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Jared Hamilton
From: Jared Hamilton
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Jared Hamilton

Jared Hamilton Founder - CEO

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Managing Facebook Leads with 1 easy step

Managing Facebook Leads with 1 easy step

Luckily for us we have this Facebook Market Place Listing partner Hammer cultivating FBMP leads during/after hours into appointments for us. They have real…

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Powerful Sales Questions to Ask and Sell More Cars

Powerful Sales Questions to Ask and Sell More Cars

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Ways in Which Automotive Dealer Management System Helps Boost Profits and Minimize Expenses

Ways in Which Automotive Dealer Management System Helps Boost Profits and Minimize Expenses

Although most of the industries of today are transforming digitally, some skeptics do exist when it comes to investing in an automotive dealership manageme…

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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