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Jared Hamilton
From: Jared Hamilton
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Jared Hamilton

Jared Hamilton Founder - CEO

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VOI vs ROI

VOI vs ROI

We all seek growth, personally and professionally. What I’ve come to understand is that growth in a business isn’t measured by ROI alone. …

Develop Your Next-Gen Leadership from Service Employees

Develop Your Next-Gen Leadership from Service Employees

Service employees work hard, really hard. The service department is a baptism-by-fire style of teaching, especially in busy domestic dealers where there is…

4 Benefits of Omnichannel Marketing

4 Benefits of Omnichannel Marketing

Marketing is becoming increasingly complex, with the proliferation of ‘Big Data,” predictive analytics and new mobile and digital channels. To …

Digital Finance SOS – Is Digital Retailing the Answer? (Part 4)

Digital Finance SOS – Is Digital Retailing the Answer? (Part 4)

Part Four: Summary - Digital Retailing, Done Right, is the Answer! The automotive reality in today’s era of ecommerce is that Digital Retailing ha…

Why New Doesn't Always Mean Better for Auto Industry Marketers

Why New Doesn't Always Mean Better for Auto Industry Marketers

Global advertising spend is expected to exceed half a trillion dollars for the fourth year in a row, and American brands are once again fueling t…

With recent announcement from GMAC on their new credit score cutoffs at 700 FICO what steps can GM dealers take to still move metal?  Established relationships with local banks and lenders can pay huge dividends in these situations.

I have started a discussion in our forum to discuss how dealers can best respond to this situation and other like it coming down the pipe. http://www.drivingsales.com/bb/viewtopic.php?f=3&t=42

Full Release

GMAC Financial Services Statement on Automotive Finance Purchase Policy

DETROIT, Oct. 13 /PRNewswire/ -- GMAC Financial Services today 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. Last week GMAC also increased by 75 basis points the rate it charges dealers for providing non-incentivized consumer auto financing. These changes in pricing and underwriting are related to the current market environment, which has reduced access to funds and increased the cost of funds. The company currently expects these actions to remain in place until the credit markets stabilize and accessibility improves. GMAC's wholesale auto finance business is unchanged by the actions announced today.

Source: GMAC Financial Services

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