GMAC - 700+ FICO Score Required

[XDCX]

In a reaction to tight credit markets GMAC has advised its dealers that will grant credit to customers that have credit scores below 700. They also indicated that they will be shortening the terms of most auto loans - trying to discourage 72 and 84 month financing.

If that wasn't enough, they've also advised dealers that their flooring expenses would be increasing by 75 basis points. (3/4 of 1%)

Here's a link to the news report: http://www.reuters.com/article/rbssC...47702720081013

If you're a GMAC dealer, that's a lot of bad news to absorb.