As of November 1, GMAC, the lending arm of General Motors, will no longer provide lending services to seven countries in Europe. General Motors buyers in the Czech Republic, Finland, Greece, Norway, Portugal, Slovak Republic and Spain will have to find financing elsewhere. GMAC says a shortage of capital has forced the cuts.
GMAC is adopting more conservative lending policies worldwide. The lender recently cut back on U.S. loans by requiring a buyer to have a credit score of at least 700 to be considered for financing. While these cuts may be in the best interest of GMAC, they have made selling cars much harder for GM dealers, USA Today reports.
