We just gone done with a sit down with the regional guy from GMAC. Their corporate response was that they needed to look at where they could best serve the dealers and they felt that there was no way they could be competitive with the other banks on the customer finance side. So they are putting what cash they have towards keeping the wholesale floor plan rates for dealers as low as possible. He also stated that the 75 basis point jump noted in the article was the cost of auto finance rates going up and that dealers wholesale floor plan is not going up. We are a platinum dealer and that is all out the window. We were told to find financing for our customers wherever we could.
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