Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs FIs filling GMAC void
MADISON, Wis. (10/22/08)--Credit unions and independent financial institutions are filling the void left by General Motors’ former captive finance company, GMAC, according to a report by Automotive News. GMAC has begun stepping away from auto lending by setting credit score limits at 700 or higher. As a result, the “vacuum” left by GMAC is being filled by credit unions and other financial institutions, the report said (Global Insight Daily Analysis Oct. 21). Steve Graham of Genesee Township, Mich., told The Flint Journal that he financed his 2008 Chevrolet Equinox with a credit union instead of GMAC because the credit union offered a lower interest rate (Oct. 16). Credit unions have not been as affected by the credit environment and continue to finance loans, the Journal said. Security CU in Flint, Mich., has “a lot of money to lend” and is “making car loans to qualified individuals in the area,” Chad Merrihew, vice president of operations, told the newspaper.
Other Resources

RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
10 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
11 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
13 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
15 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
15 hours ago