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Automotive News & Views GM News, New Models and Market Share
8509 messages, Last post on Nov 29, 2009 at 12:30 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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It was asked before if GMAC would actually lend the money they have now received from the TARP funds, unlike the rest of the banking industry. Looks like they will be using the money for what it was intended. How good is 621 vs. 700? Is a 621 a very high risk? What are the GM competitors doing? Are they also limited to 700 or can they go lower? Fresh off of receiving a hefty bailout, GMAC says it is opening up its loaning channels to potential buyers with credit bureau scores of 621 or higher. Two months ago, GMAC limited its loans to potential buyers with credit scores of 700 or higher, but the financial institution says it will begin loaning to those who meet the lower criteria effective immediately. “The majority of GMAC’s auto financing has been in the prime arena,” GMAC President Bill Muir said in a statement released earlier today. “Therefore, opening access to credit for those with CB [credit bureau] scores of 621 or better will allow us to return to more normal levels of financing volume, and should help in efforts to stabilize the U.S. auto industry.” OK I found this: Up to 499: 1% 500 - 549: 5% 550 - 599: 7% 600 - 649: 11% 650 - 699: 16% 700 - 749: 20% 750 - 799: 29% Over 800: 11% So the number of eligible buyers went from 60% to about 80%. |
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Replying to: 62vetteefp (Dec 30, 2008 6:59 am) Seeing that it is the wealthier part of the population that buy new vehicles, and these people are likely to have better credit scores, I don't see where GMAC lowering their acceptable score is going to help drive sales much. In fact there have been plenty of local banks and credit unions where you could get an auto loan, all thru this period, with lower credit scores. I just don't see the lower 40% of the credit-score population, who are struggling from paycheck-to-paycheck, going out shopping for a typical $25K vehicle. And if they do go out and buy something like this then they are a higher risk to default on the loan. I think this society needs to live within its means, rather than giving people loans for houses and vehicles which they can not afford. When enough of these sorts of loans are given out and defaulted on, that's what damages the whole economy.
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Replying to: circlew (Dec 29, 2008 12:16 pm) I guess everybody knows it's STILL just a Hyundai, even though they hide the emblems real well. 
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Replying to: cooterbfd (Dec 30, 2008 9:35 am) How many cars showed up on our shores? Are you willing to quote all of these numbers as percentage of inventory sold versus just pure volume?  (Incidentally, i have no clue what percentage of available inventory each one sold, but I am curious). |
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GM Now Offering Financing As Low As 0% 
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Unless you buy everything on credit and care less when you can pay it back. Sound familiar? Yeah, unfortunately. I'm only so grateful I'm not one of them Another idea, we can do it this way, raise the import taxes to an almost ridiculous rate combined with lower costs. That'll do, I guess.
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Replying to: cooterbfd (Dec 30, 2008 9:35 am)   Let's see the combined numbers when the coupe comes out next year. Regards, OW
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Replying to: steve_ (Dec 30, 2008 11:02 am) Must be a calculation of actual buyers in the 621 to 700 vs. the people who just have the credit rating. |
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Replying to: circlew (Dec 30, 2008 11:48 am) However, seeing that out of those, the only one with a significant rise in sales IS the Genesis (some rose slightly, and some are holding steady, Saab sales are paultry anyways  ) and it has managed to tie if not trounce some of the stalwarts out there shows that Hyundai has a legitimate if not top 3 contender. That's some pretty impressive improvements there.
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Replying to: anythngbutgm (Dec 30, 2008 12:18 pm)
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