GMAC Lowers Minimun Credit Score From 700 to 621
GMAC, GM’s financing arm, has lowered its minimum credit score requirement to 621, meaning more car buyers will have access to loans to buy a GM vehicle. GMAC was approved to become a bank holding company on Dec. 24 and received $5 billion from the U.S. Treasury.
A couple months ago, GMAC said it would not finance customers with a credit score less than 700, leaving millions of potential bu[...] .. Read More. |
Fed Drops Key Rate to Almost Zero Percent
The Federal Reserve cut its key interest rate to a range of between 0% and 0.25%, marking the first time ever the rate has dipped below 1%. The Fed said it expects to keep rates near that unprecedented low level for some time to come, CNN Money reports.
Investors predicted the Fed would cut rates to either 0.25% or 0.5%. The Fed said it made the move because of the U.S. economy and its recession.[...] .. Read More. |
Midwest Credit Unions Offering Discounts on GM Vehicles
Credit unions in Ill., Ind., Mich. and Ohio have pledged $10 billion in low-cost loans to their members who purchase GM vehicles. In exchange, GM has agreed to offer discounts to any customer who buys a car through the program.
The loans are available now and will offer lower interest rates than would normally be offered on a new car purchase. In states heavily dependent on the U.[...] .. Read More. |
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Toyota Extends 0% Offer, Slashes Sales Forecasts
Toyota cut its annual earnings forecast today to less than one-third of last year’s numbers. The struggling global auto market combined with a weak dollar to yen exchange ratio has hurt Toyota’s profits. Because the “Saved By Zero” financing offer Toyota introduced for October helped increase sales so much, Toyota has decided to extend it through Novembe[...] .. Read More. |
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As Chrysler was ending its lease program last Thursday, the company announced on Friday new financin ...
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