GMAC Financial Services, the finance arm of General Motors, says it will continue to conduct all of its operations with GM and Chrysler dealers and customers.
The U.S. Bankruptcy Court approved a motion by GM that allows GMAC to continue to lend money for consumer auto loans and dealer inventory for both GM and Chrysler dealers and customers while GM is going through its reorganization bankruptcy.
Since GMAC is a bank holding company, it is separate from GM and is not involved with the GM Chapter 11 bankruptcy.
If you wanted to obtain an auto loan with GMAC to purchase a vehicle, it’s business as usual. GMAC now accepts auto loan applications from consumers with credit scores below 620, so consumers in most ranges of credit scores should be able to find financing with GMAC.
GMAC is still giving consumer auto loans to purchase vehicles, like the Chevrolet Malibu, while GM goes through Chapter 11 bankruptcy.