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GMAC Eases Credit Score Requirements For New Car Buyers

Several weeks ago, we reported about an announcement from GMAC that they would require FICO scores of 700 or better to buy a new car with GMAC financing.  Apparently, they’ve changed their minds (thanks to an infusion of cash from the Federal Reserve).

The day after it received a chunk of money from the Federal Reserve (they received $6 billion under the “TARP” program), GMAC took steps to aggressively get buyers back into dealerships. 

GMAC said it would begin making loans immediately to borrowers with credit scores of 621 or higher.  This is a big change from GMAC’s policy (announced in October) that it would only lend to consumers having FICO scores of 700 or higher.  GMAC also announced a new round of low-rate financing, including zero percent interest on some models.

Credit, at least on GM car lots, is starting to ease up. 

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