Car Loans

The struggling financing arm of General Motors Corp., rescued by $5 billion in federal aid on Monday, plans to use some of the money to make cars and trucks more affordable to a larger pool of customers.

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The US Treasury has expanded its economic stabilization efforts by making a $6 billion rescue of GMAC, the big issuer of car loans.

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GMAC said today it would offer vehicle loans to a broader range of customers, a day after the U.S. Treasury said it would pump $6 billion into the troubled former finance arm of General Motors Corp.

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NEW YORK — A $5 billion government bailout aimed at reviving General Motors Corp.’s ability to make car and truck loans has dealers hopeful that cash-strapped consumers will return to their showrooms.

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General Motors expects to see a boost in sales as low-cost loans made possible by the federal bailout of finance company GMAC reach showrooms, the automaker’s sales chief said Tuesday.

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AUTO financier GMAC and General Motors will offer ’subprime’ car loans and zero per cent financing in a bid to boost car sales.

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NEW YORK The struggling financing arm of General Motors Corp., rescued by $5 billion in federal aid on Monday, plans to use some of the money to make cars and trucks more affordable to a larger pool of customers. It’s the first time that a financial institution has said it will use money from the $700 billion bank bailout to offer more affordable credit to consumers. On Tuesday, GM said …

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GMAC LLC, bolstered by a $6 billion federal bailout, resumed lending to a broader swath of General Motors Corp. customers as the U.S. widened its effort to keep the automaker in business.

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Crappy credit? Still want a GM product? That’s no longer a problem. Thanks to yesterday’s $6 billion bailout, GMAC plans to expand credit criteria from a minimum 700 FICO score to 621 or above….

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Now that it’s received $6 billion in aid from the federal government, GMAC, General Motors’ auto financing affiliate, is easing up its terms for writing new auto loans. That means you could have an easier time financing a GM car, but you should still look at all your alternatives.

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