Posts tagged ‘gm vehicle’

Financing From GMAC

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Before you start shopping for a new vehicle, consider a new GM vehicle.

Affordable

GMAC has some of the most affordable financing options available right now. Not for decades have interest rates on new vehicles been this low. That puts a fantastic new General Motors vehicle within reach of more new drivers than ever before. The goal is to make driving a new GM vehicle the right choice for everyone and the interest rates and financing options make that possible.

Financial Leaders

GMAC is one of the leading automobile financing companies in the world. Every year they provide affordable financing for new vehicle buyers looking for a great deal. They help new drivers and drivers looking to trade their vehicle up for something better, find the new vehicle they are looking for at a great rate.

Your Credit Score

Interest rates are now lower than they have been in years. First, check your credit score and clear up any errors which might drive that score down. This will put you in the best possible position to negotiate a great deal on financing a new car.

For buyers with great credit GMAC offers competitive retail interest rates and flexible financing terms. Plus, because GMAC specializes in the automobile industry they have a better understanding of the vehicle you are considering buying and can help you choose a vehicle which fits your needs.

A new vehicle is a big investment. It almost always requires a significant down payment to show you have a vested interest in repaying the loan and at least three years of monthly payments. You also need to consider operating costs such as licensing, title, tax, registration, maintenance, fuel and insurance costs going forward. Knowing how much new car you can afford is always the first step in any negotiation.

A Leasing Deal

For some drivers a full purchase is not the right choice. A leasing deal would be a much better option if you drive only a normal commute, and do not put undue stress on your vehicle. If you just need a new vehicle to get back and forth to work, and do not need it to take long vacations or go off roading, then a lease option is probably a better choice. With a leasing deal you get a new vehicle and free maintenance from the dealer for as long as you have the vehicle. At the end of the lease the vehicle must be returned, and there is a limit on the number of miles you are allowed to drive each year. But, if you can live within these stipulations, then a lease may be the right choice.

GMAC has an abundance of full financing and leasing options available for you. Whether you want to buy or lease, GMAC can help you make it happen.

Bailout Offers Auto Loan Relief

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If you have less than stellar credit GMAC has a deal for you.

At the start of the Great Recession, General Motors and Chrysler were in desperate need of a federal bailout. GM made best use of the Troubled Asset Relief funds the government made available to them by passing savings on to customers. At the beginning of 2008 few buyers were willing to plunk down money for a new GM vehicle. The few who did had credit ratings that were less than excellent making them too high a risk for GMAC the financing arm of General Motors. The manufacturer made this money available to consumers in the form of an improved loan structure. They lowered their minimum credit score requirement making more loans available to more buyers.

Credit Scores

As the recession took hold GMAC was forced to increase its credit score requirement from 621 to 700, which made buying a new car an option only for a select few consumers. The release of two federal bailout packages freed up enough capital that GMAC was able to reduce their credit rating requirement to the heretofore mentioned 621.

GMAC President Bill Muir said, “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.”

Zero Interest

GMAC did not stop there in its effort to finance more cars, however. They also started a very aggressive zero percent interest auto loan promotion that ran for a full week. Despite this effort year over year sales were still down more than 22 percent, but this was not as bad as they anticipated before the zero percent interest deal was offered.

Now, if your credit rating is just 621 or higher you can take a share of the federal bailout money used to support the American automotive industry.

The Troubled Asset Relief fund money was released in October of 2009. As result of this, GMAC received $6 billion to be used to support the industry. By offering low interest financing options and reducing its credit rating requirement GMAC made its best attempts to encourage automobile buying and restore the industry.

“A” for Effort

Their efforts were among the best efforts to restore some calm to the troubled automotive sales market. It also served to restore confidence in the American car buying consumer by making the purchase of a new car a little bit easier for everyone.