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Jared Hamilton
From: Jared Hamilton
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Jared Hamilton

Jared Hamilton Founder - CEO

Exclusive Blog Posts

The Perennial Sales Starter Kit

The Perennial Sales Starter Kit

Outside of having some online training that I could do on my own time, a 2-Day Sales Training Course, shadowing the top Sales Consultant (at my initiative)…

How SEO Impacts the Service Department

How SEO Impacts the Service Department

Digital marketing in the dealership often is viewed and conducted solely from a sales perspective. But the service department, often called the "backb…

What 89% of salespeople are failing to do...

What 89% of salespeople are failing to do...

  According to Dale Carnegie only 11% of salespeople ask for referrals. We all know how valuable referrals are but when it comes time to ask for a …

Why Your Online Shoppers Don’t Take the Bait

Why Your Online Shoppers Don’t Take the Bait

You think you’re dangling an enticing lure in front of your customers’ eyes. You plan to set the hook and reel them in. But what you don&rs…

Click-to-Call [Infographic]

Click-to-Call [Infographic]

  Most dealers understand the importance of making it easy for customers and prospects to find contact information. Websites often have prominent &…

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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