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Jared Hamilton

Jared Hamilton Founder - CEO

Exclusive Blog Posts

5 Tips on Delegating Tasks to Underperforming Employees

5 Tips on Delegating Tasks to Underperforming Employees

No matter how carefully you hire or how well you manage your human resources, some employees simply don’t perform to the level you want them to. They…

Most Valuable Insight Finalist - Doug Van Sach

Most Valuable Insight Finalist - Doug Van Sach

Prioritize Your Prospects: Uncover Clues to Predict Who Will Buy Next Each year, the average customer test drives fewer vehicles. Given the fewer opport…

What to Expect as Driverless Cars Go Mainstream

What to Expect as Driverless Cars Go Mainstream

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5 Ways to Upsell Without Sounding Like a Pushy Car Sales Rep

5 Ways to Upsell Without Sounding Like a Pushy Car Sales Rep

One of the keys to making a profit is the upsell. If you want to claim a heftier commission, upselling is a necessity. However, upselling is an art that sa…

Most Valuable Insight Finalist - Jim Roach

Most Valuable Insight Finalist - Jim Roach

Using Artificial Intelligence to Prioritize Customer Engagement If only one salesman came to work today, what is the first opportunity he should act upo…

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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