Last week, GM partnered with credit unions in four states to offer up to $10 billion in new car loans and incentives. Not one to be left shivering alone in the cold, and with November sales down nearly 28% compared to last year, Chrysler LLC has just announced their own 12-state credit union program allowing its customers access to upwards of $12 billion in auto loan financing. The partnership (also called "Invest in America") gives participating credit union members additional $500 to $1,000 re
Anyone who's tried to go get a loan for a new car has surely found it a bit tougher today than it was just a few months ago. Every automaker is having difficulty selling new cars in this market, and none more so than General Motors and its finance arm GMAC, which recently limited loans to individuals with a FICO rating of 700 or higher. The General has gone so far as to reward salespeople and dealerships for sending customers to financing deals outside of GMAC.
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