Is this occuring anywhere else? All the local dealer adds stress the fact that they shop their financing around to different banks willing to loan to all types of credit. I know dealers normally shop rates,but I dont ever remember them advertising it. With all the press about GMAC financing restrictions it seems like Ceberus and GM are definetly not on the same side.

 

If GM goes down the tubes...one of the key causes will be selling 51% of GMAC to Cerebus. Now Cerebus is basically using reduced lending by GMAC as a tool to push GM toward the merger.

I understand the idea of selling controlling interest in GMAC was so it could borrow on better terms..but even with the current turmoil...I would much rather be in the loan business than the car making business.

 

I haven't read a more true post in some time.

 

I heard this morning that the Government has backed away from this deal and giving GM money.

 

FWIW, the last two times I financed a car through my Chevy dealer they used Mechanics Bank, not GMAC. The last time was 6+ years ago.

 

It was reported that G.M. is giving a $250 dollar incentive per deal not to use GMAC.
While all of this mess is going on Ford credit is doing business as usual.

 

Yeah they're kinda sounding like one of those home loan websites... whichever one always said "When banks compete, you win" or something like that.

Here's an ad that runs every day in the Memphis paper:

http://cdn.travidia.com/rop-ad/7111465

 

I got a better rate going with another bank on my loan, I kept argueing, I wasn't gong to pay them a price, I wanted to pay what I wanted, and they didn't want to lower the price anymore at that point so they searched for better bankrate.

Got my loan through BB&T.