XDCX
04-02-2009, 12:35 PM
There have not been many kind words expressed for GMAC on this forum, and rightly so. GMAC has a horrible track record of supporting their dealers over the past year.
To their credit, GMAC is making some major concession to assist their dealers:
They've agreed to start accepting some contracts from sub-620 FICO customers
They've agreed to eliminate curtailment payments for April
They'll allow qualified dealers to defer flooring interest payments for up to two periods over the next four monthsThese changes should be a huge relief for dealers who have cash flow concerns as a result of pending curtailment payments.
It will be interesting to hear if GMAC's buying practices actually live up to the expectations stated in the news report.
Here's a link to the news report: http://www.freep.com/article/20090402/BUSINESS01/904020386
To their credit, GMAC is making some major concession to assist their dealers:
They've agreed to start accepting some contracts from sub-620 FICO customers
They've agreed to eliminate curtailment payments for April
They'll allow qualified dealers to defer flooring interest payments for up to two periods over the next four monthsThese changes should be a huge relief for dealers who have cash flow concerns as a result of pending curtailment payments.
It will be interesting to hear if GMAC's buying practices actually live up to the expectations stated in the news report.
Here's a link to the news report: http://www.freep.com/article/20090402/BUSINESS01/904020386