The 140% is the loan to value based on a new cars invoice, Kelley blue book wholesale or NADA wholesale, if used. When a dealer is sending a deal to them, they are looking for a max advance of 140%, including TT&L and approved back end products:
Current gmac finance rates full#
On top of this, GM recently acquired Americredit/GM Financial, which is a very large subprime lender and this has given the all new GMAC Auto Finance a truly full spectrum lending program. GMAC Auto Finance used to have a division they called the ROC (risk opportunity center) to handle their non-prime applications, but now it seems to be handled by the same buyer that looks at my prime contracts.
It's not so much that the rates get bad at that point, but they look for shorter terms and 72 month auto loans are off the table.Įven for their non-prime rates for credit scores below 620 they still offer single digit auto loan rates for customers in their top non-prime tiers.
overall credit history, loan structure, etc.Īs for GMAC used vehicle financing, they stay very competitive up to about 5 year old vehicles. Ally auto loan rates are still very competitive in this arena as well.Īs with all lenders however, your FICO score alone doesn't guarantee an approval with GMAC Auto Finance, or even the new Ally Financial lending model, and other restrictions will apply, i.e. The way things are structured today is that the 621 credit score or higher will get you into their prime tiers, but credit scores below that are considered in their non-prime program. Thanks for switching to Ally Financial.Big thumbs up GM! Many of the requirements for GMAC auto loans have changed and not too long ago a customer would need a 621 credit score or higher to even be considered.įortunately, that was through the old GMAC Auto Finance and their new structure as Ally Financial has changed that to incorporate a more full spectrum lending program.Īs is the case with most auto lenders, the better the credit and the more money down always helps, but I've been getting even slightly edgy customers approved with little to no money down.įrom a finance managers perspective, I was never a really big fan of GMAC Auto Finance (even before this whole economic crisis), because of the way finance was paid, but now everything is starting to even out and they are one of my first sources. * Credit score* credit history* age of vehicle* miles on vehicle* type of vehicle* state of residence* term of the loan* loan structure and/or* whether the loan is secured direct from lender or indirect from the dealership. There are many variables that may affect your auto loan approval (your approvals rates, terms, restrictions, etc.) and/or turn down, such as, but not limited to: In addition, certain restrictions may apply to certain available auto loan programs, again please see lender for details. It is strongly recommended to check directly with the specific auto lender for their current program guidelines and available rates.
I assume no responsibility for the accuracy of the information on this page and it should be used for general informational purposes only.Īny information pertaining to auto lenders and/or their auto loan guidelines is based on information, rates and terms that can change at any time.Īlthough, every effort is made to keep this information current, I can make no guarantees as to the accuracy of any of the auto lenders information reviewed on this site. I also do not hold a grudge against GMAC Auto Finance and did not build this page to discourage anyone from using their services. I am not affiliated with GMAC Auto Finance and do not get paid to refer customers to their site. To compare auto lenders rates visit: Current Auto Loan Rates The information on this page is simply my opinion based on my experiences with GMAC Financial and may or may not be similar to what you as a customer experience with them. GMAC Financial - Customer Service and Payoffs That's changed though and the new Ally auto loans program has put them back on track to help dealers sell new GM vehicles. I would have customers with multiple GMAC auto loans (well paid) turned down, while others were approved. In the past, I was pretty consistently amazed at what loans were approved and what loans were denied. In fact, they've become one of my top auto lenders again.
Well, now that they are Ally Financial their auto loans program has stepped up and they've loosened the purse strings. Not just the approval itself, but the loan structure alone made it difficult to put a deal together. GMAC auto loans in the recent past have been hard to come by. GMAC Auto Finance is back with a vengeance.Now writing auto loans under the name Ally Financial, but stronger than I've seen in years.
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