Fresh off of receiving a hefty bailout, GMAC says it is opening up its loaning channels to potential buyers with credit bureau scores of 621 or higher. Two months ago, GMAC limited its loans to potential buyers with credit scores of 700 or higher, but the financial institution says it will begin loaning to those who meet the lower criteria effective immediately.
“The majority of GMAC’s auto financing has been in the prime arena,” GMAC President Bill Muir said in a statement released earlier today. “Therefore, opening access to credit for those with CB [credit bureau] scores of 621 or better will allow us to return to more normal levels of financing volume, and should help in efforts to stabilize the U.S. auto industry.”
GMAC says it won’t consider higher risk transactions to consumers with a credit bureau score of 620 or lower.
In the statement, Muir says that the company will “continue to employ responsible credit standards, but will be able to relax the constraints we put in place a few months ago due to the credit crisis.”
