GMAC says it will begin writing new car loans ‘immediatelly’. The ink on the check written by Hank Paulson to GMAC is not even completely dry yet and GMAC is planning on spending our tax dollars by lowering their standards on making new car loans.
Why is it I am very bothered by this? Simple… Americans who are already struggling to get by everyday pay their taxes. The Government then gives some of that tax money to GMAC, then GMAC uses that money to lend it back out to the American people again (plus interest) to people who are already in debt up to their eyeballs in a deteriorating economy. This scenario has ‘epic disaster’ written all over it.
GMAC has said themselves that the new loans is a direct result of having a new source of money… taxpayers!
GMAC UNIT SAYS WILL IMMEDIATELY RESUME AUTO FINANCING LOANS
- The company will modify its credit criteria to include retail financing for customers with a credit bureau score of 621 or above, a significant expansion of credit compared to the 700 minimum score put in place two months ago.- GMAC President Bill Muir: The actions of the federal government to support GMAC are having an immediate and meaningful effect on our ability to provide credit to automotive customers,We will continue to employ responsible credit standards, but will be able to relax the constraints we put in place a few months ago due to the credit crisis. We will immediately put our renewed access to capital to use to facilitate the purchase of cars and trucks in the U.S.
Bumper sticker for new GM cars and trucks:
I just got my new GM vehicle, THANK YOU tax payers!
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Ugh, but you still can’t force people to borrow. Didn’t GM get the “frugality is the new black” memo?
I want to buy a car, but I will not buy anything from GM.
go on my american friends borrow the dough it’s really yours, and, anyway, why worry about having to pay yourself back.. (a little facetious but what would you expect from an uncouth uneducated australian)