General Motors doesn’t want consumers to think that they can’t finance a new GM vehicle any more. Though GM’s own financial arm GMAC (which is controlled by Cerberus Capital Management) has significantly tightened its loaning standards, the automaker is publicizing a database that lets dealers search for banks, credit unions and other lenders.
The program, which GM calls “Financing that Fits” will be promoted online, on the radio and in newspapers beginning tomorrow and running through early November.
GM spokesman John McDonald told the Associated Press, “We just want consumers to know that you have options that you may not be aware of.”
The automaker is also offering bonuses money to dealerships and their employees for sending consumer financing to non-GMAC lenders. According to a memo, the program pays salespeople and managers up to $100 each and gives the dealer another $50 to be distributed at their discretion.
Dealers have expressed concern about GMAC’s apparent impending pull-out of the automotive lending business and the program aims to appease dealers and – GM hopes – regain buyers.
