Cut Out 40% Of All Customers

With restrictions like that they really are killing themselves and the dealer network. If I owned GM dealership I would be irate about the lack of support.

There are other options to choose from in financing. GMAC should be the only one that has to suffer. Yes, GMAC would likely offer better rates... well thats just an opportunity for chrysler or ford motor finance to step up to the plate and offer their incentives on GM cars without the strict terms.

There's no way Ford or Chrysler will offer their incentive rates to sell a GM. Ford and Chrysler have too many of their own cars sitting on the lots. Ford and Chrysler will use this as a chance to offer better deals and leave GM stuck with inventory.

Agreed! Guess we should substitute with other financing such as chase finance or something..

If people are smart enough to have a 700+ score they are also smart enough to not purchase an American car...

Speaking as one with a credit score near 800, I strongly concur.

Speaking as one with a credit score of 781, the CTS-V will take any of your favorite cars to school.

'cmon now with these comments......... boring

Will you please look up "hoosier"? This story is about California.

Get a clue, bigot.

The grimm reaper posts again...

Nice.

So only giving credit to those who are credit worthy = "rogue action" now?

Geez...let 'em sink a few dealerships. It's not like a city needs 10 Chevy dealerships anyway. Maybe if those dealerships would actually do some of their own dealing, instead of relying on factory and GMAC incentives, they wouldn't be in so much trouble.

I would bet that this is just a short term problem, keep in mind Cerberus owns GMAC and it could be a strong arm tactic their using in negotiations of GM buying Chrysler.
Of course I heard today that GM did not get financing so the merger seems to be out (for now).

i believe cerberus owns 49 percent of GMAC.

Hey 2012 and amazina$$hole, your comments are pretty much the same as saying that the only bastards that would buy a BMW are Nazis.

Is that what you're trying to say, or do you somehow otherwise think you're not bigotted?

remember at you not with you

This from a guy that thinks he can get an MBA from a trade school. lol

Theres no credit to go around. The days of easy credit are long behind us, no more living beyond your means!!

I think the core problem was that too many people were financed using sub-standard-type loans. A great portion of the US financial issue is the tendency for many consumers to "live far beyond his financial means". Of course, there are exceptions....the guy how pays his bills, saves, and has excess cash to purchase a more expensive vehicle. This financial downturn has PROVED that there are millions of people that have definitely bought more house/car than they could ever afford (if it weren't for ARM loans & 72 mo auto financing terms).

Too many people didn't completely read/understand the terms of their contracts and disregarded the fact that when their interest-only terms end, their interests rates would immediately increase dramatically. Because they depended on their "cheaper" mortgage payment for so long, they bought boats, cars, and trucks not thinking about when their loan terms end.

GMAC isn't alone in "tightening their belt" when it comes to credit-worthy customers. Many of the luxury brands had already been fickle with their credit lending rules. Now that a non-luxury credit company is becoming strict, it should be no real surprise. Why would they extend credit if they're not sure you'll be able to repay them?