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700 Credit Score Needed to Buy a Car With GMAC Financing

The credit crunch of 2008 is affecting all kinds of lenders.  We know it has hit the big banks hard.  We know it has hurt the Wall Street finance guys hard.  (but who cares about them?)

With every passing day, we see more evidence that the credit crunch is hitting us average “Joe Sixpack” Americans hard.

Here’s this week’s proof: GMAC (a big auto finance company) recently issued a press release announcing that they:

implemented a more conservative purchase policy for consumer auto financing in the U.S. as a result of the lack of stability in the global capital and credit markets. The changes include limiting purchases to contracts with a credit score of 700 or above. Additionally, the company will restrict contracts with higher advance rates and longer terms.

If you don’t already have a good credit score, it’s time for you to take action and start improving your credit score.  Otherwise, you will be among the Americans who are hit hardest by the credit crunch. 

You can read the GMAC press release here.

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