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Old 10-15-2008, 09:17 AM   #6
XDCX
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Join Date: Nov 2007
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Quote:
Originally Posted by okcarl View Post
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.
Great information - thanks.

Concerning the 75 basis point jump in flooring costs, you would think that if the news report was wrong that GMAC would have pushed for a retraction.

Concerning GMAC's comment that you should go wherever you can to get your customers financed is simply a sad reflection on our times. I remember hearing stories that GM and GMAC were so powerful at one time that they had a Corporate Policy that a GM rep and a GMAC rep couldn't be at the same store at the same time.

Now they've reached to point where they'll happily give up a deal to the local Credit Union if it means that GM gets to sell one more car.

Quick question - what did you lose when GMAC discontinued their Platinum Program?
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