Comments on: GMAC to require 700+ credit score for auto loans

By: spinderfly

spinderfly — Sun, 07 Feb 2010 20:50:10 +0000

I would have to agree that Chevy needs to allow better financing. I have a 693, and am able to get this closer to 700 with my cc paid. But never the less, I was approved with ford credit with 18k with a 693. Also, many of chevys at the sub par 20k range have no added amenitys that kia and ford have ie-sync, mp3-phone connectivity

By: DaSpyda

DaSpyda — Wed, 15 Oct 2008 20:43:11 +0000

So, when was it the smart thing to get Captive financing, anyhow???

The very best thing to do is contact your local Credit Union so you can be preapproved for a lower rate and walk in the dealer as a “cash” customer. A lot of times, the dealer may mark down the car more than normal when he’s intending to make it up in Financing by spreading the rate. The difference between the Buy Rate and what you pay is called a “spread” and the interest profit goes to the dealer.

Get your loan squared away at your Credit Union, negotiate your price at the dealer, and then buy the vehicle.

By: RaineMan

RaineMan — Wed, 15 Oct 2008 14:50:51 +0000

Good thing I got my 0% for 72 while I could apparently.

By: bluecollarboy

bluecollarboy — Wed, 15 Oct 2008 04:07:26 +0000

Larsim….you must be laid-off! I thought I was bad with my comadore 64 playin centipede.

By: larsim

larsim — Tue, 14 Oct 2008 23:13:43 +0000

Will GMAC accept my Super Mario Bros. score? It’s currently at 12,581,215,519,126…..

By: yarddog82abn

yarddog82abn — Tue, 14 Oct 2008 19:37:49 +0000

And I don’t need a FICO score all my cars go under my trust fund…

By: yarddog82abn

yarddog82abn — Tue, 14 Oct 2008 19:37:09 +0000

O.K. NOW….every one is in the 700 Club, COOL….
Did you know with a 500 FICO you can buy a Ford, if you have purchase more then 3 cars with Ford Credit and NEVER!!! miss a payment, you are considered FAST-LANE-BUYER, I sell commercial truck, and do you wanna see excessive credit, or even excessive late payments, (not with a Ford loan up cores). Now not to say the average Joe, that’s not a business owner can’t get the treatment, Ford Credit dose take care of it’s repeat customer, and they even give first timers a chance, and as for for GMAC, well I guess we are going to sell more Fords….

By: mayer_ray_nagin

mayer_ray_nagin — Tue, 14 Oct 2008 19:25:22 +0000

I think GMAC meant SAT scores …. not FICO.

By: salescott

salescott — Tue, 14 Oct 2008 17:42:54 +0000

sblumrf@yahoo.com

By: BAYERNSCHNEE

BAYERNSCHNEE — Tue, 14 Oct 2008 17:42:37 +0000

I have worked with auto finance the last 25 years, and I challenge Automotive News saying over 70% of new car buyers have over 700 scores, I would guess it to be closer to 50%, and isn’t that what everyone is doing now, just guessing?
heehee

By: salescott

salescott — Tue, 14 Oct 2008 17:42:01 +0000

if you ned a car email me at sblumrf@yahoo.com

By: salescott

salescott — Tue, 14 Oct 2008 17:39:09 +0000

Its ok about Gmac because Ford Credit is still buying deep. I work for Ford I see they still buy good, come in and drive one

By: tripleonefive

tripleonefive — Tue, 14 Oct 2008 14:47:28 +0000

LOL @ Madcapp- That is the gospel
Mayer ray nogin- I agree with the credit score comment but I think you drive a 96 Kia and you dont have the cash
I am responsible so I have a score in the high 700′s but the average american is 680 which locks many people out of GMAC. I think GM needs to finance anyone who is dumb enough to buy their crap
This whole system of credit is screwed up and irresponsible Americans didnt help

By: mayer_ray_nagin

mayer_ray_nagin — Tue, 14 Oct 2008 14:00:23 +0000

I’m at 821 so I don’t care. Besides, I buy cash.

If your credit score isn’t at least 700, you are an irresponsible idiot and you don’t deserve credit. Go buy a used, 1996 Kia because that’s all you deserve.

By: hangonbig3

hangonbig3 — Tue, 14 Oct 2008 13:31:11 +0000

This is temporary….Cerberus is going to end up with 100% of GMAC when its negotiation to sell Chrysler is over….until then they do not want the management at GMAC to go nuts and use irresponcible people to sell a bunch of crappy cars. Simply a stop gap measure until Cerberus has control.

By: ChrisS40T5

ChrisS40T5 — Tue, 14 Oct 2008 10:04:55 +0000

Hahahahahahahahahaha.

Sucks because GMAC was approving loans for people with bad credit left and right, now they’re getting zapped.

Yay for me, I still need to start my credit profile..

By: Lariat Luxury Locomotive Liner No.3

Lariat Luxury Locomotive Liner No.3 — Tue, 14 Oct 2008 03:25:23 +0000

Biggest ruse on the American car scene today. Does anyone really think that this is going to make a difference for auto loans? Does anyone really care? It surely sounds good and looks good to the those monitoring this industry, but we all know it is crap.

By: lou3000

lou3000 — Tue, 14 Oct 2008 02:31:01 +0000

GM should really try to get creative with finance, they can go straight by the score or be more flexible and ask for more information when processing a loan. It may slow down the process, but they aren’t selling many cars anyway.

I’m not even sure what my credit score is right now, I just bought a BMW so it couldn’t be too bad.

By: elviososa

elviososa — Tue, 14 Oct 2008 01:54:06 +0000

That 700+ score is for the Hummer brand….because those people have money to burn.

By: heffster01

heffster01 — Tue, 14 Oct 2008 01:18:45 +0000

Wow!!!!! 700+!!!!! to buy a Chevy. I guess Mercedes and BMW will require a 849 or higher soon. (LOL)

I think GMAC is shooting themselves in the foot. I understand wanting to write loans with more qualified persons but also if you don’t write many loans because the bar is too high, you still have a problem in that the goal here is to sell cars and as many as possible. If GM doesn’t start selling more cars, guess what.

Even with the housing crisis and the tightening of credit in that arena, you can still by a house with a 680 score and no negatives. (FHA)

Oh well, what do I know!!!!

By: jamesfabin

jamesfabin — Tue, 14 Oct 2008 00:51:13 +0000

We are entering a great time to buy a car – the slowdown in the market has made the deals even better and getting the best deal now takes very little time at the dealership. I’m excited that my Lexus lease ends in just 7 months – I know I’m going to get a great deal on my next car. GM moving their financing limit to 700 doesn’t impact me directly (804 FICO here, no debt outside my home), but I could see it keeping sales lower. But lower sales means better deals for those of use who have been responsible with our credit, as well as have had time to build up our credit. For those with a FICO below 700 – don’t worry, the dealers have a number of options and will be able to find financing…as long as there is a bank out there who will finance the deal. The dealers want to sell the cars and are going to work hard to get every person financed they can.

By: DS

DS — Tue, 14 Oct 2008 00:42:16 +0000

Economically, times are hard. Times are very hard in Detroit. Less finance may mean slightly less production, but it will also result in GM getting the the dollars from the vehicles sold. When less people default on the loans, theoretically the price of a vehicle should drop. That being said, GMAC should be awful careful when setting such a standard on loans. Detroit doesn’t need any more negative publicity.

By: johnnycanuck

johnnycanuck — Tue, 14 Oct 2008 00:37:48 +0000

I have no idea what my credit score is. Can I just use my high score in Frogger?

By: Get Real

Get Real — Tue, 14 Oct 2008 00:11:31 +0000

Less finance means less sales which means less production.

GM is going to die, cars are counted as profit OUT the assembly building door…NOT when sold.

By: jayjc08

jayjc08 — Tue, 14 Oct 2008 00:10:08 +0000

My credit score is 50000! Only other guys in that sorta ballpark are Toyota!

By: Madcapp

Madcapp — Mon, 13 Oct 2008 23:54:18 +0000

If you’re smart enough and responsible enough to maintain a 700+ credit score, you’re also gonna be too smart to buy a GM car.

By: autonut

autonut — Mon, 13 Oct 2008 23:44:43 +0000

Please try to understand banks’ (assume bank is normal) position: you are giving cash for a breakable item that lost 30-40% of its value the same minute you approved the loan. If I were a bank, that would not be line of business I looked for. In the past higher interested rate justified higher “walk away” rate. But those days were gone millennium ago. I am glad I don’t hear commercials like “If you have nostrils and want a car walk in we will give it to you”.

By: Mike the loser

Mike the loser — Mon, 13 Oct 2008 23:28:47 +0000

Jimmy8, but a part of being financially responsible is to never take on too much debt. Look if you bought a home, do you really think you can afford two cars??? Yes, that is possible but the risk is greater now.

My Score is 741.

By: jimmy8

jimmy8 — Mon, 13 Oct 2008 23:05:39 +0000

This is really sad. There are a lot of people that never miss a payment that are in the mid 600 range. They just have a lot of credit out there. A home loan, 2 car payments, and a couple of credit cards and you are below 700. This is your typical middle class American family. Sad that these people who never miss a payment will now not be able to get financed thru GMAC, and lets not even start with first time buyers…. If I was Ford, I would have a Ford Credit Rep sent out to every GM dealership in the country offering them financing. Sure would be funny when families are financing their brand new Chevy’s thru Ford Credit!

By: deutschetouring1337

deutschetouring1337 — Mon, 13 Oct 2008 23:04:34 +0000

770 FICO baby!!

By: C6Racer

C6Racer — Mon, 13 Oct 2008 22:51:20 +0000

Mine is at 660, son of a…

By: elviososa

elviososa — Mon, 13 Oct 2008 22:44:37 +0000

America failed is because of the credit system. No matter how high the credit score you have, you will still be broke when the bad time comes.