A Look at the "New" GMAC From the Sharp End

The federal government buys GMAC and the MSM says huzzah! The credit taps are slowly starting to reopen! Meanwhile, on the front lines, the same scum-bags who helped cause this economic crisis by pushing people into cars (and houses) they couldn’t afford are busy reinventing the same wheel that came off before. In other words, predatory lending is back (did it ever leave?). And it’s bad! The Orange County Register lifts up the rock to reveals the slugs underneath (now with federal backing). In Q & A format, no less.

“Q: What is the most important thing for customers to know going in?

A: ‘It’s not score-driven. The minimum they are saying is 621, but you can have a bad 621 and a good 621,’ [finance director at Tustin Buick Pontiac GMC Hummer Jane] Griffin, said about credit scores. ‘It doesn’t mean that ‘poof,’ if you have 621 you’re approved. But if you’re not a credit criminal or skip risk, most likely you will be approved.'”

How… reassuring. Ready for more? You know you are.

“Q: What other kind of requirements are you looking for in a buyer seeking financing?

A: ‘You just have to have a real person with a real job, and the banks will finance it,’ said Jeff Garcia, finance director at Simpson Buick Pontiac GMC in Buena Park. ‘Also, have a 10 to 20 percent down payment.'”

Q: GMAC immediately said it would loosen financing standards after the deal. Did customers just as quickly come to the car lot?

A: ‘(On Tuesday) we had a frenzy of customers. Unfortunately we didn’t do much (in sales),’ Griffin said. ‘People were coming in wanting to buy a $50,000 with $300 a month.’

“Q: Anything else customers should know as they head to dealerships?